>>> What to look at today - 15th of January 2016

Dow+1.41% S&P+1.67% Nasdaq+1.97% Russell+1.53% VIX 23.96 (-5%)
US Market closed near the highs of the day. crude oil also built on its gain, ending its pit session higher by 2.6% at $31.22/bbl. JPM reported better numbers. JPMorgan addressed its first loan loss reserve build in six years, which was driven by downgrades, specifically in the company's oil and gas portfolio. The company went on to state that oil companies have been surprisingly resilient and that they expect to see a normal cycle increase as the economy looks "pretty good.". St. Louis Fed President James Bullard stated that the "very substantial" decline in energy pricing has implications for monetary policy, but Mr. Bullard still believes that four rate hikes this year "sounds about right." Interestingly, stocks surged immediately following the comments, all but ignoring his unchanged outlook for the fed funds rate path. energy sector (+4.5%) end in the lead while health care (+2.7%), technology (+2.0%), telecom services (+1.8%), and materials (+1.4%) followed. INTC +2.6% ahead of earnings. Volume were above average @ 1.2bil shares. US After Hours INTC -4.7%, THS -3.5%, ADI -2.5%, EDUC +2.2%. Asian equities used to follow the tone set on Wall St but have been transformed into the pace-setter in the early part of the year. Today's rally in US indices has indeed produced no carryover to Asian trading, and the turmoil in the far east is signalling a softer open. US equity futures are down nearly 1% while Shanghai Composite has erased most of yesterday's rally. Risk-off sentiment is boosting JPY, with USD/JPY falling 70pips from the highs to 117.60. Oil is down 2% and gold is rallying. In Japan, the yen currency printed the high for the day when BOJ Gov Kuroda suggested there was no plan to add to policy easing.

Nikkei -0.54% Hang Seng -1.42% Shanghai -3.55%

Eur$1.0872 CNH 6.6167 CNY 6.5870 JPY 117.75 GBP 1.4385 RUB$ 76.45 WTI $30.38 (-2.63%)

S&P -0.80% EuroStoxx -0.46% Dax -0.37% SMI -0.04%

Macro :
- Goldman In Settlement W/ RMBS Group; To Cut 4Q Earnings by $1.5b
- Swiss Currency Shock Reverberates One Year After Cap Abandoned
- Norway Declares Crisis in Oil Industry as Devaluation Continues

Keep an eye on :
- AB1 GY : Etihad Airways May Continue Codesharing Flights With Air Berlin
- AIR FP : Boeing Well Placed to Win at Least Part of United Order: Reuters
- STS IM : Ansaldo STS 2015 Rev EU1.38b, Up 6.2%; Net Income Up 15.3%
- BLT LN : BHP Expects $4.9b Impairment Charge on Onshore U.S. Assets
- CA FP : Carrefour 4Q Sales In Line With Ests., Confirms 2015 Profit View
- CO FP : Casino Guichard ‘Taking Steps’ to Sell Big C in Thailand
- CO FP : Wal-Mart Said to Have Closed About 60 Brazil Stores: Reuters
- CNA LN : Centrica Said to Prepare Bid for N. Irish Power Company Viridian
- DLG GY : Dialog Semiconductor Says It Won’t Revise Bid for Atmel
- EDP PL : EDP Renovaveis Awarded 93MW in Spanish Renewable Energy Auction
- ELUXB SS : Haier said to be nearing deal to purchase GE Appliances unit, paying about $4B - financial press
- EXPN LN : Experian 3Q Rev. at Actual FX Rates Down 3%, Sees FX Headwinds
- GAM SM : Gamesa Receives Orders in China to Supply 98MW in Two Projects
- HMB SS : H&M December Sales Beat Estimates
- LGEN LN : Legal & General to Sell Suffolk Life to Curtis Banks for GBP45m
- LUPE SS : Lundin Family Not Willing to Sell Lundin Petroleum Stake: DI
- MC FP : Louis Vuitton to Unveil New Watch Today in Geneva: Le Figaro
- RNO FP : Renault Probably Hasn’t Used Emissions Cheating Device: Analysts
- SZG GY : Salzgitter Sees Addtnl Tax Expenses on German Div. Income Ruling
- SAN SM : Santander Said to Ready Fresh Bid for RBS Branches: Sky
- SYNN VX : ChemChina Said to Move Step Closer to Potential Syngenta Deal
- TNET BB : Liberty Global Raises Telenet Holding to 57.22% of Voting Rights
- VIV FP : Vivendi Gets Net Proceeds of $1.1B Selling Activision Blizzard
- ZC FP : Zodiac Aerospace Sees Current Op Margin 2016/17 Up 2 Ppts Y/y

