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| | US Market | | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment reflecting modest optimism despite the lack of any major trading cues. Notwithstanding fairly in line euro zone private sector activity data, European stocks are trading modestly lower, with the Ukrainian crisis weighing in the minds of traders. The domestic markets may react to the results of the manufacturing survey by Markit Economics due to be released shortly after the markets open. The markets may mostly likely to trade in recent ranges due to the absence of any compelling catalysts.
U.S. stocks rebounded in the week ended March 21st due to the momentum provided by positive economic data and relief over the Ukrainian crisis remaining contained.
Last Monday, the major averages advanced strongly, helped by the alleviation of geopolitical fears and a couple of benign economic readings on industrial production and homebuilder confidence. The averages extended their gains on Tuesday, thanks to indication from Russia that it is not looking to splinter Ukraine. Positive domestic housing starts data also buoyed sentiment.
With the Federal Reserve suggesting that it may begin a normalization of interest rates earlier than anticipated, the indexes retreated moderately on Wednesday. However, strong economic data came to the rescue of markets once again on Thursday, helping them stage a rebound. The averages pulled back on Friday, as a lack of any major trading catalysts and simmering geopolitical concerns increased uncertainty among traders. Nevertheless, the averages managed to end the week notably higher.
For the week ended March 21st. The Dow Industrials and the S&P 500 Index added 1.5 percent and 1.4 percent, respectively. The NASDAQ advanced by 0.7 percent.
Among the sectors, the KBW Bank Index rallied 4.5 percent for the week, while the Philadelphia Oil Service Index and the Philadelphia Oil Service Index advanced over 3 percent each. Additionally, the NYSE Arca Securities Broker/Dealer Index gained 2.7 percent, while the NYSE Arca Gold Bugs Index slumped 8.6 percent. Meanwhile, the NYSE Arca Biotechnology Index and the Philadelphia Housing Sector Index fell over 1 percent each.
The previous week's advance has put The Dow Industrials above its key moving averages, with its 21-day MA (currently at 16,277), 50-day MA (currently at 16,130) and 100-day MA (currently at 16,067) offering strong support. On the upside, the index has resistance around 16,336, 16,414, 16,481 and 16,533. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Some Fed speeches, consumer readings and housing data are among the closely watched economic events of the unfolding week. Traders are likely to focus on the Commerce Department's new home sales report for February, the National Association of Realtors' pending home sales index for February, the results of house price surveys by S&P/Case-Shiller and the Federal House Finance Agency, the Conference Board's consumer confidence reading for March and the revised consumer sentiment data compiled by Reuters and the University of Michigan.
The Commerce Department's durable goods orders report for February, the weekly jobless claims report and the Commerce Department's personal income and spending report for February are also likely to be in the spotlight. A preliminary estimate of Markit's U.S. manufacturing index for March, the results of a few other manufacturing surveys carried out by the regional Federal Reserve banks and the results of Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
Markit is scheduled to release the results of its preliminary manufacturing survey for the U.S. at 9:45 am ET. The consensus estimate calls for a small increase in the index to 56.9 in March from 56.7 in February.
Federal Reserve Governor Jeremy Stein will make the welcoming remarks at a Fed conference in Washington at 9 am ET. Dallas Federal Reserve Bank President Richard Fisher will speak on the forward guidance in London at 1:45 pm ET. |
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| | European Market | | European stocks opened lower and declined further in early trading. However, since then, they have recouped some of their losses and are currently modestly lower.
Concerns about the potential economic impact of sanctions against Russia are impacting sentiment in the markets, while traders are also digesting private sector activity data from the eurozone, which has come in roughly in line with estimates.
On the economic front, flash estimates released by Markit showed that the private sector in the eurozone continued to expand in March, although at a slightly slower rate than in February. The Composite purchasing managers' index fell to 53.2 in March from 53.3 in February, while economists expected a decline to 53.1.
The manufacturing purchasing managers' index edged down 0.2 points to 53, in line with estimates, while the services purchasing managers' index eased 0.2 points to 52.4 compared to expectations of 52.5.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed notably higher despite weak Chinese manufacturing data. The Hong Kong market led the gains with a solid advance by the key Hang Seng Index. However, the New Zealand market bucked the uptrend with a modest drop.
Japan's Nikkei 225 average opened higher and advanced steadily in the morning before moving sideways in the afternoon. The index closed 251.07 points or 1.77 percent higher at 14,475. A majority of stocks moved to the upside, led by export stocks, but real estate, construction, pharma and some bank stocks declined.
Australia's All Ordinaries languished below the unchanged line for the better part of the session before staging a recovery in late trading. The index ended up 8.10 points or 0.15 percent at 5,362. Material, utility and financial stocks gained ground, while energy and consumer stocks retreated.
Hong Kong's Hang Seng Index ended at 21,847, up 409.75 points or 1.91 percent, and China's Shanghai Composite Index closed 18.66 points or 0.91 percent higher at 2,066.
On the economic front, the Chinese manufacturing sector fell deeper into contraction territory in March, according to flash estimates released by HSBC and Markit Economics. The manufacturing purchasing managers' index came in at a seasonally adjusted 48.1, representing an eight-month low. The headline number is down from 48.5 in February and was shy of forecasts for 48.7.
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| | Currency and Commodities Markets | | Crude Oil futures are climbing $0.68 to $100.14 a barrel after moving up $0.57 or 0.58 percent to $99.46 a barrel in the week ended March 21st.
Last Monday, Oil slid moderately after staging a recovery in the final two sessions of the previous week. However, the commodity bounced back by over $1.50-a-barrel on Tuesday, helped by positive economic data.
Oil rose moderately on Wednesday amid the Fed announcement before pulling back modestly on Thursday. The commodity advanced moderately on Friday before ending the week higher.
Gold futures, which retreated $43 or 3.1 percent to $1,336 in the previous week, are currently sliding $18.90 to $1,317.10 an ounce.
On the currency front, the U.S. dollar strengthened against most currencies in the week ended March 21st. The strength reflected the impact of the suggestion that the Fed may find itself ahead of the curve. The greenback added 0.88 percent against the yen before settling the week at 102.25 and climbed 0.86 percent against the euro to $1.3794.
The U.S. dollar is currently-trading at 102.49 yen and is valued at $1.3773 versus the euro.
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