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Reports US

US stock market, economy and companies update (January 20, 2014)

January 20, 2014, Monday, 16:36 GMT | 11:36 EST | 22:06 IST | 00:36 SGT
Contributed by Trade The News


Speakers:
- China PBoC stated that it would inject liquidity via Open Market Operations on Tues, Jan 21st to satisfy demand ahead of Lunar New Year Holiday
- IMF said to raise UK GDP growth forecast from 1.9% to 2.4% in its upcoming WEO update
- Greece's top administrative court said to have ruled that wage cuts for police, the military and firefighters adopted in 2012 as part of austerity under bailout measures are unconstitutional
- EU's Ashton: EU suspended some sanctions against Iran over its nuclear program for six months; effective Monday, Jan 20th (as expected) and aimed to begin talks on full Iran deal in Feb
- White House stated that it would follow through on commitment to provide modest relief to Iranian sanctions based upon the Nov agreement. It would also continue aggressive enforcement of sanctions measures that remain in place
- Iran agreed to accept UN invitation to Syrian conference and rejected any preconditions
- Saudi Arabia rejected Iran's participation in Syria talks
- Syria opposition coalition stated that it would not attend Geneva II talks if Iran attended and added that the Iran invite must be withdrawn by 19:00 GMT today (Jan 20th)
- US State Dept official commented that Iran had done nothing to de-escalate tensions in Syria and their participation in Syria talks would not be constructive
 
Currencies/Fixed Income:
- European currencies made slight gains against the greenback in thin-holiday trading on Monday.
- The EUR/USD was approaching the 1.3580 area where several banks (Credit Suisse, Morgan Stanly and ING) suggested that their strategy would be to sell into Euro strength.
 
***Looking Ahead***
All times listed for economic events are denominated in Eastern Standard Time (Add 5 hours for GMT equivalent)
- 13:00 (DE) German Chancellor Merkel addresses Deutsche Boerse event in Frankfurt
- 16:45 (NZ) New Zealand Q4 CPI Q/Q: -0.1%e v +0.9% prior; Y/Y: 1.5%e v 1.4% prior
 
 
***Economic Data***
- (RU) Russia Dec YTD Budget Balance (RUB) -310.5B v +599.9B priorSurvey
- (PT) Portugal Dec PPI M/M: +0.4% v -0.7% prior; Y/Y: -0.1 v -1.3% prior
- (PL) Poland Dec Average Gross Wages M/M: 8.3% v 8.9%e; Y/Y: 2.7% v 3.2%e
- (PL) Poland Dec Employment M/M: -0.2% v -0.1%e; Y/Y: 0.3% v 0.3%e
- (BE) Belgium Jan Consumer Confidence Index: -4 v -5 prior
 
Fixed Income:
- (NL) Netherlands Debt Agency (DSTA) sold total €2.78B vs. €2.0-4.0B indicated range in 3-month and 6-month Bills
- (SK) Slovakia Debt Agency (ARDAL) sold total €505.6M vs. €300M indicated in 2016 and 2018 bonds
- (FR) France Debt Agency (AFT) sold approx €8.8B vs. €7.7-8.9B indicated range in 3-month, 6-month and 12-month Bills

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