Economic Data
- (ZA) South Africa July Total Mining Production M/M: 0.4% v 1.9%e; Y/Y: -7.7% v -6.7%e; Gold Production Y/Y: -14.6% v -0.3% prior; Platinum Production Y/Y: -45.2% v -37.7% prior
- (IE) Ireland Aug CPI M/M: +0.2% v -0.2% prior; Y/Y: 0.4% v 0.3% prior
- (IE) Ireland Aug CPI EU Harmonized M/M: +0.3% v -0.1% prior; Y/Y: 0.6% v 0.5% prior
- (IL) Israel Aug Trade Balance: -$1.8B v -$1.5B prior
- (RU) Russia Gold and Forex Reserve w/e Sept 5th: $464.2B v $465.8B prior
- (ZA) South Africa July Manufacturing Production M/M: -3.6% v -1.9%e; Y/Y: -7.9% v -5.8%e
- (BR) Brazil July Retail Sales M/M: -1.1% v +0.5%e; Y/Y: -0.9% v +1.7%e
- (US) Initial Jobless Claims: 315K v 300Ke; Continuing Claims: 2.487M v 2.49Me
- (CA) Canada July New Housing Price Index M/M: 0.0% v 0.2%e; Y/Y: 1.4% v 1.6%e
- (MX) Mexico July Industrial Production M/M: 0.3% v 0.7%e; Y/Y: 2.1% v 2.3%e; Manufacturing Production Y/Y: 3.4% v 3.7%e
- (US) Weekly EIA Natural Gas Inventories: +92 bcf vs +80-84 bcf expected range
- A surprise bump higher in the weekly jobless claims reports is being used as another excuse to sell off stocks this morning, although indices are off their worst levels mid morning. As of writing, the DJIA is down 0.22%, the S&P500 is down 0.23% and the Nasdaq is down 0.19%.
- The euro keeps stabbing a little higher after the lows seen earlier this week, with today's dollar softness propelled by the bump up in weekly jobless claims. EUR/USD ticked up to the 1.2950 area, which has provided resistance over the last two days. The Russian Ruble is at fresh record lows above 37.57 after the EU confirmed it would implement a fresh round of sanctions starting on Sept 12th. Russia noted that it would respond to new EU sanctions once the details were known.
- Apparel names Lululemon and Men's Warehouse are heading in opposite directions this morning after earnings reports. Lulu topped expectations and raised its FY14 forecast, however earnings declined y/y and comps showed zero growth. LULU is up 17%. MW beat on a non-GAAP basis, however with one-time items profits slumped to one-third the year ago amount thanks in part to Jos. A Bank integration costs and much higher promotional spending. Shares of MW are down 6.6%.
Looking Ahead
- 11:30 (ZA) South Africa Fin Min Nene speaks at Sacci dinner in Johannesburg
- 11:45 (FR) ECB's Coeure (France) at Eurofin conference
- 12:00 (IS) Iceland Aug International Reserves (ISK): No est v 502B prior
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE) Corp Report
- 13:00 (US) Treasury to sell $13B in 30-Year Bonds Reopening
- 14:00 (US) Aug Monthly Budget Statement: -$130.0Be v -$94.6B prior
- 14:00 (BR) Brazil Aug Formal Job Creation: +67.0Ke v +11.8K prior
- 15:00 (EU) ECB's Draghi at event in Milan
- 17:00 (CL) Chile Central Bank Interest Rate Decision: Expected to cut Overnight Rate Target by 25bps to 3.25%
- 19:00 (PE) Peru Central Bank Interest Rate Decision: Expected to cut Reference Rate by 25bps to 3.50%
- 21:00 (KR) Bank of Korea (BOK) Interest Rate Decision: Expected to leave 7-Day Repo Rate unchanged at 2.25%
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