Share This Story:
|
|
Email
TradeTheNews.com US Market Update: Oil slides and most stocks enjoy the ride
Thu, 13 Nov 2014 11:27 AM EST
**Economic Data***
- (IE) Ireland Oct CPI M/M: -0.3% v -0.2% prior; Y/Y: 0.2% v 0.3% prior
- (IE) Ireland Oct CPI EU Harmonized M/M: -0.3% v -0.3% prior; Y/Y: 0.4% v 0.5%
prior
- (IE) Ireland Sept Trade Balance: €3.3B v €3.4B prior
- (RU) Russia Gold and Forex Reserve w/e Nov 7th: $421.4B v $428.6B prior
- (RU) Russia Q3 Advance GDP Y/Y: 0.7% v 0.3%e
- (PL) Poland Sept Current Account Balance: -€0.2B v -€0.5Be; Trade Balance:
€0.6B v €0.4Be
- (PL) Poland Oct CPI M/M: 0.0% v 0.2%e; Y/Y: -0.6% v -0.4%e
- (US) Initial Jobless Claims: 290K v
280Ke; Continuing Claims: 2.392M v 2.35Me
- (CA) Canada Sept New Housing Price Index M/M: 0.1% v 0.2%e; Y/Y: 1.6% v 1.7%e
- 09:15 (BR) Brazil to sell 2015, 2016 and 2018 Bills
- 09:15 (BR) Brazil to sell Fixed-rate 2021 and 2025 bonds
- 10:00 (US) Sept JOLTS Job Openings:
4.8Me v 4.835M prior
- 11:00 DOE Crude: -1.74M v +0.5Me; Gasoline: +1.8M v +0.5Me; Distillate: -2.8M
v -1.5Me; Utilization: 90.1% v 89.2%
- The jobs picture received some mixed data on the headline, but looking under
the hood the figures show a labor market that continues to improve. Weekly
initial and continuing jobless claims ticked up with the initial figure
reaching 290K for first time since mid Sep. The Sep JOLTS report more than
offset it though. The headline 4.7M job openings were slightly below consensus
expectations but the quite rate spiked
to 2.8M the highest level since April 2008. The surge in quits was accompanied
by a 6% increase in new hires, which climbed above the 5 million mark for the
first time since December 2007.
- Oil prices remain a major driver of trade. WTI is slipping back towards $75
for the first time since 2009 while Brent is getting a foothold below the $80
mark. Washington appears to be pushing
towards a vote on the XL pipeline while more soft economic data out of China
and Europe continue to weigh on prices. Weekly DOE data did little to help
prices after the utiliation rate jumped back above 90%. The OSX (oil service
index) is down roughly 3% is by far the worst performing sector. Exxon,
Chevron and Caterpillar all leveraged to oil are leading what is only a handful
of Dow decliners.
- The psyche of the US consumer heading into the holidays is under the
microscope following reports from various US retailers. The mood is mixed as
Walmart offered some green shoots indicating Q4 SSS could end up positive.
Kohls is 3.5% lower after noting they saw
a particularly sharp falloff in traffic and sales in late Oct but also noted
they had snapped back nicely in November. Enough to guide Q4 comp sales up 2-3%
v -1.8% Q3 and remain cautiously optimistic. The turnaround in JCP
remains shackled by losses, low single digit SSS projections and slowly
improving free cash flow figures. Interestingly the other Dow components in the
red not oil plays are American Express, Visa and JP Morgan.
- Warren Buffet and his Berkshire Hathaway are back in the news after
announcing a deal to acquire the Duracell battery unit of P&G with cash and
of all things P&G stock. The deal
is valued at $6.7B and was done at 7x EBITDA indicating deals are still out
there to be had for acquirers with deep pockets. Separately Hasbro is
said to be in talks with Dreamworks Animation about a cash and stock deal that
would bring the studio under control of the toymaker. Initial reception is
tepid at best as Hasbro shareholders have seen the stock slide 6% while DWA has
rallied 18%.
- Buyers have stepped into shares of Cisco post Q1 results that were largely in
line with expectations. CSCO also announced a transition for its CFO which has
put to rest speculation for some CEO Chambers could be leaving anytime soon.
**Looking Ahead**
All times listed for economic events are denominated in Eastern Standard Time
(Add 5 hours for GMT equivalent)
- (DE) German Budget Committee finalizes 2015 Budget Draft
- Germany Foreign Min Steinmeier meets Russia counterpart Lavrov
- 11:00 (US) Treasury announces size of upcoming 10-year Tip auction
- 13:00 (US) Treasury to sell $16B in
30-Year Bonds
- 14:00 (US) Oct Monthly Budget
Statement: -$111.7Be v -$B prior
- 18:00 (PE) Peru Central Bank Interest Rate Decision: Expected to leave
Reference Rate unchanged at 3.50%
- (AU) G20 Finance Ministers begin 2-day summit in Australian (ahead of leader
Summit)
Forex Trading News
Forex Research
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
here.
Forex News
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."
We are starting an affiliate program to market some of our products.