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Wednesday May 15, 2013 - 15:44:54 GMT
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| | Email US Market Update: Equities Gaining Despite Rough European, US Data US Market Update: Equities Gaining Despite Rough European, US Data
Wed, 15 May 2013 11:23 AM EST

***Economic Data***
- (RU) Russia Central Bank (CBR) left key rates unchanged
- (US) MBA Mortgage Applications w/e May 10th: -7.3% v +7.0% prior
- (ZA) South Africa Mar Retail Sales M/M: -0.9% v +0.2%e; Y/Y: 2.8% v 2.4%e
- (PL) Poland Mar Current Account: -200M v -79Me; Trade Balance: -273M v 160Me; Exports: 12.8B v 12.8Be; Imports: 12.7Be
- (BR) Brazil Mar Retail Sales M/M: -0.1% v -0.5%e; Y/Y; 4.5% v 3.6%e; Broad Retail Sales Y/Y: 3.0% v 2.3%e
- (PL) Poland Apr CPI M/M: 0.4% v 0.3%e; Y/Y: 0.8% v 0.7%e
- (US) May Empire Manufacturing: -1.43 v +4.00e
- (US) Apr Producer Price Index M/M: -0.7% v -0.6%e; Y/Y: 0.6% v 0.8%e
- (US) Apr PPI Ex Food & Energy M/M: 0.1% v 0.1%e; Y/Y: 1.7% v 1.7%e
- (CA) Canada Mar Manufacturing Sales M/M: -0.3% v +0.5%e
- (US) Mar Total Net TIC Flows: $2.1B v $61.9B prior; Net Long-term TIC Flows: -$13.5B v +$35.0Be
- (CA) Canada Apr Existing Home Sales M/M: 0.6% v 2.4% prior
- (PL) Poland Apr YTD Budget Level (PLN): B v -24.4B prior; Budget Performance YTD: % v 68.6% prior
- (US) Apr Industrial Production: -0.5% v -0.2%e; Capacity Utilization: 77.8% v 78.3%e; Manufacturing Production: -0.4% v +0.1%e
- (US) May NAHB Housing Market Index: 44 v 43e
- (US) Weekly DOE U.S. Crude Oil Inventories: CRUDE: -625K v 0e; GASOLINE: +2.6M v -1Me; DISTILLATE: +2.3M v +1Me; UTILIZATION: 88% V 87.5%e

- US indices have been zigzagging towards the flatline after a rocky start this morning. The negative eurozone advanced Q1 GDP reading and the 0.1% German preliminary Q1 GDP reading showed that Europe is still struggling mightily with its problems, while the April US PPI and May Empire survey suggested US manufacturing is seeing a Spring swoon. As of writing the DJIA is up 0.17%, the S&P500 is up 0.25% and the Nasdaq is up 0.217%.

- US April producer prices fell 0.7%, marking their steepest drop in three years as gasoline and food costs tumbled. Ex food and energy, April PPI was just about flat. April Industrial production declined 0.5%, the biggest decline in the series since last October, while the March figure was revised lower. Finally the May Empire Manufacturing index dropped into negative territory for the first time since January, missing expectations widely.

- The dollar index hit fresh 2013 highs overnight, encouraged by the continuing yen sell-off and the weaker-than expected euro area GDP. EUR/USD dropped below 1.2900 for the first time since early April and is trading around 1.2864 as of writing. USD/JPY topped out at 102.75 overnight but has fallen slightly during the US session.

- There was much talk about the big reversal in JGB yields overnight. The yield on the benchmark 10-year bond had spiked over recent days to eight-month highs, and last night Japan's five-year borrowing costs rose above Germany's for the first time in more than 20 years. The BoJ stepped in and said it would inject 2.8T in market operation on Friday - three times the ordinary amount - in an attempt to cool things off. Note that this morning German Finance Minister Schaeuble said, in a speech to a group of schoolchildren, that the BoJ is printing too much money.

- Shares of Google are up 2.4% this morning as the firm kicks off its I/O Developer Conference. Among other items, the firm unveiled a new look and new features for Google Maps and previewed a new version of Android. There were also press reports that the company would roll out a new streaming music service that resembled Spotify. Shares of Pandora were down 3% or so on that story.

- Solar names are on a tear thanks to SunPower's fantastic Q2 and FY13 guidance call. Shares of SPWR are up nearly 14% and many of its competitors are up 8-9% after SunPower said it would widely top expectations in the current quarter and the full year.

***Looking Ahead***
- (IR) EU-Iran nuclear talks in Istanbul
- (MX) Mexico Apr Same-Store Sales Y/Y: No est v 5.9% prior
- (PE) Peru Apr Unemployment Rate: No est v 6.4% prior
- (PE) Peru Mar Economic Activity Index Y/Y: No est v 5.0% prior
- 11:30 (EU) EU President Van Rompuy speaks at Conference in Brussels
- 12:00 (DE) German Chancellor Merkel in Munich
- 12:00 (CA) Canada to sell 3 Year Notes
- 14:30 (US) Fed's Gibson
- 12:00 (IS) Iceland Apr International Reserves (ISK): No est v 505B prior
-15:00 (AR) Argentina Apr Consumer Price Index M/M: 0.8%e v 0.7% prior; Y/Y: 10.6%e v 10.6% prior
-15:00 (AR) Argentina Apr Wholesale Price Index M/M: No est v 0.9% prior; Y/Y: No est v 13.0% prior
- 16:00 (EU) EU's Almunia participates at Munich Economic
- 19:50 (JP) Japan Q1 Preliminary GDP Q/Q: 0.7%e v 0.0% prior; Annualized: 2.7%e v 0.2% prior


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