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US stock market, economy and companies update (December 10, 2013)
- European markets swooned this morning, taking US equity futures down with them before the open of cash trading. Traders are debating whether fears about the US budget deal or maybe analyst talk about a December taper took markets lower before the open, but regardless US indices are not far from unchanged and within striking distance of all-time highs. As of writing, the DJIA is down 0.17%, the S&P500 is down 0.13% and the Nasdaq is flat.
- Prospects for a budget deal that diald back the sequester and hopefully prevents another shutdown are a big factor this morning. There were reports out yesterday and earlier this morning that a deal could be reached today, but markets swooned on reports that House Democratic leader Hoyer had commented that he "did not like what he had heard" about the budget deal. Other senior Democrats later reiterated that they were hopeful about a deal today helped markets move off their lows. Democratic Senator Murray and Republican Rep Ryan are supposed to meet later today.
- General Motors named Mary Barra its first female CEO today. She replaces Dan Akerson, who guided GM through most of the period since it emerged from bankruptcy in 2009. He will step down as chairman and CEO on Jan. 15. Barra joined GM 33 years ago and has held a series of manufacturing, engineering and senior staff positions. Additionally, the US Treasury announced that it had sold off the last of its stake in GM, noting that it had recouped a total of $39B of the $50B loaned to the company during the financial crisis.
- Federal regulators are voting to approve the Volcker Rule. The Fed and the FDIC have passed the rule, while markets are waiting for expected approval by the SEC, the CFTC and the Comptroller of the Currency. In some crucial areas, regulators adopted a harder line than expected on risk taking and compensation issues. In addition, it requires CEOs to attest to regulators every year that compliance is in order.
- CVS and Cardinal Health have outlined plans to forms the largest generic sourcing entity in the US. Both companies are contributing their sourcing and supply chain expertise to a 50/50 joint venture and are committing to source generic drugs through it. CVS and CAH are up on the news, while competitors AmerisourceBergen and McKesson are in the red.
- Shares of Genco and Eagle Bulk are down sharply on news that the firms have hired advisers for restructuring. Eagle Bulk reported to be working with Moelis, Milbank and could file for bankruptcy in 2014. Genco said to be working with Kramer Levin and is talking to bankers about restructuring. GNK is down 29% and EGLE is down 12%.
- 11:30 (US) Treasury to sell combined $65B in 4-week and 52-week Bills
- 12:00 (US) DOE Short-Term Crude Outlook
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE)
- 13:00 (US) Treasury to sell $30B in 3-Year Notes
- 16:00 (EU) EcoFin press conference
- 16:00 (KR) South Korea Nov Export Price Index M/M: No est v -1.9% prior; Y/Y: No est v -4.6% prior
- 16:00 (KR) South Korea Nov Import Price Index M/M: No est v -2.4% prior; Y/Y: No est v -7.3% prior
- 16:30 (US) Weekly API Oil Inventories
- (PT) Bank of Portugal reports Nov ECB financing to Portuguese banks at €48.9B vs. €50.5B prior (2nd straight month of declines)
- (ZA) South Africa Oct Manufacturing Production M/M: 6.9% v +3.1%e; Y/Y: +1.5% v -2.0%e
- (PT) Portugal Oct Trade Balance: -€1.1B v -€0.9B prior
- (EU) OECD Oct Unemployment Rate: 7.9% v 7.9% prior
- (US) Nov NFIB Small Business Optimism: 92.5 v 92.6e
- (US) ICSC Chain Store Sales w/e Dec 7th: w/w -1.6%; y/y: +1.5%
- (US) Redbook Retail Sales w/e Dec 7th: +2.6% y/y, Dec MTD: -1.5% m/m
- (EU) Weekly ECB Forex Reserves: €207.1B v €206.8B prior
- (US) Oct JOLTs Job Openings: 3.93M v 3.90Be
- (US) Oct Wholesale Inventories M/M: 1.4% v 0.3%e; Wholesale Trade Sales M/M: 1.0% v 0.2%e
- (UK) Nov NIESR GDP Estimate: 0.8% v 0.7% prior
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