Stock markets have been steady overnight. US index futures are up marginally while the Dax, FTSE and Nikkei are down marginally. There was no major economic or political news overnight. It's still not clear if the Fed is planning to raise rates in March or not. It does look the announcements on tax and health care reform may not come until March leaving me wondering if traders patience can last that long.
Currencies have been mixed overnight. EUR is under pressure relative to USD and GBP again as French polls show Euroskeptic Marine Le Pen adding to her first round lead. Other majors are trading slightly higher or slightly lower relative to USD.
Canadian banks could attract attention today after CIBC kicked off their earnings season with a bang. CIBC reported adjusted EPS of $2.89 well above the $2.60 street estimate. It also raised its dividend slightly. Loblaw's report was mixed with a small miss on earnings potentially offset by a small beat on sales.
Corporate News
CIBC $2.89 vs street $2.60, $0.03 dividend increase to $1.27
Loblaw $0.97 vs street $0.98, sales $11.1B vs street $11.0B
Gildan $0.32 vs street $0.29
Tesla Motors ($0.69) vs street ($0.53)
Economic News
Germany GDP update 1.7% as expected
Italy retail sales (0.2%) vs street 0.9%
UK CBI retail sales 9 vs street 4 and previous (8)
UK CBI distributor sales 25 vs street 24 and previous 26
Singapore consumer prices 0.6% as expected
Singapore core CPI 1.5% vs street 1.3%
Upcoming significant economic announcements include:
8:30 am EST US jobless claims street 240K
10:30 am EST US natural gas street (86 BCF)
11:00 am EST US DOE crude oil inventories street 3.5 mmbbls
11:00 am EST US DOE gasoline inventories street (1.5 mmbbls)
8:35 am EST FOMC Lockhart speaking
1:00 pm EST FOMC Kaplan speaking
CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
