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Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

  • U.S. stocks edged slightly higher on Friday after Wall Street began the New Year with a broad decline.
  • Ford and Chrysler said December U.S. sales rose less than analysts’ estimated while General Motor sales slid as cold weather may have kept buyers off of dealer lots at the end of the best sales year since 2007.
    • Ford light-vehicle sales rose 1.7%, compared with a 4.3% increase that was the average of nine estimates in a Bloomberg survey.
    • Chrysler deliveries rose 5.7%, extending a streak of monthly gains to 45, while falling short of analysts’ estimates of 8.4%.
    • GM sales dropped 6.3%, after analysts projected a 1.5% gain.
    • Hyundai U.S. sales climbed 6% to 63,005 vehicles in December from a year earlier, bringing its 2013 U.S. sales to a record high of 720,783 vehicles. But the 2013 sales fell short of its earlier target of 734,000 vehicles.
  • Jaguar Land Rover is recalling 3,912 Range Rover SUV in the United States because the front seat side airbags may not deploy. The SUVs from model years 2013 and 2014 are being recalled because of potential airbag issue.
  • AT&T is targeting customers of smaller rival T-Mobile with an offer for as much as $450 in credits for devices and services for each line they switch.
  • Some 31,000 Boeing machinists vote today on a crucial labor contract that affects the location of thousands of jobs and billions of dollars of economic activity. If the workers accept the deal, Boeing would build its new 777X jetliner and wings in the Seattle area, where Boeing has built aircraft for more than 90 years. If they reject it, Boeing says it will make the wings and possibly the whole plane, elsewhere, marking a major employment and economic loss for Washington state.
  • Citigroup paid $250 million to taxpayer-owned Fannie Mae and Freddie Mac to settle a lawsuit over soured mortgage securities.
    • In total, the U.S. has recouped nearly $8 billion through the settlements, the housing regulator said. In October, JPMorgan agreed to pay $4 billion to resolve its lawsuit, and in December, Deutsche Bank entered a $1.9 billion accord with the agency. Wells Fargo, which the FHFA never formally sued, also paid $335 million in November.
  • Facebook was sued over allegations it systematically intercepts its users private messages on the social network and profits by sharing the data with advertisers and marketers. Google, Yahoo! and LinkedIn also are facing accusations of intercepting communications for their profit at the expense of users or non-users.
  • Bill Gross, the money manager known as “The Bond King,” misjudged the timing and impact of the Federal Reserve’s plan to scale back its asset purchases in 2013, spurring the Pimco Total Return Fund’s biggest decline in almost two decades. Pimco mutual funds with more than $10 billion in assets on average trailed about two-thirds of peers in 2013, according to data compiled by Bloomberg. Only two of the 11 largest funds from the firm beat more than half of their rivals last year.

US ECONOMY & POLITICS

  • Janet Yellen came a step closer to final approval as the Federal Reserve’s next chair. The Senate is expected to vote at around 5:30 p.m. EST Monday on Yellen.

EUROPE & WORLD

  • The decline in German car sales accelerated last year, falling below 3 million vehicles for the first time since 2010, reflecting troubles in Europe that have sent auto demand close to a two-decade low. New car registrations in Germany fell 4.2% to 2.95 million last year.
    • Germany’s premium carmakers BMW, Mercedes-Benz and Audi each lost market share, suffering sales declines of 5.8%, 1.4% and 5.5% respectively.
  • U.K. house prices rose and mortgage lending surged more than forecast as the property market’s momentum continued to build at the end of 2013. Home values increased 1.4% in December, taking their gain last year to 8.4%.
  • China’s official purchasing managers’ index (PMI) for the non-manufacturing sector dropped to 54.6 in December from November’s 56.
  • Indian Prime Minister Manmohan Singh signaled younger party leader Rahul Gandhi should replace him while saying he’ll step aside after elections due by May, ending a decade in power with Asia’s third-biggest economy in a slump.

TODAY in HISTORY

  • Martin Luther excommunicated by Pope Leo X (1521)
  • George Washington defeated Cornwallis’s forces at the Battle of Princeton (1777)
  • Construction of the Brooklyn Bridge began (1870)
  • Congressional proceedings were televised for the first time (1947)
  • Alaska became the 49th state in the United States (1959)
  • Pope John XXIII excommunicated Fidel Castro (1962)

Sources: Reuters, Yahoo Finance, Google Finance, Bloomberg, CNN Money.

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.

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