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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 lower opening on Tuesday, with odds favoring a pullback, given the nervousness surrounding the likely stance of the Federal Reserve Open Market Committee. The markets widely expect the central bank to offer some clues to an itinerary for monetary policy normalization. That said, some of the data released recently has been a touch soft. The case in point is today's housing starts data, which showed a steep decline, but building permits data was stronger than expected. Stocks could merely test waters before the FOMC announcement is made on Wednesday.
U.S. stocks threw caution to wind and advanced solidly on Monday, as bargain hunting generated some strength. The major averages opened higher after the release of soft regional manufacturing and industrial production data and advanced steadily through the remainder of the session.
The Dow Industrials ended up 228.11 points or 1.29 percent at 17,977, the S&P 500 Index closed 27.79 points or 1.35 percent higher at 2,081.19 and the Nasdaq Composite ended at 4,930, up 57.75 points or 1.19 percent.
Twenty-eight of the thirty Dow components closed higher, with UnitedHealth, Travelers, Procter & Gamble and 3M leading the gains. On the other hand, DuPont slumped 4.26 percent.
Among the sectors, transportation, utility, biotechnology, energy, retail, semiconductor and computer hardware stocks led the gains.
On the economic front, the results of the New York Federal Reserve's manufacturing survey showed that manufacturing growth slowed more than expected in March. The general business conditions index fell to 6.9 from 7.8 in February. The new orders index slid to -2.4, the weakest level since November 2013, and the order backlogs index declined by 7 points to -13.4. On the other hand, the number of employees index rose 8 points to 18.6, the best level since May 2014, and the average workweek index rose 6 points to 5.2. The 6-month outlook index climbed by 5 points.
The Federal Reserve reported that industrial production rose 0.1 percent month-over-month in February, while the January reading was downwardly revised by 0.5 percentage points. Manufacturing output declined 0.2 percent, with the production of motor vehicles/parts falling 3 percent. Meanwhile, utility output rose. Capacity utilization edged up 0.2 percentage points to 79.1 percent.
The results of the housing market survey by the National Association of Home Builders showed that its housing market index fell 2 points to 53 in March, marking the lowest reading since last July. The present sales conditions index was down 3 points at 58 and the index measuring prospective buyer traffic slipped 2 points to 37, while the expectations index was unchanged at 58. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The 2-day FOMC meeting kicks off today, although the decision is not expected until Wednesday. Along with the post meeting policy statement, the central bank will also release its updated forecasts and Fed Chair Janet Yellen will also host a press conference.
New residential construction in the U.S. showed a substantial decrease in the month of February, according to a report released by the Commerce Department. The report said housing starts plummeted by 17.0 percent to an annual rate of 897,000 in February from the revised January estimate of 1.081 million.
Economists had been expecting housing starts to dip to 1.048 million from the 1.065 million originally reported for the previous month. On the other hand, the report said building permits climbed 3.0 percent to an annual rate of 1.092 million in February from the revised January rate of 1.060 million. Building permits, an indicator of future housing demand, had been expected to inch up to 1.058 million from the 1.053 million originally reported for January.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Foot Locker announced updated strategic priorities, including driving performance in its core business with customer engagement and building on its kids business. The company also raised its long-range financial objectives, expecting sales of $10 billion and EBIT margin of 12.5 percent by 2020.
Tyson Foods announced that it would reiterate its 2015 adjusted earnings guidance of $3.30-$3.40 per share at a presentation at the Consumer Analyst Group of Europe in London on March 18th. Analysts currently expect earnings of $3.43 per share.
Valeant Pharma announced that it has filed a preliminary prospectus supplement to its effective shelf registration statement on Form S-3 in connection with a registered offering of $1.45 billion worth of its common shares in the U.S. The company intends to use the net proceeds to partly fund its acquisition of Salix Pharma.
