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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 a flat opening on Monday, with sentiment reflecting nervousness of traders after last week's strong showing. Traders may keep an eye on developments on Greece, as Greek and Germany meet to discuss the debt crisis. Given the shaky risk appetite, oil has turned lower and the dollar is continuing to give back ground. Against the backdrop, the spotlight is also likely to be on existing homes sales data, which is widely expected to show a small increase in February.
U.S. stocks reversed course in the week ended March 20th, with the FOMC announcement responsible for a strong rally that helped the major averages claw back towards either their all time highs or multi-year highs.
Last Monday, the major averages advanced solidly, helped by some weak regional manufacturing and industrial production data. With traders choosing to stay on the sidelines on Tuesday ahead of the FOMC announcement, the averages went about in a nervous manner before closing mixed.
The FOMC's dovish stance catalyzed a strong upward move on Wednesday, sending all the three major averages notably higher. Profit taking on Thursday following the Fed-induced rally led to a mixed close. Aided by some positive earnings in a quadruple witching session, the major averages rallied strongly on Friday, ending the week on an upbeat note.
For the week ended March 20th, the Dow Industrials and the S&P 500 Index rallied 2.13 percent and 2.66 percent, respectively for the week, while the Nasdaq Composite surged up 3.17 percent.
Among the sector indexes, the NYSE Arca Gold Bugs Index jumped 5.71 percent for the week, while the NYSE Arca Airline Index, the NYSE Arca Oil Index and the NYSE Arca Biotechnology Index rose over 4 percent each. The Dow Jones Utility Average rose close to 4 percent. Additionally, the Philadelphia Semiconductor Index and the Philadelphia Oil Service Index added more than 3 percent each and the Philadelphia Housing Sector Index gained close to 3 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | A few housing market reports, preliminary private sector activity data, durable goods orders, consumer sentiment and jobless claims are among the key data releases of the unfolding week.
The National Association of Realtors' existing home sales report and the Commerce Department's new home sales report, both for February, the Federal House Finance Agency's house price index for January, the Commerce Department's durable goods orders data for February, preliminary reading of Markit's manufacturing and non-manufacturing purchasing managers' indexes for March and the results of the University of Michigan's consumer sentiment survey for March among the market moving economic data of the unfolding week.
Traders may also sift through the Fed speeches scheduled for the week for gaining additional clarity of the central bank's interest rate outlook. Manufacturing activity data of some regional Federal Reserve Banks, the Labor Department's consumer price index for February, final fourth quarter GDP estimate and the results of the Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
Cleveland Federal Reserve Bank President Loretta Mester and Bank of France Governor Christian Noyer are due to discuss monetary policy context in Paris. Federal Reserve Vice Chair Stanley Fischer will speak in New York.
The Chicago Federal Reserve Bank is scheduled to release its national activity index for February at 8:30 am ET. Economists expect the index to increase to 0.15 from 0.13 in January.
The National Association of Realtors is due to release its existing home sales data for February at 10 am ET. The consensus estimate calls for existing home sales to come in at a seasonally adjusted annual rate of 4.940 million units compared to a 4.82 million unit rate in January.
Existing home sales came in at a seasonally adjusted annual rate of 4.82 million units in January, marking the lowest rate since April 2014. This was down from 5.07 million units in December. First time homebuyers accounted for 27 percent of the purchases. Inventories measured in terms of months of supply rose to 4.7 months from 4.4 months.
San Francisco Federal Reserve Bank President John Williams is scheduled to speak on the economic outlook in Sydney at 10 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 | | | Lowe's announced that its board approved a new $5 bil worth of stock buyback program.
Eli Lilly; and Boehringer Ingelheim announced their type2 diabetes treatment Glyxambi tablets are now available by prescription in many leading chain and independent pharmacies across the U.S., including Walgreens and Rite Aid.
Biogen Idec announced it has introduced a new corporate identity and logo that reflect both its evolution and focus on bringing forth new therapies in areas of high unmet need. Effective March 23, Biogen Idec is known simply as Biogen. The company's common stock will continue to trade on the Nasdaq Global Select Market under the symbol, BIIB, and its CUSIP number will not change. |
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| | European Markets | | European stocks have opened lower and are seen trading in negative territory following last Friday's strong advances.
German Chancellor Angela Merkel will receive her Greek counterpart in Berlin. After weeks of difficult relations, both leaders are expected to tone down emotions and reaffirm their mutual goal of maintaining Greece in the euro zone. EU leaders on Friday asked Greece to come up with a more concrete reform plan in the coming days so that bailout talks can speed up.
European Central Bank President Mario Draghi will testify on monetary policy before the European Parliament's Economic and Monetary Affairs Committee in Brussels at 10:00 am ET.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mixed, with optimism generated by the positive close on Wall Street last weekend supporting some of the markets. The Japanese, Chinese and Hong Kong markets advanced strongly, with the averages of the former two markets closing at multi-year highs. However, the Australian, Malaysian, Indonesian, Indian and South Korean markets declined.
The Japanese market opened higher and rallied strongly at the open. After climbing steadily till the morning, the index moved sideways before ending up 194.14 points or 0.99 percent at a 15-year high of 19,754. The market was reacting to Wall Street's rally on Friday and optimism concerning the impending domestic earnings, with the rallying having come about despite the yen's strength.
Eisai rallied 20.70 percent and led the Nikkei's advance. Export stocks also moved to the upside. On the other hand, real estate and telecom stocks moved to the downside.
China's Shanghai Composite added 70.41 points or 1.95 percent before closing at a near-7 year high of 3,688, marking the ninth straight session of gains, and Hong Kong's Hang Seng Index ended at 24,495, up 119.27 points or 0.49 percent.
On the other hand, Australia's All Ordinaries languished below the unchanged line for better part of the session before ending down 15.30 points or 0.26 percent at 5,921. Most sectors, with the exception of energy and material stocks, came under selling pressure. Consumer staple, financial, healthcare, IT, industrial, real estate and utility stocks moved notably lower.
After the close of trading, the Japanese government released its monthly economic report, wherein it upgraded its assessment of the economy for the first time in eight months on the back of improvement in corporate profits and a pick up in industrial production. In the monthly report released by the Cabinet Office, the government said the Japanese economy is on a moderate recovery, citing the improvement in the corporate sector.
In February, the government said the economy was recovering moderately, but pointed out weakness in private consumption |
| | Currency and Commodities Markets | | Crude oil futures are slipping $0.59 to $45.98 a barrel after adding $2.37 or 5.36 percent to $46.57 a barrel in the week ended March 20. The previous session's rebound of the commodity came amid the weakening of the dollar despite the supply glut concerns.
Last Monday, oil fell for the fifth straight session, moving down about $1-a-barrel, hurt partly by the weak U.S. data. The commodity fell moderately on Tuesday before rallying over $1-a-barrel. Oil declined moderately on Thursday only to bounce back and advance strongly on Friday.
Gold futures, which slipped $32.20 or 2.79 percent to $1,184.60 an ounce in the previous week, are currently slipping $2.50 to $1,182.10 an ounce.
Among currencies, the U.S. dollar weakened against the yen and the euro in the week ended March 20th in the wake of the FOMC decision, which precluded an imminent rate hike. The greenback fell 1.13 percent against the yen before ending the week at 120.04 and it lost 3.01 against the euro to $1.0821.
The U.S. dollar is trading at 119.86 yen and is valued at $1.0878 versus the euro.
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