Good morning on this the 349th day of 2004, one packed with important economic releases. Already this morning we’ve seen surprises from both Canada and the US – a record US trading deficit for the month of October, including a record trade gap with China; and, “textbook-bad” trade numbers from Canada, showing a trade deficit much lower than expected, input costs up and a report all-around weaker than had been expected.
Big moves in currencies are happening as we speak, although the USDCAD may now continue firming up even as the USD weakens againt other world currencies.
Also released every Tuesday are ICSC-UBS and Redbook retail sales reports. From this morning’s ICSC-UBS Weekly Store Sales report:
U.S. Retailers’ Sales Gains Slow to 2.4% on Concerns About Jobs
Dec. 14 (Bloomberg)—Sales gains at U.S. retailers including Wal-Mart Stores Inc. slowed to 2.4 percent in the second week of holiday shopping amid sluggish job growth and higher energy prices.Sales growth at stores open at least a year was less than half the 5.1 percent increase a year earlier, according to the International Council of Shopping Centers-UBS weekly Index released today.
Thirty-nine percent of consumers said their willingness to buy gifts deteriorated in the last month because of concerns over their personal finances, according to an ICSC survey. To boost sales retailers are expected to discount more items by about 50 percent this week after only 13 percent of gift-givers had finish their holiday shopping, analysts said.
Coming up this afternoon is the latest US interest rate policy announcement from the FOMC – typically trade is somewhat muted in the hours leading up to the release and somewhat hysterical in the hours after. Often the market doesn’t ultimately decide on direction until late in the day or even the day following.
US Market Calendar
- 7:45 am: ICSC-UBS Store Sales
- 8:30 am: Goods & Services Trade Balance – Oct.
- 8:55 am: Redbook – Dec. 11th week
- 9:00 FOMC Meeting Begins
- 9:15 am: Industrial Production
- 1:00 pm: 4-Week Bill Auction
- 2:15 pm: FOMC Announcement
Canadian Market Calendar
- 8:30 am: Merchandise Trade Balance – Oct.
- 8:30 am: Manufacturing Shipments & Orders – Oct.
- Manpower Survey – Q1
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
04.12.14 09:00 #