Global Ruination Friday on Economic Data

A terrible tandem of economic data points dissed stocks on Friday. The Retail Sales data for March and the Reuters/ University of Michigan Consumer Sentiment Index ruined the mood from the get-go. Heading into the 1:00 PM ET hour, the SPDR S&P 500 (NYSE: SPY) was down 0.5%. Stocks were ruined globally, with the iShares S&P Europe 350 (NYSE: IEV) down 0.3% and the iShares MSCI All Country Asia Ex-Japan (Nasdaq: AAJX) down 1.5%. Gold was being trashed along with stocks as investors went to cash; the SPDR Gold Shares Trust (NYSE: GLD) was off 3.6% at 1:00 PM.

Economic Data

The monthly Retail Sales Report for March showed retail sales fell 0.4%, which was against economists’ expectations for retail sales to stay flat against February levels. Excluding autos and gasoline, sales fell 0.1% against expectations for an increase of 0.3%.

The Thomson Reuters/ University of Michigan Consumer Sentiment Index fell precipitously to a mark of 72.3, from 78.6 at previous check. Economists did not see this coming, with the consensus expectation set at 79.0. This report comes a week after the Conference Board report showing a significant similar drop-off in the consumer mood.

The Producer Price Index (PPI) fell 0.6% in March against economists’ expectations for a lesser decrease of 0.2%. The Core PPI, less food and energy influence, still rose 0.2%, in line with expectations for the same.

Business Inventories increased 0.1% in February, against economists’ expectations for a 0.4% increase and following their 0.9% revised increase in January. Business sales were up 1.2% in February, which is good news relative to inventories, unless the inventory data is based on better insight by business managers. The inventory-to-sales ratio improved slightly to 1.28 in February, but that was still higher than the prior year period mark of 1.26.

Fed Chairman Bernanke gives a noontime speech in Washington D.C.

Overseas Markets

EUROPE	11:30 AM	ASIA/PACIFIC	Close
EURO STOXX 50	-1.5%	NIKKEI 225	-0.5%
German DAX	-1.6%	Hang Seng	-0.1%
CAC 40	-1.2%	S&P/ASX 200	+0.1%
FTSE 100	-0.5%	Korean KOSPI	-1.3%
Greek ASE	-0.0%	BSE India SENSEX	-1.6%

E.U. finance ministers are meeting in Dublin.

Corporate Events

The corporate wire has the earnings of J.P. Morgan Chase (NYSE: JPM). Also find news from CAMAC Energy (NYSE: CAK) and China Sunergy (Nasdaq: CSUN). Forest Oil (NYSE: FST) is giving an update on its Eagle Ford Shale Development Program. Starbucks (Nasdaq: SBUX) cut the price of its bagged coffee in order to better compete against other sellers. In other coffee news, Reckitt Benckiser Group (OTC: RBGLY.PK) is buying D.E. Master Blenders (OTC: DEMBF.PK). LinkedIn (Nasdaq: LNKD) purchased the news reader app Pulse. Rally Software (Nasdaq: RALY) is rallying, up sharply today after offering shares in its IPO.

Commodity Markets (12:00 PM ET)

WTI Crude	-2.9%
Brent Crude	-2.1%
RBOB Gasoline	-1.3%
NYMEX Natural Gas	+2.1%
Gold Spot	-3.5%
Silver Spot	-4.3%
COMEX Copper	-2.6%
CBOT Corn	+1.0%
CBOT Wheat	+2.1%
CBOT Soybeans	+0.6%
ICE Sugar	+0.6%
ICE Cocoa	+1.1%
ICE Orange Juice Conc.	+0.6%
CME Live Cattle	+0.0%

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