Daily Market Color 05/10//2013

Daily Market Color

05/10//2013

Economic Reports &Headlines

Today was a relatively light day for economic reports. Germany released their Merchandise trade report, which showed a surplus that was slightly better than expected, 17.5bn Vs 17.6bn.

Industrial production in Italy missed consensus by a wide margin in March on a month over month basis, -80bps Vs -10bps.

Merchandise trade in the UK showed a deficit that was vaguely below consensus in March, -9.0bn Vs -9.0bn

Heading over the Atlantic into Canada, US’s northern neighbor gave a read on employment in the country. The jobless rate in April remained unchanged, which was in line with consensus at 7.2%. Jobs in April increased 12,500. Economists’ were expecting employers to add 12,000 jobs to the Canadian economy in April.  

US treasury budget surplus came in higher than expected in April, 112.9bn Vs 107.5bn. The significant rise could be attributed mainly to individual income taxes.    

Future Reports

 Over the weekend we will get a reading on Home Loans in Australia.

On Monday, early in the morning at 1:30am, we will get a read on industrial production and retail sales from China.

On the domestic front, here in the US, we will get a read on retail sales as well, along with a read on business inventories.

Monday evening in New Zealand, we will get a read on retail sales.

Japan will release producer price figures Monday evening.

Trade

US equities rallied while the Yen resumed its decline and continue to hit new lows. Next week is looking like a dull week for economic reports in the US. The only report that merits undivided attention next week on the global economic calendar is Japan’s forthcoming GDP report. That report should move the Yen.