Fundamental

US Import Price Index and Current Account Both Lower

Current Account Balance:  Survey: -115.0B   Actual:  -124.1B    Prior: -110.3B   Revised: -107.6B

Index(MoM):  Survey:  0.6%    Actual:  0.4%    Prior:  0.3%    

Import Price Index(YoY):  Survey: 5.8%    Actual: 5.5%    Prior:  7.1%

Business Inventories:    Survey:  0.5%      Actual: 0.7%    Prior: 0.4%

Jan. 12 vs. Dec. 11
Business Inventories Breakdown:
Retail Inventories:   1.1% vs  0.5%
Ex-Autos:   0.4% vs. 0.4%
Motor Vehicles:   2.6% vs. 0.6%
Furniture:   0.4% vs. 0.3%
Building Material:   1.1% vs  -0.4%
Food & Beverage:   0.4% vs  0.4%
Clothing:   0.8% vs 0.0%
General Merchandise:   0.3% vs  1.6%
Dept. Stores:  -1.1% vs 1.6%

IBD/TIPP Economic Optimism:     Survey: 48.6      Actual:  49.4     Prior: 47.5

Advance Retail Sales:  Survey:  1.1%   Actual: 1.1%   Prior:   0.4%    Revised:   0.6%

Retail Sales Less Autos:  Survey:  0.7%    Actual:  0.9%     Prior:  0.7%   Revised: 1.1%   

Retail Sales Ex Autos & Gas:   Survey:  0.5%    Actual:  0.6%   Prior: 0.6% Revised: 1.0%

Says:

• Steadfast commitment to price stability
• Governments need to compliment the work of the ECB
• In his speech he will focus on competitiveness
• Continued signs of ECB stabilization
• The situation in the financial markets has improved after LTRO
• Countries should use this phase to make progress
• Banks should retain earnings
• Financial system should serve real economy
• Growth will be supported by low short term rates