The China Nov trade balance unexpectedly widened to a +$33.8 billion surplus, much bigger than expectations of +$21.2 billion and the most in 4-3/4 years. China Nov exports rose +12.7% y/y, more than expectations of +7.0% y/y and the most in 7-months, while Nov imports rose +5.3% y/y, less than expectations of +7.0% y/y and the least in 5-months.
China Nov CPI rose +3.0% y/y, less than expectations of +3.1% y/y and Nov PPI fell -1.4% y/y, a smaller decline than expectations of -1.5% y/y.
The German Oct trade balance narrowed to a 17.9 billion euro surplus, less than expectations of an 18.3 billion euro surplus. German Oct exports unexpectedly rose +0.2% m/m, better than expectations of a -0.5% m/m decline, and Oct imports rose +2.9% m/m, better than expectations of +1.1% m/m.
German Oct industrial production unexpectedly fell -1.2% m/m, the second monthly decline and weaker than expectations of +0.7% m/m and the biggest decline in 5-months. On an annual basis, Oct industrial production climbed +1.0% y/y, less than expectations of +3.1% y/y.
The Eurozone Dec Sentix investor confidence unexpectedly fell -1.3 to 8.0, weaker than expectations of a +0.7 increase to 10.0.
The Japan Nov eco watchers survey of current conditions rose to a 6-month high of 53.5 from 51.8 in Oct, and the Nov eco watchers survey expectations rose to a 6-month high of 54.8 from 54.5 in Oct.
Japan Q3 GDP was revised lower to +0.3% q/q and +1.1% q/q annualized form +0.4% q/q and +1.6% q/q annualized.
Equity conferences this week include: American Society of Hematology Meeting on Mon, UBS Global Media and Communications Conference on Mon-Wed, Raymond James Systems Semiconductors, Software & Supply Chain Conference on Mon-Tue, Bloomberg Enterprise Technology Summit on Tue,
Jefferies Storage Summit on Tue, BMO Capital MarketsTechnology & Digital Media Conference on Tue, Raymond James Supply Chain Conference on Tue, Oppenheimer Health Care Conference on Tue-Wed, Goldman Sachs Financial Services Conference on Tue-Wed, Bank of America Merrill Lynch US Basic Materials Conference on Tue-Wed, BMO Technology and Digital Media Conference on Tue-Wed, BMO Capital Markets Technology, Media & Entertainment Conference on Tue-Wed, Wells Fargo Energy Symposium on Wed, Wells Fargo Securities Pipeline, MLP, and Energy Symposium on Wed,
Capital One Southcoast Energy Conference on Wed-Thu, Barclays Information and IT Services Forum on Thu, Barclays Select Series Information and IT Series Forum Conference on Thu, and AHIP Exchange Conference 2013 on Thu.
Mohawk (MHK +1.08%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse who also raised the price target on the stock to $166 from $142.
Dean Foods (DF +0.77%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.
Kraft Foods (KFT) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley with a price target of $60.
Manitowoc (MTW -0.05%) was upgraded to 'Buy' from 'Neutral' at Longbow.
Noble Energy (NBL +0.67%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Valero Energy (VLO +2.71%) and Phillips 66 (PSX +2.17%) were both upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Monsanto reported a 9.87% passive stake in Evogene (EVGN -2.15%) .
Gilead Sciences (GILD +1.09%) rose nearly 5% in pre-market trading after it announced that the U.S. FDA has approved its Sovaldi 400 mg tablets, a once-daily oral nucleotide analog polymerase inhibitor for the treatment of chronic hepatitis C infection as a component of a combination antiviral treatment regiment.
FJ Capital reported a 8.22% passive stake in Atlantic Coast Financial (ACFC +0.52%) .
Mar 10-year T-notes (ZNH14 +0.23%) this morning are up +8.5 ticks. Mar T-notes on Friday closed lower after the larger-than-expected increase in U.S. Nov non-farm payrolls and the drop in the Nov unemployment rate to a 5-year low raised expectations that the Fed will start to cut its bond purchases sooner rather than later. The 10-year T-note yield posted a 2-3/4 month high of 2.93% but then fell back to close at 2.86%. Closes: TYH4 -4.50, FVH4 -4.50.
