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The Wall Street Greek blog is the sexy & syndicated financial securities markets publication of former Senior Equity Analyst Markos N. Kaminis. Our stock market blog reaches reputable publishers & private networks and is an unbiased, independent Wall Street research resource on the economy, stocks, gold & currency, energy & oil, real estate and more. Wall Street & Greece should be as honest, dependable and passionate as The Greek.

Seeking Alpha

Friday, April 12, 2013

Global Ruination Friday on Economic Data

global ruinA 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

11:30 AM
German DAX
Hang Seng
CAC 40
S&P/ASX 200
FTSE 100
Korean KOSPI
Greek ASE

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
Brent Crude
RBOB Gasoline
NYMEX Natural Gas
Gold Spot
Silver Spot
COMEX Copper
CBOT Wheat
CBOT Soybeans
ICE Sugar
ICE Cocoa
ICE Orange Juice Conc.
CME Live Cattle

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.


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