Showing posts with label RLGY. Show all posts
Showing posts with label RLGY. Show all posts

Wednesday, March 18, 2015

BARCHART MORNING CALL 3/18

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 -0.44%) this morning are down -0.29% and European stocks are down -0.67% as weakness in energy producers drags the overall market lower after the price of crude oil slid to a fresh 6-years low. The markets are also on edge ahead of the outcome of the 2-day FOMC meeting later today where expectations are for the Fed to drop its reference to be "patient" with raising interest rates. The 10-year Greek bond yield rose to a 1-1/4 month high of 10.917% as the Greek government prepares emergency measures to raise cash for more than 2 billion euros in debt payments due on Friday. Asian stocks closed mostly higher: Japan +0.55%, Hong Kong +0.91%, China +2.37%, Taiwan +1.19%, Australia unch, Singapore -0.24%, South Korea +0.02%, India -0.40%. Japan's Nikkei Stock Index soared to a 14-3/4 year high after Japan Feb exports climbed more than expected, a sign the weak yen is boosting Japanese exports. China's Shanghai Stock Index rose over 2% to a 6-3/4 year high on speculation the government will expand stimulus to spur economic growth after China Feb new home property prices fell in 66 of the 70 cities tracked by the government, up from 64 in Jan. Commodity prices are mixed. Apr crude oil (CLJ15 -2.88%) is down -2.85% at a fresh 6 -year low ahead of today's EIA inventory report where crude supplies are projected to increase +4.4 million bbl. Apr gasoline (RBJ15 -0.69%) is down -0.88%. Apr gold (GCJ15 +0.13%) is up +0.11%. May copper (HGK15 -1.97%) is down -1.94% at a 3-week low after new home prices fell in China, which raises demand concerns. Agriculture prices are higher. The dollar index (DXY00 -0.06%) is down -0.13%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is down 0.16%. Jun T-note prices (ZNM15 +0.22%) are up +8 ticks at a 2-week high.
The Japan Feb trade balance shrank to a deficit of -424.6 billion yen, narrower than expectations of -986.6 billion yen and the smallest deficit in 20 months. Feb exports rose +2.4% y/y, stronger than expectations of +0.3%, and Feb imports unexpectedly fell -3.6% y/y, weaker than expectations of +3.2% y/y.
Eurozone Jan construction output rose +1.9% m/m and +3.0% y/y, stronger than Dec's upward revised +0.2% m/m and -2.7% y/y.
UK Feb jobless claims fell -31,000, stronger than expectations of -30,000. The Feb claimant count rate fell -0.1 to 2.4%, right on expectations and the lowest in 6-3/4 years.
The UK Jan ILO unemployment rate was unch at 5.7% in the 3-months through Jan when expectations were for a -0.1 point decline to 5.6%.
UK Jan average weekly earnings rose +1.8% 3-month avg y/y, weaker than expectations of +2.2% 3-mon avg y/y. Jan average weekly earnings ex-bonus rose +1.6% 3-mon avg y/y, weaker than expectations of +1.8% 3-mon avg y/y.
U.S. STOCK PREVIEW
The FOMC at the conclusion of its 2-day meeting that ends today will release updated economic projections and Fed Chair Yellen will hold a press conference. There are 5 of the Russell 1000 companies that report earnings today: FedEx (consensus $1.88), General Mills (0.67), Cintas (0.78), Williams-Saonoma (1.52), Jabil Circuit (0.45), Platform Specialty Products (0.20).
Equity conferences during the remainder of this week include: Consumer Analyst Group of Europe Conference on Mon-Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Tue-Thu, Barclays Atlanta Utilities Conference on Wed, Wells Fargo Asset Managers, Brokers & Exchanges Conference on Wed, ISI Retail Summit on Wed, Barclays Power and Utilities CFO Corporate Day on Wed, Alzheimer's and Parkinson's Diseases and Related Neurological Disorders (AD/PD) on Fri.


OVERNIGHT U.S. STOCK MOVERS
Ryerson (RYI +4.24%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Navistar (NAV -0.03%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
USG (USG -0.52%) was downgraded to 'Neutral' from 'Outperform' at RW Baird.
Macerich (MAC -3.47%) was downgraded to 'Sell' from 'Neutral' at UBS.
