Daily Market Color 05/16/2013

Daily Market Color

05/16/2013

Economic Reports &Headlines

Last night Japan released first quarter GDP figures which beat economists’ estimates on both a quarterly and yearly basis. Quarterly: 90bps Vs 70bps. Yearly: 350bps Vs 280bps.

Today was a busy day for economic reports across the world. Let’s start off in Europe. The Eurozone on consumer process for April came in line with consensus at -10bps on a month over month basis.  

Europe merchandise trade report gave a surplus reading that surged past analysts’ expectations in March, 18.7bn Vs 11.7bn. 

On the domestic front, consumer prices in the US contracted more than expected in April on a month over month basis, -40bps Vs -30bps

April’s Housing starts plunged and missed analysts’ estimates by a wide margin, 853m Vs 969m.

Jobless claims missed economists’ estimates by a wide margin as well, 360k Vs 330k

May’s Philly Fed survey missed analysts’ estimates, -5.2 Vs 2.2.

Future Reports

Tomorrow we will get the University of Michigan consumer sentiment report.  

                  

Trade

Stocks continue their upward slope and the Yen continues to slide. I expect the markets to become increasingly sensitive to forthcoming economic reports.