Recap 4-24-13

Commentary:

Further evidence that data doesn’t matter: Bespoke calculates that the level of earnings and revenue beats by S&P 500 companies is at levels consistent with recessions:

Notable:

  • US Initial Jobless Claims declined to 339k vs 350k exp and 352k prev
  • UK 1Q GDP rose 0.3% QoQ vs 0.1% exp and -0.3% prev
  • In a survey of 60 central bankers this month by Central Banking Publications and Royal Bank of Scotland Group Plc, 23 percent said they own shares or plan to buy them. Nearly half said low global bond yields were prompting them to take on more risk. Among central banks that are buying shares, the SNB has allocated about 12 percent of assets to passive funds tracking equity indexes. Central banks’ foreign- exchange holdings have increased by about $8.5 trillion globally in the past decade, exceeding levels needed for day-to-day currency administration. Bloomberg
  • UPS posted $1.04 in earnings versus $1.01 expected. Revenue slightly missed with $13.4bn in sales versus $13.46bn expected. The company reiterated their full year view.
  • Sony doubled its profit outlook for the past business year (ended Mar), citing a weaker yen, asset sales, and higher stock prices (which helepd its life insurance business). Sony said it now expects a net profit of Y40 billion ($400 million) for the past fiscal year versus a February estimate of Y20 billion. It also raised its operating profit outlook to Y230 billion from an earlier Y130 billion, while lifting its sales estimate to Y6.8 trillion from Y6.6 trillion. Reuters

Upcoming Data:

  • Thu: Japan Markit PMI, CPI
  • Fri: BoJ, Swiss KOF LEI, EU Money Supply, US GDP, U Michigan Confidence
  • Mon: Italy Business Confidence, US Personal Income, Spending, Pending Home Sales, South Korea Mfg Business Survey, Japan Markit PMI
  • Tue: Month End, German Unemployment, Canada GDP, Chicago PMI, South Korea HSBC Mfg PMI, China Mfg PMI
  • Wed: UKMfg PMI, US ADP, ISM, Oil Inventories, FOMC, Japan Monetary Base, China HSBC Mfg PMI,
  • Thu: Italy Mfg PMI, ECB, US Trade Balance, Initial Jobless Claims, Australia Services PMI, China Non-Mfg PMI,
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