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| | US Market | | The major U.S. index futures are pointing to a higher opening on Friday, with sentiment showing modest strength amid the release of a report that showed that consumer spending rose in line with expectations. While Asian stocks closed mostly higher in the day amid expectations that the Chinese government will fast track infrastructure projects to reinvigorate growth, the European markets are holding up. The domestic markets could also react to a consumer sentiment data due to be released shortly after the markets open.
U.S. stocks extended their slide on Thursday, as they wallowed amid the economic and geopolitical uncertainties. The major averages opened little changed despite the release of separate reports showing an unexpected drop in jobless claims and fairly in line revisions to fourth quarter GDP estimate. The averages declined sharply in early trading but managed to snap their losses and move higher in late morning trading.
The averages declined yet again in early afternoon trading, with the S&P 500 Index and the Nasdaq Composite Index continuing to languish in negative territory thereafter before closing lower. The S&P 500 Index ended down 3.52 points or 0.19 percent at 1,849 and the Nasdaq Composite lost 22.35 points or 0.54 percent before closing at 4,151. Meanwhile, The Dow Industrials moved back and forth across the unchanged line throughout the session before closing down 4.76 points or 0.03 percent at 16,264.
Notwithstanding the Dow's drop, the breadth was in favor of the advancers, with 16 of the 30 Dow components advancing in the session, while the remaining fourteen stocks retreated. AT&T, Verizon and Exxon Mobil rose notably in the session, while Microsoft , IBM and Cisco Systems retreated sharply.
Airline and financial stocks were the worst performers of the session.
On the economic front, the Labor Department reported that jobless claims fell to 311,000 in the week ended March 22nd from 321,000 in the previous week. The four-week average slipped to 318,000 from 327,000. Continuing claims calculated with a week's lag dropped 16,000 to 2.991 million for the week ended March 15th.
The Commerce Department upwardly revised its fourth quarter GDP estimate to 2.6 percent from 2.4 percent. Personal consumption was upwardly revised to show 3.3 percent growth from 2.6 percent, while gross private investment was revised lower.
The National Association of Realtors reported that pending home sales fell 0.8 percent month-over-month in February, while the January reading was revised to show a 0.2 percent drop compared to the 0.1 percent growth estimated initially. Pending home sales fell in the Northeast and the South, while sales were higher in the Midwest and the West.
The Dow Industrials settled almost unchanged, forming a doji candlestick pattern that signals indecision among traders. Yesterday, the index did not possess enough momentum to push through its 21-day MA currently at 16,300, which could continue to offer resistance to the index. Outside of this level, the index also has resistance around the 16,331, 16,367, 16,424, 16,476 and 16,533 levels. On the downside, the index has support around 16,228, 16,166 and its 50-day MA currently at 16,124 and 100-day MA currently at 16,095. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Commerce Department is reported that personal income rose 0.3 percent month-over-month in February, slightly ahead of expectations for a 0.2 percent increase. Personal spending also rose 0.3 percent, in line with expectations. The personal savings rate was unchanged at 4.3 percent. The annual increase in personal consumption expenditure price index was 0.9 percent and the core rate was up 1.1 percent.
Reuters and the University of Michigan are due to release their final estimates of consumer sentiment index for March at 9:55 am ET. The consensus estimate calls for an upward revision to the index to 80.5 from the mid-month reading of 79.9.
Kansas City Federal Reserve President Esther George is scheduled to speak on the economy in Kansas City at 1:15 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 | | | Red Hat reported fourth quarter non-GAAP adjusted earnings of 39 cents per share on revenues of $400 million, up 15 percent year-over-year. The results exceeded estimates.
BlackBerry reported a narrower than expected loss for its fourth quarter, while its revenues were below estimates.
Oxford Industries reported fourth quarter adjusted earnings of 89 cents per share on sales of $250.4 million, up 6 percent year-over-year. The results exceeded estimates. For 2014, the company expects adjusted earnings of $3-$3.15 per share on net sales of $980 million to $1 billion. The earnings guidance was lackluster but the revenue guidance was in line.