The dollar index (DXY00 -0.13%) this morning is down -0.090 (-0.11%) at a 5-week low. EUR/USD (^EURUSD) is up +0.0011 (+0.08%) at a 5-week high and USD/JPY (^USDJPY) is up +0.16 (+0.16%). The dollar index on Friday closed higher after the stronger-than-expected U.S. Nov payroll report boosted the speculation the Fed will taper QE3 sooner than earlier expected. EUR/USD posted a 5-week high on carry-over support after the ECB on Thursday refrained from additional stimulus measures. Closes: Dollar index +0.080 (+0.10%), EUR/USD +0.00359 (+0.26%), USD/JPY +1.121 (+1.10%).
Jan WTI crude oil (CLF14 unch) this morning is down -7 cents (-0.07%) and Jan gasoline (RBF14 -0.06%) is down -0.0075 (-0.28%). Jan crude oil and gasoline prices on Friday closed higher. The main bullish factor that pushed Jan crude up to a 5-week high was the larger-than-expected increase in U.S. Nov non-farm payrolls and the drop in the Nov unemployment rate to a 5-year low, which bolsters the outlook for economic growth and energy demand. Closes: CLF4 +0.27 (+0.28%), RBF4 +0.0142 (+0.52%).
|US||1100 ET||USDA weekly grain export inspections.|
|1230 ET||Richmond Fed President Jeffrey Lacker speaks at the Charlotte Chambers annual economic-outlook luncheon.|
|1305 ET||St. Louis Fed President James Bullard speaks on the economic outlook and monetary policy to the CFA Society of St. Louis.|
|1830 ET||Dallas Fed President Richard Fisher speaks to the CFA Society Chicago on the global and U.S. economic outlook, how the FOMC deliberates, and his perspective of current U.S. monetary policy.|
|JPN||0000 ET||Japan Nov eco watchers survey current, Oct 51.8. Nov eco watchers survey outlook, Oct 54.5.|
|1850 ET||Japan Oct tertiary industry index expected +0.1% m/m, Sep -0.2% m/m.|
|1850 ET||Japan Q4 BSI business conditions of large manufacturing, Q3 15.2.|
|GER||0200 ET||German Q3 labor costs, Q2 unch q/q and +1.8% y/y.|
|0200 ET||German Oct trade balance expected +18.3 billion euros, Sep +20.4 billion euros. Oct exports expected -0.5% m/m, Sep +1.6%. Oct imports expected +1.1% m/m, Sep 1.9%.|
|0600 ET||German Oct industrial production expected +0.7% m/m and +3.1% y/y, Sep -0.9% m/m and +1.0% y/y.|
|EUR||0430 ET||Eurozone Dec Sentix investor confidence expected +0.7 to 10.0, Nov 9.3.|
|UK||1901 ET||UK Nov RICS house price balance expected 60%, Oct 57%.|
|CHI||n/a||China Nov new yuan loans expected +577.5 billion yuan, Oct +506.1 billion yuan.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Forest City Enterprises Inc||FCE/A US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||-0.065|
|Edwards Lifesciences Corp||EW US||8:30||Investor Conference||Y 2013|
|DaVita HealthCare Partners Inc||DVA US||9:30||Capital Markets Day||Y 2013|
|Principal Financial Group Inc||PFG US||10:00||FY 2014 Guidance Call||Y 2014|
|SL Green Realty Corp||SLG US||13:00||Investor Meeting||Y 2013|
|Forest City Enterprises Inc||FCE/A US||14:00||Q3 2014 Earnings Call||Q3 2014|
|Texas Instruments Inc||TXN US||17:00||Q4 2013 Guidance Call - Mid Quarter||Q4 2013|
|PVH Corp||PVH US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||2.246|
|McDonald's Corp||MCD US||November 2013 Sales and Revenue Release||2013|
|ACE Ltd||ACE US||Investor Meeting - Day 8||Y 2013|