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Reports US

US stock market, economy and companies update (December 23, 2013)

December 23, 2013, Monday, 16:40 GMT | 11:40 EST | 21:10 IST | 23:40 SGT
Contributed by Trade The News


- US markets are gaining ground in very light volume as the Christmas holiday week begins. As of writing, the DJIA is up 0.49%, the S&P500 is up 0.52% and the Nasdaq is up 0.90%.

- The Fed's preferred measure of inflation, core PCE rose 1.1% from a year earlier in November, unchanged from October's rate but below the consensus. With inflation continuing to widely undershoot the Fed's forward guidance, there is less heft to the argument that tapering is just a prelude to higher rates. The November Personal Spending report from the Commerce Department saw its best showing since June, while Personal Income returned to growth from a contraction in October. The Chicago Fed's November national activity index was much stronger than expected.

- After weeks of rumors, Apple finally disclosed that it has reached an agreement to sell the iPhone through China Mobile, the world's largest mobile phone carrier with 763 million subscribers. Very few terms were disclosed in the announcement, and no pricing points were shared by the companies. The iPhone 5s and 5c will be available from China Mobile and Apple retail stores across mainland China effective Friday, January 17, 2014.

- Jos. A. Bank has rejected the counter takeover offer from Men's Wearhouse, saying the $1.54 billion bid is too low. Jos. A. Bank offered to buy its larger rival in September for $2.3 billion, or $48 per share. Men's Wearhouse turned down that offer and offered to buy Jos. A. Bank for $1.54 billion, or $55 per share. A combination could create a menswear powerhouse of more than 1,700 outlets.

- Seagate said it would buy network and storage equipment maker Xyratex for about $374M to strengthen its supply and manufacturing chain for disk drives. The acquisition could help Seagate as it begins to own more of the equipment that it uses. STX and WDC are more or less unmoved on the news.

***Looking Ahead***
- 11:30 (BR) Brazil Nov Federal Debt data
- 11:30 (US) Treasury to sell $59B in 3-Month and 6-Month Bills
- 13:00 (US) Treasury to sell $20B in 4-week bills


***Economic Data***
- (IE) Ireland Nov Property Prices M/M: 0.6% v 1.8% prior; Y/y: 5.6% v 6.1% prior
- (CL) Chile Nov PPI M/M: -0.1% v +0.2% prior
- (US) Nov Chicago Fed National Activity Index: +0.60 v +0.30e
- (US) Nov Personal Income: 0.2% v 0.5%e; Personal Spending: 0.5% v 0.5%e
- (US) Nov PCE Deflator M/M: 0.0% v 0.1%e; Y/Y: 0.9% v 0.9%e
- (US) Nov PCE Core M/M: 0.1% v 0.1%e; Y/Y: 1.1% v 1.2%e
- (CA) Canada Oct GDP M/M: 0.3% v 0.2%e; Y/Y: 2.7% v 2.3% prior
- (CA) Canada Oct Average Weekly Earnings Y/Y: 1.4% v 1.4% prior
- (BE) Belgium Dec CPI M/M: 0.2% v 0.1% prior; Y/Y: 1.0% v 0.8% prior
- (US) Dec Final University of Michigan Confidence: 82.5 v 83.0e
- (IL) Israel Central Bank leaves Base Rate unchanged at 1.00%, as expected