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| | US Market | | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment reflecting markets' attempt to rebound from depressed levels. European stocks, though currently lower, have pared back much of their early losses amid data that showed a bigger than initially estimated expansion in the manufacturing activity in the eurozone. Domestically, sentiment largely depends on the results of the Institute for Supply Management's manufacturing survey and monthly sales data from automakers.
U.S. stocks extended their slide in the week ended January 31st, as the failure of the Fed to slowdown its pace of stimulus withdrawal and mixed earnings exerted downward pressure on stocks.
Last Monday, the major averages went about in a directionless manner, as traders digested mixed catalysts, before closing lower. Helped by a positive consumer confidence reading and some upbeat earnings, the major averages closed higher on Tuesday.
With the FOMC opting to maintain the pace of stimulus withdrawal at its January meeting, the major averages came under considerable selling pressure on Wednesday. The major averages rebounded on Thursday, thanks to in line fourth quarter GDP data and some positive earnings. Negative corporate tidings pressured stocks on Friday, sending the major averages notably lower.
For the week ended January 31st, The Dow Industrials ended down 1.14 percent, while the S&P 500 Index and the Nasdaq Composite lost 0.43 percent and 0.59 percent, respectively
Among the sector indexes, the NYSE Arca Airline Index fell 3.34 percent for the week, while the NYSE Arca Securities Broker/Dealer Index slid 2.15 percent. The NYSE Arca Oil Index, the Philadelphia Oil Service Index, the NYSE Arca Gold Bugs Index and the KBW Bank Index all retreated over 1 percent, while the Philadelphia Housing Sector and The Dow Jones Utility Average added 3.33 percent and 2.91 percent, respectively.
The Dow Industrials settled last Friday's session below its 100-day MA (currently at 15,789). Immediate support for the index lie around 15,670, 15,623, 15,566 and 15,503, which incidentally is the head level of a triple top formation formed in mid 2013. Below the level, the index also has support around its 200-day MA (currently at 15,466). Upside resistances are around 15,738, its 100-day MA (currently at 15,789), 15,822, 15,884, 15,958, 16,010 and 16,073.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Jobs and private sector activity data are among the key economic readings that could offer some clarity to the economic outlook in the unfolding week. Traders are expected to focus on the Labor Department's non-farm payrolls report for January, ADP's private sector jobs report, the weekly jobless claims report, the results of the Institute for Supply Management's manufacturing and non-manufacturing reports for January and the final reading of Markit's U.S. manufacturing survey for January.
Auto sales for January, the Commerce Department's construction spending, trade balance and factory orders reports, all for December, the Labor Department's preliminary non-farm productivity and costs data for the fourth quarter, the Federal Reserve's consumer credit report for December, some Fed speeches and announcements concerning the Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
The nation's automakers, including overseas companies, are due to release their monthly sales figures for January. Economists estimate total vehicle sales to come ion at a seasonally adjusted annual rate of 15.8 million units compared to a 15.4-million unit rate in December.
Final estimates of Markit's U.S. manufacturing survey for January showed that manufacturing activity expanded at a slower rate. The manufacturing purchasing managers' index for January declined to 53.7 from 55 in December.
The Institute for Supply Management is due to release the results of its national manufacturing survey for January at 10 am ET. The consensus estimate call for a decline in the index to 56 from 57 in December.
The manufacturing purchasing managers' index for the U.S. edged down to 57 in December from 57.3 in November. The new orders index rose 0.6 points to 64.2, while the order backlogs index slipped 2.5 points. The employment index edged up to 56.9 from 56.5, reaching the highest level since June 2011. Of the 18 industries surveyed, 13 industries reported growth.
The Commerce Department is scheduled to release its construction spending report for December at 10 am ET. Economists estimate no change in construction spending compared to the previous month.
Construction spending rose 1 percent month-over-month in November. Annually, construction spending was up 5.9 percent. Private construction spending climbed 2.2 percent, while spending on public construction fell 1.8 percent. In the private category, residential and non-residential construction spending rose 1.9 percent and 2.7 percent, respectively.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | In a letter written by its directors in response to a letter sent by Men's Wearhouse CEO Douglas Ewert, Jos. A. Bank Clothiers reiterated that the board continues to believe that the latter's offer to acquire Jos. A. Bank under-values the company and is not in the best interest of its stockholders.
Standard & Poor's announced that Taser International will replace Consolidated Graphics in the S&P SmallCap 600 Index after the close of trading on February 4th. The move follows Consolidated Graphics' acquisition by R.R. Donnelley & Sons.
