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| | US Market | | The major U.S. index futures are pointing to a lower opening on Friday, with sentiment getting a hit from weak non-farm payrolls data. The Labor Department's monthly non-farm payrolls report showed that the economy added jobs at an anemic pace yet again in January. The weak data is likely to stir up economic worries, especially as the Fed remains firm in its strategy of gradually withdrawing stimulus. Nevertheless, if the markets view that the weak data may slow down Fed's stimulus withdrawal pace, further selling could be averted.
U.S. stocks advanced solidly on Thursday, helped by a positive jobless claims report and some encouraging earnings. The major averages opened higher and advanced steadily in early trading. Subsequently, the averages moved sideways till the afternoon before taking a small leg up by late afternoon trading. Moving sideways once again, the averages ended notably higher for the session.
The Dow Industrials ended up 188.30 points or 1.22 percent at 15,629, the S&P500 Index closed 21.79 points or 1.24 percent higher at 1,773 and the Nasdaq Composite added 45.57 points or 1.14 percent before closing at 4,057.
Twenty-seven of the thirty Dow components closed higher for the session, with Disney rallying 5.30 percent and leading the Dow's gains. American Express , Cisco Systems , Intel and JP Morgan Chase also rose notably.
Housing, retail, financial, basic material, energy, transportation, Semiconductor and computer hardware stocks were among the best performers of the session.
On the economic front, the Labor Department reported that jobless claims fell to 331,000 in the week ended February 1st from 351,000 in the previous week. The four-week edged up to 334,000. Continuing claims calculated with a week's lag rose by 15,000 to 2.964 million in the week ended January 25th.
A separate Labor Department report showed that fourth quarter productivity was up 3.2 percent sequentially, and the previous quarter's productivity growth was upwardly revised to 3.6 percent from 3 percent. Unit labor costs fell 1.6 percent.
The Commerce Department reported that the trade deficit widened to $38.7 billion in December from an upwardly revised $34.6 billion in November. Exports fell 1.8 percent, the biggest drop since October 2012, on soft aircraft, fuel and auto exports. At the same time, imports were up 0.3 percent. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | U.S. job growth accelerated in the month of January compared to the anemic growth seen in December, according to a report released by the Labor Department on Friday, although the pace of growth still fell well short of economist estimates.
The report said non-farm payroll employment increased by 113,000 jobs in January following a slightly upwardly revised increase of 75,000 jobs in December. Economists had been expecting employment to climb by about 180,000 jobs compared to the addition of 74,000 jobs originally reported for the previous month.
Despite the weaker than expected job growth, the unemployment rate still edged down to 6.6 percent in January from 6.7 percent in December. The unemployment rate had been expected to come in unchanged. With the unexpected decrease, the unemployment rate fell to its lowest level since hitting 6.5 percent in October of 2008.
The Federal Reserve is due to release its report on outstanding consumer credit at 3 pm ET. The consensus estimate calls for a $12 billion increase in outstanding consumer credit in December compared to a $12.3 billion increase in the previous month. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Carlyle Group announced a deal to acquire the industrial packaging group from Illinois Tool Works (ITW) for $3.2 billion. The deal is expected to close in the middle of 2014.
LinkedIn said it has agreed to acquire Bright, a company connecting prospects and employers for $120 million, consisting of 73 percent in stock and 27 percent in cash.
News Corp. reported a decline in its second quarter net earnings, although its adjusted earnings were flat and were ahead of estimates. Revenues also exceeded estimates.
Expedia reported better than expected fourth quarter results. Netgear reported fourth quarter non-GAAP earnings of 59 cents per share on net revenue of $356.6 million. For the first quarter, the company expects net revenues of $335 million to $350 million. The results were better than expected and the guidance was in line.
Activision Blizzard reported better than expected fourth quarter results but issued weak guidance for 2014.
Gap reported fourth quarter comparable store sales that rose 1 percent and January comparable store sales were also up 1 percent year-over-year versus an 8 percent increase in the year-ago period. Net sales for the fourth quarter were down slightly to $4.58 billion from the year-ago quarter's $4.73 billion, slightly shy of estimates. The company also said it expects fourth quarter earnings of 65-66 cents per share, ahead of the consensus estimate.
Verisign reported fourth quarter non-GAAP earnings of 65 cents per share on revenues of $246 million. The results were ahead of estimates.
