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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | The major U.S. index futures are pointing to higher opening on Monday, with sentiment reflecting strength as traders cling onto hopes that monetary policy normalization is still a distant agenda for the Federal Reserve. With consumer spending data released earlier today coming in weaker than expected and global economic uncertainties weighing down, the Fed may prefer to go slow for fear of stifling the domestic economic recovery. Oil prices are extending last Friday's declines. The mood across the Atlantic is upbeat, as Greece is set to table its reform proposals and eurozone economic data came in stronger than expected.
U.S. stocks declined notably in the week ended March 27th, with lukewarm domestic economic data and geopolitical worries weighing on the markets.
Last Monday, the major averages diverged for much of the session before closing modestly lower, as soft existing home sales data and a weaker dollar hurt sentiment. Meanwhile, the release of strong new home sales triggered rate hike fears on Tuesday, sending the averages moderately lower.
Weighed down by weak durable goods orders data and geopolitical tensions trigged by Saudi Arabia's air strikes in Yemen, the indexes fell notably on Wednesday. Geopolitical tensions continued to haunt traders on Thursday and consequently, the averages declined for the fourth consecutive session. Amid the release of mixed economic data, stocks staged a modest recovery on Friday, helped by some bargain hunting.
For the week ended March 27th, the Dow Industrials and the S&P 500 Index receded 2.29 percent and 2.23 percent, respectively, and the Nasdaq Composite slid 2.69 percent.
Among the sector indexes, the Philadelphia Semiconductor Index slumped 5.01 percent for the week. The Dow Jones Transportation and the NYSE Arca Biotechnology Index declined 4.89 percent each and the KBW Bank Index and the NYSE Arca Airline Index fell 3.41 percent and 3.28 percent, respectively. Additionally, the NYSE Arca Broker/Dealer Index, the NYSE Arca Gold Bugs Index and the Dow Jones Utility Average all fell over 2 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The holiday-shortened unfolding week is not short on activity, as several key economic reports are lined up for release. Though the March non-farm employment report is due for release on Friday, the markets won't get to react to it until next week, as the markets are closed for the Good Friday holiday.
The Commerce Department's personal income and spending report for February, the National Association of Realtors' pending home sales index for February, the results of MNI Indicators' manufacturing survey for the Chicago region, the Conference Board's consumer confidence index for March, ADP's private payrolls report for March, the results of the Institute for Supply Management's manufacturing survey for March and the weekly jobless claims report are among the most-focused economic data of the week. Several Fed speeches scheduled for the week may also sway the markets.
The S&P/Case-Shiller home price index for January, the Dallas Federal Reserve's manufacturing index for March, the Commerce Department's construction spending, trade balance and factory orders data, all for February, monthly auto sales data 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.
Personal income in the U.S. increased by slightly more than expected in the month of February, according to a report released by the Commerce Department on Monday, although the report also showed that personal spending rose by less than anticipated.
The Commerce Department said personal income climbed by 0.4 percent in February, matching the upwardly revised increase seen in January. Economists had been expecting income to rise by 0.3 percent, which would have matched the growth originally reported for the previous month.
Meanwhile, the report also showed that personal spending inched up by 0.1 percent in February after dipping by 0.2 percent in January. Spending had been expected to edge up by 0.2 percent.
The National Association of Realtors is due to release its pending home sales index for February at 10 am ET. The consensus estimate calls for a 0.3 percent month-over-month increase in pending home sales for February.
Pending home sales rose 0.3 percent month-over-month in January following a 1.7 percent increase in the previous month. Sales were notably higher in the South and the West. Pending sales also edged up in Northeast but declined in the Midwest.
The Dallas Federal Reserve is scheduled to release the results of its manufacturing survey for March at 10:30 am ET. Economists expect the business activity index based on the survey to improve to -9 from -11.2 in February.
Federal Reserve Vice Chair Stanley Fischer will speak to an Atlanta Federal Reserve conference on monetary and financial stability in Stone Mountain, Georgia at 7:15 pm 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 | | | Duke Energy announced that the Federal Energy Regulatory Commission has approved the sale of its non-regulated Midwest Commercial Generation business to Dynegy for $2.8 billion in cash. The deal is expected to close on April 2nd.
OptumRx, the free-standing pharmacy care services business of health insurer UnitedHealth Group, agreed to acquire pharmacy benefits manager Catamaran Corp. for $61.50 per share in an all-cash deal valued at about 12.8 billion. The deal is expected to be accretive to UnitedHealth Group's net earnings in the area of $0.30 per share in 2016. Horizon Pharma and Hyperion Therapeutics, Inc. announced they have entered into a definitive agreement under which Horizon Pharma will acquire all of the issued and outstanding shares of Hyperion's common stock for $46.00 per share in cash or about $1.1 billion on a fully diluted basis.
