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| | US Market | | The major U.S. index futures are pointing to a higher opening on Wednesday, with sentiment reflecting some optimism amid the release of some strong earnings and economic data. The first glimpse into manufacturing conditions in the country in the month of January provided by the New York Fed's regional manufacturing survey was positive. Meanwhile, bank earnings continue to be encouraging. That said, given the economic uncertainties and the recent markets gains, some degree of consolidation may be in the offing.
Allaying global growth concerns, the World Bank raised its global growth forecast based on the improvement seen in advanced economies. The bank now expects the global economy to grow by 3.2 percent in 2014, stronger than the 3 percent growth it forecast in June. Economic growth is expected to pick up to 3.4 percent in 2015 and to 3.5 percent in 2016.
U.S. stocks advanced solidly on Tuesday, thanks to some fairly positive economic numbers and bank earnings. The major averages opened higher and after a slight dip in early trading, they rose steadily for the rest of the session before closing notably higher. The Dow Industrials added 115.92 points or 0.71 percent before closing at 16,374 and the S&P 500 Index closed 19.68 points or 1.08 percent higher at 1,839, while the Nasdaq Composite closed at 4,183, up 69.71 points or 1.69 percent.
Twenty-six of the thirty Dow components closed higher, with Intel leading the gains with a nearly 4 percent rally. Microsoft , DuPont , Disney , Pfizer , Travelers and Visa also posted noteworthy gains.
Transportation, biotechnology, semiconductor, computer hardware, broker, energy and basic material stocks were among the best performers of the session.
On the economic front, The Commerce Department reported that retail sales rose a better than expected 0.2 percent month-over-month in December. If the downward revision to the previous month's data was taken into account, retail sales growth for the two months was broadly in line. Core retail sales, which exclude autos, gasoline and building materials, were up 0.7 percent, also ahead of estimates. Among individual categories, sales at clothing stores rose, while sales at sporting goods, building supplies and electronic stores declined.
A separate Commerce Department report showed a 0.4 percent month-over-month increase in business inventories in November. Annually, inventories were up 4 percent. Business sales were up 0.8 percent month-over-month and 4 percent higher than a year ago. The business inventories to sales ratio came in at 1.29 in November compared to 1.29 in the year-ago period.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Producer prices rose in line with economist estimates in the month of December, according to a report released by the Labor Department on Wednesday, with higher prices for energy and tobacco products offsetting a drop in food prices.
The Labor Department said its producer price index rose by 0.4 percent in December after edging down by 0.1 percent in November. The increase by the index matched economist estimates.
Excluding food and energy prices, the core producer price index increased by 0.3 percent in December after inching up by 0.1 percent in the previous month. Economists had expected core prices to tick up by another 0.1 percent.
Business activity for New York manufacturers expanded at faster pace in the month of January, the Federal Reserve Bank of New York revealed in a report on Wednesday, with the index of regional activity rising much more than anticipated. The New York Fed said its general business conditions index jumped to 12.5 in January from 2.2 in December, with a positive reading indicating an increase in regional manufacturing activity. Economists had expected the index to climb to 3.5.
The Energy Inform Administration will release its regularly scheduled petroleum status report for the week ended January 10th at 10:30 am ET.
Crude Oil stockpiles fell by 2.7 million barrels to 357.9 million barrels in the week ended January 3rd. Despite the decline, inventories were near the upper limit of the average range for this time of the year. On the other hand, gasoline stockpiles rose by 6.2 million barrel yet were in the lower half of the average range.
Although distillate stockpiles rose by 5.8 million barrels, they were below the lower limit of the average rage. Refinery capacity utilization averaged 92.2 percent over the four weeks ended January 3rd compared to 92.3 percent over the four weeks ended December 27th.
The Federal Reserve is scheduled to release its Beige Book report at 2 pm ET. The report consists of anecdotal evidence on economic conditions from each of the 12 Fed districts.
