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| | Asian Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | | The major U.S. index futures are pointing to a higher opening on Monday, with sentiment suggesting that a rebound may be on the cards amid M&A speculation and news. With not many market impacting earnings news due before the market open, the focus is likely to shift to the pending home sales data. Nevertheless, odds of a meaningful recovery is less, given the U.S. warning of imposition of fresh sanctions against Russia, as the Ukrainian crisis aggravates and the impending release of first-tier economic data over the course of the week.
U.S. stocks moved lower in the week ended April 25th, as mixed earnings and the standoff between Ukraine and Russia led to profit taking in the markets. The weekly retreat came despite the release of mostly positive economic data.
Last Monday, the major averages moved higher, as earnings continued to support stocks. Trading was somewhat subdued as the U.S. markets came online after the long weekend and the European markets remained closed on account of 'Easter Monday' holidays. Earnings and M&A news lent support to the markets on Tuesday, helping the major averages extend their gains.
Mixed earnings, the ongoing crisis in Ukraine and weak Chinese manufacturing data impacted the markets on Wednesday, sending the major averages lower. Thanks to some positive blue chip earnings and strong durable goods orders data, the major averages rebounded on Thursday. However, the averages declined notably lower on Friday, dragged down by profit taking triggered by mixed earnings news and geopolitical tensions.
For the week, The Dow Industrials and the S&P 500 Index ended down 0.29 percent and 0.08 percent, respectively, while the Nasdaq Composite Index slid 0.49 percent.
Among the sector indexes, the NYSE Arca Biotechnology Index and the Philadelphia Semiconductor Index receded over 1 percent each for the week, while the NYSE Arca Gold Bugs Index rallied 4.07 percent and The Dow Jones Utilities Average gained 1.59 percent.
The Dow Industrials ended last week just below its 21-day MA (currently at 16.375). If the removal of anxieties spark an upward move, this level could be violated to the upside, positioning the index to test other upside resistance around 16,414, 16,461, 16,508 and 16,572. On the downside, the index has support around its 50-day MA (currently at 16,302), 16,261, 16,219 and its 100-day MA (currently at 16,197). |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The unfolding week's economic calendar is loaded with a host of first-tier economic data and events that could offer further clarity to the economic outlook. Traders are expected to closely track the outcome of the 2-day FOMC meeting that begins on Tuesday, the non-farm payrolls report for April, the National Association of Realtors' pending home sales index for March, the Conference Board's consumer confidence index for April, advance estimates for first quarter GDP and the Commerce Department's personal income and spending report for March.
Additionally, the focus is also likely to be on the results of the Institute for Supply Management's manufacturing index for April and the results of a regional manufacturing survey by MNI Indicators, auto sales for April and the jobless claims report. The results of the Dallas Federal Reserve's regional manufacturing survey, the S&P/Case-Shiller house price index for February, the Labor Department's employment cost index for the first quarter, final estimates of Markit's U.S. manufacturing survey for April, the Commerce Department's construction spending and factory orders reports, both for March, and announcements concerning Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
The National Association of Realtors is scheduled to release its report on pending home sales for March at 10 am ET. Economists expect pending home sales to have risen by 0.6 percent month-over-month.
Pending home sales fell 0.8 percent month-over-month in February, while the January reading was revised to show a 0.2 percent drop compared to the 0.1 percent growth estimated initially. Pending home sales fell in the Northeast and the South, while sales were higher in the Midwest and the West.
The manufacturing index based on the Dallas Federal Reserve's manufacturing index for March is expected to have increased to 6 in April from 4.9 in March. The report is due at 10:30 am 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 | | | Pfizer confirmed that it was in prior discussions with AstraZeneca regarding a potential combination for a cash and stock deal valued at 46.61 pounds per AstraZeneca share and also clarified that talks were discontinued on January 14th, 2014 following AstraZeneca's decision not to pursue negotiations after limited high level discussions.
Teva announced that it has signed an agreement with Japan's Takeda Pharma to commercialize rasagline, its treatment for Parkinson's disease in Japan. The company did not reveal the terms of the deal. Ameriprise Financial , Amkor , CBL & Associates , Crane , CTS Corp, General Growth Properties , Hartford Financial , HealthSouth, J&J Snack Foods , Netsuite , Owens & Minor , PartnerRe and STMicroelectronics are among the companies due to release their quarterly results after the close of trading.
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| | European Market | | European stocks are rebounding after Friday's declines, with some corporate news, especially M&A news, lending support to the markets.
In corporate news, reports suggested that Bayer is to looking to offload its plastic unit as it attempts to focus on its health business. The company also reported higher first quarter core earnings growth.
Cement maker Holcim reported lower first quarter profits and revenues, hurt by adverse currency impact. TNT Express' first quarter operating fell.
Separate reports also indicated that Merck is close to striking a deal to sell its consumer unit, with Reckitt Benckiser and Bayer speculated to be in the fray. Meanwhile, Siemens and General Electric are in contention to buy Alstom.
On the economic front, German import prices fell the most since August 2013, driven by a Sharp decline in energy prices, according to a report released by the German Federal Statistical Office. Import prices fell 3.3 percent year-over-year in March and export prices slipped 1 percent.
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended mostly lower, unimpressed by the negative lead from Wall Street last Friday and Ukraine's ongoing strife with Russia over territorial sovereignty. The Australian market bucked the downtrend with a marginal gain.
The Japanese market fell victim to the strength of the yen, which was generally reacting to the risk aversion in the market and strong domestic retail sales data. The Nikkei 225 average opened lower and moved mostly sideways throughout the session before ending down 141.03 points or 0.98 percent at 14,288. A majority of stocks declined, led by export stocks.
Hong Kong's Hang Seng Index ended at a 1-month low of 22,133, down 91 points or 0.41 percent, and China's Shanghai Composite Index slid 33.03 points or 1.62 percent before closing at 2,004.
Meanwhile, Australia's All Ordinaries showed some volatility throughout the session before closing up 0.60 points or 0.01 percent at 5,516. Financial and consumer staple stocks gained ground, helping to offset weakness among other stocks.
On the economic front, Japan's Ministry of Economy, Trade and Industry reported that Japan's retail sales surged up 11 percent year-over-year in March following a 3.6 percent increase in February. The increase was in line with expectations.
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| | Currency and Commodities Markets | | Crude Oil futures are rising $041 to $101.01 a barrel after falling $3.70 or 3.55 percent to $100.60 a barrel in the week ended April 25th.
Last Monday, Oil rose modestly amid the prevalence of risk appetite. However, , Oil declined close to $2-a-barrel on Tuesday. Oil slipped modestly on Wednesday amid the release of the weekly petroleum status report, which showed a buildup in Crude oil stockpiles.
Risk appetite helped the commodity rebound by a moderate margin on Thursday before it pulled back by over $1-a-barrel on Friday amid waning risk appetite.
Gold futures, which climbed $6.90 or 0.5 percent to $1,300.80 an ounce last week, are slipping $0.20 to $1,301 an ounce.
Among currencies, the U.S. dollar weakened against most currencies in the week ended April 25th. The dollar slipped 0.26 against the yen over the week to end at 102.16 yen. Meanwhile, the greenback rose 0.15 percent against the euro to $1.3834.
The U.S. dollar is trading at 102.29 yen and is valued at $1.3862 versus the euro.
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