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| | US Market | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment reflecting an improvement as traders contemplate their strategies for the New Year. The pullback in recent sessions could generate some strength, as traders seek out bargains. That said, sentiment may largely hinge on the results of the Institute for Supply Management's non-manufacturing survey.
U.S. stocks retreated in the first trading week of the year that ended on January 3rd, as profit taking pressured stocks that ran up significantly over most of 2013.
Last Monday, the major averages moved about in a lackluster mannerbefore closing mixed, with the underlying mood remaining cautious. With a consumer confidence reading released on Tuesday coming in above expectations, the averages closed 2013 on a moderately upbeat note. The markets remained closed on Wednesday for the New Year holiday.
Soft manufacturing data released from China provided a reason for traders to take profits, and the major U.S. averages retreated notably on Thursday. The averages showed a lack of direction on Friday, as traders digested lukewarm auto sales results and some Fed speeches, before closing mixed.
For the week ended January 3rd, The Dow Industrials edged down 0.05 percent, while the S&P 500 Index and the Nasdaq Composite Index fell over 0.5 percent each.
Among the sector indexes, The Dow Jones Utility Average, the NYSE Arca Oil Index and the Philadelphia Oil Service Index ended down over 1 percent each for the week, while the NYSE Arca Airline Index and the NYSE Arca Gold Bugs Index advanced 5.22 percent and 2.68 percent, respectively.
The Dow Industrials has pulled back from its record closing high since the start of the New Year. Given fears of buying being overdone amid shaky economic fundamentals, sustenance of the gains becomes a tough proposition, although momentum-related strength cannot be ruled out. On the upside, the index has resistances around 16,481, 16,533 and 16,600, while supports lie around 16,430 and 16,357.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
The job market is expected to take the spotlight in the unfolding week, as Main Street prepares to receive 3 key jobs data during the week. The focus of the week is likely to be on ADP's private sector employment report for December, the weekly jobless claims data and the Labor Department's monthly non-farm payrolls report for December.
Traders may also look to the Commerce Department's factory orders report for November, the results of the Institute for Supply Management's non-manufacturing survey for December, the Commerce Department's trade balance report for November, the FOMC minutes and some Fed speeches. The Federal Reserve's consumer credit report for November, the Commerce Department's wholesale inventories report for November and the results of the Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
The Commerce Department is scheduled to release its factory orders report for November at 10 am ET. Economists expect factory orders to have increased by 1.6 percent month-over-month.
In October, factory orders were down 0.9 percent month-over-month following a 1.8 percent increase in September. Shipments and unfilled orders rose 0.4 percent and 0.1 percent, respectively. Inventories also edged up 0.1 percent.
Meanwhile, durable goods orders that make up the bulk of factory orders rose 3.5 percent month-over-month in November following a 0.7 percent decrease in October. Excluding transportation, new orders were up 1.2 percent. Transportation equipment orders were up 8.4 percent and machinery orders rose 3.8 percent. Orders for computers and electronic products also improved, while orders for electronic equipment and primary metals fell. Non-defense capital good orders excluding aircraft, a key measure of capital spending, surged up 4.5 percent.
The Institute for Supply Management is also due to release the results of its non-manufacturing survey for December at 10 am ET. The consensus estimate calls for an improvement in the index to 54.8 in the month from 53.9 in November.
The non-manufacturing index fell to 53.9 in November from 55.4 in October. Of the eighteen industries surveyed, 11 reported growth. The new orders index fell 0.2 points to 56.4 and the order backlogs index slipped 1 point to 49. The employment index declined 3.7 points to 52.5.
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SiriusXM announced that it has received a non-binding letter from Liberty Global indicating its intention to buy all of the shares in SiriusXM it does not already own. The proposal offers to convert all SiriusXM outstanding shares that Liberty does not already own into the right to receive 0.0760 of a new share of Liberty Series c common stock.
Rambus and Samsung announced that the companies have signed a comprehensive 10-year license agreement providing Samsung access to Rambus' technologies to be used in Samsung ICs in return for quarterly royalty payment of $15 million for the first 5 years, with an initial payment of $22 million for the fourth quarter of 2013.
Boeing said the members of the International Association of Machinists & Aerospace Workers, or IAM, District 751 have approved its contract extension offer. The company noted that the contract provides for its 777X and its Composite wing to be built in the Puget Sound area by Boeing employees represented by the IAM.
A. Schulman and Sonic are due to release their quarterly results after the close of trading.
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| | European Market | | European stocks opened lower and have been seeing some volatility since then. The major averages are currently-trading higher.
In corporate news, the U.K.'s Cable & Wireless said Phil Bentley began his role as CEO of the company, effective January 1st, replacing Tony Rice. Balfour Beatty said it has been awarded a 154 million pound contract to carry out the full transformation work to the London 2012 Olympic stadium for its operator E20 Stadium.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Chinese economic uncertainties worked in the minds of Asian traders, as the major averages in the region declined across the board. Meanwhile, the South Korean market, which declined sharply last week, staged a moderate rebound. The results of a private survey showed that Chinese service sector activity slowed in December, kindling worries concerning a slowdown in economic growth in the world's second largest economy.
Japan's Nikkei 225 average retreated under the weight of a stronger yen, which pushed currency sensitive export stocks lower. The average declined sharply in early trading and steadily thereafter until the mid-session. Subsequently, the average consolidated before closing down 382.43 points or 2.35 percent at 15,908.
Fast Retailing slipped 5.76 percent and was the worst performer among the index components. Mitsumi Electric, Mitsubishi Logistics, Takara Holdings, Advantest, Japan Steel and Mitsubishi UFJ also declined sharply.
After seeing some volatility until late morning trading, Australia's All Ordinaries declined steadily until late afternoon trading before moving sideways. The index closed down 24.10 points or 0.45 percent at 5,328. The market witnessed broad based weakness, with energy and material stocks leading the slide.
Hong Kong's Hang Seng Index closed at 22,684, down 133.13 points or 0.58 percent, and China's Shanghai Composite Index fell 37.43 points or 1.80 percent before closing at 2,046.
On the economic front, revised estimates released by Markit Economics and HSBC showed that non-manufacturing growth in China slowed in December. The service sector business activity index fell 1.6 points to 50.9.
A survey by the Australian Industry Group showed that service sector activity in Australia remained in contraction territory in December. The service sector purchasing managers' index fell 2.8 points to 46.1.
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.10 to $94.06 a barrel after sliding $6.36 or 6.34 percent to $93.96 a barrel in the week ended January 3rd.
Last Monday, Oil fell over $1-a-barrel amid some profit taking following the previous week's sharp advance. The weakness extended into Tuesday's session, with Oil dropping by close to $1-a-barrel despite the strength in equities. The commodity plunged close to $3-a-barrel on Thursday amid risk aversion. A decline of about $1.50-a-barrel on Friday resulted in Oil declining in all four sessions of the week.
Gold futures, which climbed $24.60 or 2.01 percent to $1,238.60 an ounce in the previous week, are currently adding $2.20 to $1,240.80 an ounce.
The U.S. dollar retreated in the week ended January 3rd amid mitigation in risk appetite. The greenback declined 1.16 percent against the euro during the week before ending at $1.3589. Additionally, the dollar fell 0.46 percent against the yen to 104.87.
The U.S. dollar is currently-trading at 104.64 yen and is valued at $1.3596 versus the euro.
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