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| | US Market | | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment suggesting a modest lift from the extreme pessimism that was evident in the previous session. Better than expected results from banking giant JP Morgan, fairly neutral domestic economic data released ahead of the market and positive data from Europe has apparently given some confidence to traders to remain invested in stocks.
The Commerce Department's retail sales report was lukewarm, with the headline number exceeding estimates, while the downward revision to the previous month's sales could dent confidence. However, core retail sales growth came in better than expected. Notwithstanding the early optimism, overall mood may remain subdued, given the clarity the markets seek on the economic outlook. A couple of Fed speeches scheduled for the day could also offer some direction to markets.
U.S. stocks retreated sharply on Monday, as indecision ahead of the week's key data rendered the mood cautious. The major averages opened little changed and hugged the unchanged line closely until the mid-session. Thereafter, selling intensified, sending the major averages lower.
The Dow Industrials ended down 179.11 points or 1.09 percent at 16,258 and the S&P 500 Index lost 23.17 points or 1.26 percent before closing at 1,819, while the Nasdaq Composite Index ended at 4,113, down 61.36 points or 1.47 percent.
Twenty-nine of the thirty Dow components closed lower, with Microsoft , NIKE and Disney leading the slide. On the other hand, Merck advanced over 6 percent.
Transportation, biotechnology, basic material, energy, retail, housing, financial and Semiconductor stocks were among the biggest decliners of the session, while Gold stocks rose notably.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Retail sales in the U.S. rose by slightly more than expected in the month of December, according to a report released by the Commerce Department, although the report also showed a notable downward revision to the sales growth seen in November.
The report said retail sales edged up by 0.2 percent in December following a downwardly revised 0.4 percent increase in November. Economists had expected sales to inch up by 0.1 percent compared to the 0.7 percent growth originally reported for the previous month. Excluding a steep drop in auto sales, retail sales rose by 0.7 percent in December compared to a 0.1 percent uptick in the previous month. Ex-auto sales had been expected to rise by 0.4 percent.
After reporting notable decreases in U.S. import prices in each of the two previous months, the Labor Department released a report showing that import prices unexpectedly came in unchanged in December.
The Labor Department said import prices recorded no change in December following decreases of 0.9 percent in November and 0.6 percent in October. Economists had been expecting import prices to increase by about 0.4 percent. Meanwhile, the report said export prices rose by 0.4 percent in December after edging up 0.1 percent the previous month. Export prices had been expected to inch up by another 0.1 percent.
The Commerce Department will release its business inventories report for November at 10 am ET. Economists estimate business inventories to have increased by 0.3 percent month-over-month in November.
Business inventories rose 0.7 percent month-over-month in October, while annually, inventories were up 3.6 percent. Meanwhile, business sales were up 0.5 percent compared to the previous month and 3.9 percent higher from a year ago. The business inventories to sales ratio came in at 1.29 compared to 1.30 in the year-ago period.
Philadelphia Federal Reserve President Charles Plosser is scheduled to speak on the economic outlook in Philadelphia at 12:45 pm ET. Dallas Federal Reserve Bank President Richard Fisher will speak on the U.S. and regional outlook in Dallas at 1:20 pm ET.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | JP Morgan Chase reported lower fourth quarter profits and revenues, with revenues hit by one-time items. Nevertheless, earnings and revenues were ahead of estimates. Wells Fargo (WFC) reported fourth quarter earnings and revenues were slightly ahead of estimates.
Google announced that it has agreed to buy home devices maker Nest Labs for $3.2 billion in cash.
Hutchison Technology announced preliminary first quarter results, with the company now expecting net sales of $70 million, up from $63.7 million in the fourth quarter and ahead of the $64.94 million consensus estimate.
Nautilus announced preliminary fourth quarter and full year results, expecting net sales of $77.1 million for the fourth quarter, up 18.5 percent. The company also said it expects net sales of about $218.8 million for the full year, up 12.8 percent. Additionally, the company said it expects non-GAAP earnings per share of 29-31 cents for the fourth quarter and 46-48 cents per share for the year. The guidance was above estimates.
Radisys said it expects fourth quarter revenues near the high end of the guidance range and a non-GAAP loss per share that approximates the low end of the guidance range announced last November.
Regeneron and Bayer Healthcare agreed to jointly develop an innovative antibody to the Platelet Derived Growth Factor Receptor Beta as a potential combination therapy with EYLEA for the treatment of wet age-related macular degeneration. The company said first in human clinical studies are currently planned to begin in early 2014.
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| | European Market | | After opening notably lower, the major averages cut their losses over the course of the morning. The averages are currently-trading mixed.
In corporate news, AstraZeneca said that it now expects 2017 revenues to be broadly in line with 2013 revenues.AstraZeneca also said it continues to believe a return to growth should come earlier than analyst cONSensus currently forecasts, following the acquisition of Bristol-Myers Squibb Co.'s interests in the companies' diabetes alliance.
Statoil said it has awarded two contracts worth 516 million pounds to Siemens for the engineering, supply, assembly, commissioning and service of 67 wind turbine generators for the Dudgeon Offshore Wind Farm project. McKesson announced that it was unsuccessful in reaching the 75 percent completion condition in its voluntary public tender offer for the outstanding shares and convertible bonds of German drug distributor Celesio.
On the economic front, Eurostat reported that industrial production in the euro area rose a better than expected 1.8 percent month-over-month in November, marking the biggest increase since May 2010.
Meanwhile, the U.K. Office for National Statistics reported that consumer prices in the U.K. rose 2 percent year-over-year in December, the slowest increase since November 2009. Economists expected the rate to have remained steady at 2.1 percent. In a separate communique, the ONS said factory-gate inflation accelerated to 1 percent in December, in line with forecast, from 0.8 percent a month ago. Output prices remained flat compared to the previous month.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets declined, dragged lower by the negative lead from Wall Street overnight. Meanwhile, the Chinese market bucked the downtrend with a moderate move to the upside.
The Japanese market, which opened after Monday's public holiday, slumped, as a stronger yen weighed on export stocks. After opening lower, Japan's Nikkei 225 average fell sharply in early trading before moving sideways. The index fell steadily in the afternoon before closing down 489.66 points or 3.08 percent at 15,422. A majority of stocks declined, led by Dainippon Sumitomo Pharma, Yahoo Japan and Japan Steel.
Australia's All Ordinaries opened little changed and fell steadily throughout the session, ending down 77 points or 1.45 percent at 5,220. The market witnessed broad based weakness, with material, financial, consumer staple, healthcare and energy stocks retreating sharply.
Hong Kong's Hang Seng Index closed at 22,791, down 97.48 points or 0.43 percent at 22,791. On the other hand, China's Shanghai Composite Index ended 17.28 points or 0.86 percent at 2,027.
On the economic front, a report released by the Ministry of Finance showed that Japan's current account deficit came in wider than estimated at 592.8 billion yen in November. The trade deficit was 1.254 trillion yen compared to forecast for a deficit of 1.2364 trillion yen.
A Bank of Japan report showed that overall bank lending rose 2.6 percent year-over-year in December following the 2.4 percent increase in November.
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.32 to $92.12 a barrel after declining $0.92 to $91.80 a barrel on Monday. Gold futures are currently slipping $0.80 to $1,250.30 an ounce. In the previous session, Gold advanced $4.20 to $1,251.10 an ounce.
Among currencies, the U.S. dollar is trading at 103.65 yen compared to the 103 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.3668 compared to yesterday's $1.3671.
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