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Market
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Financial News Overview
(updated daily)
5/9/2008
Trading was largely negative as crude continues to close higher. Crude closed at $125.88 per barrel on the Nymex – a new record. In fact the commodity has set a new record closing high every session this week. Other commodities did not fare as well. While crude was higher, the sector in general pulled back –1.5% after moving more than 2.0% yesterday.
In related news, FedEx lowered quarterly earnings on Friday, blaming surging fuel prices and a drop in demand. FedEx (FDX) shares finished down some 3 percent. The initial profit forecast was for $1.60 to $1.80 per share, however the new target will be $1.45 to $1.50 for the quarter ending May 31.
The lagging U.S. economy imported less from other nations. As a result the U.S. trade deficit narrowed sharply in March as demand for imports fell 5.7 percent from February (prior month). Consumers are battered by the housing slump, a credit crisis and inflation. This narrowing of the trade deficit is the biggest one month decline since December 2001 when the country was struggling to emerge from the last recession.
Key economic data for the week starting May 12th, 2008. Numbers shown are consensus estimates (market anticipates this value) and prior value.| Monday: |  | 14:00 Treasury Budget Apr $157.5B $177.7B |
| Tuesday: | | 08:30 Export Prices ex-ag. Apr NA 1.2%
08:30 Import Prices ex-oil Apr NA 1.1%
08:30 Retail Sales Apr 0.0% 0.2%
08:30 Retail Sales ex-auto Apr 0.2% 0.1%
10:00 Business Inventories Mar 0.5% 0.6% |
| Wednesday: | | 08:30 Core CPI Apr 0.2% 0.2%
08:30 CPI Apr 0.3% 0.3%
10:30 Crude Inventories 05/10 NA 5654K |
| Thursday: | | 08:30 Initial Claims 05/10 NA 365K
08:30 NY Empire State Index May 1.0 0.6
09:00 Net Foreign Purchases Mar NA $72.5B
09:15 Capacity Utilization Apr 80.2% 80.3%
09:15 Industrial Production Apr -0.2% 0.3%
10:00 Philadelphia Fed May -20.0 -24.9 |
| Friday: | | 08:30 Building Permits Apr 912K 927K
08:30 Housing Starts Apr 940K 947K
10:00 Mich Sentiment-Prel. May 63.0 NA |
| Disclaimer: The
"Financial Press Overview" is intended for educational purposes only – it does
not constitute trading advice, nor does it make or imply any market trend
predictions. The "Financial Press Overview" is based on the summary from the
most popular financial media. Very often in spite the positive news the market
tends to move lower and the opposite is true for negative mood in the media. |
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