Jefferies downgraded Salix Pharmaceuticals (SLXP -0.16%) to a 'Hold' from 'Buy' with a $173 price target.
FedEx (FDX -0.91%) reported Q3 EPS of $2.01, higher than consensus of $1.87.
General Mills (GIS -0.69%) reported Q3 EPS of 70 cents, better than consensus of 67 cents.
GIC Private Limited reported a 5.02% passive stake in Dollar General (DG -0.90%) .
Quiksilver (ZQK +3.66%) reported a Q1 continuing operating EPS loss of -11 cents, a smaller loss than consensus of -14 cents, but then lowered guidance on fiscal 2015 revenue estimate to $1.38 billion to $1.45 billion, below consensus of $1.49 billion.
Adobe (ADBE +1.70%) fell over 3% in after-hours trading after it reported Q1 adjusted EPS of 44 cents, higher than consensus of 39 cents, but then lowered guidance on Q2 EPS to 41 cents to 47 cents, less than consensus of 48 cents.
Oracle (ORCL -1.24%) climbed nearly 2% in after-hours trading after it reported Q3 EPS of 68 cents, right on consensus, but said that cloud bookings are now growing by 100% per year.
MARKET COMMENTS
Jun E-mini S&Ps (ESM15 -0.44%) this morning are down -6.00 points (-0.29%). The S&P 500 index on Tuesday closed lower: S&P 500 -0.33%, Dow Jones -0.71%, Nasdaq +0.12%. Bearish factors included (1) the -17.0% drop in U.S. Feb housing starts, weaker than expectations of -2.4% to 1.040 million and the lowest in 13 months, (2) weakness in energy producers as crude oil fell to a fresh 6-year low, and (3) long liquidation pressure in stocks ahead of the outcome of the 2-day FOMC meeting on Wednesday where the Fed is expected to remove the “patient” wording from its policy stance, which signals it is closer to raising interest rates.
Jun 10-year T-notes (ZNM15 +0.22%) this morning are up +8 ticks at a 2-week high. Jun 10-year T-note futures prices on Tuesday climbed to a 2-week high and closed higher. Closes: TYM5 +9.00, FVM5 +2.00. Bullish factors included (1) the weaker-than-expected U.S. Feb housing starts, and (2) the plunge in crude oil to a 6-year low which reduces inflation expectations after the 10-year T-note breakeven inflation rate fell to a 6-week low.
The dollar index (DXY00 -0.06%) this morning is down -0.129 (-0.13%). EUR/USD (^EURUSD) is up +0.0028 (+0.26%). USD/JPY (^USDJPY) is down -0.20 (-0.16%). The dollar index on Tuesday closed lower: Dollar index -0.019 (-0.02%), EUR/USD +0.00288 (+0.27%), USD/JPY +0.033 (+0.03%). Bearish factors included (1) the weaker-than-expected U.S. Feb housing starts report, which spurred long liquidation in the dollar ahead of the outcome of the 2-day FOMC meeting on Wednesday, and (2) strength in EUR/USD after the German ZEW survey expectations of economic growth rose to a 13-month high.
Apr WTI crude oil (CLJ15 -2.88%) this morning is down -$1.24 a barrel (-2.85%) at a fresh 6-year low and Apr gasoline (RBJ15 -0.69%) is down -0.0153 (-0.88%). Apr crude oil and gasoline prices on Tuesday settled mixed with Apr crude at a 6-year low: CLJ5 -0.42 (-0.96), RBJ5 +0.0015 (+0.09%). Bearish factors included (1) expectations that Wednesday’s EIA data will show that U.S. crude stockpiles rose +4.4 million bbl and added to record U.S. inventories, and (2) the slide in stocks which reduced optimism about the economic outlook and energy demand. Apr gasoline recovered from a 6-week low and closed higher on bullish factors that included (1) a weaker dollar, and (2) expectations that Wednesday’s EIA inventory data will show gasoline supplies fell -850,000 bbl.
GLOBAL EVENT CALENDAR03/18/2015
US0700 ETWeekly MBA mortgage applications, previous -1.3% with purchase sub-index +1.9% and refi sub-index -2.9%.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFOMC announces interest rate decision.
JPN0200 ETRevised Japan Feb machine tool orders, previous +28.9% y/y.
UK0530 ETUK Feb jobless claims change expected -30,000, Jan -38,600. Feb claimant count rate expected -0.1 to 2.4%, Jan 2.5%.
