In its first day of trading since entering into bear market
(INDEXNIKKEI:NI225) recovered nearly 2%. The EU harmonized index of
consumer prices came in at 0.1% month over month as was expected.
European indices were slightly higher on the day.
The US producer price index came in slightly better than expected,
topping the expected 1.7% year-over-year growth and coming in at
1.4%. Industrial production and manufacturing fell short of
estimates. Production saw no month-over-month growth and
manufacturing only grew by 0.1%. US consumer sentiment also fell
short of expectations, with a reading of just 82.7 vs. expectations
of 84.5. Markets were in the green during early trading but quickly
reversed when the IMF released economic forecast revisions. The
International Monetary Fund cut the US 2014 growth estimate from 3%
to 2.7%. Additionally, they do not see the employment situation
improving until the end of 2013 or early 2014. After the
announcement the markets went red and remained down for the rest of
the day. The
(INDEXSP:.INX) finished the day down 0.4%.
The 10-year yield dropped 4 bps on the day to 2.13%, its lowest
level of the week. Gold finished the day up 0.7% at $1,388 an oz.
Crude jumped 1.22% on the day, closing at $97.90 a barrel. Crude
hit a new nine-month high in today's session.
) jumped more than 10% on the day after
Deutsche Bank AG
) analysts Ross Sandler and Lloyd upgraded the stock. Shares are
currently trading at a new yearly high.
Monday's Financial Outlook
The Reserve Bank of India will be making an announcement regarding
its monetary policy at 1:30 a.m. EDT on Monday. European Union
merchandise trade will be released at 5:00 a.m. EDT.
The US empire state manufacturing survey will be released at 8:30
a.m. EDT. The US housing market index will be released later Monday
morning at 10:00 a.m. EDT.
There will be no major earnings scheduled in the US on Monday.