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| | US Market | The major U.S. index futures are pointing to a higher opening on Thursday, with modest optimism perceptible amid the release of a report showing a bigger than expected drop in jobless claims. With Ukrainian crisis not worsening, geopolitical fears are also likely to recede further. The retail space could see some move in reaction to the release of mixed same store sales performance by the U.S. retailers. Traders may also focus on a few Fed speeches scheduled for the day.
U.S. stocks moved about in a lackluster manner on Wednesday amid the release of disappointing economic data. The major averages opened lower and showed volatility in early trading, as traders digested weak private payrolls data. The uncertainty continued amid the release of a soft service sector reading but diverged thereafter.
The Dow Industrials languished below the unchanged for much of the session before closing down 35.70 points or 0.22 percent at 16,360, and the S&P 500 Index moved back and forth across the unchanged line throughout the session before ending down 0.10 points or 0.01 percent at 1,874. Meanwhile, the Nasdaq Composite held mostly above the unchanged line, closing up 6 points or 0.14 percent at 4,358.
Eighteen of the thirty Dow components closed lower, while the remaining twelve stocks advanced. Boeing , Nike , Visa (V), Verizon and Exxon Mobil decline notably, while JP Morgan Chase , Goldman Sachs , General Electric and Disney gained ground.
On the economic front, the results of ADP's survey showed that private payrolls expanded by a less than expected 139,000 in February. ADP blamed the soft numbers on the inclement weather. The goods producing sector added 19,000 jobs, with the construction sector adding 14,000 jobs. Manufacturing jobs rose a mere 1,000.
The results of the Institute for Supply Management's survey showed that service sector activity expanded at a notably slower pace in February. The non-manufacturing index fell 2.4 points to 51.6. Of the 18 industries surveyed, 7 saw growth, while 8 industries experienced contraction. The employment index fell sharply to 47.5 from 56.4, while the new orders index edged up 0.4 points to 51.3 and the order backlogs index rose 3 points to 52.
The Beige Book revealed that economic activity continued to expand across most regions and sectors. A majority of the 12 Federal Reserve districts reported that retail activity increased. Real estate markets also continued to improve, although a few districts reported a decline in residential construction. Commercial real estate activity was also reported as having improved.
The Dow Industrials underwent a consolidation move yesterday amid the negative economic tidings. If the markets regain momentum, the index could target a near-term resistance around 16,430. Further upward, the index also has resistance around 16,478 and 16,533. On the downside, the index has support around 16,310, 16,217, its 50-day MA (currently at 16,163), 16,067 and its 21-day MA (currently at 16,036).
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In an upbeat sign for the labor market ahead of tomorrow's monthly jobs report, the Labor Department released a report showing that first-time claims for U.S. unemployment benefits fell by more than expected in the week ended March 1st.
The report said initial jobless claims dropped to 323,000, a decrease of 26,000 from the previous week's revised figure of 349,000. Economists had expected jobless claims to fall to 338,000 from the 348,000 originally reported for the previous week.
With output rising by much less than previously estimated, the Labor Department released a report on Thursday showing a notable downward revision to the pace of labor productivity growth in the fourth quarter of 2013.
The report said productivity increased by 1.8 percent in the fourth quarter compared to the previously reported 3.2 percent increase. Economists had expected the pace of productivity growth to be downwardly revised to 2.4 percent.
Additionally, the Labor Department said unit labor costs edged down by just 0.1 percent in the fourth quarter, reflecting a notable revision from the previously reported 1.6 percent drop. The decrease in unit labor costs had been expected to be revised to 0.5 percent.
The Commerce Department is due to release its factory orders report for February at 10 am ET. Economists estimate a 0.5 percent month-over-month drop in factory orders for the month.
In December, factory orders declined 1.5 percent month-over-month, although excluding transportation orders grew 0.2 percent. Durable goods orders, accounting for the bulk of factory orders, fell 1 percent month-over-month in January. Excluding transportation, orders were up 1.1 percent. The core component that excludes non-defense capital goods orders, excluding aircraft, was up 1.7 percent. However, shipments of this category of goods that are plugged into GDP calculations were down 0.8 percent. Vehicle/parts, electrical equipment, machinery and primary metal orders all declined, while orders for computers/electronics and fabricated metals improved.
Philadelphia Federal Reserve Bank President Charles Plosser is due to speak on the economy and monetary policy in London at 1 pm ET. Additionally, Atlanta Fed President Dennis Lockhart is due to speak on the economic outlook in Washington at 6 pm ET.
