Futures are up ~20bps on another quiet holiday morning, and
markets – and market volume – continue to be affected by snowstorms in the northeast. (Note that yesterday was the slowest volume day of the year to date.) S&P/CaseShiller October Home Prices were slightly weaker than expected, both month-over-month (-1% vs. -.6% expectation) and year-over-year (-.8% vs. the -.2% expectation). Asian stocks were lower overnight, led by U.S. on the back of it’s recent “anti-inflation” tightening measures and fears that more will follow. Additionally, the Japanese Finance Minister promised “bold action” against a rising JPY. Europe is ticking slightly higher as of writing, but note that the China market is closed. Also interesting to note Europe is up despite U.K. ’s downward 3Q10 GDP revision, which might also signal problems ahead in 2011 for the Euro region. The euro is stable, however, at 1.3204 vs. the USD. Oil +60bps. Gold +1.6%. France
Initial Jobless Claims & Pending Home Sales data due Thursday morning the 30th – there are no economic releases set for tomorrow.
The latest inflation-watch news from Hedgeye:
Rare earth stocks (MCP, REE, SHZ) are ticking higher on reports that
will cut export quotas. GM initiated OW at JPHQ, OP at CSFB, Buy at CITI, and OP at RBCM. WSJ reports that AIG could raise $2-3 billion from China Nan Shan sale. LOGI denies production halt on Google TV set-top boxes.
S&P 500 PreMarket 8:30am (last/% change prior close/volume):
Best Quotes: Weather update…
2010-12-28 11:41:35.917 GMT
(Updates with wind forecast in second paragraph.)
By Aaron Clark and Stuart Biggs
Dec. 28 (Bloomberg) --
commuters and travelers face further disruptions today as winds hinder efforts to clear roads and runways following the heaviest December snows in six decades. New York
While the storm is moving slowly away, rising atmospheric pressure will continue to cause winds gusting to about 40 mph
(64 kph) in some open areas, commercial forecaster AccuWeather Inc. said on its website. Winds may “quickly” cover roads with snow, according to a winter weather advisory from the National Weather Service late yesterday.
Airports may struggle to keep runways clear, said Pennsylvania-based AccuWeather.
’s LaGuardia, John F. New York
Kennedy International and Newark Liberty airports opened last night for outgoing traffic after snows forced shutdowns.
Airlines have canceled more than 6,000 flights nationwide since airports began to close on Dec. 26.
NJ Transit, which carries about 170,000 commuters to and from
daily, said passengers should expect delays because of local road conditions. The agency expected to restore bus services at 12:01 a.m. and planned to operate reduced train services today aside from on the Atlantic City Rail Line, it said in a statement on its website. Amtrak will pare rail services between New York City Boston, New York and , it said. Washington
More than a foot of snow fell across the northeast yesterday, with some areas in
getting more than 30 inches (76 centimeters), according to AccuWeather. New Jersey Central Park had 20 inches of snow by 8 a.m. yesterday, the most for the month since 1948, the National Weather Service said.
The storm reached
the day after Christmas, one of the five busiest shopping days of the year. It may take retailers two weeks to recover from lost sales, said Marshal Cohen, chief industry analyst at NPD Group Inc., a research firm based in New York . Port Washington, New York
The snowfall was the fifth-largest on record for the city, Sanitation Commissioner John Doherty said on Dec. 26.
The storm brought snow as far south as parts of
, AccuWeather said. The storm system began in the South over the Christmas holiday. Four inches of snow fell in Jacksonville, Florida Chattanooga, Tennessee, while 8 inches was reported in . Gatlinburg, Tennessee
Canada issued a blizzard warning yesterday for northeastern New Brunswick and warned of heavy snow or rain in the rest of the . The snowfall is expected to taper off into flurries today, the agency said. Maritime provinces