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| | US Market | | The major U.S. index futures are pointing to a higher opening on Thursday, with sentiment suggesting some strength amid the release of mixed earnings and economic data. The jobless claims report showed that the number of individuals claiming first time unemployment benefits fell by more than expected. At the same time, the trade balance report showed that the trade deficit widened by more than expected. With the non-farm payrolls report looming ahead, the markets may mostly go about a consolidation move, although bargain hunting related buying cannot be ruled out.
U.S. stocks closed lower on Wednesday amid the release of soft private payrolls data and mixed earnings. The major averages opened lower and declined further in early trading. After dipping to the day’s low by late morning trading, the averages pared their losses but nervously moved close to the unchanged line for the rest of the session, occasionally moving back and forth across the unchanged line before closing lower.
The Dow Industrials ended down 5.01 points or 0.03 percent at 15,440 and the S&P 500 Index closed 3.56 points or 0.20 percent lower at 1,752, while the Nasdaq Composite closed at 4,012, down 19.97 points or 0.50 percent.
Notwithstanding the Dow’s decline, the breath was in favor of the advancers, with seventeen of the thirty Dow components rising, while the rest of the stocks moved to the downside. Chevron, Intel, Microsoft, Pfizer, AT&T and United Technologies, retreated sharply in the session, while Disney advanced ahead of its quarterly results.
Biotechnology, gold and oil service stocks were among the worst performers of the session.
On the economic front, ADP’s survey showed that the private sector added 175,000 jobs in January, the slowest rate of growth since August 2013. The previous month’s job gains were downwardly revised by 11,000. The manufacturing sector lost 12,000 jobs, while the construction and the service sectors added 25,000 and 160,000 jobs, respectively.
The results of the service sector survey by the Institute for Supply Management showed that its non-manufacturing index rose 1 point to 54 in January. The business activity index moved up 2 points to 56.3, the new orders index rose 5 points to 50.9 and the order backlogs index climbed 3 points to 49. The employment index was up about 1 point to 56.4. Out of the 18 industries surveyed, 11 reported growth.
Understandably, yesterday’s catalysts weren’t strong enough to push the Dow Industrials past its 200-day MA currently at 15,479. The index was in fact supported by a medium term support around 15,334, which happens to be along the neckline of a head and shoulder pattern formed in 2013. Between the 200-day MA and this level, the index has support around 15,412. Further, support could found around 15,236 and 15,101.
On the upside, if the index successfully challenges its 200-day MA, it could still face resistance around 15,546, 15,680 and its 100-day MA currently around 15,794. The 14-day relative strength index, a momentum indicator, is currently at around 19, suggesting extremely oversold levels, providing a platform for a rebound. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting a bigger than expected increase in first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report showing that initial jobless claims pulled back by more than expected in the week ended February 1st.
The report said initial jobless claims fell to 331,000, a decrease of 20,000 from the previous week's revised figure of 351,000. Economists had expected jobless claims to drop to 337,000 from the 348,000 originally reported for the previous week
With output showing another significant increase, the Labor Department released a report showing that U.S. labor productivity increased by more than expected in the fourth quarter.
The report said productivity rose by 3.2 percent in the fourth quarter following a revised 3.6 percent increase in the third quarter. Economists had expected productivity to rise by about 2.6 percent. At the same time, the Labor Department said unit labor costs dropped by 1.6 percent in the fourth quarter after falling by 2.0 percent in the third quarter. Costs had been expected to decrease by 0.7 percent.
The U.S. trade deficit widened by more than expected in the month of December, according to a report released by the Commerce Department. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Disney reported first quarter adjusted earnings of $1.04 per share on revenues of $12.31 billion. The results were ahead of estimates.
Twitter reported better than expected fourth quarter results. The guidance was also positive. However, user growth slowed in the quarter. Pandora reported better than expected fourth quarter earnings, while its revenues were slightly shy of estimates. The company’s 2014 guidance was weak.
Akamai Technologies reported fourth quarter results that beat estimates and issued upbeat guidance for its first quarter.
O’Reilly Automotive reported fourth quarter earnings of $1.40 per share on sales of $1.62 billion. For 2014, the company expects earnings of $6.74-$6.84 per share on revenues of $7 billion to $7.2 billion. The results exceeded estimates and the guidance was in line.
Among insurers, Lincoln National’s fourth quarter results were better than expected. XL Group also reported better than expected fourth quarter results. Meanwhile, Prudential’s fourth quarter results trailed expectations.
Reinsurers Hannover Re and Everest Re reported better than expected results.
AOL’s fourth quarter profit improved from the previous year period. Total revenues topped the consensus estimate.
Coca-Cola Co. will take a 10 percent minority equity stake in Green Mountain Coffee for about $1.25 billion. The companies have signed a 10-year global strategic partnership. GMCR's first quarter adjusted earnings per share topped Wall Street view, while its sales missed the consensus estimate. The company forecast second quarter earnings below Street view and fiscal year 2014 earnings in line with analysts' estimate.