>>> Europe : Brokers Upgrades & DOwngrades - 15th of January 2016

>>> Up
*AIR LIQUIDE RAISED TO NEUTRAL VS SELL AT UBS
*AKZO NOBEL RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*BANCO POPOLARE RAISED TO HOLD VS SELL AT BERENBERG
*CRH RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*CRODA RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*DEUTSCHE BOERSE RAISED TO OUTPERFORM AT MACQUARIE
*EDF RAISED TO BUY VS HOLD AT SOCGEN
*HUNTING RAISED TO OUTPERFORM VS NEUTRAL AT MACQUARIE
*LINDE RAISED TO NEUTRAL VS SELL AT UBS
*LUNDIN PETROLEUM RAISED TO BUY AT NORDEA
*SCA RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*SIEMENS RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*TDC RAISED TO HOLD AT NORDEA
*WOOD GROUP RAISED TO NEUTRAL VS UNDERPERFORM AT MACQUARIE

>>> Down
*BRENNTAG CUT TO HOLD VS BUY AT DEUTSCHE BANK
*DUNELM CUT TO HOLD VS BUY AT CANACCORD
*ERICSSON CUT TO HOLD VS BUY AT DEUTSCHE BANK
*EVONIK CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*JUPITER FUND MANAGEMENT CUT TO SELL VS NEUTRAL AT CITI
*NOVARTIS CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*RESTAURANT GROUP CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*RICARDO CUT TO HOLD VS BUY AT BERENBERG
*SAFRAN CUT TO SELL VS BUY AT INVESTEC
*VIRBAC CUT TO NEUTRAL VS OUTPERFORM AT EXANE
*WOLSELEY CUT TO UNDERPERFORM VS NEUTRAL AT EXANE

>>> PT Change


>>> Initiation
*AKER SOLUTIONS RATED NEW UNDERWEIGHT AT JPMORGAN, PT NOK23.3
*AMUNDI RATED NEW HOLD AT DEUTSCHE BANK; PT EU45.70
*CNH RATED NEW UNDERPERFORM AT CREDIT SUISSE
*IMPELLAM RATED NEW BUY AT INVESTEC, PT 950P
*PRUDENTIAL RATED NEW OUTPERFORM AT MACQUARIE; PT 1,536P
*SBM OFFSHORE RATED NEW NEUTRAL AT JPMORGAN, PT EU13.2
*SEADRILL RATED NEW UNDERWEIGHT AT JPMORGAN, PT NOK20.2
*TITAN CEMENT RATED NEW BUY AT BERENBERG, PT EU21
*VOLVO RATED NEW OUTPERFORM AT CREDIT SUISSE

>>> Call
>> Sector
*EUROPEAN TRANSPORT SECTOR CUT TO NEUTRAL VS POSITIVE: BARCLAYS

>>> US After Hours Summary


After Hours Summary

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance:  EDUC +2.2%

Companies trading higher in after hours in reaction to news:  AE +2.1% (subsidiary acquired a 30% member interest in Ben Cap for $2.2 mln), BTG +1.3% (reported Q4 gold production +18% y/y to of 131,469 ounces and issues 2016 production outlook for gold production of 510-550K ounces). 

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance:  INTC -4.7%, THS -3.5%, ADI -2.5%

Companies trading lower in after hours in reaction to news:  BIOA -5.2% (commenced public offering of its common stock), EPR -2.9% (has commenced an underwritten public offering of 2,250,000 of its common shares of beneficial interest), AKRX -0.9% (engaged BDO USA as the co's independent registered public accounting firm; estimates of errors resulted in an overstatement to net revenue and pretax income from continuing operations of ~$35 mln).

