Thursday, May 13, 2010

Economics Headlines ; Catalysts to Watch

Economics Headlines
· Initial jobless claims for the week of May 8 declined 4,000 from a slightly upward revised
level to 444,000 (consensus and JPMorgan 440,000) and continuing claims for the prior week
dged up 12,000 to 4.627mn. The insured unemployment rate held at 3.6%. Initial and
continuing claims continue to drift down, but more slowly than we might have thought given
the upturn in hiring so far this year. Mellman
· Import prices - Higher prices of oil and other commodities and raw materials lifted import
prices 0.9% nsa in April (consensus 0.8%, JPMorgan 0.6%) and 11.1%oya. Nonfuel import
prices rose 0.5% in April to stand 3.2%oya. While the price of imported commodities and
materials continued to soar through April, the price of imported finished goods remain tame.
Catalysts to Watch
· Treasury auctions - $16B 30s Thurs.
· European holidays - Much of continental Europe, including Germany, France, Austria,
Sweden and Switzerland, celebrates the Ascension Day holiday Thurs, with many people
also taking Friday off to engineer a four-day break (per Bloomberg). Official market closings:
Thurs (Sweden, Norway, Denmark, Finland, Austria, Switzerland); official Fri closures
· WFC – the co’s analyst meeting Thurs and Fri is among the first in the co’s history
· SEC could unveil new circuit breaker rules as soon as Wed night – CNBC
· Obama travels to Buffalo, New York, on Thursday as part of his continuing "White House to
Main Street" tour. CNN
Corporate Events Calendar
· Thurs Mar 13: Earnings after the close (JWN, BBI, NVDA, CA). Analyst meetings (IRBT,
· Fri Mar 14: earnings before the open (JCP). analyst meetings (ISIL)
Economics Calendar – Daily View
· Friday, May 14th: US (Retail Sales, IP, Capacity Utilization, U. of Michigan Confidence,
Business Inventories); Eurozone (UK Visible Trade Balance); Other (Canada Manufacturing).

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