Breakfast Bites: Strong demand for a Spanish bond auction in combination with some good earnings from the big bank sector is juxtaposed against weaker than expected Jobless Claims data amongst other poor economic reports
More Americans than forecast filed for unemployment benefits last week (386,000 vs. consensus 370,000) a sign the improvement in the labor market conditions may be slowing
Morgan Stanley reported 1st quarter results that beat estimates as fixed income trading revenue climbed more than at any other US. Bank
Breakfast Bites: Bulls appear to be on the sidelines this morning as positive sentiment yesterday over a possible stronger China GDP rating, came back to reality when it came in weaker than forecast overshadowing good earnings from 2 financial bellwethers.
The cost of living in the U.S. increased at a slower pace in March as the run up in energy prices eased, supporting the view by some of the Fed members that inflation will ebb. CPI rose 0.3% matching the median forecast after increasing by 0.4% the prior month.
Breakfast Bites: Equities are higher this morning despite the release of jobless claims that topped analyst’s estimates fueling speculation that the Fed will continue to stimulate growth.
The Trade deficit in the U.S. narrowed more than forecast in February as imports fell by the most in 3 years reflecting the smallest amount of crude oil purchases in 15 years and a drop off in demand for Chinese goods.
Breakfast Bites: Ongoing concerns in the Euro zone (ie lousy Spanish bond auction) have so far countered good economic reports in the form of job cuts, jobless claims, consumer confidence and retail sales
Challenger Job Cuts fell by -8.8% for March, less than a year ago
Claims for U.S. Unemployment benefits dropped last week to 357,000, the lowest level in four years adding to the recent reports showing signs of health in the economy.