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Reports US

US stock market, economy and companies update (August 12, 2014)

August 12, 2014, Tuesday, 16:57 GMT | 11:57 EST | 20:27 IST | 22:57 SGT
Contributed by Trade The News

- European indices were down sharply today after the German ZEW August survey sank into negative territory and hit its lowest level in more than a year and a half, dragging down US equity futures. US markets have rebounded a bit mid-morning. As of writing, the DJIA is down 0.10%, the S&P500 is flat and the Nasdaq is down 0.24%.

- The June JOLTS report out this morning showed that job openings surged to their highest level in over a decade in the month, more or less in line with expectations. The data suggests there are about two unemployed job seekers for each available job in the economy. Fed Chair Yellen has referred to the JOLTS report as one of her key metrics for gauging labor demand in the US economy, and investors will be closely watching her remarks for hawkish tones at her Jackson Hole speech next week.

- In Iraq, the political crisis in Baghdad appears to be diminishing as both US and Iranian officials applied pressure and Maliki appeared to back off threats to cling to office. Observers now await the formation of a new government under Al-Abadi. In Ukraine, the Red Cross has said that it was not involved with the Russian humanitarian aid convoy headed for eastern Ukraine, while Ukrainian officials said they would not let the convoy cross the border and require all materiel to be offloaded onto Red Cross vehicles.

***Looking Ahead***
- 11:30 (US) Treasury to sell 4-Week Bills
- 12:00 (US) DOE Short-Term Crude Outlook
- 12:00 (US) WASDE Corp Report
- 13:00 (US) Treasury to sell $27B in 3-Year Notes
- 14:00 (US) July Monthly Budget Statement: -$100.0Be v +$70.5B prior
- 16:30 (US) Weekly API Oil Inventories
- 19:00 (KR) South Korea July Unemployment Rate: No est v 3.6% prior
- 19:50 (JP) Bank of Japan (BOJ) July 14-15 meeting minutes
- 19:50 (JP) Japan Q2 Preliminary GDP Q/Q: -1.8%e v +1.6% prior; GDP Q/Q Annualized: -7.0%e v +6.7% prior; Nominal GDP Nominal Q/Q: 0.0%e v 1.4% prior
- (US) Connecticut, Minnesota and Wisconsin Hold Primary Elections

***Economic Data***
- (PT) Bank of Portugal reports Jun ECB financing to Portuguese banks at €37.9B v €38.4B prior
- (CO) Colombia Central Bank Economists Survey
- (IL) Israel July Trade Balance: -$1.5B v -$1.5B prior
- (PT) Portugal July CPI M/M: -0.7% v +0.1% prior; Y/Y: -0.9% v -0.4% prior
- (PT) Portugal July CPI EU Harmonized M/M: -0.6% v -0.1%e; Y/Y: -0.9% v -0.2%e
- (US) July NFIB Small Business Optimism: 95.7 v 96.0e
- (US) ICSC Chain Store Sales w/e Aug 8th: w/w -1.4%; y/y: +3.2%
- (IN) India July CPI Y/Y: 8.0% v 7.4%e
- (IN) India Jun Industrial Production Y/Y: 3.4% v 5.6%e
- (US) Redbook Retail Sales w/e Aug 8th: +4.8% y/y, Aug MTD: +1.1% m/m
- (US) Jun JOLTS Job Openings: 4.67M v 4.60Me