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| | US Market | | The major U.S. index futures are pointing to a mixed opening on Monday, with sentiment reflecting a slowdown in the momentum seen in the past two sessions. The absence of any major economic and earnings news could lead to indecision among traders. Traders may also prefer to wait for clarity on the monetary policy outlook from several Fed speeches scheduled for the week, including the Congressional testimony by the new Fed Chair Janet Yellen.
U.S. stocks ended a roller coaster week on an upbeat note, as traders digested a mixed batch of earnings and economic data.
Last Monday, the major averages closed notably lower, hurt by weak Chinese and U.S. manufacturing data. Notwithstanding the absence of any major catalysts, the averages rebounded moderately on Tuesday on bargain hunting. Stocks moved back to the downside on Wednesday amid the release of weak U.S. private payrolls data, with the averages ending modestly to moderately lower.
The major averages made a remarkable turnaround on Thursday, closing notably higher following some positive earnings and strong jobless claims data. The weak non-farm payrolls report released on Friday provided just the encouragement the markets needed concerning the pace of stimulus withdrawal. Consequently, the averages closed Friday's session notably higher.
For the week ended February 7th, The Dow Industrial and the S&P 500 Index added 0.61 percent and 0.81 percent, respectively, while the Nasdaq Composite added 0.54 percent.
Among the sector indices, the NYSE Arca Airline Index and the Philadelphia Semiconductor Index both added over 1 percent for the week. The NYSE Arca Gold Bugs Index and the Philadelphia Housing Sector Index added close to 1 percent each.
Last Friday's rally by The Dow Industrials was constrained by the index's 100-day MA (currently at 15,799). If The Dow extends its upward move, it may face difficulty breaking above the level, and if it does, it has resistances around 15,824, 15,891, 15,964, its 21-day MA (currently at 16,022) and 50-day MA (currently at 16,101). On the downside, the index has supports around 15,741, 15,622 and 15,545.
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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 some consumer data along with jobs and manufacturing reports could dictate proceedings in the market in the unfolding week.
Traders may closely focus on the Commerce Department's retail sales report for January, the Federal Reserve's industrial production report for January, the preliminary consumer sentiment report compiled by Reuters and the University of Michigan and the regularly scheduled weekly jobless claims data.
Fed speeches scheduled for the week, including Congressional testimony by new Federal Reserve Chair Janet Yellen, may also have a material impact on the markets.
The Commerce Department's wholesale inventories and business inventories reports, both for December, the Treasury Budget, the Labor Department's report on import and export prices for January and the Treasury Department's auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Sohu.com reported fourth quarter non-GAAP earnings of 12 cents per ADS on revenues of $385 million, up 29 percent year-over-year. For the first quarter, the company expects a loss of $1.10 to $1.20 per ADS on a non-GAAP basis on revenues of $355 million to $367 million.
Changyou's fourth quarter earnings were ahead of estimates, while its revenues missed expectations. The first quarter guidance was weak. Separately, the company announced the resignation of its CFO Alex Ho, effective March 4th, as he leaves to start his own business. The company's finance director Erin Sheng will assume the role of CFO on an interim basis.
Boeing said it forecasts that new airplane demand in the Asia-Pacific region will be around 12,820 airplanes, valued at $1.9 trillion, over the next 20 years. This would represent 36 percent of the world's new airplane deliveries over the next 20 years.
Synopsys announced that it has completed its acquisition of Target Compiler Technologies, a provider of IP and services used to accelerate innovation in chips and electronic systems. The company did not disclose the terms of the deal.
Fitch Ratings affirmed KLA-Tencor's ratings at 'BBB' and has its rating outlook for the company at stable. Fitch noted that its rating and outlook incorporate headroom for acquisitions and more aggressive share repurchases with expectations the company will maintain cash balances of $1 billion or more.
Amkor , Owens & Minor , Pioneer Natural Resources and Waste Connections 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 held above the unchanged line in early trading amid light domestic trading news. The averages are currently mixed.
On the economic front, French statistical office INSEE reported that French industrial production rose 0.5 percent year-over-year in December following a 1.7 percent increase in November. On a monthly basis, output was down 0.3 percent. Economists estimated a 1 percent annual increase and a 0.2 percent month-over-month gain.
The German Federal Statistical Office reported that German manufacturing turnover fell 1.5 percent month-over-month in December, reversing some of the 2.4 percent increase in November.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended mixed, as the underlying mood remained cautious even though the positive close by Wall Street stocks last Friday infused some risk appetite into the markets.
The Japanese market advanced notably, as the yen's weakness supported export stocks. The Nikkei 225 average opened higher and moved sideways in the morning. After advancing steadily in the afternoon, the index closed up 255.93 points or 1.77 percent at 14,718.
A majority of stocks advanced, with Olympus, Ebara, Softbank, Isuzu Motors, Dentsu and Yahoo Japan among the best performers of the session.
Australia's All Ordinaries hovered in positive territory throughout the session before ending up 52 points or 1 percent at 5,237. The markets witnessed broad based strength, with financial and material stocks posting notable gains.
China's Shanghai Composite closed 41.57 points or 2.03 percent higher at 2,086 after the Chinese central bank reiterated its commitment to stable monetary policy to ensure appropriate liquidity.
Meanwhile, Hong Kong's Hang Seng Index closed at 21,579, down 57.59 points or 0.27 percent.
On the economic front, Japan's Ministry of Finance reported that the Japanese trade deficit widened to 638.6 billion yen in December from 592.8 billion yen in November. Economists expected a wider deficit of 685.4 billion yen.
A Cabinet Office report showed that confidence among Japanese households worsened for a second straight month in January, with the consumer confidence index slipping 0.8 points to 40.5.
Separately, the Bank of Japan reported that bank lending in Japan rose 2.5 percent year-over-year in January following a 2.6 percent increase in December.
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| | Currency and Commodities Markets | | Crude Oil futures are sliding $0.15 to $99.73 a barrel after climbing $2.39 or 2.45 percent to $99.88 a barrel in the week ended February 7th.
Last Monday, Oil ended down over $1-a-barrel in reaction to soft U.S. and Chinese manufacturing data. The commodity rebounded on Tuesday, ending moderately higher. Oil added to its gains by a modest margin on Wednesday despite the weak private payrolls data.
The commodity rose moderately on Thursday, thanks to the positive jobless claims data. Oil jumped by more than $2-a-barrel on Friday amid the release of the mixed non-farm payrolls report.
Gold futures, which rose $23.10 or 1.86 percent to $1,262.90 an ounce in the previous week, are climbing $11.60 to $1,274.50 an ounce.
Among currencies, the U.S. dollar fell against the euro in the week ended February 7th, as the greenback lost 1.11 percent against the currency before ending the week at $1.3635. The euro was boosted by the increase in risk appetite and a few positive economic reports from the eurozone region, including private sector activity and German trade data. At the same time, the dollar rose 0.26 percent against the yen last week to 102.30 yen.
The U.S. dollar is currently-trading at 102.21 yen and is valued at $1.3633 versus the euro.
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