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| | US Market | | The major U.S. index futures are pointing to a higher opening on Tuesday, with sentiment suggesting that the markets have taken an optimistic stance ahead of a couple of manufacturing data. The mood in Asia was mixed amid some mixed news out of the region, although the European markets are reveling on the release of eurozone manufacturing data that came roughly in line with estimates. With manufacturing data due both the Institute for Supply Management and Markit, the markets may draw some cues from these data in addition to focusing on auto sales.
U.S. stocks advanced on Monday, helped by dovish comments by Federal Reserve Chair Janet Yellen. The major averages opened higher and moved roughly sideways for the rest of the session. The Dow Industrials ended up 134.60 points or 0.82 percent at 16,458, the S&P 500 Index closed 14.72 points or 0.79 percent higher at 1,872 and the Nasdaq Composite closed at 4,199, up 43.23 points or 1.04 percent.
Twenty-five of the thirty Dow components closed higher and one stock ended unchanged, while the remaining four stocks retreated. Microsoft , Visa (V) and United Technologies were among the best performers of the session.
Biotechnology, financial, semiconductor, computer hardware, transportation, basic material and utility stocks advanced notably.
On the economic front, the results of a survey by MNI Indicators along with the ISM-Chicago showed that the Chicago business barometer declined 3.9 points to 55.9 in March. Economists had expected a more modest decrease by the index.
With yesterday's upside, The Dow climbed further away from its 21-day MA (currently at 16,309), which was serving as a support. The index's immediate support is currently around the 16,367 and 16,419 levels. The index also has additional support around its 21-day MA, its 50-day MA (currently at 16,121) and 100-day MA (currently at 16,110). On the upside, the index has resistance around 16,476, 16,533 and 16,575. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Automakers are scheduled to release their auto sales results for March, with the consensus estimate calling for total vehicle sales to come in at a seasonally adjusted annual rate of 15.8 million units compared to 15.3 million in February.
Markit is scheduled to release the results of its U.S. manufacturing survey for March at 9:45 am ET. Economists expect the manufacturing purchasing managers' index to be downwardly revised to 56.8 from the mid-month reading of 57.1.
At 10 am ET, the Institute for Supply Management is due to release its manufacturing purchasing managers' index for March. The index is expected to increase to 54 in March from 53.2 in February.
Manufacturing activity accelerated in February. The manufacturing purchasing managers' index rose 2.1 points to 53.2, ahead of estimates. The new orders index climbed by 3.3 points and the order backlogs index rose 4 points to 52. On the other hand, the production index fell to 48.2 from 54.8, hitting the weakest level since May 2009. The number of employees index was unchanged at 52.3. Out of the 18 industries surveyed, 14 industries experienced growth.
The Commerce Department is scheduled to release its construction spending report for February at 10 am ET. The consensus estimate calls for a 0.1 percent month-over-month increase in spending.
Construction spending edged up 0.1 percent month-over-month in January. Spending on private construction was up 0.5 percent, while public construction spending fell 0.8 percent. In the private category, residential construction spending climbed 1.1 percent, while non-residential construction spending edged down 0.2 percent.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Checkpoint Systems reported fourth quarter adjusted non-GAAP earnings from continuing operations of 30 cents per share on net revenues from continuing operations of $194.4 million, down 3 percent year-over-year. The earnings missed estimates, while the revenues were ahead of expectations. For 2014, the company expects non-GAAP earnings of 60-70 cents per share on net revenues of $675 million to $715 million.
Separately, Checkpoint said it has restated its financial results for the first nine months of 2013 and the fiscal years 2012 and 2011. The restatement has resulted in the reduction of its net earnings for the first nine months of 2013 by $2 million, while the net earnings for 2012 and 2011 were reduced by $0.6 million and $16.9 million, respectively.
McDermott International announced that it intends to offer 10 million tangible equity units, each with a stated value of $25, in an underwritten public offering.
Seagate said it has completed its acquisition of Xyratex . The company expects $500 million to $600 million in revenue contribution from the acquisition, while the deal is expected to be neutral to its earnings per share for fiscal year 2015.