Crane announced the appointment of Max Mitchell as its CEO, effective at the close of business on January 31st, in line with its previously announced succession plan. Mitchell replaced Eric Fast, who retired from Crane.
United Online announced that its board determined to discontinue cash dividend payments in orders to provide financial flexibility to support anticipated long-term growth initiatives.
Cincinnati Financial (CINF) announced an increase in its quarterly dividend to 44 cents per share from 42 cents per share.
Anadarko Petroleum , Edward Lifesciences , General Growth Properties , Hartford Financial , MDU Resources , PartnerRe , Post Properties , Principal Financial (PFC), Take-two and Yum Brands are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | European stocks have shown some volatility in early trading and are currently-trading lower.
In corporate news, Smith & Nephew announced a deal to buy ArthoCare for $1.7 billion in cash. Ryanair reported a loss for its third quarter despite an increase in the number of passengers carried, as ticket prices fell. However, forward bookings rose. Rangold Resources reported lower profits and revenues for its fourth quarter.
On the economic front, revised estimates released by Markit Economics showed that its final estimates of the purchasing managers' index for manufacturing activity in the eurozone came in at 54 for January, an upward revision from the preliminary estimate of 53.9. In December, the index was at 52.7.
A survey by the U.K. Chartered Institute of Purchasing & Supply and Markit Economics showed that their purchasing managers' index for the U.K. eased 0.5 points to 56.7 in January. Economists had expected a more modest slowdown to 57.1.
The results of a house price survey by Hometrack showed that house prices in the U.K. rose 0.3 percent month-over-month in January compared to the 0.5 percent increase in December. Nevertheless, house prices were higher for the 12th straight month.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets that remained open for trading ended on a negative note, as weak Chinese data and the negative lead from Wall Street engendered negative sentiment in the markets. The Chinese, Hong Kong and Taiwanese markets were closed for Lunar New Year holidays.
The Japanese market was pressured by the strengthening of the yen in reaction to the risk aversion. The Nikkei 225 average opened lower and declined steadily throughout the session before closing down 295.40 points or 1.98 percent at 14,619.
A majority of stocks declined in the session, led by TDK, NTN and Kansai Electric Power. On the other hand, NGK Insulators rallied 11.78 percent. Ricoh, Fujitsu and Fanuc also advanced.
Australia's All Ordinaries languished below the unchanged line for the better part of the session before closing down 3.20 points or 0.06 percent at 5,202. Financial, material and healthcare stocks declined in the session, while energy stocks gained ground.
On the economic front, the results of a survey by the China Federation of Logistics and Purchasing and the National Bureau of Statistics showed that Chinese non-manufacturing sector activity declined in January. The non-manufacturing purchasing managers' index declined to 53.4 in January from 54.6 in December, as domestic demand and employment conditions remained weak.
The results of a manufacturing survey by the Australian Industry Group showed that the manufacturing sector in Australia continued to contract in January. The manufacturing purchasing managers' index slipped to 46.7 from 47.6 in December.
The latest survey by TD Securities showed that annual inflation expectations in Australia were at 2.5 percent in January, down from 2.7 percent in December. The Reserve Bank of Australia targets inflation around 2-3 percent.
The number of building approvals in Australia fell 2.9 percent month-over-month in December, according to data released by the Australian Bureau of Statistics. Economists had expected a more modest 0.5 percent drop.
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.12 to $97.61 a barrel after rising $0.85 or 0.88 percent to $97.49 a barrel in the week ended January 31st.
Last Monday, Oil fell over $1-a-barrel on the back of soft new home sales data. The commodity rebounded by over $1.50-a-barrel on Tuesday, helped by positive economic and earnings catalysts.
After dipping marginally on Wednesday amid the Fed decision, Oil rose close to $1-a-barrel on Thursday. The commodity declined moderately on Friday amid the equity market weakness yet ended the week higher.
Gold futures, which fell $24.50 or 1.94 percent to $1,239.80 an ounce in the previous week, are currently adding $6.40 to $1,246.20 an ounce.
Among currencies, the U.S. dollar had a mixed session in the week ended January 1st, with the greenback adding 1.40 percent against the euro before ending the week at $1.3486. The dollar was the beneficiary of some strong domestic data on personal spending and fourth quarter GDP. At the same time, the dollar edged down 0.26 percent against the yen last week to 102.04 yen.
The U.S. dollar is currently-trading at 101.96 yen and is valued at $1.3493 versus the euro.
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