US open: Stocks start out slightly higher

Date: Thursday 24 May 2012

The main US equity benchmarks have opened higher by 0.2% on average. That despite the release of what at first glance looks to be some weaker than expected macroeconomic data out today.

On the company front the most worthwhile news item today is the slide in Hewlett Packard’s share price following its earnings out last night, alongside the announcement that it will lay-off 27,000 professionals.

CIC may invest $2bn in a stake in Alibaba.

Tiffany is falling 7% after the company cut its full-year profit guidance.

Core capital goods orders drop sharply

Durable goods orders grew by 0.2% month-on-month in April, as expected. So-called core capital goods orders on the other hand contracted at a 1.9% month-on-month pace.

Initial weekly unemployment claims fell by 2,000, to 370,000 (Consensus: 370,000).

Oil nudges higher

Front month West Texas crude futures are now moving higher by 1.2% to $90.98/barrel, possibly on the back of some negative newsflow emanating from the conference now taking place in Baghdad.

10 year US Treasuries are now now off by 7/32 dollars, with yields at 1.76%.

AB

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