General Motors reported fourth quarter profit that was flat with the year-ago quarter, while its earnings per share missed Wall Street view. Revenue for the quarter improved 3 percent, but missed the consensus estimate.
Sony swung to a profit in its third quarter, as revenues increased, benefiting from favorable currency impact. The company currently expects to report a loss for the fiscal year and also lowered its operating income and income before income taxes guidance. In addition, Sony confirmed its plan to sell PC business, currently operated under the VAIO brand, to Japan Industrial Partners.
Kohl's said its comparable store sales for the fourth quarter decreased 2.0 percent. The company noted that its January sales were significantly lower than planned as a result of lower traffic and low levels of clearance merchandise. The company also lowered its earnings guidance for fourth quarter as well as fiscal 2013.
Marathon Oil reported fourth quarter adjusted earnings of 60 cents per share on revenues of $3.29 billion, down 22 percent. The results trailed expectations.
Zumiez reported that its comparable store sales for February fell 7.6 percent.
Activision Blizzard, bebe Stores, Brooks Automation, CTS Corp. , Expedia, FMC Tech, Lattice Semiconductor, LinkedIn, NCR, NETGEAR, Republic Services and Verisign are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | European stocks have opened higher and are holding above the unchanged line, as traders digest earnings from notable domestic companies. The Bank of England as well as the European Central Bank maintained their respective monetary policy unchanged.
In corporate news, Credit Suisse reported fourth quarter profits that were below estimates by most analysts. German automaker Daimler reported a strong increase in its fourth quarter profits and also issued a positive profit forecast for 2014. Meanwhile, Swedish truck maker Volvo reported fourth quarter earnings that trailed expectations and also announced job cuts.
Alcatel-Lucent reported a profit for its fourth quarter and also said it has received offers for its enterprise business from China Huaxin. Vodafone said its third quarter service revenue declined 4.9 percent. AstraZeneca reported a decline in its fourth quarter profits, hurt by patent expirations. Akzo Nobel reversed to a profit in its fourth quarter despite falling sales, as it benefited from cost cuts.
On the economic front, the Lloyds Banking Group’s Halifax division reported that its U.K. house price index rose 1.1 percent month-over-month in January compared to a 0.5 percent increase in December. Economists had expected a more modest 1 percent increase. The annual growth of 7.3 percent was also slightly ahead of estimates. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most major Asian markets advanced, with the exception of Japan, where the major average retreated modestly as the yen remained steady. The gains came despite the lackluster lead from Wall Street overnight. The Chinese and the New Zealand markets remained closed for public holidays.
Japan’s Nikkei 225 average opened higher and stayed above the unchanged line for much of the session before pulling back decisively into negative territory in late trading. The index closed down 25.26 points or 0.18 percent at 14,155. The exports space saw mixed sentiment, as some of the stocks that rallied strongly yesterday such as Panasonic retreated on profit taking.
Australia’s All Ordinaries ended 58.70 points or 1.15 percent higher at 5,148, thanks to a robust batch of domestic economic data. The average opened higher and rose sharply in early trading and moved roughly sideways until the afternoon. After legging up in late afternoon trading, the index consolidated once again before closing higher.
The market witnessed broad based strength, with consumer staple and financial stocks advancing strongly. On the other hand, defensive utilities bucked the uptrend.
Hong Kong’s Hang Seng Index closed at 21,423, up 153.75 points or 0.72 percent.
On the economic front, the results of a survey by the National Australia Bank showed that its index measuring business confidence in Australia rose to a 2-1/2 year high of 8 in the fourth quarter. The business conditions index rose 4 points yet stayed negative at –3.
The Australian Bureau of Statistics reported that the nation posted a trade surplus of A$468 million in December compared to expectations for a deficit of A$200 million. Exports rose 4 percent month-over-month, faster than the 2 percent import growth. A separate report showed that retail sales in Australia rose 0.5 percent month-over-month in December, in line with forecasts. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.78 to $98.16 a barrel after adding $0.19 to $97.38 a barrel on Wednesday.
The previous session’s increase came amid the release of the weekly petroleum status report, which showed that crude oil stockpiles edged up by 0.4 million barrels to 358.1 million barrels in the week ended January 31st. Inventories remained in the upper half of the average range.
Gasoline stockpiles increased by 0.5 million barrels and were well above the upper limit of the average range. Meanwhile, distillate inventories fell by 2.4 million barrels and were well below the lower limit of the average range. Refinery capacity utilization averaged 87.7 percent over the four weeks ended January 31st compared to 89.2 percent over the four weeks ended January 24th.
Gold futures, which rose $5.70 to $1,256.90 an ounce in the previous session, are currently adding $4.50 to $1,261.40 an ounce.
Among currencies, the U.S. dollar is trading at 101.32 yen compared to the 101.45 yen it fetched at the close of trading on Wednesday. Against the euro, the dollar is valued at $1.3585 compared to yesterday’s $1.3513. |
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