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FinNews for November 2, 2012 Top Stories Hurricane Sandy came ashore late Monday, causing widespread damage, flooding parts of the Northeast and crippling New York and New Jersey. (1) The New York Stock Exchange and Nasdaq planned to open for business on Wednesday, following two days of closure due to the storm. (2) The final employment report ahead of the presidential election revealed better job growth than predicted despite the unemployment rate being up 0.1 percent to 7.9 percent. (3) Economic Releases & Statistics Personal spending was up in September, rising 0.8 percent month-on-month and double the 0.4 percent gain seen in personal income. (4) Factory orders were up 4.8 percent in September according to the latest from the Commerce Department. The month-on-month gain was the largest since March of 2011. (5) Construction spending was up 0.6 percent last month versus an average forecast for a 0.7 percent climb. Overall, spending reached 851.6 billion, the "highest level in almost three years." (6) The Institute for Supply Management's factory index exceeded the average economist forecasts, reaching 51.7 versus estimates for a reading of 51. (7) Stocks & Earnings Starbucks' surprised with strong earnings and raised its fiscal 2013 forecasts. Net income was up 0.1 percent to 46 cents per share versus forecasts for 45 cents. (8) Cigna Corp. more than doubled earnings in the third-quarter, but reported a restructuring plan that will cut their global workforce by 4 percent, or 1,300 jobs. (9) Delta says that Hurricane Sandy could trim October profits by about $20 million following the cancellation of more than 3,500 flights. (10) Global Currencies The Canadian dollar rebounded from earlier losses as the government reported that the labor market was unchanged and the unemployment rate held at 7.4 percent. (11) The Swiss National Bank has been buying Canadian dollars up, and now the loonie represents 4 percent of the bank's foreign exchange reserves. (12) The Bank of Japan increased its asset-purchase program after negative industrial output data. The central bank also said that they will, "offer unlimited loans to banks to boost credit demand." (13) Positive housing data in the United Kingdom helped support the British Pound. A report on Thursday showed that house prices dropped less than forecast. (14) Oil & Energies According to this week's EIA release, crude supplies were 2 million barrels lower in the week ending October 26. Analysts forecast a build of 2 million barrels. Supplies are 9.9 percent higher than year-ago levels. Gasoline supplies were up 900,000 barrels versus forecasts for a drop of 900,000. Gasoline supplies are 3.3 percent lower year-on-year. Distillates were 100,000 barrels lower versus forecasts for a 1.5 million barrel drop. (15) Tankers carrying fuel started to make their way into New York harbor following Hurricane Sandy closures. Facility damages were causing bottlenecks, but officials hope that fuel shortages and conditions should improve soon. (16) The Energy Department reported that natural gas output fell 3.4 percent when Hurricane Isaac led to platform and rig evacuations in August. Production declined to 76.6 billion cubic feet from 79.33 in July. (17) Natural gas inventories hit another all-time high as they added 65 billion cubic feet to underground storage to 3.908 trillion cubic feet. (18) Grains & Field Crops Reports are suggesting that the early wheat harvest in Australia is resulting in lower protein and poor yields. (19) In the US, government analysts are giving the winter wheat crop a lower than expected condition rating. Only 40 percent of the crop was rated good to excellent versus 46 percent at the same time last year. (20) Farmers in the US plains are looking for rain and snow this winter to help drought conditions ahead of new crop seasons. (21) The US drought has been good news for Brazil as foreign buyers turned there for corn and ethanol, boosting exports above 3.66 million tons. (22) Rains in Argentina heightened concerns for corn and soybean crops due to planting delays, but experts suggest that the boost to yields from higher soil moisture should offset any losses in planted acreage. (23) Allenberg Cotton Co. sees cotton stockpiles in China hitting 9 million metric tons, enough to "cover the country's deficit for the next six years." (24) Precious Metals A drop in gold prices in India led to a "rush" in purchases as the peak of festival gold demand is reached. (25) Declining platinum prices may have helped India's sales of that