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| | US Market | | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment getting a lift from expectations that central banks and governments world over will not let the global economy to recoil back into recession. Traders are hopeful that the Chinese government will roll out measures to avert a hard landing, and with central bank decisions due across the Atlantic this week, expectations that the European Central Bank will ease monetary policy further are gaining ground. The domestic markets will also look for directional cues from the results of a regional manufacturing survey and a speech by The Fed Chair.
U.S. stocks closed mixed in the week ended March 28th, as the ongoing geopolitical crisis in Ukraine and mixed economic data kept the mood lackadaisical.
Last Monday, the major averages languished mostly below the unchanged line amid a lack of any major compelling catalysts before closing lower. The major averages staged a rebound on Tuesday, thanks to a string of mostly positive data on house prices and consumer confidence.
The release of some lukewarm economic data and the continuing geopolitical tensions surrounding Ukraine exerted downward pressure on the major averages on Wednesday. Economic and geopolitical worries continued to haunt traders on Thursday, sending the averages lower once again. Stimulus hopes helped the averages to snap their losses on Friday, and the averages ended the session modestly to moderately higher.
For the week, The Dow Industrials rose 0.12 percent, while the S&P 500 Index and the Nasdaq Composite Index fell 0.48 percent and 2.83 percent, respectively.
Among the sectors, the NYSE Arca Biotechnology Index and the NYSE Arca Gold Bugs Index fell 6.67 percent and 4.77 percent, respectively for the week. Additionally, the NYSE Arca Securities Broker/Dealer Index and the KBW Bank Index moved down 3.67 percent and 1.73 percent, respectively, while the NYSE Arca Oil Index climbed 2.17 percent. The Philadelphia Oil Service Index and The Dow Jones Utility Index added over 1 percent each.
The Dow Industrials finished last week above its 21-day MA currently at 16,302. Apart from that level, which is currently the index's near term support, it also has support around 16,259, 16,176, its 50-day MA currently at 16,121 and 100-day MA currently at 16102. On the upside, the index has resistance around the 16,367, 16,419, 16,476 and 16,533 levels. |
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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 likely to dominate proceedings in the unfolding week. The focus of the week is likely to be the monthly non-farm payrolls data for March due on Friday, while traders may also closely watch the other labor statistics of the week, namely ADP's private sector jobs data and the weekly jobless claims report.
The results of the Institute for Supply Management's national manufacturing and non-manufacturing surveys for March, the results of Markit's manufacturing and service sector surveys and the results of MNI Indicators' Chicago-area manufacturing survey for March are also likely to be in the spotlight.
The Commerce Department's construction spending, trade balance and factory orders reports, all for February, some Fed speeches and announcements concerning Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
MNI Indicators is scheduled to release its report of manufacturing activity in the Chicago region at 9:45 am ET. Economists expect the Chicago business barometer to slip to 59 in March from 59.8 in February.
In February, the index edged up 0.2 points to 59.8, with the details of the report coming in mixed. The employment index spiked 10.1 points to 59.3. However, the new orders and production indexes fell. The prices index fell about 6 points to 59.1.
Federal Reserve Chair Janet Yellen is due to speak to the community reinvestment conference in Chicago at 9:55 am ET.
The Dallas Federal Reserve will release the results of its regional manufacturing survey at 10:30 am ET. The consensus estimate calls for an increase in the index to 3 in March from 0.3 in February. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Biogen announced that the FDA has approved its hemophilia B treatment ALPROLIX. The company said it is planning to make the treatment commercially available in early May.
Pfizer noted that the FDA has approved over-the-counter Nexium 24HR for treating heart burn. Pfizer acquired exclusive global rights for Nexium from AstraZeneca in 2012.
Dominion Resources announced the one of its wholly-owned subsidiaries Dominion Midstream Partners has filed a registration statement on Form-1 with the SEC related to its proposed public offering of common units representing limited partner interests.
UTi Worldwide reported a narrower net loss for its fourth quarter despite revenues declining year-over-year. However, the company's adjusted loss per share was wider than analysts' estimate. The company also said its audited financial statements were issued with no going concern qualification for all periods presented.
