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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 sentiment reflecting cautious optimism among traders, as they await a couple of manufacturing readings. The early optimism is partly built on a manufacturing data from China that came in above expectations. With little domestic earnings catalysts to drive trading, the manufacturing readings could render some clarity to the economic outlook even as they await more market moving numbers scheduled to be released during the course of the week amid overbought fears.
U.S. stocks advanced in the week ended May 30th, with mostly positive economic numbers helping the markets build on the previous week's gains.
Last Tuesday, when the markets opened after Monday's public holiday, the major averages rose, helped by fairly robust durable goods orders and home prices data. The averages pulled back modestly on Wednesday following four straight sessions of gains, as a lack of major trading cues deprived the markets of any direction.
Notwithstanding the release of mixed economic data, the averages rebounded on Thursday. After seeing weakness for much of the session in reaction to a report showing an unexpected decline in personal spending, the averages pared most of their losses and closed mixed on Friday. The Dow Industrials and the S&P 500 Index advanced, while the Nasdaq Composite ended modestly lower.
For the week ended May 30th, The Dow Industrials ended up 0.67 percent, while the S&P 500 Index and the Nasdaq Composite Index added 1.21 percent and 1.36 percent, respectively. The Dow and the S&P 500 Index ended the week at new record closing highs.
Among the sector indexes, The Dow Jones Utility Average gained 2.05 percent for the week, and the Philadelphia Semiconductor Index and the NYSE Arca Airline Index advanced 1.64 percent and 1.83 percent, respectively. The Dow Jones Transportation Average, the Philadelphia Oil Service Index, the NYSE Arca Biotechnology Index and the KBW Bank Index all ended up over 1 percent, while the NYSE Arca Gold Bugs Index fell 4.62 percent. |
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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 heavy, with several first-tier economic reports due for the week. Notable among them are the Labor Department's non-farm payrolls report for May, ADP's private sector payrolls report for May, the results of the Institute for Supply Management's manufacturing and non-manufacturing surveys for May, Markit's final manufacturing and non-manufacturing readings for May, the weekly jobless claims report and the Federal Reserve's Beige Book.
The Commerce Department's construction spending, trade balance and factory orders reports for April, auto sales for May, a revised first quarter productivity and costs report, the Federal Reserve's consumer credit report for April and some Fed speeches round up the economic events of the week.
Markit is scheduled to release the final reading on its manufacturing purchasing managers' index for May at 9:45 am ET. Economists expect the index to be upwardly revised to 56.2 in May from 55.4 in April.
The Institute for Supply Management is due to release the results of its manufacturing survey at 10 am ET. The consensus estimate calls for an increase in the manufacturing index to 55.5 in May from 54.9 in April.
Manufacturing activity in the U.S. quickened in April. The headline manufacturing index rose 1.2 points to 54.9 in April. The new orders index was unchanged at 55.1, while the order backlogs index eased 2 points. The employment index rose to 54.7 from 51.1. The expansion was broad based, with seventeen of the eighteen industries surveyed reporting growth.
Also at 10 am ET, The Commerce Department will release its construction spending report for April. Economists expect construction spending to have risen by 0.7 percent month-over-month.
Construction spending rose 0.2 percent month-over-month in March. February spending was downwardly revised to show a 0.2 percent drop compared to the 0.1 percent growth estimated initially.
Residential construction spending climbed 0.8 percent, while non-residential construction spending edged up by 0.2 percent. On the other hand, spending on public construction fell 0.6 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 | | | Marathon Oil announced that it has entered into an agreement to sell its wholly owned subsidiary Marathon Oil Norge to Det Norske for $2.7 billion. The company expects net proceeds from the transaction of $2.1 billion, while it noted that the effective date of the transaction was January 1st, 2014.
Garmin announced the appointment of Doug Boessen as its new chief financial officer and treasurer, with effect from July 31st, replacing Kevin Rauckman, who has held the post since 1999 and is leaving to pursue outside interest.
Delta Air Lines said it has agreed to buy 15 A321 aircraft from airplane maker Airbus to be delivered beginning in 2018. The new order is to replace similar, less-efficient domestic aircraft that are being retired from its fleet.
