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15:39 2007/04/17
Equity and Treasury markets receive a boost from earnings and inflation data
- JNJ and KO are leading the Dow higher adding more than 2% following their earnings releases. Other names seeing buying after early season earning??™s reports include: ADTN +7% CMA +2.7% DJ +4.3% EMC +2.7% JOSB +9% STT +1.5% CNW +2% SSW +3.6% Better than expected March housing starts and building permits has helped homebuilders move a bit higher. Equity and fixed income futures popped ahead of the NYSE open when March core CPI was reported at +0.1%. Upon closer review that 0.1% was rounded up from 0.06% and was decidedly below the 0.2% estimate. The Long Bond future is up nearly half a point while the yield on the 10-year has slipped below 4.7% Softer March industrial production and a decline in capacity utilization has kept the pressure on Treasury yields. Oct Fed Funds have ticked a little higher now projecting nearly a 50% chance of a rate cut by early fall. The softer US data has also renewed pressure on the US Dollar. Cable has traded above 2 for the fist time since 1992 after March RPI data in the UK was reported at its highest level since 1991. The EUR/USD notched another 2-year high approaching 1.36, bringing the all-time high of 1.3667 into view. The USD/JPY is even giving back some 50 pips but thus far has held 119. Crude futures have spent the session in positive territory but have backed off of $64.64 highs made following headlines of a Nigerian police station bombing. May copper is holding near all-time contract highs up 2.5% at $3.63.
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