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| | US Market | | The major U.S. index futures are pointing to a lower opening on Monday, with sentiment reflecting caution amid the overbought levels of the markets. Global cues are negative, with European stocks declining sharply, while the Asian markets also ended mostly lower. The overbought fears may serve to keep sentiment subdued even as momentum could help the markets make a fight back from their recent declines.
U.S. stocks closed mixed yet again in the week ended April 4th, as traders exercised caution despite fairly robust economic evidence, with the overbought levels of the markets trimming some of the optimism.
Last Monday, the major averages advanced notably, helped by dovish comments from Federal Reserve Chair Janet Yellen. Reacting to strong manufacturing data, the averages rose yet again on Tuesday. Buying momentum was sustained on Wednesday, with ADP's private payroll numbers serving as the catalyst. Consequently, the averages advanced for the fourth straight day.
Stocks retreated on Thursday, as mixed economic data triggered some profit taking, sending the averages lower. The selling intensified on Friday despite the release of healthy non-farm payrolls data for March. The averages pulled back sharply in the session, with the Nasdaq Composite underperforming with a 2.6 percent drop.
For the week ended April 4th, The Dow Industrials added 0.55 percent and the S&P 500 Index rose 0.40 percent, while the Nasdaq Composite slid 0.67 percent.
Among the sector indexes, the NYSE Arca Airline Index and the NYSE Arca Oil Index climbed 3.39 percent and 2.43 percent, respectively for the week. Additionally, the Philadelphia Housing Sector Index climbed 1.93 percent, while the NYSE Arca Broker/Dealer Index fell 1.71 percent.
Following last Friday's pullback by the Dow, the index currently has support around the 16,363 level. If the index breaks below the support, its 21-day MA currently at 16,344 could serve as the next support level. Further downward, the index also has support around the 16,252 and 16,195 levels and its 100-day MA currently at 16,144 and 50-day MA currently at 16,144. On the upside, the index has resistance around the 16,467 and 16,598 levels. |
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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 light, with only a handful of key economic reports due to be released. The minutes of the March FOMC meeting, the weekly jobless claims report, preliminary results of the consumer sentiment survey by Reuters and the University of Michigan and several Fed speeches are among the closely watched economic events of the week.
The Federal Reserve's consumer credit report for February, the Labor Department's report on import and export prices for March, the Treasury Budget for March, the Labor Department's producer price index for final demand and the results of the Treasury auctions of 2-year and 10-year notes and 30-year bonds round up the economic events of the week.
St. Louis Federal Reserve Bank President James Bullard is scheduled to speak on monetary policy and the economic outlook in Los Angeles at 11:45 am ET.
The Federal Reserve is due to release its consumer credit report for February at 3 pm ET. Economists expect outstanding consumer credit to rise by $14 billion compared to the $13.7 billion increase in January.
The $13.7 billion increase in outstanding consumer credit in January reflected $13.9 billion growth in non-revolving credit tied to auto loans, offset slightly by a $0.3 billion drop in revolving credit tied to auto loans. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Arthur J. Gallagher reported first quarter earnings of 36 cents per share, up from 35 cents last year. Revenues rose to $915 million from $674.1 million in the year-ago quarter. The results exceeded estimates.
Separately, the company announced a deal to buy Australia's Wesfarmers Insurance Brokerage operations, which generated revenues of A$331.1 for the year ended June 30th, 2013. The deal, valued at A$1.01 billion, is expected to close in the second or third quarter.
SkyWest reported a load factor of 88.3 percent for March, up from 81.2 percent in the year-ago period, as traffic rose 2.1 percent and capacity edged down 0.5 percent.
Sanofi's unit Genzyme announced that it plans to resubmit the sBLA seeking approval of its multiple sclerosis treatment Lemtrada in the second quarter following discussions with the FDA. The company also said it will not appeal the FDA's December 2013 complete response letter following its decision to resubmit the application.
Potash Corp. announced that its board has appointed Jochen Tilk as president and CEO, effective July 1st, 2014, with current CEO Bill Doyle stepping down following a 27-year stint with the company.
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| | European Market | | Weighed down by the negative Wall Street lead from last week and the overbought levels, European stocks opened notably lower and have been seeing weakness since then. The negative sentiment comes despite some M&A news.
In corporate news, cement giants Lafarge and Holcim announced an agreement to merge, with Lafarge shareholders receiving one Holcim share for every Lafarge share they hold.
Vivendi agreed to sell its SFR unit to Altice for 13.5 billion euros, plus a 20 percent stake in Numericable, the French subsidiary of Altice with which it proposes to merge SFR.
On the economic front, a report released by German Federal Statistical Office showed that German industrial output rose 0.4 percent month-over-month in February following a 0.7 percent increase in January. Economists expected a more modest 0.3 percent growth. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets closed mostly lower, with the negative performance on Wall Street last Friday served to keep sentiment subdued ahead of some key domestic economic data and events later in the week, including the Bank of Japan's monetary policy decision. Meanwhile, the Malaysian, Indonesian and South Korean markets advanced, and the Chinese market remained closed for a public holiday.
The Japanese market suffered from the yen's strength, with the Nikkei 225 average opening lower and moving roughly sideways before closing down 254.92 points or 1.69 percent at 14,809.
A majority of stocks declined, led by Yahoo Japan, Panasonic, Softbank and Credit Saison, although some pharma, construction and resource stocks found some buying interest.
Daiichi Sankyo, which holds a majority stake in India's Ranbaxy, fell in reaction to the news that India's Sun Pharma has agreed to buy Ranbaxy in an all stock deal for $3.2 billion.
Australia's All Ordinaries languished below the unchanged line throughout the session, ending down 12.50 points or 0.23 percent at 5,416. Healthcare stocks led the retreat, and most other sectors also moved to the downside, while energy, consumer staple and material stocks found some strength.
Hong Kong's Hang Seng Index ended at 22,377, down 132.93 points or 0.59 percent.
On the economic front, the results of a survey by Japan's Cabinet Office showed that its leading economic indicators index fell to 108.5 in February from 113.1 in January, hitting the lowest level since last August,. The index was expected to decline to 108.3. The coincident economic indicators index eased 1.7 points to 113.4, while the lagging economic indicators index rose 0.7 points to 116.7.
The Australian Industry Group reported that its index measuring construction activity in Australia rose 2 points to 46.2 in March, although the reading below 50 suggests that the sector continues to see a contraction in activity. |
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| | Currency and Commodities Markets | | Crude Oil futures are currently sliding $0.88 to $100.26 a barrel after declining $0.53 or 0.52 percent to $101.14 a barrel in the week ended April 4th.
Last Monday, Oil broke a 3-session winning streak and edged down modestly. The commodity fell close to $1.90-a-barrel on Tuesday despite the release of positive data.
Oil fell modestly yet again on Wednesday before reversing course and advancing moderately on Thursday. The commodity gained further ground on Friday, ending moderately higher for the session.
Gold futures, which rose $9.20 or 0.71 percent to $1,303.50 an ounce last week, are currently moving down $3.70 to $1,299.80 an ounce.
Among currencies, the U.S. dollar extended its gains in the week ended April 4th, with the greenback adding 0.45 percent against the yen before ending the week at 103.29 yen. The dollar rose 0.34 percent against the euro to $1.3705.
The currency moves of last week came amid the release of fairly strong economic numbers from both sides of the Atlantic and a status quo decision by the European Central Bank despite the release of tame euro area inflation numbers.
The U.S. dollar is currently at 103.14 yen and is valued at $1.3736 versus the euro. jasavitske@mgd.cokecce.com |
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