Daily Market Color 04/30/2013

Daily Market Color

04/30/2013

Economic Reports &Headlines

 The global economic calendar has many reports today that could either fuel or defuse speculation going forward. Let’s start with a reading on retail sales in the European country with the strongest economy, Germany. Retails sales missed and showed a surprised decline in March, month over month: -30bps Vs 10bps. On a year over year basis, retail sales in March decline more than expected, -280bps Vs -220.

Consumption of Manufactured goods in France surprised economists’ and grew far beyond consensus in March on a monthly basis, 120bps Vs 10bps.

Producer price figures in France were flat in March on a monthly basis. On a year over year basis, prices grew 1.9%.

The unemployment rate in Germany was flat in April, coming in at 6.9%.

Consumer prices in Italy came in slightly higher than expected on a monthly basis, 30bps Vs 20bps.

Consumer prices in the European Union came in lower than expected on a year over year basis, 120bps VS 150bps.

SP Case-Shiller 20 City home index came in higher than expected on a monthly basis in February, 120bps Vs 100bps. On a year over year basis, home prices came higher than expected too, 930bps Vs 900bps. The year over year have not been this high since March 2006. 10 out of the 20 cities showed double digit gains. Las Vegas, Phoenix, LA and San Francisco led the index.

Chicago PMI in April disappointed and gave a sub-50 reading which indicates a contraction, 49.0 Vs 52.4. This is the first sub-50 reading since September 2009.

The Conference Board Consumer confidence index in April came in higher than expected and beat the highest Econoday forecast, 68.1 Vs 62.0

China Federation of Logistics and Purchasing issued their manufacturing PMI report for April and it was a little disappointing, 50.6 Vs 50.9.                        

Future Reports

Tomorrow we have the following reports on the domestic front: motor vehicle sales, ADP employment, PMI mfg index, construction spending, FOMC announcement. On the international front: Japan BoJ minutes, Chinese PMI Mfg, Britain’s home prices index and PMI Mfg,  

    

Trades

Stay long SP 500 futures and short Yen futures. The reports today were mixed, but they did not warrant any trading.