Retail Sales In-Line With Expectations
Today's financial recap and tomorrow's financial outlook.
January advance retail sales was the main data point for the day, showing a 0.1% monthly gain. This was in-line with economist estimates and down from 0.5% in December. Though this was in-line with expectations, it is more likely that we would have seen a negative report as consumer confidence had dropped sharply in January.
American Airlines (AMR) and US Airways (NYSE:LCC) finalized its merger deal with board approval to create the world's largest air carrier.
In Switzerland, the Swiss government and national bank are enforcing higher capital requirements to help control the boom in mortgage loans occurring within the country. Specifically, the banks will be required to carry a risk buffer so that any losses can be averted should property prices begin to decline.
Tomorrow's Financial Outlook
Tomorrow the only economic data in the US is weekly jobless claims. Economists are expecting a slight decline to 360,000 claims from last week's 366,000. For continuing claims, economists are forecasting a slight decline to 3.21 million from the prior week's 3.224 million.
Overnight is the Bank of Japan rate decision. As the Japanese fiscal and monetary authorities have continued to talk down the price of the yen, each meeting brings with it suspense over whether the central bank will initiate new measures to weaken the currency. Over the past three months, the USDJPY has risen from a 6-month average in the high 70s to its current price of 93.45. The other major global economic report is eurozone growth. In the fourth quarter, eurozone growth is expected to have declined to -0.4% from -0.1% in the prior quarter.
Tomorrow's earnings reports include Davita Pharmaceutical (DVA), Alpha Natural Resources (ANR), Pepsi (PEP), Discovery Communications (DISCA), Apache (APA), General Motors (GM), Agilent (A), CBS (CBS), Brocade (BRCD), Molson Coors (TAP), and DirecTV (DTV).
Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.