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| | US Market | | The major U.S. index futures are pointing to a higher opening on Wednesday, with sentiment suggesting nervousness amid the release of a report showing weaker than expected addition to private payrolls. The buoyancy showed by the markets yesterday in the wake of encouraging news out of Ukraine could slowly give way to apprehensions arising out of the economic uncertainties. Traders may also focus on the results of the Institute for Supply Management's service sector survey and the Beige Book Report.
U.S. stocks rallied Tuesday amid the alleviation of geopolitical concerns. The major averages opened higher and advanced steadily throughout the session before ending notably higher, with the S&P 500 Index closing at a fresh record high.
The Dow Industrials added 227.85 points or 1.41 percent before closing at 16,396, the S&P 500 Index closed 28.18 points or 1.53 percent higher at 1,874 and the Nasdaq Composite closed at 4,352, up 74.67 points or 1.75 percent.
All thirty of The Dow components closed higher, with American Express , DuPont , General Electric , Disney and Goldman Sachs leading the gains.
Financial, transportation, biotechnology, energy, basic material, housing, retail, Semiconductor and computer hardware stocks were among the best performers of the session. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | With bad winter weather weighing on payrolls, ADP released a report showing that employment in the U.S. private sector rose by less than expected in the month of February.
ADP said the private sector added 139,000 jobs in February compared to economist estimates for an increase of about 155,000 jobs. The report also showed a downward revision to the job growth in the previous month, with employment rising by 127,000 jobs in January compared to the addition of 175,000 jobs that had been reported
Markit is scheduled to release final estimate for its U.S. service sector purchasing managers' index for February at 8:58 am ET.
The Institute for Supply Management is due to release the results of its non-manufacturing survey at 10 am ET. The consensus estimate calls for a drop in the index to 53.5 in February from 54 in January.
The non-manufacturing index rose 1 point to 54 in January. The business activity index moved up 2 points to 56.3, the new orders index rose 5 points to 50.9 and the order backlogs index climbed 3 points to 49. The employment index was up about 1 point to 56.4. Out of the 18 industries surveyed, 11 reported growth.
The Energy Information Administration is scheduled to release its weekly petroleum status report for the week ended February 28th at 10:30 am ET.
Crude Oil stockpiles edged up by 0.1 million barrels to 362.4 million barrels in the week ended February 21st. Inventories were in the upper half of the average range for this time of the year. Distillate stockpiles rose by 0.3 million barrels but were well below the lower limit of the average range.
On the other hand, Gasoline inventories fell by 2.8 million barrels but were in the upper half of the average range. Refinery capacity utilization averaged 87 percent over the four weeks ended February 21st, flat with the levels found over the four weeks ended February 14th.
The Federal Reserve is scheduled to release its Beige Book report at 2 pm ET.
Dallas Federal Reserve Bank President Richard Fisher is scheduled to speak in Mexico City at 7 pm ET. Additionally, San Francisco Fed President John Williams will speak on the economic outlook in Seattle at 8:30 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 | | | Bob Evans reported fourth quarter adjusted earnings of 30 cents per share on sales of $340 million. The results trailed expectations. The company also lowered its 2014 earnings guidance. However, the company issued in line earnings guidance for 2015.
ABM Industries reported fourth quarter adjusted earnings of 25 cents per share on revenues of $1.23 billion. The earnings were in line, but the revenues missed expectations. For 2014, the company expects 2014 adjusted earnings of $1.58-$1.68 per share. The guidance was lukewarm.
Carlyle announced that it has priced its underwritten public offering of 12 million common units at $33.50 per unit.
Bankrate also announced that it has priced its previously announced secondary public offering of 14 million shares of its common stock by a unit of Apax Partners at $18.25 per share.
Boyd Gaming , Semtech and Shanda Games are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | The relief over Ukraine has proved to be short lived, as European stock opened lower after yesterday's rally due to the lack of incentive to bid up stocks.
In corporate news, German athletic footwear maker Adidas reported better than expected fourth quarter results but forecast a weak performance for 2014, blaming the predicament on currency fluctuations. French retailer Carrefour reported better than expected profit growth for 2013, while U.K. bank Standard Chartered reported a drop in its profit for the full year.
On the economic front, revised estimates released by Markit showed that the private sector economy in the eurozone expanded at a faster pace in February. The Composite output index was rose to 53.3 compared to 52.9 in January. The service sector purchasing managers' index also climbed to 52.6 in February from 51.6 in January.
Revised estimates released by Eurostat showed that the euro area economy expanded at an unrevised sequential pace of 0.3 percent in the fourth quarter. The annual growth was also left unrevised at 0.5 percent. A separate report showed that eurozone retail sales unexpectedly rose by 1.1 percent year-over-year in January. On a monthly basis, sales were up a bigger than expected 1.6 percent.
Shop prices in the U.K. were down 1.4 percent year-over-year in February, according to a report released by the British Retail Consortium. Economists expected a 1.1 percent drop for the month. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most of the major Asian markets extended their advance, although the Chinese and Hong Kong markets retreated. The strength reflected the alleviation of fears concerning political tensions in Ukraine as Russian president Vladimir Putin relaxed his stance and stated that force is not needed right now. Most risky assets continued to be in favor.
With a weaker yen propping up export dependent stocks, Japan's Nikkei 225 average remained firmly higher throughout the session. The index closed up 176.15 points or 1.20 percent at 14,898. A majority of stocks advanced, led by Mitsubishi Estate, NEC and Nippon Electric Glass.
Australia's All Ordinaries hovered in positive territory throughout the session before closing 45.60 points or 0.84 percent higher at 5,457. Most sectors advanced, with healthcare, financial, material and energy stocks leading the gains. Meanwhile, defensive real estate and telecom stocks bucked the uptrend.
On the other hand, Hong Kong's Hang Seng Index closed at 22,580, down 77.85 points or 0.34 percent, and China's Shanghai Composite Index ended down 18.39 points or 0.89 percent at 2,053.
On the economic front, Markit and HSBC reported that their seasonally adjusted purchasing managers' index for the Chinese service sector moved up to 51 in February from 50.7 in January.
The Australian Bureau of Statistics reported that Australia's fourth quarter GDP rose a better than expected 2.5 percent year-over-year, up from the 2.3 percent growth in the third quarter. Sequentially, GDP rose 0.7 percent.
An indicator of activity in the Australian service sector rose 6.9 points to 55.2 in February, according to a separate report released by the Australian Industry Group. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.31 to $103.02 a barrel after sliding $1.59 to $103.33 a barrel on Tuesday. An ounce of gold is trading at $1,335.60, down $2.30 from the previous session’s close of $1,337.90. On Tuesday, gold fell $12.40.
Among currencies, the U.S. dollar is trading at 102.44 yen compared to the 102.21 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3731 compared to yesterday’s $1.3743. |
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