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| | US Market | | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment seeing an improvement following the release of Citi's better than expected results and the U.S. retail sales report for March, which showed a strong increase in the headline retail sales number. The positive evidences could ignite some buying through bargain hunting following the recent market declines.
U.S. stocks retreated sharply in the week ended April 11th following mixed performances in the two previous weeks, as overbought concerns weighed heavily on the minds of traders.
Last Monday, the major averages declined sharply, hurt by valuation concerns. With Alcoa's better than expected first quarter results spreading some cheer concerning the reporting season, the averages rebounded on Tuesday despite the absence of any major domestic economic catalysts.
Stocks rose notably on Wednesday on earnings optimism and the Federal Reserve's clarification on the timing of stimulus withdrawal through the FOMC minutes. However, the averages pulled back sharply on Thursday amid the release of weak Chinese trade data. Negative bank earnings weighed on the markets on Friday, sending the averages notably lower.
For the week ended April 11th, The Dow Industrials and the S&P 500 Index fell 2.35 percent and 2.65 percent, respectively, while the Nasdaq Composite Index slid 3.10 percent.
Among the sector indexes, the NYSE Arc Biotechnology Index and the KBW Bank Index both declined over 5 percent for the week, and the NYSE Arca Securities Broker/Dealer Index lost close to 5 percent. The Philadelphia Housing Sector Index moved down 4.13 percent. Additionally, the NYSE Arca Oil Index, the Philadelphia Semiconductor Index and the NYSE Arca Airline Index receded over 3 percent each.
With last Friday's declines, The Dow Industrials has pulled back further. The index now has support around the 15,996, 15,954 and 15,875 levels. If traders perceive the oversold levels as creating a buying opportunity, the index could target near-term overhead resistance around 16,064, 16,106 and its 50-day and 100-day moving averages currently at 16,172 and 16,163, respectively. Further upward, the index also has resistance around 16,266, 16,273 and its 21-day MA currently at 16,319. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The unfolding, holiday-shortened week has some key first-tier economic reports that could provide clarity regarding the economic outlook. Traders are expected to closely watch the Commerce Department's retail sales report for March, the National Association of Home Builders' housing market index for April, the Commerce Department's housing starts report for March, the Federal Reserve's industrial production report for March and the Beige Book, the jobless claims report and the results of manufacturing surveys for April by the New York Federal Reserve and the Philadelphia Federal Reserve.
The Commerce Department's business inventories report for February, the Labor Department's consumer price inflation report for March, the Conference Board's leading economic indicators index for March and announcements concerning next week's auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
Retail sales in the U.S. rose by more than expected in the month of March, according to a report released by the Commerce Department. The report showed that retail sales jumped by 1.1 percent in March after climbing by an upwardly revised 0.7 percent in February.
Economists had expected sales to increase by about 0.9 percent compared to the 0.3 percent increase originally reported for the previous month. Excluding an increase in auto sales, retail sales still rose by 0.7 percent in March compared to economist estimates for an increase of 0.5 percent
The Commerce Department will also release its business inventories report for February at 10 am ET. The consensus estimate calls for a 0.6 percent month-over-month increase in business inventories for the month.
Business inventories were up 0.4 percent month-over-month in January, while annually, inventories were up 3.9 percent. At the same time, business sales fell 0.9 percent month-over-month but were up 2.5 percent year-over-year. The business inventories to sales ratio came in at 1.32 compared to 1.30 in the year-ago period. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Citigroup reported first quarter earnings that beat estimates, while it revenues fell year-over-year, yet managed to beat estimates.
JB Hunt reported first quarter earnings that missed estimates, while its revenues were ahead of estimates.
Edward Lifesciences announced that the U.S. District Court of Delaware has granted a preliminary injunction limiting the sale of Medtronic's CoreValue systems in the U.S.
Vornado announced that its board has approved a plan to spin-off its shopping center business consisting of 81 strip shopping centers and four malls to a new publicly traded REIT. The unit to be spun-off is estimated to have generated net operating income of about $200 million in 2014.
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| | European Market | | European stocks opened lower and fell further ahead of the release of more U.S. bank earnings and economic data. However, following the release of earnings and data, the averages have trimmed their losses and are currently little changed.
In corporate news, French automaker Peugeot unveiled its 2014-18 roadmap, with the company targeting a 2 percent operating margin for its automotive division by 2018, with a target of 5 percent during the next medium-term plan covering 2019 to 2023.
On the economic front, property tracking website Rightmove reported that asking prices for U.K. houses increased at a pace of 7.3 percent year-over-year in April, the highest since October 2007. This follows a 6.8 percent increase reported for March.
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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 on a mixed note, as the Japanese, Australian, New Zealand, South Korean and Taiwanese markets retreated, while the Chinese, Hong Kong and Singaporean markets advanced. The Indian market was closed for a public holiday. The sell-off in Wall Street last week has rendered the mood cautious, even as traders look ahead to more earnings and economic data from the U.S. to gain additional clarity.
The Japanese market went about in a lackluster manner, moving back and forth across the unchanged line throughout the session before closing down 49.89 points or 0.36 percent at 13,910. Export, retail and construction stocks moved to the downside, while resource, utility and telecom stocks gained ground.
Australia's All Ordinaries languished below the unchanged line throughout the session. The index ended down 69.90 points or 1.29 percent at 5,354. The market witnessed broad based weakness, with healthcare, financial, energy and material stocks leading the retreat.
Meanwhile, Hong Kong's Hang Seng Index closed at 23,039, up 35.16 points or 0.15 percent, and China's Shanghai Composite Index ended 1 point or 0.05 percent higher at 2,132.
On the economic front, the Monetary Authority of Singapore said it will maintain the modest and gradual appreciation path of the S$NEER policy band, with no change to its slope, width, and the level at which it was centered. The decision was in line with expectations.
A report released by the Ministry of Trade and Industry today showed that the Singaporean economy expanded only 0.1 percent on a quarter-over-quarter annualized basis in the first three months of 2014. The expansion moderated sharply from the 6.1 percent growth in the fourth quarter. |
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| | Currency and Commodities Markets | | Crude Oil futures are rising $0.06 to $103.80 a barrel after advancing $2.60 or 2.57 percent to $103.74 a barrel in the week ended April 11th. The commodity was the beneficiary of a weak dollar last week. Oil fell moderately last Monday only to jump by over $2-a-barrel on Tuesday. The commodity gained another $1.04-a-barrel on Wednesday in reaction to The Fed minutes, which exerted downward pressure on the dollar. Oil edged down modestly on Thursday but recovered on Friday despite the equity market weakness.
Gold futures, which climbed $15.50 or 1.19 percent to $1,319 in the previous week, are currently climbing $3.70 to $1,322.70 an ounce.
Among currencies, the U.S. dollar weakened against both the euro and the yen in the week ended April 11th. The greenback fell 1.62 percent against the yen before ending the week at 101.62 yen, with the yen benefiting from risk aversion and the Bank of Japan's decision to maintain its monetary policy unchanged despite the threat posed by the sales tax hike that took effect this month.
The dollar also fell against the euro, dropping 0.75 percent to $1.3807, as the FOMC minutes released last week suggested that The Fed will not begin monetary policy normalization anytime soon.
The U.S. dollar is currently at 101.91 yen and is valued at $1.3815 versus the euro.
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