0530 ETUK Jan average weekly earnings expected +2.2% 3-mon avg y/y, Dec +2.1% 3-mon avg y/y. Jan weekly earnings ex-bonus expected +1.8% 3-mon avg y/y, Dec +1.7% 3-mon avg y/y.
0530 ETUK Jan ILO unemployment rate expected -0.1 to 5.6% for the 3-months through Jan, previous +5.7% for the 3-months through Dec.
0530 ETMinutes of the Mar 4-5 BOE policy meeting.
EUR0600 ETEurozone Jan construction output, Dec -0.8% m/m and -3.5% y/y.
U.S. STOCK CALENDAR03/18/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
General Mills IncGIS USBef-mktQ3 2015 Earnings ReleaseQ3 20150.665
Progressive Corp/ThePGR USBef-mktFebruary 2015 Sales and Revenue Release2015
Platform Specialty Products CorpPAH USBef-mktQ4 2014 Earnings ReleaseQ4 20140.195
FedEx CorpFDX US7:30Q3 2015 Earnings ReleaseQ3 20151.878
Platform Specialty Products CorpPAH US8:00Q4 2014 Earnings CallQ4 2014
FedEx CorpFDX US8:30Q3 2015 Earnings CallQ3 2015
General Mills IncGIS US8:30Q3 2015 Earnings CallQ3 2015
FactSet Research Systems IncFDS US8:30Investor DayY 2015
Realogy Holdings CorpRLGY US9:00Investor DayY 2015
Agilent Technologies IncA US11:00Annual General MeetingY 2015
Starbucks CorpSBUX US13:00Annual General MeetingY 2015
T-Mobile US IncTMUS US13:00Un-Carrier Event
Jabil Circuit IncJBL US16:30Q2 2015 Earnings CallQ2 2015
Hewlett-Packard CoHPQ US17:00Annual General MeetingY 2015
Cintas CorpCTAS US17:00Q3 2015 Earnings CallQ3 2015
Williams-Sonoma IncWSM US17:00Q4 2015 Earnings CallQ4 2015
Cintas CorpCTAS USAft-mktQ3 2015 Earnings ReleaseQ3 20150.784
Williams-Sonoma IncWSM USAft-mktQ4 2015 Earnings ReleaseQ4 20151.516
Jabil Circuit IncJBL USAft-mktQ2 2015 Earnings ReleaseQ2 20150.446
Raymond James Financial IncRJF USFebruary 2015 Sales and Revenue Release - Operating Data2015
AT&T IncT USApple Inc. Will Replace AT&T Inc. in DJIA
Apple IncAAPL USApple Inc. Will Replace AT&T Inc. in DJIA
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , , , , , , , , ,

Wednesday, April 10, 2013

Barchart Morning Call 4/10


Wednesday, April 10th, 2013>>View Older Reports
Everything you need to know about the markets in one free daily newsletter.
E-mail:
You will also receive a free subscription to the Barchart family of newsletters.
OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM13 +0.27%) this morning are trading mildly higher by +0.32% due to a +1.47% rally in the Euro Stoxx 50 index and generally higher stocks in Asia. The market is hoping for today's FOMC minutes to show a continued firm dedication among FOMC members to QE3. Japan's Nikkei index today closed +0.73% and the Hang Seng closed +0.75%, but China's CSI 300 index fell by -0.17%. Commodity prices today are little changed on average. May crude oil (CLK13 -0.57%) prices are trading -0.39%, May gasoline (RBK13 -1.16%) is down -0.95%, May natural gas is up +1.32%, June gold (GCM13 -0.49%) is down -0.45%, May copper (HGK13 -0.52%) is down -0.35%, and agriculture prices are mixed. The dollar index (DXY00 +0.03%) is slightly higher by +0.06%. EUR/USD (^EURUSD) is up +0.12% and USD/JPY (^USDJPY) is up +0.52%. June 10-year T-note (ZNM13 -0.09%) prices are down -5 ticks.
President Obama today submits his budget to Congress. The budget calls for trimming Social Security and other entitlements in an attempt to get negotiations started on a grand bargain by this summer when Congress must increase the debt ceiling.
