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| | US Market | | The major U.S. index futures are pointing to a lower opening on Thursday, with sentiment suggesting some nervousness following two consecutive sessions of gains. Worse than expected earnings reported by Citi could generate some selling in the financial space, which has run up in recent sessions in reaction to solid earnings from some financial giants. Among economic data released earlier today, consumer prices rose in line with expectations, while jobless claims also fell roughly in line with estimates. Sustenance or faltering of the momentum built up in the past two sessions may also hinge on the results of a regional manufacturing survey and a homebuilder sentiment survey and the Fed speeches scheduled for the day.
U.S. stocks advanced yet again on Wednesday, thanks once again to solid economic data and earnings. The major averages opened higher after a regional manufacturing survey yielded encouraging results and bank earnings continued to be strong. After advancing till early afternoon trading, the averages moved roughly sideways before closing moderately higher.
The Dow Industrials ended up 108.08 points or 0.66 percent at 16,482, the S&P 500 Index closed 9.50 points or 0.52 percent higher at 1,848 and the Nasdaq Composite Index closed at 4,215, up 31.87 points or 0.76 percent.
Twenty-four of the thirty Dow components closed higher, with Verizon , JP Morgan Chase , Caterpillar and Microsoft leading the gains. On the other hand, Merck fell 0.91 percent.
Financial, computer hardware and Gold stocks were among the best performers of the session.
On the economic front, the results of the New York Federal Reserve's manufacturing survey for the region showed that its business conditions index surged up to 12.5 in January from 2.2 in December, reaching the best level since May 2012. The new orders index climbed 13 points to 11 and the shipment index rose to 15.5. The employment indexes also improved, with the number of employees index rising to 12.2, while the average workweek index moved up to 1.2. However, the 6-month outlook index slipped 1.5 points to 37.5.
The Labor Department reported that producer prices rose 0.4 percent month-over-month in November, led by a 1.6 percent jump in energy prices. Core producer price rose 0.3 percent, the fastest rate of growth since July of 2012. Intermediate goods and Crude goods prices were up 0.6 percent and 2.4 percent, respectively. The annual rate of headline and core producer price inflation was 1.2 percent and 1.4 percent, respectively.
The Federal Reserve's Beige Book report showed that economic activity continued to expand across most regions and sectors from late November through the end of the year. Retail activity was reported to have increased. Almost all districts reported increases in manufacturing activity. Real estate markets were also reported to have seen continued improvement, with residential as well commercial real estate activity increasing during the period. The report also noted that retail spending was up, with holiday sales reported to be on plan or up a bit compared with 2012. |
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With energy prices showing a notable rebound, the Labor Department released a report showing that U.S. consumer prices rose in line with economist estimates in the month of December.
The Labor Department said its consumer price index rose by 0.3 percent in December after coming in unchanged in November. The increased matched the expectations of economists. Excluding food and energy prices, the core consumer price index edged up by 0.1 percent in December after rising by 0.2 percent in November. The uptick in core prices also met expectations.
First-time claims for U.S. unemployment benefits showed a modest decrease in the week ended January 11th, according to a report released by the Labor Department.
The report said initial jobless claims edged down to 326,000, a decrease of 2,000 from the previous week's revised figure of 328,000. Economists had expected jobless claims to dip to 328,000 from the 330,000 originally reported for the previous week.
The Treasury will release data on the flow of financial instruments into and out of the U.S. at 9 am ET.
San Francisco Federal Reserve Bank President John Williams is scheduled to speak on the lessons from the Great Recession in Washington at 9:15 am ET.
At 10 am ET, the Philadelphia Federal Reserve is due to release its general business conditions index for January. The consensus estimates call for an increase in the index to 8.7 from 7 in December.
Manufacturing growth in the Philadelphia region was little changed in December. The business conditions index rose less than expected, coming in at 7 compared to 6.5 in November. The new orders index rose 3.6 points to 15.4 after the 15+point decline in November and the shipments index was up almost 8 points to 13.3. The order backlogs continued to be in negative territory at -5. The employment indexes were mostly positive, with the number of employees index rising to 2.2 from 1.1, while the average workweek index rose to 6.8 from -8.6. Meanwhile, the business activity outlook index fell 1.8 points.
The National Association of Home Builders is scheduled to release its housing market index for January at 10 am ET. Economists expect the index to have edged down to 57.5 from 58 in December.
The housing market index measuring confidence among builders rose to 58 in December from 54 in November. Economists expected a more modest improvement to 55. The present sales conditions index rose 6 points and the sales expectations index was up 2 points. Additionally, the index measuring prospective buyer traffic climbed 3 points to 44.
Outgoing Federal Reserve Chairman Ben Bernanke will participate in a conversation on challenges facing central banks in Washington at 11:10 am ET.
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CSX reported fourth quarter net earnings of 42 cents per share, down from 44 cents per share last year. Revenues rose 5 percent to $3 billion. The earnings missed estimates, while the revenues exceeded estimates.
Goldman Sachs' fourth quarter profit and revenues declined from the year-ago period, but topped Wall Street view.
CEC Entertainment has agreed to be taken private by Apollo Global Management for $54.00 per share in a deal valued at about $1.3 billion, including assumed debt.
Citigroup reported fourth quarter earnings that improved from the year ago period, while its adjusted earnings per share missed Wall Street view. Revenues for the quarter declined 1 percent from the same period a year earlier.
