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Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

  • U.S. stocks opened higher on Tuesday, rebounding after three days of losses, as a declining U.S. trade deficit and upbeat data on the German labor market set a positive tone.
  • Airbus won its annual order race with rival Boeing in 2013, industry sources said.
    • Airbus has reached 1,471 gross orders and 1,412 net orders.
    • Boeing reported 1,531 gross commercial airplane orders for 2013, or 1,355 net orders after subtracting cancellations.
    • Airbus delivered over 625 aircraft in 2013, beating its target of up to 620 but lagging Boeing’s total of 648 deliveries. Boeing’s delivery tally beat its forecast of up to 645 jets. Boeing delivered 601 jets in 2012.
  • JPMorgan will pay $1.7 billion to settle U.S. charges it violated laws requiring banks to monitor customer activity for money laundering in its handling of accounts of convicted Ponzi-schemer Bernard Madoff.
  • Apple said on Tuesday that its customers spent $1 billion on purchases in its applications store in December, leading to a total of $10 billion worth of apps sold in 2013.
    • Apple reported app downloads of almost 3 billion apps in December, making it a record month for its App Store, which offers 1 million apps for its iPhone, iPad and iPod Touch devices.
  • Samsung posts profit decline amid battle with Apple. Samsung said its quarterly operating profit fell 18 % to 8.3 trillion won ($7.8 billion) from the prior quarter’s record earnings, missing analyst estimates, due primarily to a one-off special bonus.
  • Microsoft said on Monday that sales of its new Xbox One game console topped 3 million at the end of last year after launching in November. An analyst at Wedbush Securities also estimates Sony’s PlayStation sales around the 3 million mark.
  • Intel CEO Brian Krzanich showed off wearable computing devices on Monday including earbuds that monitor your heart rate and a smart headset as the world’s largest chipmaker tries to get back on track after missing out on smartphones. With PC sales falling and smartphone growth tapering off, Intel and other technology companies are betting that movement-sensing bracelets, biometric patches and other wearable electronic devices may catch on with consumers and become major markets.
  • Nestle said it would sell its U.S.-based frozen pasta business, Joseph’s Pasta, to private equity firm Brynwood Partners VII LP as part of a drive to clean up its portfolio.
  • Eli Lilly forecasts a drop in 2014 profit and reduced its sales outlook because of generic competition to its drug for osteoporosis. Sales will be between $19.2 billion and $19.8 billion, while analysts predicted $19.6 billion.
  • Business bankruptcy filings in the United States dropped 24 % in 2013 to their lowest level since at least 2006. 44,111 businesses filed for bankruptcy in 2013, down from 57,964 in 2012.
    • Total filings by businesses and individuals fell to 1.03 million, the report said, from 1.19 million in 2012. The average number of filings by businesses and individuals over the past five years was 1.32 million per year. In 2014, healthcare companies under stress due to regulatory changes and agriculture businesses struggle as raw material costs increase.
  • The frigid air that set records across the Midwest, stopping trains and planes and driving up energy use, may deliver the coldest day across the U.S. in almost 20 years by a measure of heating demand. Yesterday’s low in Chicago reached a record for the date of minus 16 degrees Fahrenheit (minus 27 Celsius), beating the mark of minus 14 set in 1884 and 1988.

US ECONOMY & POLITICS

  • The U.S. trade deficit fell to its lowest level in four years in November as exports hit a record high and weak oil prices restrained import growth, the latest evidence of strengthening economic fundamentals.
    • The trade gap fell 12.9 % to $34.3 billion. That was the smallest deficit since October 2009.
    • Exports rose 0.9 % to $194.9 billion. That was the highest on record and marked a second straight month of gains.
    • Imports fell 1.4 % to $229.1 billion in November. Part of the decline in imports reflects a lower petroleum import bill, which was the smallest since November 2010.
  • Janet Yellen was confirmed by the Senate on Monday to lead the central bank just as it begins to unwind that stimulus. The vote to approve her was 56-26. She won resounding support from Democrats, who were joined by 11 Republican senators. All of the no votes came from Republicans.
  • The United States would like to see Europe do more to build up its backstops and bank capital, U.S. Treasury Secretary Jack Lew said. The European Union agreed a blueprint last month to close failing banks.
  • The U.S. apartment vacancy rate eased to its lowest level in more than a decade. The national apartment vacancy rate fell 0.1 percentage point to 4.1 % in the fourth quarter. It was the lowest vacancy rate since the third quarter of 2001, when it was 3.9 %. A sluggish job market and weak wage growth help keep rent growth at just 0.8 %.
  • A Chicago law prohibiting the sale of guns within the third-most populous U.S. city was struck down as unconstitutional by a federal judge.

EUROPE & WORLD

  • British new car sales rose to their highest level since 2007 last year. Cheap finance was a major factor in helping to shift 2.265 million cars in 2013, up from 2.045 million in 2012.
  • Euro zone inflation fell in December after a small increase the previous month. Consumer price inflation in the 17 countries then sharing the euro stood at 0.8 % year-on-year in the last month of 2013.
    • An inflation rate that is well below the ECB’s target of close-to-but-below 2 % carries risks in the longer term because it can deflate wages and demand, depressing the economy.
  • General Motors and its Chinese joint ventures sold a record 3.16 million vehicles in China in 2013, an 11.4 % increase from a year earlier.
  • Spain’s Princess Cristina named as suspect in corruption probe. Princess Cristina, King Juan Carlos’s younger daughter, was named as an official suspect in a Spanish court investigation of corruption allegations centered on her husband’s business activities.

TODAY in HISTORY

  • Transatlantic commercial telephone service began between New York and London (1927)
  • Harry Truman announced that the U.S. had developed the hydrogen bomb (1953)

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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