>>> Asian Update

Asian Market Update: Softer China lending and Yuan fix renew selloff

***Economic Data***
- (CN) CHINA DEC NEW YUAN LOANS (CNY): 598B V 700BE
- (CN) CHINA DEC M2 MONEY SUPPLY Y/Y: 13.3% (3-month low) V 13.6%E; M1 MONEY SUPPLY Y/Y: 15.2% V 15.5%E
- (CN) CHINA DEC AGGREGATE FINANCING (CNY): 1.82T V 1.15TE
- (AU) AUSTRALIA NOV HOME LOANS M/M: +1.8% V -0.5%E
- (NZ) New Zealand Dec Food Prices M/M: +0.8% v -0.2% prior
- (ID) INDONESIA DECEMBER TRADE BALANCE: -$0.2B v +$0.1Be
- (JP) Japan investors buy net ¥323B in foreign bonds v net bought ¥86B in prior week; Foreign investors sell net ¥747B in Japan stocks v bought ¥136B in Japan stocks in prior week
- (PE) PERU CENTRAL BANK (BCRP) RAISED REFERENCE RATE BY 25BPS TO 4.00%. AS EXPECTED
- (CL) CHILE CENTRAL BANK (BCCH) LEAVES OVERNIGHT RATE TARGET UNCHANGED AT 3.50%, AS EXPECTED

***Index Snapshot (as of 05:00 GMT)***
- Nikkei225 -0.3%, S&P/ASX -0.5%, Kospi -1.1%, Shanghai Composite -1.5%, Hang Seng -0.8%, Mar S&P500 -0.9% at 1,898

***Commodities/Fixed Income***
- Feb gold +0.7% at $1,081/oz, Feb crude oil -2.0% at $30.59/brl, Mar copper -0.6% at $1.97/lb
- (CN) PBOC SETS YUAN MID POINT AT 6.5637 V 6.5616 PRIOR; 6th straight firmer setting relative to Close; - Prior close 6.5890
- (HK) Hong Kong Financial Sec Tsang: To closely monitor HKD market - financial press
- (AU) Australia MoF (AOFM) sells A$900M in 5.75% 2022 Bonds; avg yield: 2.35%; bid-to-cover: 2.09x
- (US) Weekly Fed Balance Sheet Total Assets for week ending Jan 13th: $4.50T v $4.49T prior; M1: +$139.3B (multi-year high) v -$7.2B prior; M2: -$16.7B v -$11.4B prior

***Market Focal Points/FX***
- Asian equities used to follow the tone set on Wall St but have been transformed into the pace-setter in the early part of the year. Today's rally in US indices has indeed produced no carryover to Asian trading, and the turmoil in the far east is signalling a softer open. US equity futures are down nearly 1% while Shanghai Composite has erased most of yesterday's rally. Risk-off sentiment is boosting JPY, with USD/JPY falling 70pips from the highs to 117.60. Oil is down 2% and gold is rallying. AUD/USD - the proxy for China slowdown in the G10 fx space - was also down about 60pips from the highs below 0.6950.

- China's FX policy and economic data were seen as the catalysts for the selling. In the case of the former, the daily Yuan fix was set slightly softer relative to the prior setting, albeit still firmer than the prior close. The latter saw disappointing New Yuan lending - one of the components of the famed Li Keqiang index - and slower money supply growth. Commentary from PBoC sought to soothe the impact, noting money supply growth has been rapid since Q4 and liquidity is ample. Likewise, a state researcher said the economy will maintain stable and continued GDP growth. Earlier, a Chinese press report indicated the govt would accelerate project construction in several provinces in 2016 to help stabilize growth.

- In Japan, the yen currency printed the high for the day when BOJ Gov Kuroda suggested there was no plan to add to policy easing. Kuroda reiterated domestic price trend is improving steadily and there was no plan to change the inflation target as he continued to point to low energy prices in capping inflation. BOJ Gov did acknowledge that the pace of wage growth is slow considering the job market and record high corporate profits. Slow rate of pass through in wage growth was symbolized by Toyota amid reports that this year's base wage hike request would be half of last year's.

