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Apr 27 2015

This Week’s Market Moving Events

Market Recap:

Tensions between Greece and its creditors heated up last week, keeping a lid on stocks prices that were trying to move higher on the back of solid earnings reports. The recent market theme of a stronger US Dollar, fast rising European Stocks, resilient US Stocks, and moderate economic growth continued, as slightly better than expected earnings and mixed economic data kept 10 Year Treasury yields below 2%. However, in what might prove to be an inflection point, or perhaps just a reaction to the rising tensions between Greece and its European counterparts, German 10 Year Bund Yields doubled from 7 basis points to 15 basis points.

The Week Ahead:

Over 500 companies will report earnings over the coming 5 days, giving market participants a solid handle on this season’s corporate earnings picture. So far, it appears that analysts have paired-back their expectations too much, providing ample opportunities for upside surprises. While this will likely continue over the coming week, the political back-and-forth between Greece the IMF and European Finance Ministers will likely trump any positive earnings news over the short-term. This week’s FOMC announcement is not expected to provide any meaningful new insights into the thinking of the Fed. As earnings season shows to be stronger than most feared and expected, the only real remaining road block for markets to move higher is the Greek debt situation. Pay close attention to German Bund Yields; if they start moving back toward 10 Bps a rally is likely but a move to 20 bps and higher is likely a warning signal. Tune into CNBC this Thursday afternoon at 3:45 PM when our President, Oliver Pursche, joins Kelly Evans and Bill Griffith on the floor of the New York Stock Exchange to provide our latest analysis and outlook. And make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis. Visit our website for details.

This Week’s Market Moving Events:

  • Monday: PMI Services and Dallas Fed Manufacturing Survey. Apple (APPL) reports earnings.
  • Tuesday: The FOMC Meeting kicks off, Consumer Confidence, Case Shiller Home Report, Richmond Fed Manufacturing, Investor Confidence are reported. Bristol Meyer Squibb (BMY), Merck (MRK), Pfizer (PFE), Ford Motor Corp (F), and Twitter (TWTR) report earnings.
  • Wednesday: Bank of Japan announcement, EU Economic Sentiment, German CPI, US Pending Home Sales, FOMC Meeting announcement. International Paper (IP), Murphy Oil (MUR), Mondelez (MON), and Norfolk Southern (NS) report earnings.
  • Thursday: Jobless Claims, Income and Spending data, Employment Cost Index, Chicago PMI, Kansas City Fed Manufacturing Index are released. Colgate Palmolive (CL), ConocoPhillips (COP). Fluor Corp (FLR), and Visa (V) report.
  • Friday: Motor Vehicle sales, PMI Manufacturing, ISM Manufacturing, Consumer Sentiment, and Construction Spending are reported. Berkshire Hathaway A (BRK/A), Chevron (CVX), Clorox (CLX), Newell Rubermaid (NWL) release earnings.