Friday, October 25, 2013

Morning Prep 10/25/13;

7:30am EST

Focus-Points this morning:
·       US Futures markets mixed ahead of Friday’s Red-Star news
·       Germany reports first monthly decline in Business Sentiment
·       UK Q3 GDP at 3-year high, continues to impress analysts
·       Chinese Money market rates continue to rise, disrupting currency markets
·       Earning Season continues in the US; Moody’s Proctor & Gamble, UPS
·       Gold is lower -.75%
·       Crude Oil is higher +.50%
·       Euro is higher +.05%
·       E-Mini S&P is higher +.33%
·       US Bonds are higher +.60%

Economic News on the schedule today:

This morning in the US we will see manufacturing news from Durable Goods Orders that was delayed with the Govt shutdown, followed by the always-important Consumer Sentiment news.

8:30am EST:             Durable Goods Orders
9:55am EST:             Consumer Sentiment
10:00am EST:           Wholesale Trade

Durable goods orders have been volatile but the trend outside of aircraft and autos remains the same-anemic in recent months. August durables orders beat expectations but July was revised down notably. New factory orders for durables in August edged up 0.1 percent after dropping a huge 8.1 percent in July. The transportation component rose 0.7 percent after a monthly 21.9 percent plunge in July. The transportation rebound came from motor vehicles. Excluding transportation, durables orders slipped 0.1 percent, following a decrease of 0.5 percent in July.

The Reuter's/University of Michigan's consumer sentiment index slipped to 75.2 in the mid-month October reading versus 77.5 for final September and 76.8 for the mid-month September reading. But the current conditions component was actually up in the mid-month October reading, to 92.8 versus 92.6 in final September and 91.8 at mid-month September. Weakness was entirely on the expectations side where the component fell to 63.9 versus 67.8 in final September and 67.2 in mid-month September.

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