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FinNews for the week ending October 19, 2012 Top Stories Google Inc. missed Wall Street forecasts in third-quarter earnings, reporting a profit of $2.18 billion, or an adjusted profit of $9.03 per share. Expectations were for an "adjusted profit of $10.63 a share, on revenue of $11.39 billion." (1) European leaders confirm that aid is coming for Spain, but not specific on timing. (2) Japan's Prime Minister, " told his cabinet Wednesday to prepare a new economic stimulus package by the end of November." (3) Economic Releases & Statistics US retail sales accelerated faster than forecast in September, fueling speculation that the holiday season may be positive. Last month saw a 1.1 percent gain, adding to the 1.2 percent increase in August. The Commerce Department data beat the average estimate for a rise of 0.8 percent. (4) Retail sales were also up in China, prompting statements that suggest steady economic growth. (5) Winter clothing and uniform sales helped boost retail sales in the United Kingdom, up 0.6 percent in September from August versus an average guess from economists of a 0.4 percent increase. (6) The Consumer Price Index (CPI) was up 0.6 percent last month, boosted by higher gas prices. Core CPI was up 0.1 percent for the third straight month. (7) Housing starts in the US exceeded all expectations, climbing to an 872,000 annual rate - the fastest since July of 2008. The median estimate called for 770,000. Building permits were also up. (8) Existing home sales were down 1.7 percent in September from August. Forecasts had pointed to flat or declining sales. Median prices were up more than 11 percent year-on-year while inventory was 20 percent smaller. (9) Stocks & Earnings McDonald's Corp. (MCD) reported a 3.5 percent third-quarter profit drop on slower sales growth. Net income per share was $1.46 versus projections closer to $1.47. (10) Bank of America reported a net income of $340 million for the third quarter, break-even per share versus expectations for a 7 cent loss per share. (11) IBM Corp noted mixed results for their "disappointing revenue" in the third-quarter. (12) Microsoft reported overall first fiscal quarter revenue of $16.01 billion, lower than the previous year and below expectations for revenue around $16.42 billion. (13) Global Currencies Bank of England minutes released this week showed members not unified on the topic of continuing stimulus. Some analysts "expect more stimulus" from the central bank in November. (14) The Reserve Bank of Australia cut its cash rate for the third time this year, cropping it by a quarter point to 3.25 percent. (15) Oil & Energies This week's Energy Information Administration (EIA) release showed crude oil inventories increased by 2.8 million barrels. Forecasts called for a build of 1.5 million barrels. Gasoline supplies were up 1.7 million barrels versus forecasts for a 400,000 barrel drop. Distillate supplies were down 2.2 million barrels compared to forecasts for a 1.5 million barrel drop. (16) India is courting private firms to build strategic crude oil reserves. (17) TransCanada closed the Keystone pipeline this week following concern over possible safety. The closure was considered a "non-issue" and a restart is scheduled for Saturday. (18) Natural gas in storage added 51 billion cubic feet for the week ending October 12. Analysts were expecting a build between 46 and 50 billion.(19) Grains & Field Crops Palm oil prices moved higher following higher than expected imports by China. (20) Grain prices gained on speculation that Ukraine may ban exports. (21) Their ag ministry recently said that exportable wheat stocks may run out by November 15. (22) Argentina's Agriculture Ministry said that their upcoming wheat harvest may be as much as 17 percent smaller than last season's, dropping to 11.5 million metric tons. (23) The USDA attache to Brazil is forecasting that the corn production should rise to a record 74 million metric tons for 2012/13 as farmers shift acreage. (24) In the US, crop forecaster Informa is boosting its projected planting acreage of soybeans by 115,000 acres to a total 80 million acres next year. (25) In northern