US pre-open: Stocks to take a step back

Date: Wednesday 13 Jun 2012

The main US equity benchmarks are to begin today’s session with moderate falls, of 0.5% on average. That despite yesterday’s gains on the back of speculation of further monetary easing and after the release of weaker than expected economic data this morning.

PC manufacturer Dell is in the spotlight today after announcing that it will begin to pay-out a dividend.

Shares of Mc.Donald’s may fall after a downgrade from Goldman Sachs. Johnson&Johnson’s acquisition of Synthes has received regulatory approval. JP Morgan has upgraded its recommendation on shares of the company to buy from neutral.

Philip Morris has announced a plan to buy-back approximately $18bn of its own shares over the next three years.

Retail sales moderately below forecasts

Retail sales (ex-automobiles) contracted at an 0.4% month-on-month rate in May (Consensus: 0.0%).

Producer prices came down at a 1.0% month-on-month clip in May (Consensus: -0.6%).

Modest losses in oil and bonds

Front month West Texas crude futures are now falling by 0.90% to the 82.57 dollar level in NYMEX trading.

10 year US treasuries are off by 4/32 dollars, with yields at 1.65%.

AB

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