MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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5:57 AM The European Commission now forecasts a mild recession for the eurozone, with the region shrinking 0.3% this year. As recently as November, the EC had expected 0.5% growth this year. One of the sharpest country revisions is for Spain, now expected to contract 1% vs. prior forecast of +0.7%. Stocks give back gains after the report: London +0.2%. Paris -0.1%. Frankfurt -0.3%. Euro +0.5% to $1.3314. Comment!
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Wednesday, February 22, 2012
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4:10 PM Market recap: Stocks closed lower in thin trading amid uncertainty about the implementation of Greece's debt deal and an unexpected contraction in eurozone business activity. Gold rose to a three-month high; crude oil eased past $106/barrel. The dollar rose to a seven-month high vs. the yen but lost ground vs. the euro. NYSE losers led gainers two to one. Comment!
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6:40 AM Fitch downgrades Greece to C from CCC, saying the Greek bond swap would be a restricted default. (Fitch's statement) 6 Comments
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Tuesday, February 21, 2012
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4:10 PM Market recap: Stocks ended mixed in choppy trading, as investors were quick to book profits following the Greece bailout announcement. The Dow pierced 13,000 but pulled back; market technicians want to see a real breakthrough as evidence that the rally still has legs. Oil prices settled at nine-month highs amid supply disruptions; gold also moved higher. NYSE losers led winners eight to five. Comment!
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Monday, February 20, 2012
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7:11 PM A "strictly confidential" sustainability analysis prepared for eurozone officials paints a bleak picture of where Greece is headed, a "tailored downside scenario" suggesting the country will come nowhere near the 2020 120% debt/GDP target set by the IMF. Further, any gains from the PSI will be lost as a now-scared investor class will shun future Greek debt. 6 Comments
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Sunday, February 19, 2012
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5:27 AM Sony (SNE) is due to launch its Vita handheld console in the U.S. on Wednesday, with the firm hoping there's still a decent market for such devices despite the growth of casual gaming on phones. "If there are more people in gaming, why wouldn’t there be more people interested in a dedicated gaming device?" asks Sony's Jack Treeton. Comment!
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5:11 AM While Germany is reportedly looking at how Greece can leave the euro, the country itself is doing its best to convince everyone that it can be saved, with the cabinet yesterday approving the latest austerity measures demanded by the Troika. All eyes are now on tomorrow's meeting of eurozone finmins. 1 Comment
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5:04 AM Germany has drawn up plans for Greece to default and possibly leave the euro, the Daily Telegraph reports. Finmin Wolfgang Schauble doesn't believe the Greek government will be able to implement the austerity that it has pledged to, nor that the measures would anyway save Greece, although Angela Merkel still holds out hope. 1 Comment
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Friday, February 17, 2012
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4:10 PM Market recap: Stocks closed mixed in lackluster trading ahead of the holiday weekend, but the three major averages logged solid gains for the week as "no one wants to risk staying short" if a deal in Greece is concluded. Natural gas futures surged, pushing two-day gains to 11%, amid more planned cuts in output. Crude oil settled at nine-month highs. NYSE gainers and losers ended roughly even. Comment!
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7:35 AM Gilead Sciences (GILD) plummets after disappointing results for Hepatitis C patients in its ELECTRON study. The majority of patients with a prior "null" response "experienced viral relapse within 4 weeks of completing" the treatment. Shares -21.6% premarket. (PR) 14 Comments
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Thursday, February 16, 2012
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4:10 PM Market recap: Stocks surged to multiyear highs, fueled by strong U.S. economic data, including a four-year low in weekly jobless claims, and reports the eurozone central banks agreed to swap their existing Greek bonds for new ones. All sectors rose, led by banks. The euro turned higher, over $1.31; crude oil ended at six-week highs. NYSE advancers led decliners more than three to one. 1 Comment
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9:15 AM Market preview: U.S. futures pare some of their Greek-induced losses following a triple whammy of strong U.S. economic reports (PPI, jobless claims, housing starts), with S&P benchmark futures -0.1%. Unfortunately, though, writes Deutsche Bank’s Alan Ruskin, markets "cannot trade off such goldilocks US data, when the wolf is still knocking at Europe’s door." Later: Philly Fed Business Outlook, Geithner Comment!
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8:30 AM Initial Jobless Claims: -13K to 348K vs. +10K consensus. Continuing claims -100K to 3.43M. 18 Comments
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3:56 AM With the EU finding new obstacles to put in front of Greece before it authorizes a bailout, fueling suspicions that the bloc wants to force the country out the euro, European shares are trading lower early on. Euro STOXX 50 -1.3%, London -0.9%, Paris -0.9%, Frankfurt -1.3%, Milan -1.4%, Madrid -2.5%. Comment!
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Wednesday, February 15, 2012
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4:10 PM Market recap: Stocks sagged under renewed Greece concerns, as EU leaders reportedly may delay part or all of the bailout funds and tempers flare. Apple shares turned lower midday, perhaps on talk of rebalancing its weight in some indexes. Crude oil surged on falling supplies and a report that Iran cut off shipments to six European countries. NYSE losers led winners three to two. 2 Comments
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2:35 PM Eurogroup chief Juncker says the Troika has finalized and presented the Greek debt report, and is confident of a decision on Greece being made on Feb. 20. This follows a teleconference with eurozone finance minsters. For some reason, the euro bounces, jumping more than 30 pips to $1.3080. 6 Comments
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9:15 AM Market preview: EU stocks and U.S. futures are rising for any number of reasons, including Greece doing its best to show that it can finally be like Germany, strong Empire State manufacturing data, and the EU's economic slump not being as bad as expected. S&P benchmark futures +0.4%. Kellogg a tasty +4.4% after it says it will buy Pringles. Later: Fed's Fisher, Geithner, FOMC minutes 2 Comments
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7:21 AM More on the Kellogg (K) - Pringles deal: Anticipates increasing its outstanding debt by approximately $2B. Says deal will be accretive to 2012 earnings by $0.08-$0.10 per share. Transaction will generate one-time costs of between $160M-$180M. Expects synergies of at least $10M in 2012, with ongoing synergies of between $50M and $75M a year. (PR) Comment!
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6:20 AM Italy sinks into recession as Q4 GDP contracts 0.7% Q/Q vs. -0.2% in Q3 and estimates of -0.4%. Year over year, Q4 GDP fell 0.5%. 1 Comment
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