***Equities***
US equities / ADRs:
- ADI: Cuts Q1 $0.51-0.55 v $0.69e, R$745-765M v $830Me (prior $0.65-0.73, $805-855M); -2.3% afterhours
- INTC: Reports Q4 $0.74 v $0.63e, R$14.9B v $14.8Be; Gross margins 64.3% v 65.4% y/y; -4.9% afterhours

After Extended Session:
- GE: Haier said to be nearing deal to purchase GE Appliances unit, paying about $4B - financial press

Key movers in Asia:
- Sharp 6753.JP +16.5%; Hon Hai reportedly may increase offer for Sharp to ¥700B from ¥500B - Japan press
- Guangzhou Automobile 2238.HK +3.0% (profit alert)
- BHP: +1.3%; To recognize post-tax impairment charge on US assets of $4.9B for H1 (Dec-end)
- Shanghai Electric Group 601727.CN +0.6% (approval for restructuring plan).
- Lifan Industry (Group) 601777.CN -2.9% (Dec result)
- BBMG Corp 2009.HK -3.9% (profit warning)
- Kawasaki Heavy 7012.jp -7.1% (Brazil impairment)

WSJ : Goldman Reaches $5 Billion Settlement Over Mortgage-Backed Securities

Goldman Reaches $5 Billion Settlement Over Mortgage-Backed Securities

Pact will reduce bank’s fourth-quarter earnings by $1.5 billion after tax

Goldman Sachs Group Inc. said Thursday that it has reached a settlement worth more than $5 billion in a U.S. probe relating to securities backed by residential mortgages it sold in the mid-2000s.

Goldman said the agreement resolves actual and potential claims from the U.S. Department of Justice, the New York and Illinois Attorneys General, the National Credit Union Administration and the Federal Home Loan Banks of Chicago and Seattle.

Goldman was one of several banks targeted in investigations from federal and state officials into securities backed by residential mortgages, which plunged in value during the financial crisis.

Goldman will pay a $2.385 billion civil monetary penalty and a $875 million cash payment. It will also provide $1.8 billion in consumer relief in the form of forgiveness for underwater homeowners and distressed borrowers, among other things.

Several other banks, including J.P. Morgan Chase & Co., Citigroup Inc. and Bank of America Corp., reached settlements related to residential mortgage-backed securities between late 2013 and summer 2014.

In those cases, the government accused the banks of selling shoddy mortgage securities to investors without fully disclosing their quality.

The government has viewed the investigations as a way to hold the banks accountable for wrongdoing that led to the financial crisis. The banks have viewed them as a punishment for activities that they have since stopped and as a distraction from their efforts to ramp up lending and help aid economic growth.

Earlier Thursday in a separate case, Goldman agreed to pay $15 million to settle allegations that its securities lending violated federal regulations, the Securities and Exchange Commission said. Specifically, the SEC accused the broker-dealer of failing to adequately secure the stock needed to administer a short-selling trade.

(Re/Code.net) Self-Flying Lily Camera Has Booked $34 Million in Pre-Sales in Las

--> GoPro Killer...if you think GoPro is not already dead...-75% in 2015...-30% YTD


Self-Flying Lily Camera Has Booked $34 Million in Pre-Sales in Last Eight Months

Drones are big at CES this year, even though they are much more important as business-to-business devices than they ever will be as a consumer item. But drones are popular — more than 180,000 people have registered them with the FAA — and one thing people really like to do with them is take pictures and film videos.

Lily Camera pitches itself as the autonomously steered flying camera for those photography-minded people. The greatly hyped robotics company was founded in a UC Berkeley robotics lab back in 2013, and eight months ago it publicly launched and began taking preorders. In an interview with Re/code, Lily CEO Antoine Balaresque said the company has now booked $34 million in sales since that launch.

The camera itself is an HD-capable waterproof quadrocopter that follows the user, who carries a tracking tool, wherever he or she goes; basically it’s a responsive, airborne GoPro. To launch it, you simply toss the camera into the air like a Frisbee. When you want it to land, you extend your arm outward. It can capture video in slow motion and record audio through the tracking tool (which looks kind of like a small TV remote, with fewer buttons).

If this sounds like an ambitious and expensive piece of equipment, that’s because it is. Its current preorder price is $799, and it will cost $999 when it’s actually released. When Lily announced its $15 million Series A funding round last month, led by Spark Capital, the company also said it was pushing back the camera’s ship date from February to this summer.

Balaresque says the product’s real selling point is how simple it is to use, compared with the complex controls required to master most current aerial cameras.

“We hate the word drone; we just want an easy-to-use autonomous camera,” he said. “For us, tech accessibility is not a downgrade.”

Tens of millions of dollars in pre-sales suggests that people buy that message and are willing to take the risk of forking over almost $1,000 on a device they’ve never tested.