Archer Daniels Midland said it has reached an agreement to purchase AOR N.V., a privately-held oil bottling company based in Antwerp, Belgium. Financial terms of the transaction were not disclosed.
Standard & Poor's announced that S&P 500 constituent Windstream will replace International Game Technology in the S&P MidCap 400. S&P MidCap 400 constituent Realty Income will replace Windstream in the S&P 500 Index. Douglas Emmett will replace Realty Income in the S&P MidCap 400 Index. |
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| | European Markets | | After turning in a lackluster performance for much of last week, European stocks opened higher and have seen further upside in early trading. Currently, the averages are going about a consolidation move.
On the Greek debt front, Athens is set to present a list of economic reform proposals to international creditors today after Prime Minister Alexis Tsipras' earlier reform plans met resistance from EU leaders.
In corporate news, news, Swiss duty-free operator Dufry announced that it has entered into a binding agreement to acquire Edizione's 50.1 percent stake in WDF, the holding company of World Duty Free Group, for 10.25 euros per share.
Eurocement Holding, a key shareholder in Holcim, plans to vote against the Swiss cement maker's merger with Lafarge unless the financial terms of the deal are altered, the Wall Street Journal reported, quoting a person familiar with matter.
Novartis said it would make an upfront payment of $200 million to Aduro Biotech and make an initial equity investment in the company for $25 million, with a commitment for another $25 million equity investment.
On the economic front, a report released by the German Federal Statistical Office showed that German consumer prices rose 0.3 percent from last year after increasing 0.1 percent in February. The annual increase came in line with expectations.
Eurozone economic sentiment rose for the fourth successive month to its highest level in nearly four years as lower oil prices, weak euro and measures of the central bank boosted confidence among firms and consumers, the results of a survey by the European Commission showed. The economic sentiment index climbed more-than-expected to 103.9 from 102.3 in February, which was revised from 102.1. Economists had expected a score of 103. The reading was the strongest since July 2011, when it was 104. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended mostly higher, encouraged by the rebound on Wall Street last Friday. However, stung by weaker commodity prices, the Australian market retreated and the New Zealand market also fell moderately.
The Japanese market advanced amid the weakness of the yen. After seeing some nervousness till late morning trading, the Nikkei 225 average advanced steadily till the mid-session before moving sideways in the afternoon and closing 125.77 points or 0.65 percent higher at 19,411.
A majority of stocks advanced in the session, led by food companies, financial, retail, telecom and transportation stocks.
Hong Kong's Hang Seng Index closed at 24,855, up 368.92 points or 1.51 percent, and China's Shanghai Composite rallied 95.47 points or 2.59 percent before settling at a 7-year high of 3,787.
Chinese stocks got an incremental boost from comments by People's Bank of China governor Zhou Xiaochuan, who said the economy had slowed "a bit too sharply" and the country needs to be vigilant about signs of deflation.
Meanwhile, Australia's All Ordinaries tumbled 72.60 points or 1.23 percent before closing at 5,816. The market witnessed broad based weakness, with energy stocks sold off heavily.
On the economic front, a report released by Japan's Ministry of Economy, Trade and Industry showed that industrial output fell 3.4 percent month-over-month in February compared to expectations for a 1.9 percent drop. Annually, industrial production declined 2.6 percent.
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.24 to $48.63 a barrel after rising $2.30 or 4.94 percent to $48.87 a barrel in the week ended March 27th.
Oil experienced volatility throughout last week, as it climbed over $51-a-barrel in reaction to the Yemen crisis before giving back much of the gains.
Last Monday, oil rose moderately despite insipid existing home sales data. The commodity edged up marginally on Tuesday before jumping solidly on Wednesday amid the tensions brewing in the Middle East. Oil rallied by close to $2.25-a-barrel on Thursday before retreating by over $2.50-a-barrel on Friday.
Gold futures, which fell $15.20 or 1.28 percent to $1,199.80 an ounce in the previous week, are currently slipping $16 to $1,183.80 an ounce.
Among currencies, the U.S. dollar lost ground in the week ended March 27th following the release of some disappointing domestic economic readings on existing home sales, durable goods orders and final fourth quarter GDP growth. The greenback fell 0.76 percent against the yen before ending the week at 119.13 and it eased 0.62 percent against the euro to $1.0889.
The U.S. dollar is trading at 119.92 yen and is valued at $1.0840 versus the euro.
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