***Economic data***
– (IR) Ireland July Industrial Production M/M: 3.2% v 3.7% prior; Y/Y: 12.1% v 8.4% prior
– (CA) Canada Aug Net Change in Employment: 35.8K v 30.0Ke; Unemployment Rate: 8.1% v 8.0%e
– (RU) Russia July Trade Balance: $11.0B v $11.9Be
– (BR) Brazil Aug FGV Inflation IGP-DI: 1.1% v 0.9%e
– (PD) Poland July Current Account: -€1.5B v -€950Me; Trade Balance: -€865M v -€531Me
– (US) July Wholesale Inventories: 1.3% v 0.4%e
– (MX) Mexico Jun Gross Fixed Investment: 0.6% v 4.3%e
– With little substantial news and volumes well below average, positive momentum is pushing US equity trading higher. The surprising upward revision to Japan’s Q2 GDP numbers plus a round of positive industrial production reports in Europe and Asia are driving sentiment. The US July wholesale inventory data came in better than expected as well. After trading off yesterday afternoon, Front-month crude is back at two-week highs, around the $76 handle.
– Tech is in focus this morning following Texas Instrument’s update and earnings from National Semiconductor. Texas Instruments slightly trimmed guidance for its Q3, although the firm’s comments on the conference call were generally upbeat. National Semi had a mixed Q1, with earnings a bit ahead of the consensus and revenues a bit below par. Executives said slower growth would mute the usual seasonal growth seen at this time of year. Shares of TXN are around even, while NSM is down 6%. Note that major laptop maker Acer reported a whopping 40% y/y growth in August sales. In other news, shares of Lululemon are up more than 10% after the athletic wear retailer beat expectations in its Q2 report and increased its 2010 outlook. After gaining ground in the premarket, CROX is down around -5% after the firm reiterated its Q3 guidance.
– The CHF currency continued its soft tone into the NY morning but dealers saw no sign of any SNB currency intervention. EUR/USD has approached the 1.3070 area while USD/CHF climbed closer to 1.03 handle. Technical factors and unwinding of CTA and model fund types were cited as factors in the CHF price action. The greenback tried to muster up momentum via firming bond yields over the last 24 hours. EUR/USD was still lingering towards the hourly pivot. Similar model-related selling attributed to the higher yield in Treasuring on the longer end of the curve
***Looking Ahead***
– (IC) Iceland Aug Unemployment Rate: % v 7.5% prior
– 17:00 (CO) Colombia July Trade Balance: No est v $133.0M prior
– 22:00 (CH) China Aug Retail Sales Y/Y: 18.0%e v 17.9% prior; Retail Sales YTD: 18.2%e v 18.2% prior
– 22:00 (CH) China Aug Consumer Price Index Y/Y: 3.5%e v 3.3% prior
– 22:00 (CH) China Aug Producer Price Index Y/Y: 4.5%e v 3.3% prior; Purchasing Price Index: No est v 8.5% prior
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