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| | US Market | The major U.S. index futures are pointing to a higher opening on Thursday, with sentiment still fluid as the economic data released ahead of the market open failed to give much clarity. Jobless claims for the recent reporting week unexpectedly fell, while retail sales growth was slightly ahead of expectations, although a downward revision to the previous month's figures took the sheen off the outperformance.
Meanwhile, data out of Asia was also mixed, with Japan and Australia reeling out strong core machinery orders and jobs data, respectively, while Chinese data continued to be soft. With the mixed data points intensifying the uncertainty, stocks may prefer to continue their consolidation move before any meaningful catalysts emerge to render a decisive direction.
U.S. stocks closed mixed on Wednesday, as traders overcame initial jitters concerning global growth and Ukraine. The major averages opened lower and fell further in early trading. After trimming their losses over the course of the morning, the major averages moved roughly sideways. While the Nasdaq hovered above the unchanged line, the Dow remained in the red.
The Dow Industrials ended down 11.17 points or 0.07 percent at 16,340, while the S&P 500 Index inched up 0.57 points or 0.03 percent at 1,868 and the Nasdaq Composite closed 16.14 points or 0.37 percent higher at 4,323.
Notwithstanding the Dow's retreat, the breadth among the Dow components was in favor of the advancers, with sixteen of them rising in the session. Boeing , Pfizer and Home Depot declined notably in the session, while Chevron and Cisco Systems gained ground.
Gold and utility stocks were among the best performers of the session.
The Dow Industrials has been on a consolidation spree despite the lack of catalysts causing nervousness in the minds of traders due to the uncertainty. Immediate support for the index lies around 16,295. Further downward, the index has support around its 21-day MA (currently at 16,221), its 50-day MA (currently at 16,221), 16,104 and its 100-day MA (currently at 16,012). On the upside, the index has resistances around 16,367, 16,419, 16,481 and 16,529.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | First-time claims for U.S. unemployment benefits unexpectedly showed a modest decrease in the week ended March 8th, according to a report released by the Labor Department.
The report said initial jobless claims edged down to 315,000, a decrease of 9,000 from the previous week's revised figure of 324,000. The drop surprised economists, who had expected jobless claims to creep up to 330,000 from the 323,000 originally reported for the previous week.
Retail sales in the U.S. rose by slightly more than expected in the month of February, according to a report released by the Commerce Department.
The report said retail sales rose by 0.3 percent in February following a revised 0.6 percent drop in January. Economists had expected sales to edge up by 0.2 percent compared to the 0.4 percent decrease originally reported for the previous month. Excluding a modest increase in auto sales, retail sales still increased by 0.3 percent in February compared to a 0.3 percent decrease in January.
With prices for fuel imports showing a significant increase, the Labor Department released a report showing that U.S. import prices rose by much more than expected in the month of February.
The report said import prices climbed by 0.9 percent in February following an upwardly revised 0.4 percent increase in January. Economists had expected import prices to rise by 0.5 percent compared to the 0.1 percent uptick originally reported for the previous month.
Additionally, the Labor Department said export prices rose by 0.6 percent in February after edging up by 0.2 percent in January. Export prices had been expected to rise by another 0.2 percent.
At 10 am ET, the Commerce Department is scheduled to release its business inventories report for January. Economists estimate a 0.4 percent month-over-month increase in business inventories for the month.
Business inventories rose 0.5 percent month-over-month in December compared to expectations of 0.4 percent. At the same time, business sales were up merely 0.1 percent. The business inventories to sales ratio came in at 1.30 compared to 1.29 in the year-ago.
Around the same time, the Senate Banking Committee is scheduled to have a hearing on the nominations of Stanley Fischer as Federal Reserve Vice Chair and Lael Brainard and Jerome Powell as Fed governors.
The Treasury is also due to release its monthly budget report for February at 2 pm ET. The consensus estimate calls for a budget 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 | |
Dollar General reported fourth quarter earnings per share that matched analysts' expectations, although its revenues missed their estimate. The company also provided earnings and sales growth guidance for the first quarter and full-year 2014 below Street view.
Christopher & Banks reported a narrower loss for the fourth quarter, as lower expenses helped mitigate the impact of a drop in sales. The company believes it is on track to deliver on its three-year growth plan.
Scientific Games reported a fourth quarter net loss of 1 cent per share compared to a loss of 15 cents per share on revenues of $401.9 million, with the revenues exceeding estimates. Following the completion of its acquisition of WMS Industries in the fourth quarter, the company said it remains on track to achieve $100 million in annualized savings by December 2015.
Newell Rubbermaid (NWL) announced that it will reaffirm the fiscal year 2014 guidance issued in its fourth quarter 2013 earnings release during its presentation at RBC Capital Markets' Consumer & Retail Conference on March 13th, 2014. Accordingly, the company expects normalized earnings of $1.94-$2 per share on core sales growth of 3-4 percent. The company also said its first quarter results will be negatively impacted by the broad weather-driven retailer point of sale challenges in the U.S. and lost sales and costs associated with last month's announced recall of toddler car seats, which is expected to affect first quarter global core sales growth by about 100 to 200 basis points and normalized earning per share by about 3-4 cents.
