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Reports US

US stock market, economy and companies update (December 13, 2012)

December 13, 2012, Thursday, 17:15 GMT | 12:15 EST | 21:45 IST | 00:15 SGT
Contributed by Trade The News


- US equities briefly perked up in midmorning trading after a flattish open, although the S&P500 and DJIA are back to unchanged as of writing. Some commentators expressed discomfort with markets ending the day yesterday unchanged after the FOMC action, although others pointed out that very little has changed in the Fed stance.

- The initial weekly jobless claims unexpectedly showed a notable decrease, falling to 343K from the prior week's revised figure of 372K. This is just a hair above the four-year low of 342K in the week ended October 6th.

- RealtyTrac published some notable data overnight: its November data showed that home repossessions rose on an annual basis for the first time in two years even as the number of foreclosure starts declined to the lowest level in six years. Analysts say the combo suggests banks are moving to complete foreclosures on homes with mortgages that have gone unpaid for a year or longer.

- EUR/USD moved off its overnight lows heading into the US morning after eurozone cleared the payout of the next bailout tranche for Greece, heading back to the 1.3090 level seen after the eurozone reached a deal to set up a single bank supervisor. Note also that the has Fed extended USD liquidity swap lines with the ECB, BOE, SNB and the Bank of Canada through Feb 2014.

- Shares of Hovnanian are down 3% or so after Q4 earnings. The firm's revenue widely beat expectations and it reported its first pre-tax gain in 24 quarters, although after various items it reported a big loss.

- Best Buy is in focus as press reports suggest founder Schulze is expected to make bid for company this week. An offer of $5-6B is said to be in the offing before the firm's final deadline on Sunday. BBY is up nearly 18%.

- Sprint is finally making moves to consolidate its ownership of Clearwire. Before the open, it disclosed that it had taken a 51.7% stake as of December 11th and offered to buy the rest of the company for $2.90/shr.

- Brewer Boston Beer is up more than 14% after the firm hiked its FY12 outlook thanks to increased volumes.

***Looking Ahead***
- 11:00 (IC) Iceland Nov International Reserves (DKK): No est v 548B prior
- 11:00 (US) Fed to purchase $4.25-5.25B in Notes
- 13:00 (US) Treasury to sell $13B in 30-Year Bonds
- 14:00 (US) Fed to sell $7.00-8.00B in Notes
- 15:00 (EU) ECB's Praet Speaks in Frankfurt
- 16:00 (CL) Chile Central Bank Interest Rate Decision: expected to leave the Nominal Overnight Rate Target unchanged at 5.00%
- 20:45 (CN) China Dec HSBC Flash Manufacturing PMI: No est v 50.5 prior
- 21:30 (JP) Japan Oct Final Industrial Production M/M: No est v 1.8% prelim; Y/Y: No est v -4.3% prelim


***Economic Data***
- (RU) Russia Gold & Forex Reserve w/e Dec 7th: $527.3B v $528.2B prior
- (UK) Dec CBI Industrial Trends Total Orders:-12 v -15e; Selling Prices: +17 v +8e
- (BR) Brazil Oct Retail Sales M/M: 0.8% v 0.7%e; Y/Y: 9.1% v 9.0%e; Broad Retail Sales Y/Y: 14.5% v 11.0%e
- (IE) Ireland Nov CPI M/M: -0.4% v -0.1% prior; Y/Y: 0.8% v 1.2% prior
- (IE) Ireland Nov CPI EU Harmonized M/M: -0.5% v -0.1% prior; Y/Y: 1.6% v 2.1% prior
- (PL) Poland Oct Current Account: -650M v -1.1Be; Trade Balance: +225M v -71Me; Exports: 14.2B v 13.2Be; Imports: 13.9B v 13.2Be
- (PL) Poland Nov CPI M/M: 0.1% v 0.2%e; Y/Y: 2.8% v 2.9%e
- (US) Nov Advance Retail Sales: 0.3 % v 0.5%e; Retail Sales Less Autos: 0.0% v 0.0%e; Retail Sales Ex Auto & Gas: 0.7% v 0.3%e
- (US) Nov Producer Price Index M/M: -0.8% v -0.5%e; Y/Y: 1.5% v 1.8%e
- (US) Nov PPI Ex Food & Energy M/M: 0.1% v 0.1%e; Y/Y: 2.2% v 2.2%e
- (US) Initial Jobless Claims 343K v 368Ke; Continuing Claims: 3.198M v 3.210Me
- (CA) Canada Oct New Housing Price Index M/M: 0.2% v 0.2%e; Y/Y: 2.4% 2.3%e
- (CA) Canada Q3 Capacity Utilization Rate: 80.9% v 80.5%e
- (US) Oct Business Inventories: 0.4% v 0.4%e
- (US) Weekly EIA Natural Gas Inventories: +2 bcf v -2 to -7 bcf expected