Sri Lanka, dry weather is threatening up to 60 percent of the rice harvest, according to officials. (26) Mississippi may set a record for cotton yield and farmers are pleased with results despite rain causing harvest delays. (27) Precious Metals Russia's largest gold miner, Polyus Gold International Ltd., saw sales increase 16 percent in the first three quarters of this year, and production jumped 9 percent. (28) Australian gold sales to China rose 900 percent for the first eight months of this year. (29) The Gold Fields miners' strike in South Africa ended this week, but walkouts and work cessations remain for several platinum and gold mines across the country. (30) Other Commodities Coffee farmers in Brazil have sold 43 percent of their 2012/13 crop versus 56 percent at the same time last year. (31) In Peru, coffee production may enter be 20 percent higher next year on the higher-yielding part of the biennial crop cycle. A spokesperson for the Coffee and Cocoa Chamber suggests a production may climb to 4.56 million bags from 3.8 million. (32) Columbia's coffee output in 2013 may reach 10 million bags. (33) Cocoa crops in Nigeria face harvest issues as yields are threatened by flooding and high humidity increases the risks of disease. (34) The North American cocoa grind number fell less than anticipated, dipping 2.19 percent versus forecasts for a 3-10 percent decline. (35) Next Week:
3. http://www.marketwatch.com/story/japan-pm-tells-ministers-to-prepare-stimulus-plan-2012-10-17 7. http://articles.latimes.com/2012/oct/17/business/la-fi-inflation-20121017 9. http://www.usatoday.com/story/money/business/2012/10/19/september-existing-home-sales/1642189/ 10. http://www.bloomberg.com/news/2012-10-19/mcdonald-s-profit-falls-3-5-as-u-s-growth-slows.html 11. http://www.marketwatch.com/story/stock-futures-flat-b-of-a-housing-starts-ahead-2012-10-17 12. http://www.marketwatch.com/story/ibm-downgraded-to-neutral-by-janney-on-results-2012-10-17 15. http://www.marketwatch.com/story/australias-central-bank-saw-weaker-growth-2012-10-15 16. http://www.kansascity.com/2012/10/17/3871171/us-crude-oil-supplies-grow-by.html 18. http://www.businessweek.com/ap/2012-10-19/oil-prices-fall-as-pipeline-supply-concerns-ease 19. http://www.marketwatch.com/story/natural-gas-falls-further-after-eia-supply-data-2012-10-18 22. http://online.wsj.com/article/SB10000872396390444734804578066600937678818.html 23. http://www.reuters.com/article/2012/10/18/argentina-grains-government-idUSL1E8LIC0S20121018 24. http://www.agriculture.com/markets/analysis/corn/brazil-to-raise-recdlarge-cn-crop_9-ar26980 25. http://www.agriculture.com/markets/analysis/soybeans/us-soybes-80-million-acres-firm-says_10-ar26990 26. http://www.irinnews.org/Report/96577/SRI-LANKA-Drought-hits-northern-rice-farmers 27. http://www.clintonnews.com/apps/pbcs.dll/article?AID=/20121017/BIZ/310170009 30. http://www.reuters.com/article/2012/10/19/us-safrica-strikes-goldfields-idUSBRE89I0A220121019 34. http://www.osundefender.org/?p=44518 _______________________________________________________________________________________ Disclaimer: Trading and investing involve a substantial degree of a risk of loss and are not suitable for everyone. Past performance is not indicative of future results. Fundamental factors, seasonal and weather trends, daily news, and other current events may have already been factored into the markets. Some trading strategies have unlimited risk. Educate yourself on the risks and rewards of such investing prior to trading. The publisher, and/or its affiliates, staff or anyone associated with FinNews, do not guarantee profits or pre-determined loss points, and are not held monetarily responsible for the trading losses of others (subscribers or otherwise). Information provided is compiled by sources believed to be reliable. Financial Media Corp, and/or its principals, assume no responsibility for any errors or omissions as the information may not be complete or events may have been canceled or rescheduled. Any copy, reprint, broadcast or distribution of this report of any kind is prohibited without the expressed written consent of the publisher. |
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