Cal-Maine Foods reported a higher third-quarter profit, as sales grew 10 percent, driven by improved volumes through the holiday season and higher average selling prices. The company also benefited from lower feed costs compared with last year. |
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| | European Market | | European stocks opened higher but have given back some of their gains since then.Nevertheless, the averages are currently higher.
On the economic front, property tracking website Hometrack reported that the average asking price for a house in the U.K. was up 0.6 percent month-over-month in March, slower than the 0.7 percent increase in February. Nevertheless, prices have been upward bound for fourteen straight months.
A report released by the German Federal Statistical Office showed that German retail sales climbed 1.3 percent month-over-month in real terms in February compared to expectations for a 0.5 percent drop.
Revised estimates released by statistical office INSEE showed that the French economy grew at an unrevised sequential rate of 0.3 percent in the fourth quarter. Flash estimates released by Eurostat showed that the euro area's annual inflation eased to 0.5 percent in March from 0.7 percent in February. Economists estimated a 0.6 percent inflation rate for the month.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed on a mixed note, with the Chinese, Indian, Malaysian and Indonesian markets closing lower, while the rest of the markets advanced.
The Japanese market benefited from the yen's weakness, with the Nikkei 225 average opening higher and hovering in positive territory throughout the session before settling up 131.80 points or 0.90 percent at 14,828.
A majority of stocks advanced in the session, led by Shinei Bank, Tosoh, Tokyo Tatemono and Dowa Holdings. On the other hand, utility, paper, construction and retail stocks came under selling pressure.
Australia's All Ordinaries also traded above the unchanged line throughout the session before closing 26.20 points or 0.49 percent higher at 5,403. Most sectors rose modestly, although healthcare and consumer staple stocks bucked the uptrend.
Hong Kong's Hang Seng Index ended at 22,151, up 85.53 points or 0.39 percent, while China's Shanghai Composite ended down 8.41 points or 0.41 percent at 2,033.
On the economic front, the latest survey from TD Securities revealed that the inflation forecast for Australia showed no change in March compared to February. Consumer prices are expected to rise 0.2 percent month-over-month and 2.7 percent year-over-year, the same rates as in the previous month.
The results of a survey by the Housing Industry Association showed that new home sales in Australia rose 4.6 percent month-over-month in February following a 0.5 percent increase in January. Data released by the Reserve Bank of Australia showed that private sector credit in Australia rose 0.4 percent month-over-month in February, the same pace as in the previous month.
A report released by Japan's Ministry of Economy, Trade and Industry showed that industrial production fell 2.3 percent month-over-month in February, belying expectations for a 0.3 percent increase. Annually, industrial production rose a less than expected 6.9 percent.
Housing starts in Japan rose at a slower than expected pace in February, according to a report released by the Ministry of Land, Infrastructure, Transport and Tourism. Housing starts were up 1 percent year-over-year compared to expectations for a 6.1 percent increase. |
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| | Currency and Commodities Markets | | Crude Oil futures are receding $0.25 to $101.42 a barrel after advancing $2.21 or 2.22 percent to $101.67 a barrel in the week ended March 28th.
Last Monday, Oil extended its gains by advancing modestly despite the equity market weakness. However, the commodity retreated moderately on Tuesday.
Helped by some positive economic data, Oil rose by over $1-a-barrel on Wednesday. The commodity made another $1+ gain on Thursday and rose modestly on Friday, ending the week higher.
Gold futures, which fell $41.70 or 3.12 percent to $1,294.30 an ounce in the previous week, are edging up $0.10 to $1,294.40 an ounce.
The dollar extended its gains in the week ended March 28th, with the currency benefiting from its safe haven appeal. The greenback added 0.57 percent for the week against the yen before settling at $102.83 yen. Meanwhile, the dollar fell 0.31 percent against the euro to $1.3752.
The U.S. dollar is currently at 103.26 yen and is valued at $1.3787 versus the euro.
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