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| | US Market |  | | Shanghai | Hang Seng | NIKKEI | ASX |  |  |  |  | | The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to move to the upside after turning in a mixed performance last week. The upward momentum is partly due to some strength overseas, where the markets have benefited from news of Chinese market reforms designed to increase liquidity.
"Optimism about capital market reforms in China helped markets to look past the farce of a referendum in the Donetsk region of Ukraine," said Peter Boockvar, chief market analyst at the Lindsey Group.
He added, "While vague and stated 6 months ago after the Chinese plenum, investors seized on the Chinese State Council repeating their desire to further liberalize China finance in areas such as IPO's and foreign investment in state owned companies."
Nonetheless, concerns about the situation in Ukraine may help to keep early buying interest on Wall Street somewhat subdued.
Pro-Russian separatists in the Donetsk region of eastern Ukraine have claimed overwhelming support for autonomy, stating that preliminary results showed nearly 90 percent of voters in the region were in favor of self rule in a referendum held on Sunday. The referendum is seen as a potential prelude to annexation of the region by Russia, as was seen with the Crimea region in March.
A lack of major U.S. economic data may also keep some traders on the sidelines ahead of the release of key reports on retail sales, homebuilder confidence, industrial production, and producer and consumer price inflation later in the week.
Stocks fluctuated over the course of the trading day on Friday but managed to end the session moderately higher. While a lack of major catalysts contributed to choppy trading for much of the session, The Dow still ended the day at a new record closing high.
The major averages moved to the upside in the final of trading, closing in positive territory. The Dow edged up 32.37 points or 0.2 percent to 16,583.34, the Nasdaq climbed 20.37 points or 0.5 percent to 4,071.87 and the S&P 500 inched up 2.85 points or 0.2 percent to 1,878.48.
For the week, the major averages turned in a mixed performance. While The Dow rose by 0.4 percent, the Nasdaq tumbled by 1.3 percent and the S&P 500 dipped by 0.1 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | While the economic calendar for the week starts off relatively quiet, several key reports are likely to be in focus later in the week.
Investors are likely to keep a close eye on the Commerce Department’s monthly reports on retail sales and housing starts as well as the Federal Reserve’s report on industrial production.
Reports on consumer and producer price inflation, import and export prices, homebuilder confidence, and regional manufacturing activity are also likely to attract some attention.
The Treasury Department is scheduled to release its monthly report on the U.S. budget at 2 pm ET. Economists expect a $114 billion surplus in April compared to the $36.9 billion deficit reported for March.
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| | European Market | | European stocks are retreating after yesterday's rally amid the earnings flow and simmering tensions in Ukraine
In corporate news, Telefonica reported higher OIBDA for the first quarter and reiterated its guidance for 2014. Steel maker Arcelor Mittal reported higher first quarter earnings and affirmed its earnings guidance for the year. Meanwhile, Alcatel-Lucent reported a narrower loss for its first quarter. Wind turbine maker Vestas reversed to a profit in its first quarter. IAG, the parent company of British Airways, reported a narrower loss for its first quarter.
On the economic front, a report released by the German Federal Statistical Office showed that exports fell for the second straight month in March, declining 1.8 percent month-over-month. Imports also fell, down 0.9 percent, resulting in a decline in the trade surplus to 14.8 billion euros from 15.8 billion euros in February. A separate report showed that manufacturing turnover in Germany fell 0.6 percent month-over-month in March compared to expectations for a 1.1 percent drop in February.
Meanwhile, U.K. manufacturing output rose 0.5 percent month-over-month in March, according to a report released by the U.K. Office for National Statistical Office. The growth exceeded expectations. Industrial output as a whole fell 0.1 percent, while economists expected a steeper 0.2 percent drop.
A separate report showed that U.K. trade deficit for March came in narrower than expected at 8.5 billion pounds. |
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. While weak data weighed on Japanese stocks, Chinese shares rallied amid the news of the capital market reforms.
Japanese stocks lost ground after official data showed Japan's current account surplus shrank to a 30-year low as a result of slower exports and rising imports of fossil fuels. The report showed a current account surplus of 116.4 billion yen in March versus expectations for a surplus of 347.7 billion yen.
The benchmark Nikkei 225 Index showed a lack of direction over the course of the trading day, bouncing back and forth across the unchanged line before closing down 50.07 points or 0.4 percent at 14,149.52. The broader Topix Index shed 0.6 percent.
Australia’s All Ordinaries Index moved to the upside in early trading but was unable to sustain the upward move and subsequently turned lower. The index remained stuck in the red for the remainder of the session before closing down 13.00 points or 0.2 percent at 5,429.00.
Meanwhile, Hong Kong's Hang Seng Index reversed early losses to end up 398.62 points or 1.8 percent at 22,261.61, and China’s Shanghai Composite Index jumped 41.74 points or 2.1 percent to finish at 2,051.87.
The strength came after China's state council pledged to push ahead with a broad range of capital market reforms designed to increase liquidity. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.83 to $100.82 a barrel after slipping $0.27 to $99.99 a barrel last Friday. An ounce of gold is trading at $1,301.10, up $13.50 from the previous session’s close of $1,287.60. On Tuesday, gold edged down $0.10.
On the currency front, the U.S. dollar is trading at 101.96 yen compared to the 101.86 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.3769 compared to Friday’s $1.3758. |
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