Recap 1-15-14

Commentary:

An interesting chart from Maudlin:

Notable:

  • Empire Mfg improved to 12.51 vs 3.5 exp and 0.98 prev
  • Core PPI rose to 1.4% vs 1.3% exp and prev
  • Switzerland November retail sales jumped to +4.2%yoy vs. consensus of 1.7%, the biggest positive surprise since May 2012
  • China M2 growth slowed to 13.6% vs 13.9% exp and 14.2% prev.
  • Bank of America reported earnings of 29c versus 27c expected. Revenue of $22.32bn was above estimates of $21.14bn. GS: Capital markets surprised to the upside across the board, delinquent loans in LAS declined another 18%, Net interest income benefited from a steeper curve, as NII of $11.0bn (including $300mn of market related revenue) beat our estimate of $10.6bn. Along with better securities yields from lower premium amortization, BAC benefited from lower debt costs. Mortgage originations declined 44%, in-line with declines seen at JPM (-42%) and WFC (-38%),
  • ECB/AQR – process to be less stringent than feared – according to Reuters, the ECB will allow Eurozone banks to meet less stringent definitions for bad loans than previously planned during the upcoming AQR – Reuters
  • OCC: The pace and magnitude of releases from allowance for loan and lease losses compared with underlying credit trends reveal a growing disconnect – Dealbook

Upcoming Data:

  • Wed: UK RICS House Price balance, Australia Employment
  • Thu: US CPI, Jobless Claims, Philly Fed, NAHB Housing Market Index, Bernanke Speaks
  • Fri: UK Retail Sales, US Housing Starts, UMichigan Confidence
  • Mon: China Data,
  • Tue: German ZEW, Australia CPI
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