Share This Story
TradeTheNews.com US Mid-Session Update: Mixed Earnings, Greece Jitters Constrain Equities
Tue, 21 Apr 2015 11:54 AM EST
- (IL) Israel Mar Trade Balance: -$1.0B v -$0.3B prior
- (US) Goldman Economist: Chain Store Sales w/e Apr 17th w/w: -0.1%; y/y: +3.3%
- (HU) Hungary Central Bank (NBH) cut Base Rate by 15bps to 1.80% (as expected)
- (CA) Canada Feb Wholesale Trade Sales M/M: -0.4% v +0.5%e
- (US) Redbook Retail Sales w/e Apr 17th: +0.8% y/y, Apr MTD: +0.1%; Apr YTD:
- (EU) Weekly ECB Forex Reserves: €272.3B v €273.3B prior
US and European equity indices have given up some or all of their earlier gains
as another round of nerves regarding Greece keeps risk appetite subdued. As of
writing, the DJIA is down 0.42%, the S&P500 is flat and the Nasdaq is up
Bonds are giving up earlier gains after another round of Greece jitters during
the European session. Overnight there
were reports that the ECB was studying curbs on Greek bank support via the ELA
amid growing opposition to use of the facility to prop up Greece financial sector.
Comments by European officials dispelled any hope that resolution would arrive
at Friday's Europgroup meeting. The 10-year bund sank as low as 0.062%
before rising back above 0.100% during the US session, while the US 10-year
yield dipped below 0.1.870% earlier. Peripheral EU yields remain lower. EUR/USD
sank to three-day lows around 1.0670 before heading back toward 1.0770 after
the open of US cash trading.
Markets are digesting some poor earnings from major firms this morning.
Travelers is down more than 2.5% after only just meeting expectations and
reporting big y/y declines in ROE. DuPont is also down more than 2.5% after
revenue contracted 9% and missed expectations. IBM saw its 12th straight quarter of revenue contraction, exacerbated by
lower hardware sales and the strength of the dollar. IBM is down 1% presently.
Verizon beat expectations on the bottom line, but net subscriber wireless adds
fell and revenue missed expectations. VZ bottomed out at -1.5% but is
heading higher. Lockheed and UTX both missed on revenue, although Lockheed also
slightly increased its FY guidance. Harley is off 8.4% after cutting its
shipment guidance for the year.
After weeks of rumors, Teva launched
its $40.1 billion offer for rival Mylan. The cash-and-stock bid is valued at
$82/shr, a 48.3% premium compared to Mylan's stock price on March 10, the last
trading before speculation of a link-up between the two companies. The
contest won't likely be a friendly one: just last week, Mylan said a merger
with Teva would be unlikely to win antitrust approval because of
"significant overlap" among the two businesses. Back on April 8th,
Mylan offered to acquire Perrigo for $205/share in cash and stock, valuing it
at about $30B, in a move widely considered to be a Teva takeover defense.
General Electric is shopping more of its finance operations: according to press reports, GE is looking to
sell its $74 billion commercial-lending unit, with potential buyers including
Blackstone, Mitsubishi UFJ, Wells Fargo and Apollo Global Management.
Talks are at an early stage and GE believes it can sell most of the assets by
the end of 2015, an aim that dovetails with its announcements on April 10th.
The company is in the process of divesting itself of around $200 billion in
- 15:00 (AR) Argentina Mar Trade Balance: $50Me v $53M prior
- 16:00 (CA) Canada Fin Min Oliver presents budget
- 16:30 (US) Weekly API Oil Inventories
- 19:50 (JP) Japan Mar Trade Balance:
¥44.6Be v -¥425.0B prior; Trade Balance Adjusted: -¥0.4Te v -¥0.6T prior;
Exports Y/Y: 8.5%e v 2.5% prior (revised from 2.4%); Imports Y/Y: -12.6%e v
- 20:30 (TW) Taiwan Mar Unemployment Rate: 3.7%e v 3.7% prior
- 21:30 (AU) Australia Q1 CPI Q/Q: 0.1%e v 0.2% prior; Y/Y: 1.3%e v 1.7% prior
- (CO) Colombia Mar Retail Confidence: No est v 21.4 prior; Industrial
Confidence: No est v 7.3 prior
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."