Chicago Federal Reserve Bank President Charles Evans is due to speak to an economic forecast luncheon in Coarlville, Iowa at 12:50 pm ET. Atlanta Federal Reserve Bank President Dennis Lockhart will speak on the economy and monetary policy in Atlanta at 5:20 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 | | |
Bank of America reported a more than eight-fold increase in profit for the fourth quarter from last year. The earnings came in ahead of estimates.
Linear Technology reported second quarter adjusted earnings of 51 cents per share, up from 44 cents per share last year. Revenues were up 9.6 percent to $334.6 million. The earnings were ahead of estimates, while the revenues were in line. For the third quarter, the company estimates sequential revenue growth of 3-6 percent - implying revenues of $344.64 million to $354.68 million. Analysts currently estimate revenues of $346 million for the quarter.
General Motors announced the appointment of Chuck Stevens as its CFO, effective January 15th, replacing Dan Ammann, who is set to become the company's president.
Majesco Entertainment reported a fourth quarter non-GAAP loss of 9 cents per share compared to a non-GAAP loss of 7 cents per share last year. Net revenues fell 62 percent to $10.1 million. Citing a lack of clarity on market development and consumer preferences, the company said it is not providing sales and earnings guidance for 2014.
CLARCOR, CSX, H.B. Fuller, Kinder Morgan , MB Financial are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | European stocks started higher and are continuing to trade in positive territory amid global growth optimism.
In corporate news, Swedish retailer H&M reported total sales growth of 10 percent for December. After adjusting for growth, total sales were up 12 percent. Frankfurt airport operator Fraport said it served 4.095 million, up 2.9 percent year-over-year.
On the economic front, a report released by the German Federal Statistical Office showed that the domestic economy expanded 0.25 percent sequentially in the fourth quarter. The country's GDP is estimated to have increased y 0.4 percent for the full year 2013. Germany recorded a fiscal deficit of 0.1 percent of GDP in 2013 in contrast to expectations for a balanced budget.
Eurostat reported that the eurozone's trade surplus increased to 17.1 billion euros in November from 16.8 billion euros in October. Imports declined 1.3 percent, steeper than the 0.2 percent drop in exports.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | |
Most Asian markets advanced, encouraged by the positive close on Wall Street overnight and as confidence in U.S. economic growth increased. The mood was also lifted by the World Bank's positive forecast. The Japanese market rebounded strongly from yesterday's sharp decline, as the yen weakened.
Japan's Nikkei 225 average opened higher and rose sharply in early trading. Thereafter, the average advanced steadily before closing up 386.33 points or 2.50 percent at 15,809. A majority of stocks advanced, with NTN, Chiyoda, TDK, Pacific Metals, NSK and Nisshinbo Holdings leading the gains.
Australia's All Ordinaries hovered in positive territory throughout the session, ending 35.70 points or 0.68 percent higher at 5,256. The market witnessed broad based strength, with energy and healthcare stocks leading the gains.
Hong Kong's Hang Seng Index closed at 22,902, up 110.72 points or 0.49 percent, while China's Shanghai Composite Index fell 3.49 points or 0.17 percent to 2,023.
On the economic front, the Australian Bureau of Statistics reported that the total number of new vehicle sales in Australia rose 1.7 percent month-over-month in December following a 0.7 percent drop in the previous month. A separate report showed that the value of owner occupied housing loans, excluding alterations and additions, rose a seasonally adjusted 1.9 percent in November.
Chinese banks extended 482.5 billion Yuan in new loans in December, according to data released by the People's Bank of China, less than the 570 billion Yuan forecast by economists.
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| | Currency and Commodities Markets | |
Crude Oil futures are climbing $0.98 to $92.98 a barrel after rising $0.79 to $92.59 a barrel on Tuesday. An ounce of Gold is trading at $1,236.50, down $8.90 from the previous session's close of $1,245.40. In the previous session, Gold fell $5.70.
Among currencies, the U.S. dollar is trading at 104.47 yen compared to the 104.22 yen it fetched at the close of trading on Tuesday. Against the euro, the dollar is valued at $1.3595 compared to yesterday's $1.3679.
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