US equities trade in flat to minor negative territory despite better than expected Industrial Production data from the US. Initial reaction to the data saw the e-mini S&P move to the upside although the gains were pared immediately as the increase was attributed to the post-Sandy recovery in the US. The NASDAQ is underperforming against other indices which can be attributed to Apple, whose shares are seen down over 3% as a key Asian supplier of Apple components was rumoured to have received order cuts. In turn Jefferies, cut their estimates for Apple iPhone sales to 48mln from 52mln.
In the FX market, USD weakness has been observed across the board with EUR/USD breaking through 1.3173 which was the highest level since May 4th. Nothing fundamental was behind the move although the fiscal cliff looms and as yet negotiations have not rendered a compromise between the Republicans and Democrats.
The session remains light on economic data although with congress due to adjourn until the beginning of January, any commentary on the fiscal cliff will be keenly observed. As a reminder Brent crude January 2013 futures and WTI crude January 2013 futures expire at 1930GMT/1330CST.
Print 18:11, 14 Dec 2012 - Market Analysis - Source: RANsquawk
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