Market Happenings for Monday, April 16, 2012

Pre-market, futures are up as we all digest the latest earnings reports. Gainers this morning include ETFC, ANR, X, FSLR, AMD while losers include MAT, HAS, BAX, SCG and LO. Light crude is up +0.08% at 102.91 and gold is down -0.42% at 1,653.30.

The Market

Europe is in focus this week, with Spanish 10-year bond yields climbing above 6% on Monday, their highest level in several months. Italian yields were also up slightly, while German yields fell as investors fled to safety.

Investors will be tracking auctions of Spanish government bills on Tuesday and bonds on Thursday. Spain has been struggling with rising borrowing costs, on fears that it may need to be bailed out.

JPMorgan Chase (JPM) topped estimates when they released reports Friday and Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) will all report earnings later in the week.

European stocks were higher in midday trading while Asian markets ended lower.

The Commerce Department reported today that retail sales rose 0.8% in March, ahead of analyst expectations of 0.3%, after rising a revised 1% in February.

The national average price of gasoline is at $3.907 per gallon.

Earnings Reports

Earnings reports: MAT – Mattell (.072 est, .02 actutal BMO), C -Citigroup (1.012 est, .95 actual BMO).

Financial Calendar

0830 ET Apr Empire manufacturing index expected -2.2 to 18.0, Mar +0.7 to 20.2.

0830 ET Mar retail sales expected +0.4% and +0.6% less autos, Fed +1.1% and +0.9% less autos.

0900 ET Feb net long-term TIC flows expected +$40.0 billion, Jan +$101.0 billion.

1000 ET Feb business inventories expected +0.6%, Jan +0.7%.

1000 ET Apr NAHB housing market index expected unchanged at 28, Mar unchanged at 28.

1130 ET Weekly 3-mo and 6-mo T-bill auctions.

1230 ET Cleveland Fed President Sandra Pianalto speaks on “Banking and the Economic Outlook’ at an event in Lexington, KY.

1530 ET St. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy to the Jon M. Huntsman School of Business at Utah State University.

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