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| | US Market | | The major U.S. index futures are pointing to a slightly higher opening on Friday, with sentiment reflecting apprehension after yesterday's solid advance and recent gains that have taken the major averages back up from oversold territory. With very little direction coming from corporate news, attention is likely to shift to economic fundamentals. The markets could focus keenly on the industrial output and consumer sentiment data to gauge how the two main cogs of the economy, namely consumer and the manufacturing sector, are faring.
U.S. stocks ignored a weak start and advanced solidly on Thursday, as soft data encouraged traders on its implication for monetary policy. Some encouraging corporate tidings also added to the buoyancy. The major U.S. averages opened lower after separate reports showed that jobless claims rose and retail sales unexpectedly fell. However, the averages made a remarkable turnaround by late morning trading and advanced steadily through the rest of the session.
The Dow Industrials ended up 63.65 points or 0.40 percent at 16,028 and the S&P 500 Index closed 10.58 points or 0.58 percent higher at 1,830, while the Nasdaq Composite Index ended at 4,241, up 39.38 points or 0.94 percent.
Twenty-three the thirty Dow components advanced in the session, with Boeing , NIKE , United Technologies and AT&T leading the gains. On the other hand, Cisco Systems retreated 2.54 percent in reaction to its earnings.
Airline, biotech, utility, basic material, gold, brokerage and Semiconductor stocks were among the best performers of the session.
On the economic front, the Labor Department reported that jobless claims rose to 339,000 in the week ended February 8th from 331,000 in the previous week. The four-week average rose to 337,000 from 333,000. Continuing claims calculated with a week's lag fell 16,000 to 2.991 million for the week ended January 18th.
Meanwhile, The Commerce Department reported that retail sales fell 0.4 month-over-month in January. Excluding autos, sales were unchanged. Taking off autos and gasoline, retail sales were down 0.2 percent. Core retail sales that strips off autos, Gasoline and building materials, which goes into the consumer spending component of GDP, declined 0.3 percent. Auto sales fell by 2.1 percent. Sales at furniture, clothing, sporting goods and department stores fell, reflecting the weather impact. On the other hand, building material and electronic stores rose.
A separate report showed that business inventories rose 0.5 percent month-over-month in December compared to expectations of 0.4 percent. At the same time, business sales were up merely 0.1 percent. Business inventories to sales ratio came in at 1.30 compared to 1.29 in the year-ago.
The Dow Industrials moved further upward from its 100-day and 200 day moving averages currently at 15,813 and 15,940, respectively. Between these two levels, the index also immediate support around 15,843 and 15,892. On the upside, the index has strong resistance around its 50-day MA currently at 16,092. Further resistances are also found around 16,210, 16,300, 16,369 and 16,452. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Import prices in the U.S. unexpectedly saw a modest increase in the month of January, according to a report released by the Labor Department.
The report said import prices inched up by 0.1 percent in January following a revised 0.2 percent increase in December. Economists had expected import prices to edge down by 0.1 percent compared to the unchanged reading originally reported for the previous month. Additionally, the Labor Department said export prices rose by 0.2 percent in January after climbing by 0.4 percent in December. Export prices had been expected to tick up by 0.1 percent
The Federal Reserve is due to release its industrial production report for January at 9:15 pm ET. The consensus estimates call for a 0.3 percent month-over-month increase in output for the month, while capacity utilization may have edged up to 79.3 percent.
In December, industrial output rose 0.3 percent month-over-month following a 1 percent increase in November. Manufacturing output climbed 0.4 percent and mining output was up 0.8 percent, while production by utilities slipped 1.4 percent. Capacity utilization edged up 0.1 points to 79.2 percent.
Reuters and the University of Michigan are scheduled to release the results of their preliminary consumer sentiment survey for February at 9:55 am ET. Economists expect the consumer sentiment index to have eased to 80 from 81.2 in January. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Oxford Industries lowered its fourth quarter and full year earnings and revenue guidance, citing weaker than expected January sales. The company also said the softness has extended into February,
AIG's fourth quarter operating profits beat estimates. Separately, AIG announced a 25 percent increase in its quarterly dividend to 125 cents per share.
Weight Watchers reported fourth quarter adjusted earnings that trailed expectations, while its revenues were ahead of estimates. The company's 2014 earnings guidance was weak.
Agilent Technologies reported fourth quarter earnings that were ahead of estimates, but its revenues missed estimates. The company lowered its guidance for 2014.
La-Z-Boy announced that it has agreed to sell Bauhaus U.S.A, an operating company with its upholstery segment, to an investor group led by the unit's president Britt Alfred. The company did not disclose the terms of the deal.
UPS said its board announced an 8.1 percent increase in its quarterly dividend to 67 cents per share.
Liberty Global reported a loss for its fourth quarter, while its revenues were shy of estimates.
Cloud Peak Energy reported better than expected fourth quarter results, although its revenues trailed estimates.
Brocade Communications reported first quarter adjusted earnings that beat estimates. Revenues fell 4 percent to $564.5 million, yet missed estimates.
Logitech announced that the founder of LifeSize, a videoconferencing company it acquired in 2003, is joining the company as the CEO of LifeSize and SVP at Logitech. |
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| | European Market | | European stocks opened higher and witnessed some volatility in early trading but have turned firmly higher amid the release of GDP data from major economies in the eurozone region.
In corporate news, German steelmaker Thyssenkrupp reported first quarter profit that beat estimates, as losses at its Brazilian unit narrowed. Miner Anglo American reported a decline in its underlying profit for 2013.
Flash estimates released by Eurostat showed that the Eurozone GDP rose 0.3 percent quarter-over-quarter in the fourth quarter, faster than the 0.1 percent growth in the third quarter and the 0.2 percent growth forecast by economists. A separate report showed that eurozone's trade surplus exceeded estimates on strong exports.
German and French fourth quarter GDP released by the respective statistical offices also came in above estimates.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended mostly higher, encouraged by the positive close on Wall Street overnight and the Chinese inflation data that remained unchanged. The Australian market led the gains in the region, while the Japanese markets slipped on a stronger yen. A majority of stocks declined in the session, led by Kirin Holdings, Pacific Metals and Credit Saison.
Australia's All Ordinaries opened higher and hovered in positive territory throughout the session before closing 48.20 points or 0.91 percent higher at 5,367. The market witnessed broad based strength, with healthcare, material and financial stocks advancing strongly.
Hong Kong's Hang Seng Index ended at 22,298, up 132.88 points or 0.60 percent, and China's Shanghai Composite Index closed 17.45 points or 0.84 percent higher at 2,104.
Japan's Nikkei 225 average held above the unchanged line until the afternoon before declining into the negative territory in the afternoon and languishing in the red thereafter. The index closed down 221.71 points or 1.53 percent at 14,313.
On the economic front, the Chinese National Bureau of Statistics reported the annual consumer price inflation in China remained unchanged at 2.5 percent in January, the same rate as in December. However, the rate was faster than the 2.4 percent pace expected by economists. Producer prices continued to fall, dropping for the 23rd month in January. |
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| | Currency and Commodities Markets | | Crude Oil futures are edging down $0.19 to $100.16 a barrel after edging down $0.02 to $100.35 a barrel on Thursday. Gold futures are rising $15.60 to $1,315.70 an ounce. In the previous session, Gold added $5.10 to $1,300.10 an ounce.
Among currencies, the U.S. dollar is trading at 101.86 yen compared to the 102.17 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is trading at $1.3700 compared to yesterday's $1.3680.
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