Republic Services reported fourth quarter adjusted earnings of 53 cents per share on revenues of $2.14 billion. For 2014, the company expects earnings of $1.93-$1.98 per share on revenue growth of 3.5-4.5 percent. The results exceeded estimates, while the earnings guidance was lukewarm.
CTS Corp. reported fourth quarter adjusted earnings of 25 cents per share on sales from continuing operations of $102.4 million. For 2014, the company expects earnings of 96 cents to $1.02 per share on sales growth from continuing operations of 4-6 percent.
FMC Technologies reported fourth quarter results that exceeded estimates, while its 2014 earnings guidance was weak.
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| | European Market | | European stocks opened higher but retreated into negative territory in late morning trading only to cut their losses ahead of the U.S. non-farm payrolls report, as traders reacted to some positive domestic data. However, following the release of the U.S. jobs data, the averages have turned mixed.
In corporate news, steel giant ArcelorMittal reported full year earnings that beat estimates. The company's fourth quarter earnings were also better than expected. Meanwhile, Norway's Statoil reported a decline in its fourth quarter earnings, hurt by lower realized pricing and higher depreciation costs.
On the economic front, U.K. industrial output rose less than expected in December, according to a report released by the U.K. Office for National Statistics. Industrial output was up 0.4 percent month-over-month following a 0.1 percent drop in November.
A separate report showed that the U.K.'s trade deficit narrowed to 7.7 billion pounds in December from 9.8 billion pounds in November. Economists had expected a more modest narrowing of the deficit to 9.3 billion pounds.
Meanwhile, the German foreign trade surplus hit the highest value since the beginning of compiling foreign trade statistics in 2013, provisional data from the Federal Statistical Office showed.
The foreign trade surplus increased to 198.9 bil euros in 2013 from a 189.8 billion euro surplus in 2012, as the decline in imports outpaced the drop in exports. Exports dipped 0.2 percent and imports fell 1.2 percent. The trade surplus fell to a seasonally adjusted 18.5 billion euros in December from 18.9 billion euros in the previous month, as exports and imports fell 0.9 percent and 0.6 percent, respectively. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The major Asian markets advanced, tracking the positive lead from Wall Street overnight. An upward revision to the economic growth forecast by the Reserve Bank of Australia also lifted sentiment, although Chinese data disappointed to the downside.
Japan's Nikkei 225 average opened higher and moved roughly sideways for the rest of the session, as the increase in risk appetite curbed demand for the yen and sent it lower. The index closed 307.29 points or 2.17 percent at 14,462. A majority of stocks advanced, with electric utilities seeing notable strength.
Australia's All Ordinaries also hovered above the unchanged line throughout the session before closing up 37.10 points or 0.72 percent at 5,185. Most sectors moved to the upside, led by energy and material stocks, while real estate and telecom stocks bucked the uptrend.
Hong Kong's Hang Seng Index closed at 21,637, up 213.72 points or 1 percent. The Chinese market, which opened following weeklong Lunar New Year holidays, also advanced, with the Shanghai Composite Index settling up 11.41 points or 0.56 percent at 2,045.
On the economic front, the Reserve Bank of Australia raised its forecasts for economic growth and inflation, citing a weaker currency. The bank said it expects a lower exchange rate to boost exports and restrain imports. Releasing the Statement on Monetary Policy, the central bank said it now expects the gross domestic product to grow 2.75 percent in the year ending June 2014 and 2.25-3.25 percent in the year through December 2014.
A survey by Markit Economics and HSBC revealed that the Chinese service sector business activity index fell to 50.7 in January from 50.9 in December. The Composite output index, which measures the performance of both manufacturing and service sectors, eased to 50.8 in January from 51.2 in December.
Japan's Cabinet Office reported that its leading economic indicators index for Japan rose to 112.1 in December from 111 in November. Economists had expected a reading of 111.9 for the month.
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| | Currency and Commodities Markets |
Crude Oil futures are receding $0.55 to $97.29 a barrel after rising $0.46 to $97.84 a barrel on Thursday. Gold futures are currently moving up $11.30 to $1,268.50 an ounce. In the previous session, Gold rose $0.30 to $1,257.20 an ounce.
Among currencies, the U.S. dollar is trading at 101.79 yen compared to the 102.11 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3594 compared to yesterday's $1.3590.
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