Progress Software reported first quarter non-GAAP income from continuing operations of 21 cents per share on revenues from continuing operations of $74.5 million. The earnings came in line, while the revenues were slightly shy of estimates. The company downwardly revised its 2014 guidance and now expects non-GAAP earnings per share of $1.37-$1.43 per share on revenues of $331 million to $338 million. Nevertheless, the guidance was positive.
CBS announced that its outdoor advertising subsidiary CBS Outdoor America has priced its initial public offering of 20 million shares at $28 per share. The shares are expected to begin trading on the NYSE under the ticker symbol CBSO, beginning March 28th. |
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| | European Market | | European stocks have opened higher after yesterday's declines.
In corporate news, Italian lender Intesa Sanpaolo reported a hefty loss for the fourth quarter that widened sharply from the previous year, hit by impairments. The company also unveiled a business plan for 2014-2017.
On the economic front, the results of a survey by GfK showed that its index of consumer confidence for the U.K. rose to -5 in March from -7 in February, exceeding expectations for a score of -6. The German Federal Statistical Office reported that German import prices were down 2.7 percent year-over-year in February following a 2.3 percent fall in January. The decline was the biggest since November 2013 and faster than the 2.4 percent decline forecast by economists.
Revised estimates released by the U.K. Office for National Statistics showed that the U.K. economy rose at an unrevised pace of 0.7 percent sequentially in the fourth quarter. The annual growth was also left unrevised at 2.7 percent.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced, ignoring the negative lead from Wall Street overnight. Hopes that central banks and governments will stand ready to support in the eventuality of the global economy suffering a setback has offered encouragement to traders.
The Japanese market ended on a firm note, with some fairly positive economic data and fiscal year end window dressing supporting the key average close at 2-week highs. The Nikkei 225 average opened lower and languished in the red in the morning. After recouping its losses, the index traded close to the unchanged line till late trading before beginning to advance. The index closed up 73.14 points or 0.50 percent at 14,696. Most export stocks advanced, although the technology space showed mixed sentiment. Defensive pharma and utilities and construction and mining stocks also moved to the downside.
Australia's All Ordinaries traded amid trepidation till late morning trading but moved steadily higher thereafter. The index closed 17.10 points or 0.32 percent at 5,377. Most sectors saw modest strength, led by financial stocks, while consumer staple and healthcare stocks came under selling pressure.
Hong Kong's Hang Seng Index ended at 22,066, up 231.53 points or 1.06 percent, while China's Shanghai Composite Index closed 4.88 percent or 0.24 percent lower at 2,042.
On the economic front, Japan's Ministry of Internal Affairs and Communications released a trio of reports. Japan's annual core consumer price inflation came in at 1.3 percent in February, unchanged from the previous month. The annual core inflation rate for Tokyo often considered the leading indicator for the whole of Japan came in at 1.3 percent for March, ahead of expectations of 1.2 percent. A separate report showed that the unemployment rate in Japan remained unchanged at 3.6 percent in February compared to the 3.7 percent rate expected by economists.
Meanwhile, another report showed that average household spending in Japan fell 2.5 percent year-over-year in February, defying forecast for a 0.1 percent increase. The average monthly income per household declined 1.3 percent. Meanwhile, Japan's Ministry of Economy, Trade and Industry reported that retail sales rose 3.6 percent annually, ahead of the 3.5 percent increase expected by economists. |
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.19 to $101.47 a barrel after advancing $1.02 to $101.28 a barrel on Thursday. The most actively traded Gold futures are currently slipping $0.60 to $1,294.20 an ounce. In the previous session, Gold fell $8.60 to $1,294.80 an ounce.
Among currencies, the U.S. dollar is currently at 102.16 yen compared to the 102.18 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3749 compared to yesterday's $1.3740.
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