precious metal, boosting purchases by as much as 40 percent to according to industry professionals. (26) Downbeat reports from carmakers in Europe and slowing economic growth in China have weighed on palladium prices. (27) Italy lost its top gold jewelry exporter title to India and the US. Sales were down 15 percent to 4.8 metric tons in the second quarter, year-on-year. (28) Other Commodities India's coffee exports were down 7 percent to 0.28 million metric tons in the first 10 months of 2012 due to a drop in robusta shipments. (29) European demand for Brazilian coffee beans was reported as strong this week with buyer's looking to cover immediate needs, "buying hand-to-mouth." (30) Liffe-monitored cocoa inventories were down 2.2 percent in the past two weeks to 58,740 metric tons. (31) A tax dispute in Ivory Coast has led to customs officials blocking 72,000 metric tons of cocoa products for export at port. (32) Among the damage and disruptions caused by Hurricane Sandy, the Cuban coffee crop maybe have been "decimated" by the storm. (33) Upcoming:
1. http://www.reuters.com/article/2012/10/30/us-storm-sandy-hurricane-idUSBRE89N16J20121030 2. http://dealbook.nytimes.com/2012/10/30/after-hurricane-sandy-stock-exchanges-prepare-to-open/ 4. http://www.usatoday.com/story/money/business/2012/10/29/personal-income-spending-september/1665455/ 5. http://www.washingtonpost.com/politics/us-factory-orders-jump-48-percent-in-september-but-business-investment-remains-weak/ 6. http://www.bloomberg.com/news/2012-11-01/construction-spending-in-u-s-climbs-to-highest-level-since-2009.html 7. http://www.sfgate.com/business/bloomberg/article/ISM-Index-of-U-S-Manufacturing-Increased-to-51-7-4000218.php 8. http://articles.chicagotribune.com/2012-11-01/business/chi-starbucks-earnings-beat-estimates-20121101_1_verismo-starbucks-president-evolution-fresh-juices 9. http://online.wsj.com/article/BT-CO-20121101-715770.html 10. http://www.reuters.com/article/2012/11/02/uk-delta-traffic-idUSLNE8A101W20121102 11. http://stream.marketwatch.com/story/markets/SS-4-4/SS-4-15701/ 12. http://www.theglobeandmail.com/report-on-business/top-business-stories/swiss-national-bank-loads-up-on-canadian-dollars-adding-to-woes-of-canadian-exporters/article4789429/ 13. http://www.bloomberg.com/news/2012-10-30/boj-eases-for-second-time-in-two-months-as-contraction-looms.html 14. http://www.rttnews.com/1995289/pound-advances-following-u-k-house-prices-index.aspx?type=cm&utm_source=google&utm_campaign=sitemap 15. http://www.businessweek.com/ap/2012-11-01/us-crude-oil-supplies-fell-by-2-million-barrels 16. http://blogs.wsj.com/drivers-seat/2012/11/02/with-tankers-docking-ny-gas-shortages-may-ease-soon/ 17. http://www.businessweek.com/news/2012-11-02/u-dot-s-dot-august-natural-gas-output-fell-3-dot-4-percent-on-isaac-eia-says 18. http://www.reuters.com/article/2012/11/01/us-energy-eia-natgasrecord-idUSBRE8A010W20121101 19. http://www.reuters.com/article/2012/10/31/australian-wheat-quality-idUSL3E8LV1XM20121031 20. http://online.wsj.com/article/DN-CO-20121101-012582.html 21. http://www.reuters.com/article/2012/11/02/us-usa-drought-crops-idUSBRE8A112T20121102 22. http://www.reuters.com/article/2012/11/01/us-brazil-commodities-exports-idUSBRE8A01DO20121101 23. http://www.marketwatch.com/story/argentina-corn-soy-prices-up-on-china-flooding-2012-11-01 24. http://www.bloomberg.com/news/2012-11-02/china-cotton-reserves-seen-enough-to-meet-deficit-for-six-years.html 25. http://www.indianexpress.com/news/india-rushes-to-buy-gold-as-prices-drop/1025804/ 26. http://economictimes.indiatimes.com/markets/commodities/drop-in-prices-of-platinum-pushes-its-demand-by-40-per-cent/articleshow/17058863.cms 27. http://www.reuters.com/article/2012/10/29/precious-palladium-idUSL5E8LQDBS20121029 28. http://www.reuters.com/article/2012/11/02/precious-italy-jewellery-idUSL5E8M1ERH20121102 29. http://www.business-standard.com/india/news/coffee-exports-decline-7-to-028-mt-/491506/ 30. http://www.reuters.com/article/2012/11/02/us-markets-europe-coffee-physical-report-idUSBRE8A10XK20121102 31. http://www.bloomberg.com/news/2012-11-01/cocoa-stockpiles-fell-2-2-in-past-two-weeks-liffe-says.html 32. http://uk.reuters.com/article/2012/11/02/cocoa-ivorycoast-customs-idUKL5E8M29O020121102 33. http://www.huffingtonpost.com/2012/10/29/hurricane-sandy-cuba_n_2038794.html _______________________________________________________________________________________ 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. The publisher, 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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