The Polish central bank today left its policy rate unchanged at 3.25%, which was fully in line with market expectations. The Polish central bank had already signaled that its rate cut regime is over after the 1.5 point cut since November. The bank is now waiting to see if the Polish economy starts to recover after being hurt by the Eurozone recession.
China's March export growth eased to +10.0% y/y from +21.8% y/y in Feb and was mildly weaker than market expectations of +11.7% . Imports rose +14.1% y/y after the -15.2% decline seen in Feb. China's March trade balance posted a deficit of -$0.88 billion after the $15.23 billion surplus seen in Feb and was much worse than market expectations for a surplus of $15.1 billion. The quality of China's trade data has been called into question by a number of Wall Street firms who believe the trade export data has recently been inflated, possibly by companies seeking to repatriate more foreign currency or by regional governments to prop up their performance. The Chinese customs administration has stood by the quality of the data saying that it is based on actual invoices. In any case, the markets were not surprised to see weaker export growth in March as a reversal to some of the inflated data in Jan and Feb.
Italy today successfully sold 11 billion euros of 1-year bills at 0.922%, down from 1.28% at the last auction of those bills on March 12. The Italian Treasury also sold 3 billion euros of 91-day bills today at 0.243%.
OPEC trimmed its forecast for 2013 world oil consumption growth to +800,000 bpd y/y (+0.09% y/y) from +840,000 bpd last month. The lower forecast was due to weaker demand seen in Q1.
U.S. STOCK PREVIEW
The markets will be carefully assessing today’s minutes from the March 19-20 FOMC meeting to gauge the strength of the FOMC's commitment to maintaining QE3 at its current size at least through year-end. The Treasury today will sell $21 billion in 10-year T-notes. Q1 earnings season picks up today with earnings reports from Constellation Brands (consensus $0.45), Family Dollar Stores ($1.22), Fastenal ($0.37), CarMax ($0.46), Bed Bath & Beyond ($1.68), and Progressive Corp ($0.44).
Conferences through the remainder of this week include CESCO 2013 - XII World Copper Conference on Tue-Wed, RBC Capital Markets Iron Ore Conference on Wed, and Bio-IT World Conference & Expo 2013 on Wed-Thu.

June E-mini S&Ps (ESM13 +0.27%) this morning are up +5.00 points (+0.32%) as positive sentiment continues. The S&P 500 index on Tuesday closed mildly higher as optimism about China increased after its March CPI fell to +2.1% from +3.2% in Feb, which reduces the pressure on Chinese authorities to tighten policy in response to strong home prices. Other supportive factors including stability in European peripheral bonds and carry-over support from the BOJ’s massive new QE program announced last week. Closes: S&P 500 +0.35%, Dow Jones +0.41%, Nasdaq 100 +0.67%.
OVERNIGHT U.S. STOCK MOVERS
  • Constellation Brands (STZ +0.12%) reported Q4 EPS of 47 cents, above the consensus of 45 cents.
  • CarMax (KMX -1.65%) reported Q4 EPS of 46 cents, which was in line with the consensus.
  • Family Dollar (FDO +0.69%) reported Q2 EPS of $1.21, slightly below the consensus of $1.23.
  • Fastenal (FAST +1.17%) reported Q1 EPS of 37 cents, which was in line with the consensus.
  • Apple (AAPL +0.18%) and Yahoo (YHOO) are in talks to deeper their iPhone partnership, according to the WSJ.
  • First Solar (FSLR +45.53%) will acquire TetraSun from JX Nippon Oil & Energy and other investors. The terms were not disclosed.
  • PriceSmart (PSMT -0.26%) rallied 3.5% in after-hours trading after reporting positive earnings news.
  • Health Management (HMA -0.40%) plunged 10% in after-hours after announcing disappointing Q1 results.
  • Realogy (RLGY -2.27%) fell 7% in after-hours trading after a Q1 revenue revenue miss.
MARKET COMMENTS
June 10-year T-notes (ZNM13 -0.09%) this morning are down -5 ticks on reduced safe-haven demand with higher U.S. and European stock indexes. June 10-year T-note futures prices on Tuesday closed slightly lower on reduced safe-haven demand with the higher close in the U.S. stock market and reduced concerns about China. Closes: TYM3 -1.5, FVM3 +0.25.
