Apple announced that it sold a record 10 million new iPhones over opening weekend – topping last year’s iPhone 5s and iPhone 5c release which topped 9 million devices. Pre-orders alone exceeded 4 million in just the first 24 hours. (1) Next Crash Worse than 2008? Advisor to the Office of the Director of National Intelligence says recovery bogus—crash coming soon – learn more here. CyberArk Software’s shares soared as much as 69 percent during its U.S. trading debut this week after pricing its IPO above the top-end range to raise $85.8 million. (2)
U.S. durable goods orders tumbled by a record 18.2 percent to a seasonally adjusted $245.43 billion in Aug. – exceeding forecasts for a decline of 17.5 percent – as aircraft demand dropped 74.3 percent after surging in July. (3) New home sales in the U.S. surged 18 percent in Aug. to a 6-year high of 504,000 units – exceeding forecasts for an annual pace of 430,000 units – as sales in the Western U.S. soared 50 percent. (4) U.S. manufacturing activity remained unchanged in Sept. – holding at a nearly 4-1/2-year high of 57.9 – as factory employment soared. Economists expected a slight rise to 58. (5) Manufacturing in China unexpectedly rose from a reading of 50.2 to 50.5 in Aug. versus forecasts for a decline to 50, as new export orders and overall new orders both made better-than-expected gains. (6) German business confidence fell for the 5th straight month in Sept. – dropping from a reading of 106.3 to a 17-month low of 104.7 – as political and economic risks in the Eurozone rise. Economists had projected a smaller decline to 105.8. (7)
Clorox shares climbed nearly 8 percent to a 1-year high of $98.31 this week after the company reported that it would be discontinuing its Venezuela operations and will look to get rid of its assets as the business is no longer viable. (8) Carnival’s Q3 profit jumped 34 percent to $1.25 billion, as a 10 percent increase in onboard spending sent sales up 4.7 percent to $4.9 billion. On an adjusted basis, the company earned $1.58 a share compared to forecasts of $1.44. Carnival also raised its full-year guidance from $1.75 a share to between $1.84 and $1.88. (9) Shares rose following the news. (10) CarMax’s Q2 profit rose 10 percent to $154.5 million, as higher transaction fees sent revenue up 11 percent to $3.6 billion. However, excluding one-time items, the company earned just $0.64 a share versus forecasts of $0.67 – sending shares down more than 9 percent. (11)
As a brightening U.S. economic outlook raises bets that the Fed Reserve will raise interests rate before its major peers had the Bloomberg Dollar Spot Index rising 0.3 percent to a 4-year high of 1,063.09 this week. (12) Next Crash Worse than 2008? Advisor to the Office of the Director of National Intelligence says recovery bogus—crash coming soon – learn more here. The euro dropped to a 14-month low of $1.2774 against the U.S. dollar this week, after data showed that business confidence in Germany made a larger-than-expected downturn. (13) Bets that the Bank of England will raise interest rates in the near term following increased stimulus from the euro zone had the pound rising to a 2-year high of 77.85 pence against the euro. (14)
According to Wednesday’s EIA report, the nation’s crude oil supplies unexpectedly declined 4.3 million barrels to 358 million barrels last week compared to forecasts for a build of 1 million barrels. The unexpected downturn had prices up 1.4 percent to finish at $92.80 a barrel. Gasoline supplies also made a surprise downturn – dropping 414,000 barrels to 210.3 million barrels versus forecasts for an increase of 100,000 barrels – sending gas prices up 1.3 percent to $2.6638 a gallon. Distillates rose by 1823,000 barrels to a 1-year high of 128.6 million. Forecasts called for a build of 600,000 barrels. (15)
Natural gas storage rose by 97 billion cubic feet to 2.99 trillion cubic feet last week – missing forecasts for a build of 100 billion cubic feet. Supplies now stand 11.4 percent lower year-on-year and 12.5 percent below the 5-year average. (16)
Wheat prices climbed the most in 3 weeks – touching $4.8025 a bushel – on bets that import demand will rise after prices tumbled to a 4-year low last week. (17) The International Grains Council raised its 2014/15 world wheat production estimate from 713 million metric tons to a record 717 million tons, after raising its forecast for Germany 4.6 percent to 27.5 million tons, the European Union 2.3 million tons to 153.1 million tons and Ukraine 1.5 million tons to 23 million tons. The IGC also raised its world corn production estimate 0.1 percent to 974 million tons after raising its U.S. projection from 355 million tons to 360 million. (18) Cotton prices dropped a nearly 5-year low of 61.02 cents a pound, after China announced that it would limit imports in 2015 as global glut expands through the next year. According to the USDA global output will top demand for the 5th consecutive year – pushing inventories up 6 percent to a record 106.3 million bales by mid 2015. (19)
A rising dollar and strong economic data out of the U.S. had gold prices falling to a 9-month low of $1,206.85 an ounce this week. (20) Goldman Sachs’ Jeffrey Currie says gold’s downturn is far from over – projecting an even further decline to $1,050 by the end of the year. (21) The rise in the dollar also had silver falling this week – dropping to a 4-year low of $17.30 an ounce. (22) South Africa’s gauge of platinum-mining stocks fell 3.5 percent to a 14-month low of 39.11 this week, as “the world’s three-biggest producers struggle to recover from a five-month strike and as metal prices retreated.” (23)
Colombian coffee production is expected to rise from 11.5-12 million bags to a 20-year high of 13 million bags next year, as an estimated 65 percent of coffee trees in the region are now resistant to rust. Vietnam’s output is projected to fall 10 percent to 25 million bags during the 2014/15 season. (24) Sugar prices jumped 3 percent to a 6-week high of 15.06 cents a pound, as “traders and investors worried about less sweetener from top producer Brazil” after data showed mill production up 1.7 percent year-on-year at 23.4 million tons. (25)
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