US Market Update

ECONOMIC DATA during NY morning

(RU) Russia Q3 Current Account: $ 15.0Bv $15.2Be

(IN) India Q3 Current Account: -$12.6B v -$4.8Be

(US) Initial Jobless Claims: 432K v 460Ke; Continuing Claims: 4.981M v 5.1Me ; first Continuing Claims below 5M since Feb 2009; lowest initial claims reading since July 2008

(BE) Belgium Nov Budget Balance YTD: - €11.5B v -€10.5B prior

(US) Dec NAPM Milwaukee: 52 v 56.0e

EIA Natural gas Inventories: v -145 to -150 bcf expectation

DOW -60 S&P 500 -4.50 Nasdaq -7.5

Trucking stocks led the activity in the morning after YRCW disclosed it had reached its debt to equity conversion threshold. YRCW initially traded higher by over 20%; hurting competitors CNW -8%, ABFS -8%, but eventually trading -14% on the session. Commodities traded mostly higher (Crude +0.5%, Gold +0.35% with the exception of Natural Gas (-3%) on the back of smaller than expected draw downs in gas stocks. Initial jobless claims reached their smallest levels since mid 2008, yet US equities remain in the red.

In currencies: The USD moved off its worst levels following better than expected US weekly claims data which saw Continuing Claims below 5M level for the first time since Feb 2009 complemented with initial claims registering its lowest reading since July 2008. Throughout the week dealers have been questioning whether the recent trend of rising and widening yields would continue to benefit the dollar as the greenback appeared to be at a crossroads and struggling to garner additional strength. EUR/USD back below the 1.44 handle while GBP/USD came off its session high of 1.6235 following its 40+ pip run-up over the last 24 hours from the lows of 1.5835 area.

Trade The News Staff
Trade The News, Inc.

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