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| | US Market | | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment reflecting cautious optimism among traders despite the uncertainties. The domestic markets may draw strength from some M&A announcements and positive economic tidings from German. A private survey showed that German business confidence unexpectedly improved in February. Meanwhile, sentiment in Asia was mired by concerns about a credit squeeze in China, the hot and happening economy. That said, traders may not take kindly to the results of Markit's service sector survey, which showed a slowdown in activity in the sector. Given the backdrop, the major averages may go about in their recent trading ranges.
U.S. stocks closed the holiday-shortened week ended February 21st on a mixed note, as they lost some of the momentum that characterized trading in the two previous weeks amid economic worries.
Last Tuesday, when the markets reopened after Monday's public holiday in observance of President's Day, the major averages ended mixed, as traders reacted to mixed earnings and weak data on the manufacturing and housing sectors. The averages ended Wednesday's session lower after the FOMC minutes re-ignited stimulus worries.
Helped by positive jobless claims and manufacturing data, stocks advanced moderately on Thursday. After holding above the unchanged line for much of Friday's session despite weak existing home sales data, the major averages retreated into negative territory in late trading before closing modestly lower.
For the week ended February 21st, The Dow Industrials and the S&P 500 Index lost 0.32 percent and 0.13 percent, respectively. Meanwhile, the Nasdaq Composite Index ended the week up 0.46 percent.
Among the sector indexes, the NYSE Arca Biotechnology Index rallied 4.74 percent for the week. Additionally, the NYSE Arca Airline Index rose 2.67 percent and the NYSE Arca Gold Bugs Index and the NYSE Arca Securities/Broker Dealer Index ended up over 1 percent each. On the other hand, the KBW Bank Index slid 1.41 percent.
The Dow Industrials settled last Friday's session below its 50-day MA (currently at 16,110). The index's 21-day MA (currently at 15,865) is tentatively poised to break below its 100-day MA (currently at 15,854), and if it does, it may suggest technical weakness. Meanwhile, key downside support apart from these MA, would be 16,067, 16,000 and 15,907. On the upside, the index has resistance around 16,176, 16,233, 16,295 and 16,357. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Several Fed speeches and housing and consumer sentiment data are likely to be in focus in the unfolding week, as traders search for more clues on the strength of the economic recovery. The results of consumer confidence surveys for February by Reuter and the University of Michigan and the Conference Board, the Commerce Department's new home sales data for January, the results of house price surveys for December by the Federal House Finance Agency and S&P/Case-Shiller, the National Association of Realtors' pending home sales data for January, the jobless claims report, and the Commerce Department's durable goods orders report for January are among the closely watched data for the week.
The results of a few regional manufacturing surveys, several Fed speeches, including one by Federal Reserve Chair Janet Yellen, revised fourth quarter GDP data and the results of Treasury Department auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
The results of a survey by Markit showed that service sector activity in the U.S. slowed in February. The business activity index fell 4 points to 52.7, dropping to the lowest level since October 2013.
The Chicago Federal Reserve is scheduled to release its national activity index for January at 8:30 am ET. At 10:30 am ET, The Dallas Federal Reserve is due to release is regional manufacturing survey. Economists expect the general business activity index for the Texas region to come in at 2.5 compared to 3.8 in December.
FDIC Vice Chair Thomas Hoenig is due to speak on financial architecture and growth to the NABE in Arlington, Virginia at 3:50 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 | | | RF Micro Devices and TriQuint Semiconductor announced a definitive merger agreement to combine in an all-stock transaction. TriQuint shareholders will receive 1.675 shares of the new company and RFMD shareholders will receive 1 share of the new company for each TriQuint or RFMD share held.
Men's Wearhouse has increased its cash tender offer for Jos. A Bank Clothiers' all outstanding shares to $63.50 per share from $57.50 per share.
