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| | US Market | | The major U.S. index futures are pointing to a lower opening on Wednesday, with sentiment suggesting an extension of the downtrend, as the markets grapple with uncertainties. The lack of any directional cues has intensified the uncertainty concerning the domestic economic outlook, while concerns about the global economy have also increased in the wake of recent data from China. Global cues are negative, with European stocks declining sharply in the session. Against the backdrop, the markets may witness more selling, although a large scale correction is unlikely.
U.S. stocks declined moderately on Tuesday amid a lack of any major directional cues. The major averages opened higher but moved lower immediately after. After staging a short-lived recovery in late morning trading, the indexes declined steadily throughout the remainder of the session before closing lower.
The Dow Industrials ended down 67.43 points or 0.41 percent at 16,351 and the S&P 500 Index closed 9.54 points or 0.51 percent lower at 1,868 and the Nasdaq Composite Index closed at 4,307, down 27.26 points or 0.63 percent.
Twenty-one of the thirty Dow components declined, with DuPont , JP Morgan Chase , Goldman Sachs , United Technologies and Exxon Mobil leading the declines.
Biotechnology, energy, basic material, computer hardware and financial stocks were among the worst 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 | | | The Energy Information Administration is scheduled to release its petroleum status report for the week ended March 7th at 10:30 am ET. Crude oil stockpiles rose by 1.4 million barrels to 363.8 million barrels in the week ended February 28th. 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.
The Treasury will also announce the results of its auction of 10-year notes at 1 pm ET.
The Treasury is also due to release its monthly budget report for February at 2 pm ET. The consensus estimates call for a budgetary deficit of $218 billion compared to a deficit of $10.4 billion in January. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Verifone reported first quarter non-GAAP net income of 31 cents per share on non-GAAP net revenues of $437 million. For the full year, the company expects non-GAAP net earnings of $1.40 per share on non-GAAP net revenues of $1.78 billion to $1.81 billion. The results exceeded estimates and the guidance was in line.
Diamond Foods reported better than expected second quarter results.
Men's Wearhouse reported a fourth quarter adjusted loss of 38 cents per share on net sales of $560.6 million, down 2.6 percent. The results trailed estimates.
NCI Building Systems reported a first quarter net loss of 6 cents per share on sales of $310.7 million, up 4.4 percent. The loss was wider than expected but the revenues exceeded estimates.
PDL BioPharma announced first quarter revenue guidance of $133 million, up an estimated 45 percent year-over-year. The revenues exceeded estimates.
PolyOne announced that its board has appointed Robert Patterson as its CEO, effective May 15th, 2014, succeeding Stephen Newlin, who will retire as CEO and president.
United Rentals announced that the Federal Trade Commission has granted the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act relating to its previously announced acquisition of National Pump. The company expects to close the transaction in the second quarter of 2014.
General Mills said its board has approved a 8 percent increase in its quarterly dividend to 41 cents per share.
Coldwater Creek , Krispy Kreme , Scientific Games and Williams-Sonoma are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | European stocks opened lower and are currently notably lower.
In corporate news, Deutsche Post reported an increase in its fourth quarter profit despite a small drop in sales. German utilitu EON reported a drop in profits for 2013, although the decline was in line with expectations. The company also forecasts a decline in its profits for 2014. U.K. insurer Prudential reported an increase in its operating profit for 2013 and also raised its dividend.
On the economic front, Employment in France's non-agricultural sector returned to growth in the December quarter, ending six quarters of contraction, according to data released by statistical office Insee. The number of employees in the market sector, excluding the farm division, rose by 15,100, or 0.1 percent, in the fourth quarter from the preceding three-month period, when payroll numbers decreased by about 9,600. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets retreated, with the negative lead from Wall Street weighing on the averages in the region. The risk aversion in play in the markets exerted upward pressure on the yen, sending Japanese stocks lower.
Japan's Nikkei 225 average opened lower and moved roughly sideways before ending down 393.72 points or 2.59 percent at 14,830. The market witnessed broad based weakness, with Nisshin Steel, Dainippon Sumitomo, Furukawa, Tokyo Dome and Nissan Chemical Industries leading the declines.
Australia's All Ordinaries also languished below the unchanged line throughout the session before closing 28.80 points or 0.53 percent lower at 5,401. Most sectors moved to the downside, although material and healthcare stocks saw some strength.
Hong Kong's Hang Seng Index closed at 21,902, down 367.66 points or 1.65 percent, and China's Shanghai Composite Index ended 3.47 points or 0.17 percent lower at 1,998.
On the economic front, the results of a survey conducted by Westpac and the Melbourne Institute showed that their seasonally adjusted consumer confidence index for Australia dropped 0.7 percent sequentially to a ten-month low of 99.5 in March. A separate report released by the Australian Bureau of Statistics showed that the number of home loans in Australia stayed broadly unchanged in January after recording a marked fall at the end of last year.
The Cabinet Office reported that its consumer confidence index for Japan fell 2.2 points to 38.2 in February. A report released by Japan's Ministry of Economy, Trade and Industry showed that its index of activity in the tertiary sector rose a better than expected 0.9 percent in January. Meanwhile, corporate goods prices in Japan eased modestly in February, according to a report released by the Bank of Japan. The index eased 0.2 percent month-over-month compared to expectations for a 0.2 percent increase.
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| | Currency and Commodities Markets | | Crude oil futures are receding $1.62 to $98.41 a barrel after sliding $1.09 to $100.03 a barrel on Tuesday. An ounce of Gold is trading at $1,363.90, up $17.20 from the previous session's close of $1,346.70. On Tuesday, Gold added $5.20.
Among currencies, the U.S. dollar is trading at 102.70 Yen compared to the 103.02 Yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3894 compared to yesterday's $1.3860.
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