US indices had been climbing overnight in tandem with a trading bounce in European indices, but their gains have been trimmed back in the last while after US durable goods orders came in below expectations. The big economic news overnight was a bigger than expected interest rate cut in Sweden right to zero. With the Riksbank clearly prepared to take aggressive steps to boost its economy, traders appear to be speculating that the ECB may come under increased pressure to step up its game as well. SEK has been slammed in currency trading overnight as is to be expected after the interest rate news and soft economic numbers but has been able to claw back some of its losses lately. Norway’s NOK has been falling in tandem with its neighbour even though Norges Bank has a 1.50% benchmark rate and is firmly in neutral. USD has dropped back slightly today in normal trading but this has enabled WTI and Brent to climb and put more room between them and their $80.00 and $85.00 respective support levels. Gold is back above $1,230 taking advantage of the pause in USD. Resource dollars, meanwhile, continue to rebound with AUD and NZD leading the charge with CAD following at a slower pace. EUR and GBP are moderately higher against USD, slightly more than the group average. We could see significant action in technology stocks again today. Tesla Motors could rebound after its CEO Elon Musk shot down rumours of slowing growth this morning. Twitter however, has had its shares in a nosedive overnight giving back more of its summer gains as growth slowed in a post-World Cup hangover. Facebook could be active as well today as traders position ahead of tonight’s earnings report. Corporate News Tesla Motors CEO Musk refutes yesterday’s press reports of a sales slowdown tweets September saw record high global sales and North America sales grow 65% over year not the 25% decline that had been reported. 25% cut to lease payments related to a deal with US Bankcorp, no change in revenues to Tesla. Twitter $0.01 as expected, sales $361M vs street $350M, 284M monthly avg users up 13M over quarter but 23% over year, guides next Q sales to $440-$450M vs street $450M Amgen $2.30 vs street $2.11 raised FY guidance to $8.45-$8.55 from $8.20-$8.40 Aetna $1.79 vs street $1.57, raised FY guidance to $6.60-$6.70 from $6.45-$6.60 Coach $0.53 vs street $0.45 Whirlpool $3.04 vs street $3.13, cuts FY GAAP EPS to $9.40-$9.90 from $10.30-$10.80, raises free cash flow guidance to $650-700M from $600-650M Economic News Economic reports released overnight and this morning include: US durable goods orders (1.3%) vs street 0.5% US durables ex transport (0.2%) vs street 0.5% Sweden interest rate Surprise 0.25% cut to 0.00% deeper than the 0.15% cut to 0.10% that had been widely expected Sweden producer prices 1.7% vs previous 2.7% Sweden retail sales 2.8% vs street 3.2% Sweden trade balance (SEK) 1.4B vs street 2.5B Japan retail sales 2.3% vs street 0.8% Economic reports due later today include: 10:00 am EDT US consumer confidence street 87.0 10:00 am EDT US Richmond Fed street 11 vs previous 14 After 4:00 pm EDT Facebook earnings street $0.40 on sales of $3.11B
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