The dollar index (DXY00 +0.03%) this morning is slightly higher by +0.05 points (+0.06%). EUR/USD (^EURUSD) is up +0.0016 (+0.12%) and USD/JPY (^USDJPY) is up +0.51 yen (+0.52%). The dollar index on Tuesday closed moderately lower on reduced safe-haven demand with the rally in the S&P 500 index. EUR/USD closed higher as Portugal’s bond and CDS prices were relatively stable and did not indicate any fresh concerns about Portugal’s commitment to its adjustment program. Closes: Dollar index -0.44 (-0.54%), EUR/USD +0.0074 (+0.57%), USD/JPY -0.34 (-0.34%).
May WTI crude oil (CLK13 -0.57%) this morning is down -0.37 (-0.39%) and May gasoline (RBK13 -1.16%) is down -0.0279 (-0.95%). May crude oil and gasoline prices on Tuesday closed higher on continued short-covering and optimism about China with the decline in its CPI rate to +2.1%. Crude oil prices were able to shake off news that API crude oil inventories soared by +5.06 million bbls. In addition, crude oil inventories at Cushing rose by 888,000 bbl to 50.0 million due to the diversion of oil to pipelines feeding Cushing due to the leak at Exxon’s pipeline in Arkansas. Closes: CLK3 +0.84 (+0.90%), RBK3 +0.0331 (+1.14%).
GLOBAL EVENT CALENDAR04/10/2013
USn/aObama administration scheduled to deliver 2014 budget to Congress.
0700 ETWeekly MBA mortgage applications, previous -4.0% with purchase sub-index +1.4% and refi sub-index -5.6%.
0730 ETAtlanta Fed President Dennis Lockhart makes concluding remarks at the Atlanta Fed’s conference on “Maintaining Financial Stability: Holding a Tiger by the Tail.”
1030 ETEIA Weekly Petroleum Status Report.
1200 ETUSDA WASDE report.
1210 ETIMF Chief Lagarde speaks to Economic Club of New York.
1300 ETTreasury sells $21 billion of 10-year T-notes.
1400 ETU.S. March monthly budget statement.
1400 ETMinutes from March 19-20 FOMC meeting.
1700 ETDallas Fed President Richard Fisher speaks on economic and monetary policy at University of Texas at El Paso.
JPN1950 ETJapan M2 expected +2.9% y/y, Feb +2.9% y/y. March M3 expected +2.4% y/y, Feb +2.4% y/y.
1950 ETJapan March domestic CGPI expected +0.2% m/m and -0.4% y/y, Feb +0.4% m/m and -0.1% y/y.
1950 ETJapan Feb machine orders expected +6.9% y/y and -7.6% y/y, Jan -13.1% m/m and -9.7% y/y.
2200 ETTokyo March average office vacancies, Feb 8.57%.
U.S. STOCK CALENDAR04/10/2013
Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
Constellation Brands IncSTZ USBef-mktQ4 2013 Earnings ReleaseQ4 20130.447
Family Dollar Stores IncFDO US7:00Q2 2013 Earnings ReleaseQ2 20131.216
Fastenal CoFAST US7:00Q1 2013 Earnings ReleaseQ1 20130.371
MSC Industrial Direct Co IncMSM US7:30Q2 2013 Earnings ReleaseQ2 20130.9
CarMax IncKMX US7:35Q4 2013 Earnings ReleaseQ4 20130.455
Advance Auto Parts IncAAP US8:30Investor & Analyst ConferenceY 2013
Health Management Associates IncHMA US9:00Q1 2013 Earnings CallQ1 2013
CarMax IncKMX US9:00Q4 2013 Earnings CallQ4 2013
Schlumberger LtdSLB US9:30Annual General MeetingY 2013
Family Dollar Stores IncFDO US10:00Q2 2013 Earnings CallQ2 2013
Fastenal CoFAST US10:00Q1 2013 Earnings CallQ1 2013
Constellation Brands IncSTZ US10:30Q4 2013 Earnings CallQ4 2013
Bed Bath & Beyond IncBBBY USAft-mktQ4 2013 Earnings ReleaseQ4 20131.679
Progressive Corp/ThePGR USQ1 2013 Earnings ReleaseQ1 20130.444
Progressive Corp/ThePGR USQ1 2013 Earnings Release - March SalesQ1 20130.444
Questar CorpSTR USRoadshow - Day 2Y 2013
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , ,

Friday, February 1, 2013

Barchart Morning Call - 2/1


Barchart Morning Call
BC - Fri Feb 01, 7:00AM CST
Overnight Developments
  • March E-mini S&Ps this morning are up +0.25% ahead of this morning's Jan payroll report, which is expected to show an increase of +165,000. The U.S. Jan ISM manufacturing index is expected to show a +0.4 point increase to 50.6. E-mini S&Ps are getting a boost overnight from generally positive Chinese manufacturing PMI data and a +0.12% rally in European stocks this morning. Europe received some favorable labor market news with the lower-than-expected Eurozone unemployment rate of 11.7%. Spanish stocks are down -1.81% today as a short-selling ban expired. Asian stocks are mixed this morning with Japan up +0.47%, Hong Kong down -0.03%, and China up sharply by +2.10%. Commodity prices are up +0.24% today. March crude oil is down -0.26%, March gasoline is down -0.59%, April gold is up +0.31%, March copper is down -0.09%, and agriculture prices are mixed. The dollar index is down -0.21% while EUR/USD is up +0.49% on news of additional early-payoffs next week of LTRO loans. USD/JPY is up +0.45%. March 10-year T-note prices are down -5.5 ticks.