Steve Aoki, one of the world’s most successful DJs and a self-described “gadget obsessive,” is one of those people. In fact, he’s a strategic investor in Lily who discovered the company the way most other people did — via a viral launch video from May that shows off Lily’s full capabilities through snowboarding and other action sports. You can watch that video embedded below.

In an interview with Re/code, Aoki said that the launch trailer blew him away and that he invested in Lily partly because he thinks it would be useful for performers like him.

“I use drones. I spent serious coin on a drone in Ibiza, and it was temperamental — it actually crashed into a cliff,” Aoki said. “With something like that, you need it to be more compact and versatile, which is what I’m about as an artist.”

(CNBC) Saudi Arabia plans new sovereign wealth fund

Saudi Arabia plans new sovereign wealth fund

* Low oil prices have forced drawdown of assets
* Saudi Arabia wants to boost returns on them
* Some money could be transferred from central bank
* Global investment banks asked for ideas
* New fund might behave like private equity fund

NEW YORK/DUBAI, Jan 14 (Reuters) - Saudi Arabia plans to create a new sovereign fund to manage part of its oil wealth and diversify its investments, and has asked investment banks and consultancies to submit proposals for the project, according to people familiar with the matter.
Plunging oil prices have strained Saudi Arabia's finances. The kingdom's state budget deficit is at a record high and net foreign assets dived more than $100 billion in 15 months.
The new fund could change the way tens of billions of dollars are invested and affect some of the world's leading asset managers, particularly in the United States, where the bulk of Saudi Arabia's foreign assets are managed.
"Keeping the foreign reserves at a good level is necessary to maintain a solid financial position and support the riyal," said one of the sources.
Another source said the Saudi government sent out a "request for proposal" to banks and consultants late last year, seeking ideas on how to structure a new fund.
The sources asked not to be identified because the plans are confidential. They said the Saudi government did not tell them the size of the planned new fund.
One source said the fund would focus on investing in businesses outside the energy industry, such industrials, chemicals, maritime and transportation. The sources stressed that no final decisions had been made, and a range of options were being studied.
The sources said managers of the planned fund may be able to invest directly in companies rather than channelling investments through foreign asset managers. This could maximize returns.
The second source said he understood the new fund would ideally be up and running within 12 to 24 months, with an office in New York.
A spokesman for the Saudi Arabian Monetary Agency (SAMA) could not be reached for comment. SAMA, which currently manages the vast bulk of petrodollars earned by Saudi Arabia, has traditionally been secretive about its management of the money.
DEALING WITH CHEAP OIL
SAMA's net foreign assets totalled $628 billion in November, down from a record high of $737 billion in August 2014, when the government started drawing down assets to pay its bills as falling oil prices saddled it with a huge budget deficit.
The assets, some of which are handled by global fund firms, are mainly securities such as U.S. Treasury bonds and deposits with banks abroad. Equities are believed to account for only a small fraction of securities holdings, perhaps 20 percent. The bulk of assets are believed to be denominated in U.S. dollars.
The conservative, low-risk instruments SAMA favours have been criticised for yielding modest returns, especially with global interest rates as low as they are now. In 2014, Saudi billionaire Prince Alwaleed bin Talal urged the government to create a new fund to earn higher returns.
At the time, Finance Minister Ibrahim Alassaf insisted there was no need for a new fund. But policy-making authority has shifted since King Salman took the throne in January last year and created a powerful Council of Economic and Development Affairs chaired by his son, Prince Mohammed bin Salman.
With the advice of Western consulting firms, Prince Mohammed is pushing a range of reforms for an era of cheap oil. Steps include spending cuts, higher taxation and privatisation. The plan for a new sovereign fund is part of this drive.
In drafting its reforms, Saudi Arabia has examined the policies of other rich oil exporting Gulf countries. Part of the new Saudi fund would operate much like a private equity investor, buying major stakes in foreign companies as the sovereign funds of Qatar and Abu Dhabi do, but it would also use other forms of investment, the sources said.

>>> US Close Dow+1.41% S&P+1.67% Nasdaq+1.97% Russell+1.53% VIX 23.96 (-5%)

Closing Market Summary: Indices Rally

The stock market ended its Thursday affair near its best level of the day thanks to daylong rallying. The last half hour saw a bit of selling pressure, but the S&P 500 settled within x points of its high. Today's rally occurred alongside a rebound in crude oil, while dovish remarks from St. Louis's Fed President James Bullard provided extra ammunition. The tech-heavy Nasdaq (+2.0%) lead the S&P 500 (+1.7%) and the Dow Jones Industrial Average (+1.4%).