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| | European Market | | After opening higher, European stocks have turned mixed, with the French CAC 40 Index trading lower amid some volatility, while the German DAX Index and the U.K.'s FTSE 100 Index are higher.
In corporate news, Swiss pharma giant Roche announced a deal to buy Genia Technologies, a developer of DNA-sequencing technology, for an upfront payment of $125 million and up to $225 million in milestone-based payments.
Bayer said it has struck a deal with Finland-based Orion to develop and commercialize prostate cancer drug.
On the economic front, revised estimates released by Markit Economics showed that its European manufacturing purchasing managers' index declined to 52.5 in May, down from the flash estimate of 52.5 and the April reading of 53.4.
The results of a separate survey by Markit and CIPS showed that U.K. manufacturing activity grew at a slower pace in May, with the corresponding purchasing managers' index slipping 0.3 points to 57 in May. The slowdown was in line with estimates.
Data released by the Bank of England showed that mortgage approvals in the U.K. fell to a 9-month low of 62,918 in April from 66,563 in March. Economists expected a reading of 64,500. Meanwhile, the M4 money supply fell at a faster year-over-year rate of 0.6 percent. |
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets that were open for trading closed Monday's session higher, tracking the resilience shown by Wall Street stocks last Friday and positive Chinese manufacturing data. The Chinese, Hong Kong and Taiwanese markets were closed for public holidays.
The Japanese market benefited from the weakness on the yen, which retreated in reaction to the rise in risk appetite. The Nikkei 225 average opened higher and advanced strongly in early trading before embarking on a steady climb. In the afternoon, the index consolidated before closing up 303.54 points or 2.07 percent at 14,936, its highest level in a little over a month. A majority of stocks advanced, with real estate and resource stocks leading the gains.
Australia's All Ordinaries ignored some early weakness and climbed above the unchanged line in late morning trading. Thereafter, the index hovered in positive territory and ended 25.40 points or 0.46 percent higher at 5,499. Healthcare, financial and consumer staple stocks gained ground, while material and energy stocks moved to the downside.
On the economic front, the results of a survey by Markit and HSBC showed that the Chinese manufacturing purchasing managers' index rose to 50.8 in May from 50.4 in April, exceeding the consensus estimate of 50.6 and signaling the fastest rate of expansion in five months.
Meanwhile, the Australian Industry Group reported that its manufacturing purchasing managers' index rose to 49.2 in May from 44.8 in April. Notwithstanding the notable improvement suggested by the index, the reading below 50 continues to point to a contraction.
A report released by the Australian Bureau of Statistics showed that the number of building approvals in Australia declined 5.6 percent month-over-month in April, belying expectations for a 2 percent increase. The results of a survey by TD Securities showed that annual inflation expectations in Australia rose to 2.9 percent in May from 2.8 percent in April.
Capital spending in Japan jumped 7.1 percent quarter-over-quarter in the first quarter, according to a report released by Japan's Ministry of Finance. This represents a pick up in pace from the 4 percent increase in the previous quarter. Excluding software, capital spending was up a better than expected 8.3 percent. |
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| | Currency and Commodities Markets | | Crude Oil futures are slipping $0.02 to $102.69 a barrel after ending down $1.64 or 1.57 percent at $102.71 a barrel in the week ended May 30th.
Last Tuesday, Oil retreated modestly following the previous week's over 2 percent advance. The commodity pulled back further on Wednesday, dropping close to $1.40-a-barrel amid the reduction in risk appetite. Oil rebounded by close to $1-a-barrel on Thursday despite the release of mixed economic data before pulling back moderately on Friday amid the release of weak personal spending data.
Gold futures for August delivery, which fell $45.70 or 3.54 percent to $1,246 an ounce in the previous week, are currently moving down $0.90 to $1,245.10 an ounce.
Among currencies, the U.S. dollar ended the week mixed against the yen and the euro. The dollar fell 0.17 percent against the yen before ending the week at 101.77 yen, while it added 0.07 percent against the euro to $1.3635. The euro's weakness against the greenback last week reflected expectations that the European Central Bank will ease monetary policy further at its June meeting.
The U.S. dollar is currently at 102.16 yen and is valued at $1.3619 versus the euro.
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