  • China's manufacturing PMI data was considered net favorable as the HSBC index rose while the small decline in the official PMI was written off as the result of a faulty seasonal adjustment. Both indexes remained above the expansion-contraction level of 50.0. China's Jan HSBC manufacturing PMI rose by +0.8 points to a new 2-year high of 52.3 from 51.5 in Dec and was stronger than market expectations for a +0.5 point increase to 52.0. However, the Jan manufacturing PMI from China's National Bureau of Statistics fell by -0.2 points to 50.4 from 50.6 in December and was weaker than market expectations for a +0.4 point increase to 51.0.
  • Germany's final-Jan manufacturing PMI was revised higher to 49.8 from 48.8 while the Eurozone final-Jan PMI was revised higher to 47.9 from 47.5.
  • The UK Jan manufacturing PMI fell by 0.4 points to 50.8 from a revised 51.2 in Dec and was weaker than market expectations of a decline to 51.0.
  • The Eurozone Dec unemployment rate was unchanged at 11.7% and showed a better labor market than the expected climb in the unemployment rate to a new record high of 11.9%. The Nov rate was revised lower to 11.7% from 11.8%. The report provided some much-needed positive news that the Eurozone labor market at least did not get any worse in December. The report showed that there are 18.7 million unemployed persons in the Eurozone and that the youth unemployment rate is at 24%. Spain had the highest unemployment rate in the Eurozone at the depressionary level of 26.1%.
  • The Jan Eurozone CPI eased to +2.0% y/y from +2.2% y/y in Dec and was weaker than market expectations of +2.2% y/y.
  • Japan's Jan vehicle sales report of -12.9% y/y was weaker than the Dec report of -3.4% y/y. The weak report reflected the lower sales volume of Japanese vehicles in China due to the Japan-China dispute over the islands in the East China Sea.
    Market Comments
    • March E-mini S&Ps this morning are up +3.75 points (+0.25%) on favorable Chinese and European economic data overnight. The S&P 500 index on Thursday settled lower as long liquidation set in ahead of Friday's Jan payroll report. Closes: S&P 500 -0.26%, Dow Jones -0.36%, Nasdaq -0.26%. Bearish factors included the +38,000 increase in weekly initial unemployment claims (more than expectations of +20,000), and the +0.2% increase in Dec personal spending (weaker than expectations of +0.3%). Supportive factors included the +2.6% increase in Dec personal income (stronger than expectations of +0.8%), the Jan Chicago purchasing managers index of +5.6 to 55.6 (better than expectations of +1.6 to 50.5 and its strongest pace of growth in 9 months), and continued strong quarterly stock earnings results as 75% of the 232 companies in the S&P 500 that reported earnings so far this season have beaten profit estimates.
    • March 10-year T-notes this morning are down 5.5 ticks on reduced safe-haven demand with generally higher global stock markets this morning. March 10-year T-note prices on Thursday closed higher as weak stocks and a larger-than-expected increase in weekly initial jobless claims offset the bearish Jan Chicago purchasing managers index that grew at its fastest pace in 9 months. Closes: TYH3 +3.0, FVH3 +1.25.
