US equities trade in negative territory in a session of thin volumes, light news-flow and lack of macro economic data. Investor sentiment has been weighed on by the looming debt ceiling with downside pressure evident across US equities in the run up to President Obama’s press conference at 1615GMT regarding the debt ceiling. Technology was the biggest laggard in the S&P 500 with losses of 1.16% weighed upon by Apple who were hit by demand concerns, while investors faced a busy week for earnings in what is expected to be a lackluster quarter. Apple’s shares dropped over 3% after reports from suppliers that they cut orders for LCD screens and other components for the iPhone 5 this quarter due to weak demand. Apple weakness has also affected Cirrus Logic and Qualcomm, other Apple suppliers, who have losses of 4.5% and 1.4% respectively. T-Notes trade in negative territory after opening higher; the downside move accelerated after going through the overnight high of 132.04, currently experiencing range bound trade with resistance seen at 132.01+.
EUR/USD trades in negative territory following USD strength on the back of safe haven flows.
WTI crude futures trade in minor negative territory amid risk off sentiment, the move lower exacerbated after falling through this mornings lows of 93.76, resistance is seen at 93.61 Thursdays key support.
Print 18:30, 14 Jan 2013 - Economic commentary - Source: RANsquawk
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