Retail Numbers Better Than Expected

S&P 500 futures moved up a couple points as initial jobless claims were slightly lower than expected, as was the continuing claims number.

There is some question about the number of people no longer eligible for continuing claims. The 10-year note yield is back above the psychologically important 3 percent range.

The IMF raises its 2010 global growth forecast to 4.6 percent, up from 4.2 percent in April. What China slowdown? They RAISED their growth forecast for China to 10.5 percent, from 10 percent. Notable upward revision for Brazil as well, to 7.1 percent, from 5.5 percent in April.

The ECB left interest rates unchanged.

Australia's June jobs report was strong again, with unemployment falling to 5.1 percent. They added 45,900 jobs, well above forecasts of 15,000. Peter Boockvar at Miller Tabak noted that if adjusted for population size to equate with the U.S., Australia created 647,000 jobs.


1) June retail sales reports were generally better than expected: JC Penney , Abercrombie, Nordstrom , Limited as well as teen retailers Hot Topic and Zumiez( reported sales well above expectations.

This group is underowned on the Street; they should rally modestly today.

Not much in the way of guidance, but Ross Stores upped its forecast for the quarter ending in July to $1.00 to $1.02, up from $0.95-$0.99, consensus of $1.00, as did TJX which raised guidance to $0.70-$0.73 vs. previous guidance of $0.67-$0.72; however, full year guidance is below consensus. American Eagle lowered its earnings guidance to the low end of guidance of $0.12-$0.16, consensus estimates are for $0.15.

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