Before the opening bell, JPMorgan Chase (JPM 58.20, +0.86) reported above-consensus Q4 earnings of $1.32 per share while revenue rose 0.6% year-over-year to $22.89 billion. During the company's conference call, JPMorgan addressed its first loan loss reserve build in six years, which was driven by downgrades, specifically in the company's oil and gas portfolio. The company went on to state that oil companies have been surprisingly resilient and that they expect to see a normal cycle increase as the economy looks "pretty good."

Elsewhere, St. Louis Fed President James Bullard stated that the "very substantial" decline in energy pricing has implications for monetary policy, but Mr. Bullard still believes that four rate hikes this year "sounds about right." Interestingly, stocks surged immediately following the comments, all but ignoring his unchanged outlook for the fed funds rate path. For its part, crude oil also built on its gain, ending its pit session higher by 2.6% at $31.22/bbl.

The strength in crude helped the energy sector (+4.5%) end in the lead while health care (+2.7%), technology (+2.0%), telecom services (+1.8%), and materials (+1.4%) followed.

In the energy space, Dow components Chevron (CVX 85.47, +4.14) and Exxon Mobil (XOM 79.12, +3.47) took advantage of the advance in oil, leading the index, with respective gains of 5.1% and 4.6%. Elsewhere in the energy space, pipeline companies Kinder Morgan (KMI 13.98 +1.03) and Williams Companies (WMB 18.29, +4.68) showed relative strength, climbing 8.0% and 34.4%, respectively. The pair had a strong showing despite a 5.7% decline in natural gas to $2.14/MMbtu.

Switching to the consumer discretionary space (+0.7%), the sector was anchored by large-cap components Home Depot (HD 119.62, -1.78) and Lowe's (LOW 69.91, +0.01) which underperformed with performances of -1.5% and unchanged, respectively. The cyclical sector was also hurt by continued weakness in Nike (NKE 58.51, -0.27) and Netflix (NFLX 107.06, +0.50).

Despite JPMorgan's above-consensus earnings, the financial sector (+1.0%) finished its day near the bottom of the board ahead of tomorrow morning's reports from Citigroup (C 45.38, +0.19), PNC (PNC 86.87, +0.97), and Wells Fargo (WFC 50.64, +0.91).

Looking at the top-weighted technology space, the high-beta chipmakers kept pace with the broader sector, evidenced by the 2.1% gain in the PHLX Semiconductor Index. Index component, Intel (INTC 32.74, +0.83) gained 2.6% ahead of the company's earnings release set for this evening.

Treasuries surrendered their slim overnight gains amid the rally in equities, leaving the 10-yr note unchanged with its yield at 2.09%. 

True to recent form, trading volume was heavy with more than 1.2 billion shares changing hands at the NYSE floor.

Today's economic data included weekly Initial/Continuing Claims and December import/export prices:

  • The Initial Claims report showed that claims increased to 284,000 from last week's unrevised rate of 277,000 (consensus 275,000)
    • This was above the consensus but within the 250,000-300,000 range that has held since July 2014.
    • The Department of Labor said there were no special factors influencing the latest initial claims reading, which pushed the four-week moving average up by 3,000 to 278,750.
  • Continuing claims for the week ending January 2 were 2.263 million, an increase of 33,000 from the previous week's revised level of 2.234 million (from 2.230 million).
    • The four-week moving average for continuing claims increased by 5,250 to 2.224 million.
  • Import prices excluding oil fell 0.4% in December after declining 0.2% in November
  • Export prices excluding agriculture decreased 1.0% in December after falling 0.6% in November

Tomorrow, December CPI (consensus +0.1%), December Retail Sales (consensus +0.1%) and January Empire Manufacturing Index (consensus -3.5) will be reported at 8:30 ET. The December Industrial Production report (consensus 77.5%) will cross the wires at 9:15 ET while November Business Inventories (consensus +0.0%) and the preliminary reading of the Michigan Sentiment Index for January (consensus 92.6) will both be released at 10:00 ET.

  • Russell 2000 -9.7% YTD
  • Nasdaq -7.8% YTD
  • Dow Jones -6.0% YTD
  • S&P 500 -6.0% YTD