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TradeTheNews.com US Market Update: Global Equity Weakness Continues
Fri, 09 May 2014 11:22 AM EST
***Economic Data***
- (PT) Portugal Mar Trade Balance: -€779M v -€843M prior
- (PT) Portugal Q1 Unemployment Rate: 15.1% v 15.3% prior; 4th straight
quarterly improvement
- (EU) ECB: 10 bank to repay toal €3.4B in 3-Year LTRO Funds vs. €6.0Be
- (BR) Brazil May IGP-M Inflation 1st Preview: 0.1% v 0.4%e
- (IN) India Forex Reserves w/e May 2nd: $311.9B v $309.9B prior
- (IN) India Apr Trade Balance: -$10.1B v -$10.5B prior; Exports Y/Y: +5.2% v
-3.2% prior; Imports Y/Y: -15.0% v -2.1% prior
- (BR) Brazil Apr IBGE Inflation IPCA M/M: 0.7% v 0.8%e; Y/Y: 6.3% v 6.4%e
- (CA) Canada Apr Net Change in Employment: -28.9K v +13.5Ke; Unemployment
Rate: 6.9% v 6.9%e; Full Time Employment Change: -30.9K v +12.8K prior; Part
Time Employment Change: +2.0K v +30.1K prior; Participation Rate: 66.1% v
66.3%e
- (MX) Mexico Feb Gross Fixed Investment: -0.5% v -1.6%e
- (BR) Brazil Apr Vehicle Production: 277.1K v 271.2K prior; Vehicle Sales:
293.2K v 240.8K prior; Vehicle Exports: 36.7K v 23.4K prior
- (US) Mar Wholesales Inventories: 1.1%
v 0.5%e; Wholesale Trade Sales M/M: 1.4% v 1.1%e
- (US) Mar JOLTs Job Openings: 4.01M v 4.10Me
- (UK) Apr NIESR GDP Estimate: 1.0% v 0.9% prior
- European markets are looking to close at or near their lows this morning
after steep declines overnight. The
equity weakness followed right through into the US premarket and markets remain
in the red as of writing. Note that yesterday the DJIA hit all-time intraday
highs around 16,622 but closed lower. The DJIA is currently down 0.21%,
the S&P500 is down 0.34% and the Nasdaq is down 0.47%.
- Analysts are responding to Draghi's assertion at yesterday's post-decision
press conference that the ECB would be comfortable taking action in June, if it
were needed. With the power of his
words alone, Super Mario forced EUR/USD to 1.3850 yesterday morning and as of
writing the pair is at post-meeting lows around 1.3750. Analysts are now forecasting
cuts of both the Main Refit Rate and Deposit Facility of 10-15bps at the next
ECB meeting. June Bund futures hit a fresh contract high while the
10-year German govt yield hit a 12-month low below 1.44%. Note however that the
10-year benchmark US yield are a bit higher today, around 2.610%.
- The talking heads are pouring over
rumors that Apple is reportedly negotiating a buyout of Beats Music for up to
$3.2 billion. Shares of the company are are down more than 1%. If it
goes through, the deal would be its largest ever and its first purchase of an
established brand, marking a big departure from its previous strategy.
- Ralph Lauren beat consensus estimates
in its fourth quarter on double-digit growth in both earnings and revenue,
however the firm's weaker quarterly and full-year revenue guidance is hitting
the shares this morning. The company's FY revenue outlook isn't even
very far below consensus, although the first quarter revenue view is less than
half the expected amount. Shares of RL are down 5%.
- Shares of Gap Inc are up more than 4%
after the firm posted very strong monthly comps for April. Analysts were
expecting another decline in comp sales, while the firm delivered 9% growth,
buoyed by growth at Banana Republic and especially Old Navy. Guidance for first
quarter were right in line.
***Looking Ahead***
- Portugal Sovereign Debt Rating Published by Moody's
- Malta Sovereign Debt Rating May Be Published by Moody's
- 12:00 (US) USDA World Agricultural
Supply and Demand Estimates (WASDE)
- 12:00 (US) Fed Fisher in New Orleans
- 21:00 (AU) Australia May Consumer Inflation Expectation: No est v 2.4% prior
- (AR) Argentina Q4 GDP Y/Y: 2.7%e v 5.5% prior
- (CO) Colombia Monetary Policy Minutes
- (PE) Peru Mar Trade Balance: -$325Me v $114M prior
- (MX) Mexico Apr Nominal Wages: No est v 4.4% prior
***Weekend***
- (UR) Pro-Russian separatists hold
referendum in Eastern Ukraine
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