US equities are mixed with the S&P 500 and the Dow trading flat managing to retrace losses seen in the early portion of the session and the Nasdaq in negative territory. US equities opened lower, coming off 5 year highs that were hit yesterday weighed upon by poor earnings reports from Intel and Capital One after market yesterday. Following Intel’s weak report the Technology sector is the worst performing sector in the S&P 500 down 0.6%, weighing on the index as one of only 3 sectors in the red. Capital One are the worst performing stock down 7.53% after a miss of over USD 0.10 on their EPS. Conversely Life Technologies are the best performing stock seeing gains of over 10% after hiring Deutsche Bank as advisers for a potential takeover and several positive broker moves. The recovery in stock indices was supported by the news that the House of Representatives will consider a bill to raise the US debt ceiling enough to allow the country to pay its bills for another three months.
EUR/USD trades in negative territory although has bounced from session lows, resistance is seen at 1.3325, the 2nd target level; last trade at 1.3323.
WTI and Brent crude futures trade flat, coming off session lows, this move higher was supported by supply concerns after a militant attack and hostage taking on a gas plant in Algeria, an OPEC member, and by lack of progress from another round of talks between the UN's nuclear agency and Iran about Tehran's nuclear program where it was heard late yesterday that the next round of talks will be delayed until 12th February.
Print 19:18, 18 Jan 2013 - Economic commentary - Source: RANsquawk
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