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.
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)
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
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