Reports » US
US stock market, economy and companies update (December 27, 2013)
- Thin trading conditions continue to drive volatile trading this morning. After pushing out to fresh all-time highs in the premarket, the DJIA and S&P500 have both given up gains in cash trading and dipped into the red. As of writing, the DJIA is down 0.10%, the S&P500 is down 0.10% and Nasdaq is down 0.22%.
- The yield on the 10-year UST briefly popped above 3.0% this morning, and is around 2.985% as of writing. The spike in EUR/USD topped out just above 1.3890 at 2.5 year highs just as US traders were starting to come into FX markets. Since 06:45ET, the pair has gven up about two big figures and dropped to around 1.3790. The bounce came as banks adjusted positions ahead of the year end, exacerbated by comments from ECB Governor Weidmann, who warned that low price pressures cannot be a licence for arbitrary easing.
- Political turmoil continues to roil Turkey and put a damper on emerging markets. The Erdogan government is facing a massive corruption crisis, and since Turkey has a large external debt position and a big trade deficit, leaving TRY highly exposed to international markets. Istanbul's chief public prosecutor investigating the government was removed from his position yesterday, and the official has claimed he was prevented by police from doing his job. His removal came a day after he ordered the detention of 30 suspects, including businessmen and government officials.
- WTI crude futures are back above $100 for the first time in two months the day after weekly API gasoline inventory data indicated an unexpected drawdowns in both crude and gasoline stockpiles. In addition, leading Lebanese opposition figure and Assad critic Mohamad Chatah was killed by a car bomb in central Beirut earlier today, raising fears the Syria civil war is spilling over into Lebanon.
- Textron announced a deal to acquire bankrupt aircraft manufacturer Beechcraft Corp. The deal, which includes the repayment of Beechcraft's working capital debt, will be financed by a combination of available cash and as much as $1.1 billion in new debt. With this acquisition, Textron is looking to counter a slump in business-jet sales.
- Shares of Twitter are down 5.5% this morning after they spent the whole day testing record highs above $70 during yesterday's session. Over the course of December, TWTR has risen from $40 to above $70, in a rise that is being attributed to year-end buying by fund managers. Multiple analysts have made cautious comments and this morning Macquarie became the latest firm to cut the name to a sell.
- 14:00 (AR) Argentina Oct Economic Activity Index M/M: No est v 0.0% prior; Y/Y: 3.2%e v 4.7% prior
- 14:00 (AR) Argentina Construction Activity M/M: No est v -0.6% prior; Y/Y: No est v 6.2% prior
- 14:00 (AR) Argentina Nov Supermarket Sales Y/Y: No est v 18.4% prior; Shop Center Sales Y/Y: No est v 20.4% prior
- (IN) India Forex Reserves w/e Dec 20th: $295.5B v $295.5B prior
- (BR) Brazil Nov Primary Budget Balance (BRL): 28.8B v 30.0Be
- (US) Weekly EIA Natural Gas Inventories -177 bcf v -175 to -185 bcf expected
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