Humana announced the appointment of Brain Kane as SVP and CFO, effective June 2014, replacing Steve McCulley, who is serving as interim CFO.
PPG Industries announced that it has successfully completed the previously announced sales of its 51 percent stake in its Transitions Optical joint venture and its wholly-owned sunlens business to Essilor for an enterprise value of $3.4 billion. PPG is set to receive $1.5 billion after tax.
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| | European Market | | European stocks opened moderately higher and have sustained their gains, as traders digest private sector activity data and looked ahead to the U.S. manufacturing data.
On the economic front, the German Federal Statistical Office reported that the German unemployment rate remained unchanged at 5.1 percent in February. The number of unemployed people fell slightly to 2.17 million, while the number of employed individuals rose slightly to 40.65 million.
Meanwhile, data released by the German Federal Labor Agency showed that the number of unemployed individuals declined by 12,000 to 2.9 million in March, compared to expectations for a drop of 10,000. The jobless rate held steady at 6.7 percent.
Revised estimates released by Markit showed that its purchasing managers' index for the eurozone came in at an unrevised 53 in March, down slightly from 53.2 in February. Meanwhile, the manufacturing purchasing managers' index for the U.K. unexpectedly fell to 55.3 in March from 56.2 in February. Eurostat reported that the euro area's unemployment rate held steady at 11.9 percent in February. |
| | 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, with the Australian, Japanese, New Zealand and Malaysian markets closing lower, while most other major markets advanced.
The trading in The Japanese market was subdued amid the release of a lukewarm business sentiment report and the sales tax increase going into effect. The Australian market also moved to the downside amid the domestic central bank decision.
Japan's Nikkei 225 average traded mostly below the unchanged line throughout the session before closing down 35.84 points or 0.24 percent at 14,792. Utility, real estate, construction, retail, resource, pharma and telecom stocks moved notably lower, while export stocks mostly advanced.
Australia's All Ordinaries opened on a nervous note and moved lower immediately after. Subsequently, the average languished below the unchanged line, ending down 8.10 points or 0.15 percent at 5,395. Most sectors moved to the downside, with energy stocks among the worst hit. Meanwhile, IT and material stocks found some buying interest.
Hong Kong's Hang Seng Index closed at 22,449, up 297.48 points or 1.34 percent, and China's Shanghai Composite Index ended up 14.15 points or 0.70 percent at 2,047.
On the economic front, the Bank of Japan released the results of its quarterly Tankan survey, which showed that business sentiment among large manufacturers was upbeat, with the corresponding index rising a point to 17 for the first quarter. Economists expected a reading of 18. However, the index measuring expectations for the second quarter tumbled to 8 from 14. Capital spending by large manufacturers is expected to increase by merely 0.1 percent.
The results of a survey by HSBC and Markit showed that activity in the Chinese manufacturing sector continued to contract in March. The manufacturing purchasing managers' index eased to 48.1 in March from 48.5 in February.
Meanwhile, official data released by the Chinese National Statistical Office and the China Federation of Logistics and Purchasing showed that their manufacturing purchasing managers' index edged up to 50.3 from 50.2 in February.
The Reserve Bank of Australia left its key interest rate unchanged at a record low of 2.50 percent as policymakers viewed that a period of stability in interest rates is likely to be the most prudent course. The RBA has reduced the cash rate by a cumulative 225 basis points since November 2011 to help the economy sustain demand in areas outside the resources sector in light of fading support from the mining boom.
Meanwhile, the Reserve Bank of India also announced its intention to leave the repo rate unchanged at 8 percent and hinted that further policy tightening in the near term is not anticipated if inflation continues along the intended path.
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| | Currency and Commodities Markets | | Crude Oil futures are slipping $0.27 to $101.31 a barrel after edging down $0.09 to $101.58 a barrel on Monday. Gold futures are currently adding $1.60 to $1,285.40 an ounce. In the previous session, Gold fell $10.50 to $1,283.80 an ounce.
Among currencies, the U.S. dollar is trading at 103.34 yen compared to the 103.23 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.3797 compared to yesterday's $1.3769.
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