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Semtech reported fourth quarter non-GAAP earnings of 23 cents per share on revenues of $126.5 million. The earnings were in line, while the revenues were shy of estimates. For the first quarter, the company expects non-GAAP earnings of 28-32 cents per share on net sales of $127 million to $133 million, in line with estimates.
Zumiez reported that its comparable store sales for February rose 2 percent year-over-year compared to an 8.9 percent drop in the year-ago period. Net sales were up 8.8 percent to $48.4 million.
Boyd Gaming reported a fourth quarter adjusted loss of 24 cents per share on revenues of $681.5 million. The results trailed expectations. For 2014, the company expects adjusted EBITDA of $600 million to $630 million.
Zimmer Holdings announced a 10 percent increase in its quarterly cash dividend. Devon Energy also said its board approved a 9 percent increase in its quarterly cash dividend to 24 cents per share.
Medical Properties Trust said it has commenced an underwritten public offering of 8 million shares of its common stock, with 7.7 million shares offered by the company and 200,000 by the company's CEO as a selling stockholder.
Cheeckpoint Systems , Comtech Telecom , Cooper Companies (COO), Finisar , H&R Block , Quiksilver and Shoe Carnival are among the companies due to release their quarterly results after the close of trading.
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| | European Market |
European stocks opened higher and advanced ahead of the U.S. jobless claims data and the interest rate decisions from the region. However, the averages have showed divergence, with the German DAX Index retreating, while the rest of the major averages are higher.
The Bank of England opted to hold its interest rate and the size of its qualitative easing unchanged, in line with expectations. The European Central Bank's monetary policy setting arm also decided to leave key rates unchanged. The central bank also upwardly revised the euro area's GDP forecast slightly, while inflation forecast was lowered slightly.
On the economic front, Deutsche Telekom reported a drop in its pre-tax profits for the fourth quarter, hurt by costs related to its acquisition of MetroPCS. France's Orange also reported a drop in its pre-tax profits.
Meanwhile, Telecom Italia reported a narrower loss for 2013. Bouygues announced that it has offered to buy Vivendi's SFR Telecom unit for 14.5 billion euros. Germany's Merck KGaA reported higher profits for its fourth quarter.
On the economic front, a report released by Halifax showed that house price in the U.K. rose 2.4 percent month-over-month in January, marking the eleventh month of growth in the last 12 months.
A report released by Society of Motor Manufacturers and Traders showed that car registrations in the U.K. rose 3 percent year-over-year in February, advancing for the 24th straight month.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The major Asian markets advanced, led by the Japanese, Indian and Taiwanese markets, even as there was no progress in efforts to diffuse the Ukrainian crisis. Traders seemed to react kindly to the fact that the issue has not flared up further. The Japanese markets rallied on the fall in the yen.
Japan's Nikkei 225 average, which held slightly above the unchanged line for much of the morning, advanced solidly in the afternoon. The index closed up 237.12 points or 1.59 percent at 15,136. A majority of stocks moved higher, although some defensive stocks came under selling pressure.
Australia's All Ordinaries languished below the unchanged line for much of the session before sneaking above the unchanged line in final few minutes of trading. At the close of trading, the index was up 2.40 points or 0.04 percent at 5,460. Financial and material stocks advanced, while energy and healthcare stocks moved to the downside.
Hong Kong's Hang Seng Index closed at 22,703, up 123.19 points or 0.55 percent, and China's Shanghai Composite Index ended 6.49 points or 0.32 percent higher at 2,060.
On the economic front, the Australian Bureau of Statistics reported that the Australian trade surplus increased notably to A$1.433 billion in January from A$591 million in December. Retail sales in Australia climbed a seasonally adjusted 1.2 percent month-over-month in January, according to a separate report.
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| | Currency and Commodities Markets |
Crude oil futures are receding $0.67 to $100.78 a barrel after slipping $1.88 to $101.45 a barrel on Wednesday.
The previous session's retreat came amid the waning of risk appetite and the release of the petroleum status report for the week ended February 28th, which showed that Crude oil stockpiles rose by 1.4 million barrels to 363.8 million barrels. Inventories of Crude oil were in the middle of the average range for this time of the year.
Distillate stockpiles rose by 1.5 million barrel but were below the lower limit of the average range for this time of the year. On the other hand, gasoline stockpiles fell by 1.6 million barrels yet were in the upper half of the average range. Refinery capacity utilization averaged 87.3 percent over the four weeks ended February 28th compared to 87 percent over the four weeks ended February 21st.
Gold futures, which rose $2.40 to $1,340.30 an ounce in the previous session, are currently moving down $3.90 to $1,336.40 an ounce.
Among currencies, the U.S. dollar is trading at 103.08 Yen compared to the 102.30 Yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3808 compared to yesterday's $1.3733.
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