    • The dollar index this morning is down -0.16 points (-0.21%) while EUR/USD is up +0.0066 (+0.49%) and USD/JPY is up +0.41 (+0.45%). EUR/USD is higher on positive labor market data and news that banks next week will pay off more of their 3-year emergency LTRO loans early. The dollar index on Thursday posted a new 5-week low and closed lower on speculation of continued dollar-negative Fed stimulus after U.S. weekly jobless claims rose more than expected. EUR/USD climbed to a fresh 14-1/2 month high after German Jan unemployment fell by -16,000, which showed a stronger labor market than market expectations for an +8,000 increase. USD/JPY rallied to another 2-1/2 year high on expectations for further asset purchases from the BOJ, which is negative for the yen. Closes: Dollar index -0.074 (-0.09%), EUR/USD +0.00106 (+0.08%), USD/JPY +0.617 (+0.67%).
    • March WTI crude oil this morning is down -0.25 (-0.26%) and March gasoline is down -0.0179 (-0.59%). Mar crude oil and gasoline Thursday closed lower on concerns over the strength of the global economy after U.S. weekly jobless claims rose more than expected and German Dec retail sales and Japan Dec industrial production were weaker than expected. Limiting declines were the slide in the dollar index to a fresh 5-week low along with reduced OPEC output after a survey of oil companies, producers and analysts showed Jan OPEC oil production fell -1.7% m/m to 30.479 million barrels a day, the slowest output in 15 months. Closes: CLH3 -0.45 (-0.46%), RBH3 -0.0015 (-0.05%).
    • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
      Today's U.S. Earnings ReportsEarnings reports (ranked by market cap): XOM-Exxon Mobil (consensus $2.00), CVX-Chevron (3.06), MRK-Merck (0.81), LYB-Lyondellbasell (1.14), NOV-National Oilwell Varco (1.44), BEN-Franklin Res (2.38), AON-AON (1.25), IR-Ingersoll Rand (0.70), MAT-Mattel (1.15), BEAM-Beam Inc (0.66), PRGO-Perrigo (1.31), TSN-Tyson Foods (0.42, NWL-Newell Rubbermaid ((0.42), RLGY-Realogy Holdings (-0.11), LEA-Lear (1.38), NS-Nustar Energy (0.38), BRO-Brown & Brown (0.27), LM-Legg Mason (0.53), CYMI-Cymer (0.04), UFS-Domtar (1.36), TDW-Tidewater (0.42).
      Global Financial Calendar
      Friday 2/1/13
      United States
      0830 ETJan non-farm payrolls expected +165,000, Dec +155,000. Jan private payrolls expected +169,000, Dec +168,000. Jan manufacturing payrolls expected +10,000, Dec +25,000. Jan unemployment rate expected unchanged at 7.8%, Dec unchanged at 7.8%.
      0830 ETJan avg hourly earnings expected +0.1% m/m and +2.1% y/y, Dec +0.3% m/m and +2.1% y/y, Jan avg weekly hours expected unch at 34.5 hours, Dec 34.5 hours.
      0955 ETFinal Jan University of Michigan consumer confidence expected +0.2 to 71.5, early-Jan -1.6 to 71.3.
      1000 ETDec construction spending expected +0.6%, Nov -0.3%.
      1000 ETJan ISM manufacturing index expected +0.4 to 50.6, Dec +0.3 to 50.2 (revised from 50.7). Jan prices-paid expected +0.5 to 56.0 from 55.5.
      1700 ETJan total vehicle sales expected 15.20 mln, Dec 15.30 mln. Jan domestic vehicle sales expected 11.97 mln, Dec 11.97 mln.
      Japan
      0000 ETJan vehicle sales, Dec -3.4% y/y.
      Germany
      0355 ETGerman final-Jan manufacturing PMI expected unrevised from preliminary 48.8.
      Euro-Zone
      0400 ETEurozone final-Jan manufacturing PMI expected unrevised from preliminary 47.5.
      0500 ETEurozone Dec unemployment rate expected 11.9%, Nov 11.8%.
      0500 ETEurozone Jan CPI expected +2.2% y/y, Dec +2.2% y/y.
      United Kingdom
      0430 ETUK Jan manufacturing PMI expected -0.4 to 51.0, Dec 51.4.

      Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , , , , , , , , ,
Subscribe to: Posts (Atom)