Yahoo! Inc. disclosed in a regulatory filing yesterday that its Chief Operating Officer Henrique de Castro would leave the company, effective January 16, with a severance package estimated to be worth over $42 million.
Best Buy announced that its domestic comparable store sales for the nine weeks ended January 4, 2014 declined 0.9 percent, negatively impacted by continuing rationalization of non-core businesses.
J. C. Penney announced that it will close 33 under-performing stores and lay off 2,000 employees to focus more on potential growth areas. The company expects these plans to save about $65 million a year beginning in 2014, while the closures and job cuts will result in pre-tax charges of about $26 million in the fourth quarter and $17 million in future periods.
CLARCOR reported fourth quarter adjusted earnings of 69 cents per share, lower than 72 cents per share last year. However, sales rose 2 percent to $297.8 million. For 2014, the company expects earnings of $2.55-$2.70 per share on revenues of $1.41 to $1.47 billion. The results trailed expectations and the guidance was weak.
Ebay announced that Chris Saridakis, president of the Ebay Enterprise division, has resigned for personal reasons. The company also announced that Tobias Hartmann, VP, Omnichannel Operations and International, will serve as the division's interim head.
Alcoa announced that it will permanently close the remaining two potlines at its Massena East Smelter in New York in the first quarter of 2014, reducing its smelting capacity by 84,000 metric tons. The company also said it expects to incur a restructuring charge of 6 cents per share on an after-tax basis related to the action.
ONEOK said its board approved a 5 percent increase in its quarterly dividend to 40 cents per share. The company also said following the ONE Gas separation currently expected to close on January 31st, 2014, it expects to increase its dividend to 56 cents per share. ONE Gas is expected to trade on the NYSE on February 3rd, 2014 under the ticker symbol OGS.
H.B. Fuller reported fourth quarter adjusted earnings of 68 cents per share on revenues of $533.5 million. The results exceeded estimates. For 2014, the company expects adjusted earnings of $3-$3.15 per share, while it expects revenue growth at the low end of its long term growth targets of 5-8 percent.
Merck announced that the FDA's Cardiovascular and Renal Advisory Committee has recommended approval of its investigational antiplatelet medicine vorapaxar.
American Express , Capital One Financial , Intel , Sallie Mae and Skyworks are among the companies due to release their quarterly results after the close of trading.
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| | European Market | |
European stocks opened lower and saw some volatility in early trading, as the averages moved back and forth across the unchanged line. The major averages are currently turning in a mixed performance.
In corporate news, French retailer Carrefour reported higher organic sales for the fourth quarter. The company also said it is comfortable with the recurring operating income consensus of 2.19 billion euros for 2013. Swiss luxury retailer Richemont also reported a 3 percent increase in its third quarter sales, while Ahold reported lower sales for its fourth quarter.
On the economic front, the results of a survey by the Royal Institution of Chartered Surveyors showed that the increase in house prices in the U.K. moderated in December. The house price balance came in at 56 percent, shy of the forecast of 60 percent.
The ACEA reported that new car registrations in Europe fell for the sixth consecutive year in 2013, and sales volume was the lowest since 1995. Meanwhile, car registrations rose 13.3 percent in December.
Revised estimates released by the German Federal Statistical Office showed that the harmonized index of consumer prices for Germany rose 1.2 percent year-over-year, in line with estimates. Eurostat also confirmed its flash inflation estimate for December at 0.8 percent.
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The major Asian markets closed on mixed note, with the Australian, Chinese, Hong Kong, New Zealand, South Korean and Taiwanese markets advancing, while the Japanese, Malaysian, Indonesian, Indian and Singaporean markets declined.
Although the overall mood was positive following the strong performance on Wall Street overnight, caution prevailed ahead of another slew of U.S. economic data.
The Japanese markets opened higher and advanced in early trading only to give up its gains over the course of the session, dropping below the unchanged line in late afternoon trading. The Nikkei 225 index closed 61.53 points or 0.39 percent lower at 15,747.
Retail, real estate, financial, pharma and resource stocks came under selling pressure, while the yen's weakness sent export stocks higher.
Australia's All Ordinaries opened higher and advanced steadily throughout the session before closing up 63.90 points or 1.22 percent at 5,319. The market witnessed broad based strength, with material and energy stocks seeing notable strength.
Hong Kong's Hang Seng Index closed at 22,986, up 84.41 points or 0.37 percent, and China's Shanghai Composite closed 0.35 points or 0.02 percent higher at 2,024.
On the economic front, a report released by Japan's Cabinet Office reported that core machinery orders rose 9.3 percent month-over-month in November, exceeding the 1.1 percent growth forecast by economists.
A report released by the Australian Bureau of Statistics showed that the unemployment rate in Australia came in line with expectations at 5.8 percent in December. The economy lost 22,600 jobs compared to expectations for an addition of 10,000 jobs.
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| | Currency and Commodities Markets | | Crude Oil futures are edging down $0.01 to $94.16 a barrel after jumping $1.58 to $94.17 a barrel on Wednesday. The previous session's gain came amid the increase in risk appetite and the release of the petroleum status report.
Gold futures, which fell $7.10 to $1,238.30 an ounce in the previous session, are currently adding $2.60 to $1,240.90 an ounce.
Among currencies, the U.S. dollar is trading at 104.30 compared to the 104.56 yen it fetched at the close of trading on Wednesday. Against the euro, the dollar is valued at $1.3627 compared to yesterday's $1.3605. |
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