Verizon announced that it expects to sustain consolidated revenue growth rates and targets 4 percent consolidated revenue growth in 2014. On Friday, Verizon announced that it completed its acquisition of Vodafone's 45 percent indirect interest in Verizon Wireless.
Dillard's (DDS) reported fourth quarter results that were below Wall Street view.
Live Nation , SINA , Tenet Healthcare and Vornado Realty Trust 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 but turned mixed in early trading, with the French CAC 40 Index and the German DAX Index recovering only to retreat again in early afternoon trading. However, the U.K.'s FTSE 100 Index is continuing to trade below the unchanged line.
In corporate news, HSBC reported a 9 percent increase in its full year pre-tax profits but still missed estimates by most analysts. Meanwhile, Bovis Homes reported a strong increase in its full year profits, thanks to the housing market recovery in the U.K.
On the economic front, German business confidence unexpectedly strengthened in February to the highest level since July 2011 despite a drop in expectations. The business confidence index based on a survey by the IfO Institute climbed to 111.3 from 110.6 in January. The reading was expected to remain stable at 110.6. The current conditions index improved to 114.4 in February from 112.4 a month ago, above the reading of 112.7 expected by economists.
Revised estimates released by Eurostat showed that consumer prices in the Eurozone increased at a faster than previously estimated pace in January, although the rate of inflation remained unchanged from the December level. The harmonized index of consumer prices rose 0.8 percent year-over-year in January, faster than the 0.7 percent increase estimated initially.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets closed on a mixed note, with the Hong Kong, Chinese, Indonesian, Malaysian, Japanese, Taiwanese and South Korean markets retreating, while the Australian, Indian, New Zealand and Singaporean markets advanced. The tempo was set by the Chinese market, which retreated sharply amid reports that some of the banks have tightened lending norms for property loans.
The Japanese market ended lower, as the yen remained firm. The Nikkei 225 average opened lower but recovered over the course of morning trading. After moving above the unchanged line, the index retreated into negative territory in the afternoon and languished in the red thereafter. The index closed 27.99 points or 0.19 percent lower at 14,838. Export stocks came under selling pressure, while defensive utility and telecom stocks gained ground.
After trading mostly higher in the morning, Australia's All Ordinaries moved below the unchanged line in the afternoon only to stage a last minute recovery. The index closed up 0.70 points or 0.01 percent at 5,450. Modest strength in the financial and material spaces was offset by weakness in the energy and consumer staple sector.
Hong Kong's Hang Seng Index ended at 22,388, down 179.68 points or 0.80 percent, and China's Shanghai Composite Index ended 37.01 points or 1.75 percent lower at 2,077.
The results of a survey by the National Bureau of Statistics showed that residential property prices in major Chinese cities increased in January, albeit at a slower rate than in December. The average prices of new homes increased in 69 of the 70 cities surveyed.
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.42 to $102.62 a barrel after advancing $1.90 or 1.89 percent to $102.20 a barrel in the week ended February 21st.
Despite the release of weak U.S. economic data, Oil rose by over $2-a-barrel last Tuesday following declines in the last two sessions of the previous week. The commodity advanced yet again on Wednesday, rising close to $1-a-barrel. However, Oil declined modestly on Thursday amid the release of the weekly petroleum status report. The commodity saw further downside on Friday yet ended the week on a positive note.
Gold futures, which added $5 or 0.38 percent to $1,323.60 an ounce in the previous week, are currently climbing $8.30 to $1,331.90 an ounce.
In the currency market, the U.S. dollar was mixed against the yen and the euro in the week ended February 21st. The dollar rose 0.58 percent against the yen before settling the week at 102.51 yen. The yen's weakness reflected the Bank of Japan's decision to expand its lending. At the same time, the greenback eased 0.29 percent against the euro to $1.3746, as a few disappointing U.S. economic reports on existing home sales, New York region manufacturing activity and homebuilder sentiment exerted downward pressure on the dollar.
The U.S. dollar is currently-trading at 102.52 yen and is valued at $1.3721 versus the euro.
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