As earnings season heats up, Jim Sinegal from Morningstar, says that so far results from the finance sector have been disappointing "because of the legal expenses big banks have to pay". He thinks Wells Fargo has "most potential going forward".
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And now for the weak data: US initial jobless claims rose 329,000 last week vs. 315,000 expected while the prior figure was revised 1,000 higher to 305,000. Continuing claims dropped to 2.68 million from 2.751mn.
Boom! US durable goods orders rose 2.6% m/m in March vs. 2% expected and 2.1% prior. Core orders (ex transportation) climbed 2% vs. 0.6% and 0.1% prior. Even more importantly for GDP capital goods shipments climbed 1% as expected while February was revised to 0.7% from 0.5%. And key to further (GDP) investment capital goods orders ex. defense and aircrafts jumped 2.2% vs. 1.5% expected while February was revised to -1.1% from -1.3%. Solid, solid report...
The Turkish central bank has just announced that it keeps all three key policy rates unchanged. This implies that the benchmark repo rate is unchanged at 10% while the lending and borrowing rates are 12% and 8% respectively.
In his syndicated column for TradingFloor.com, Ambrose Evans-Pritchard writes that it was foolish to write off the US as it is now on the brink of a 'golden age'.
Spain has just completed a EUR 2.65 billion auction of 10-year government bonds. The average yield was 3.059% with a bid-to-cover of 2.31. This is the lowest yield on record, the previous low was 3.165% back in September 2005.
German IFO better than expected in April. The business climate index climbed to 111.2 from 110.7 last month while consensus had expected 110.4. The current assessment index was mostly unchanged at 115.3 from 115.2 and 115.6 expected, so the improvement in the headline index came from the expectations index, which rose to 107.3 from 106.4. Consensus had predicted a drop to 105.8. Overall a solid report made even better by the fact that it is the expectations index, which is the main driver.
French manufacturing confidence declined to 100 in April as expected. However the drop came about as a result of an upward revision to March from 100 to 101.
Overall business confidence also declined to 94 vs. 96 expected and 95 prior as the order outlook weakened while inventories rose. Not a good report.
The RBNZ hiked again, as expected, and slightly upped its rhetoric on the exchange rate. EURUSD may finally find a bit of direction today on the key German IFO survey and a Mario Draghi speech in Amsterdam.
