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Futures Rise On Friday 13th Ahead Of Deluge Of Bank Earnings; Dollar Continues To Decline

European shares rose as Fiat rebounded on hopes concerns about parallel to Volkswagen are overblown, Asian stocks were little as Chinese shares fell to the lowest level of 2017 after poor export data, and U.S. equity-index futures rose ahead of a deluge of bank earnings. The dollar is headed for a weekly loss and gold trades at the highest price in almost two months.

BofA Finds Consumer Spending Tumbled In December, Warns Of Disappointing Retail Sales

According to BofA, retail sales ex-autos declined 1.0% mom seasonally adjusted in December. "This contrasts with other indicators of consumer strength including reports of a robust holiday shopping season, a rebound in consumer confidence and strong autos sales... we think it is prudent to prepare for a similarly negative number in Friday's report."

EconMatters's picture

Banks are cheap for a reason, they are not going to be high growers because of longer term structural changes in the Finance world some of which are fallout from the excesses of the Financial Crisis, and some have to do with technological and structural changes within financial markets themselves.

Beware Trump Tweets, And Other Major Catalysts In 2017 According To JPMorgan

In the latest macro update from JPM's Adam Crisafuli, the strategist writes that the Trumpflation rally which more than doubled the market's YTD gains since the Trump election, has gotten ahead of itself and that "it seems like a lot of headwinds that have been accumulating below the surface for weeks are quietly moving to the fore."

What Hedge Funds Bought And Sold In Q3: The Full 13-F Summary

Today was the deadline for hedge funds to submit their Q3 13-F filings, which considering they represent a snapshot in time as of Sept 30, prior to both the October volatility spike and the presidential election, are likely totally irrelevant by this time. Still, for those who religiously focus on hedge fund position changes, here is the list.

What Hedge Funds Bought And Sold In Q2: The Full 13-F Summary

Today is the deadline for hedge funds to submit their Q2 13-F filings. Among the more notable changes was the previously reported 55% increase in Warren Buffett's Apple shares, offset by the cut in his Wal-Mart stake; Elliott's addition to stakes in security firms Qualys, Fortinet, CyberArk; ValueAct's new stakes in Morgan Stanley, Seagate; Tiger's exit of Netflix; Jana addition of Time Inc, and Soros' cut of his gold miner positions.

Core Retail Sales Tumble Most Since January

Despite this week's Macy's-driven retail sales exuberance - following BofA's suggestion that all was not well - the official retail sales print shows July was ugly... Retail Sales (ex Autos/Gas) fell 0.1% MoM (missing expectations of +0.3%) to the weakest since January. The headline data was flat MoM (dramatically missing the +0.4% expectations). The drop was driven by weakness in gas station and sporting goods sales (along with department stores... apart from Macy's?). Perhaps most worrying hjowever is the mere 2.3% YoY growth in headline retail sales - a level that has signaled recessionary conditions in the past.