Williams-Sonoma reported fourth quarter earnings of $1.38 per share on revenues of $1.466 billion, with comparable brand revenue growth of 10.4 percent. The results exceeded estimates. For 2014, the company expects earnings of $3.05-$3.15 per share on net revenues of $4.63 billion to $4.71 billion. The earnings guidance was weak, while the revenue guidance was in line with estimates. Separately, the company said its board approved a 6 percent increase in its quarterly dividend to 33 cents per share.
Krispy Kreme reported fourth quarter adjusted earnings of 12 cents per share on revenues of $112.7 million. The results trailed estimates. The company also said it has raised its 2015 earnings guidance to reflect fewer shares outstanding due to stock repurchase, with its board approving a $30 million increase its share repurchase authorization to $80 million. For 2015, the company expects adjusted earnings of 73-79 cents per share, in line with estimates.
InterMune announced that it plans to offer 7.50 million shares of its common stock in a public offering. The company said it intends to use the net proceeds from the offering to fund commercialization activities in anticipation of the potential commercial launch of Esbriet in the U.S., among other things.
Aeropostale (ARO), Checkpoint Systems and Zumiez are among the companies due to release their quarterly results after the close of trading.
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| | European Market |
European stocks have some shown volatility in early trading and are currently trading mixed.
In corporate news, Italian insurer Assicurazioni Generali reversed to a profit in the fourth quarter, although the earnings were below estimates by some analyst. The company announced an increase in its dividend.
Germany's K+S forecast a decline in its earnings and sales in 2014 after reporting year-over-year declines in earnings for 2013. German automakers BMW and Volkswagen reported strong profit growth for 2013.
Lufthansa reported a decline in its operating profit for 2013 but sees notable growth in its operating profit for 2014. Buoygues sweetened its offer for Vivendi's SFR unit by 1 billion euros.
On the economic front, the results of a survey by the Royal Institute for Chartered Surveyors showed that its balance of house prices came in at 45 in February compared to expectations for 52.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
The major Asian markets closed mixed, as the positive sentiment generated by the resilience of Wall Street stocks overnight and some positive domestic data offset growth concerns emanating from China. Meanwhile New Zealand became the first among the developing counties to have begun monetary policy normalization by raising its benchmark official cash rate.
Japan's Nikkei 225 average held mostly above the unchanged line for much of the session before pulling decisively lower in the final few minutes of trading. The index ended down 14.41 points or 0.10 percent at 14,816.
Australia's All Ordinaries hovered above the unchanged line throughout the session before closing up 28.60 points or 0.53 percent at 5,429. Material stocks advanced strongly and most other sectors also saw modest strength, although healthcare and energy stocks came under selling pressure.
After holding mostly above the unchanged line in the morning, Hong Kong's Hang Seng Index retreated in the afternoon, hurt by some weak Chinese data and amid some earnings announcements. The index fell 145.87 points or 0.67 percent to 21,756.
On the other hand, China's Shanghai Composite Index ended at 2,019, up 21.42 points or 1.07 percent.
On the economic front, the Reserve Bank of New Zealand raised its official cash rate by 25 basis points to 2.75 percent, marking the first upward adjustment in rates in more than 3 years. The decision was in line with expectations and was premised on the considerable momentum acquired by the domestic economy. At the same time, the Bank of Korea left its interest rates unchanged at 2.5 percent.
Japan's Cabinet Office reported that core machinery orders in Japan jumped 13.4 percent month-over-month in January compared to expectations for a 7.1 percent increase. In December, core machinery orders had declined by 15.7 percent. The annual increase of 23.6 percent also topped expectations.
The Australian economy added 47,300 jobs in February, according to data published by the Australian Bureau of Statistics. Economists had estimated an addition of merely 15,000 jobs. The jobless rate held steady at 6 percent, in line with expectations.
A trio of reports released by the Chinese National Bureau of Statistics confirmed the slowdown in the Chinese economy. Urban fixed asset investment in China rose 17.9 percent in the January to February time frame, weaker than the 19.4 percent growth forecast by economists. Retail sales rose 11.8 percent year-over-year in the January to February period, while sales were estimated to have increased by 13.5 percent. Industrial production also climbed a less than expected 8.6 percent.
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| | Currency and Commodities Markets |
Crude oil futures are rising $0.40 to $98.39 a barrel after tumbling $2.04 to $97.99 a barrel on Wednesday.
The previous session's drop came amid lackluster risk appetite and the release of the petroleum status report, which showed that Crude oil stockpiles rose by 6.2 million barrels to 370 million barrels in the week ended March 7th. Inventories were in the upper half of the average range.
Meanwhile, gasoline inventories declined by 5.2 million barrels but were near the upper limit of the average range. Distillate stockpiles edged down 0.5 million barrels and remained below the lower limit of the average range. Refinery capacity utilization averaged 87 percent over the four weeks ended March 7th compared to 87.3 percent over the four weeks ended February 28th.
Gold futures, which jumped $23.80 to $1,370.50 in the previous session, are currently slipping $2 to $1,368.50 an ounce.
Among currencies, the U.S. dollar is trading at 102.60 Yen compared to the 102.76 Yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.3949 compared to yesterday's $1.3903.
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