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US stock market, economy and companies update (March 04, 2013)

Contributed by Trade The News

- US equity indices are under light pressure this morning on China's efforts to cool its property market and continuing European political turmoil. The DJIA is down 0.25%, the S&P500 is down 0.07% and the Nasdaq is down 0.12%.

- FX markets have been pretty quiet. EUR/USD ducked below 1.3000 overnight as Italian political forces continue to snipe at each other. Note that there have been vague rumors of a possible Italy sovereign downgrade making the rounds this morning.

- Berkshire Hathaway has released its annual shareholder's letter, warning holders that it may end its long streak of outperforming the S&P500 this year. The book value per share may underperform the growth in the S&P 500 when measured over a five-year period. Warren Buffett said he is looking for more big deals similar to the H.J. Heinz buy, but not in the consumer products sector.

- Hess updated on its asset disposition process this morning, saying that it was is "more than halfway" through transformation into an E&P company. The firm also more than doubled its annual dividend and hiked its share buyback. The company rejected calls by activist investor Elliott Management - to break up the company. Shares of HES are up 3.3%.

- A. Schulman offered to acquire specialty chemical firm Ferro for $6.50/shr, a 25% premium to its prior closing price, in a total deal valued at $855M. According to the company's disclosure, the board rejected the offer. FOE is up 32% this morning.


***Looking Ahead***
- 11:30 (US) Treasury to sell combined $65B in 3-Month and 6-Month Bills
- 11:45 (US) Former Fed Chairman Volcker speaks in Washington
- 13:00 (MX) Mexico Feb IMEF Manufacturing Index: No est v 52.1 prior; Non Manufacturing Index: No est v 51.7 prior
- 13:15 (US) Fed's Powell to speak on too big to fail
- 16:00 (CO) Colombia Feb Producer Price Index M/M: No est v -0.1% prior; Y/Y: No est v -2.5% prior
- 20:45 (CN) China Feb HSBC Services PMI: No est v 54.0 prior
- 22:30 (AU) RBA Interest Rate Decision: Expected to leave Cash Target unchanged at 3.00%


***Economic Data***
- (SG) Singapore Feb Purchasing Managers Index: 49.4 v 50.3e; Electronics Sector Index: 52.1 v 49.7e
- (US) Feb ISM New York: 58.8 v 56.7 prior
- (DK) Denmark Feb Foreign Currency Reserves (DKK): 483.2B v 495.6B prior