AAR said its third quarter results will trail expectations due to lower flying positions and flight hours in its airlift operations. Due to some one-time events, the company expects to report a loss of 73-76 cents per share for the third quarter. Additionally, the company said it expects net cash proceeds of $600 million from the sale of Telair Cargo, which is expected in the fourth quarter of 2015.
Standard & Poor's announced that American Airlines will replace Allergan in the S&P 500 Index after the close of trading on March 20th.
Adobe Systems, Oracle and Pacific Sunwear are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | After a mixed open, the major European markets currently remain on opposite sides of the unchanged line. The French and the German markets are showing nervousness and are languishing in the red, while the U.K. market is advancing.
A weak German economic sentiment reading and nervousness concerning Wednesday's FOMC decision are serving to keep sentiment subdued.
In corporate news, Sainsbury reported a decline in its fourth quarter sales and like-for-like sales and cautioned that market conditions remain challenging in the foreseeable future. Copper producer Antofagasta reported a 30 percent decline in its full year profits, hurt by one-time events and softer copper prices.
On the economic front, the results of Zew's economic sentiment survey showed that German economic sentiment improved less than expected in February. The economic sentiment index rose 1.8 points to 54.8, while economists expected a reading of 59.4.
Data released by ACEA showed new car registrations in the euro area, excluding Malta, grew 7.3 percent year-over-year to 924,440 units in February. In January, sales had risen 6.7 percent.
Revised estimates released by Eurostat showed that eurozone consumer prices fell 0.3 percent year-over-year, remaining negative for the third straight month, in line with the flash estimate. At the same time, a separate report showed that jobless rate rose 0.1 percent sequentially in the fourth quarter, slower than the 0.2 percent increase in the third quarter.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced, taking cues from the positive close on Wall Street overnight. Meanwhile, the Hong Kong, New Zealand and Singaporean markets bucked the uptrend.
The Chinese market led the gains in the region, while the Japanese and Australian markets also made handsome gains. An unchanged monetary policy stance from the Bank of Japan did little to support the yen.
The Japanese market rose strongly, with a weaker yen lending support. The Nikkei 225 average opened higher and moved mostly sideways before legging up in the afternoon. The index ended up 190.94 points or 0.99 percent at 19,437.
The market witnessed broad based strength, with export stocks leading the way higher. On the other hand, some defensive stocks came under selling pressure.
Australia's All Ordinaries hovered in positive territory throughout the session before ending up 41.30 points or 0.72 percent at 5,811.
Most sectors advanced, led by telecom, financial and energy stocks. Meanwhile, healthcare and real estate stocks moved to the downside.
China's Shanghai Composite rallied 53.54 points or 1.55 percent before closing at 3,503, rising for the fifth straight session and ending at a nearly 7 year high. At the same time, Hong Kong's Hang Seng Index closed 48.06 points or 0.20 percent lower at 3,503.
On the economic front, following the conclusion of its 2-day Monetary Policy Board meeting, the Bank of Japan announced its decision to keep its monetary policy unchanged. By an 8-1 vote, the bank opted to maintain its policy of conducting market operations so that the monetary base will increase at an annual pace of 80 trillion yen.
The Board headed by Governor Haruhiko Kuroda also decided to leave its asset purchase program unchanged. Even as the economic assessment and outlook was positive, the bank said it now expects annual inflation to be flat.
Revised estimates released by the Cabinet Office showed that the leading economic indicators index for Japan fell to 105.5 in January from 105.8 in December. However, the reading represented an upward revision from the preliminary estimate of 105.1.
Foreign direct investment in China increased slightly in February, data from the Ministry of Commerce showed. China attracted $8.56 billion of FDI in February, up 0.9 percent from last year. Nonetheless, it was well below January's $13.9 billion. |
| | Currency and Commodities Markets | | Crude oil futures are sliding $0.80 to $43.09 a barrel after falling $0.96 to $43.88 a barrel on Monday. Meanwhile, an ounce of gold is currently at $1,151, down $2.20 from the previous session's close of $1,153.20. On Monday, gold rose $0.80.
On the currency front, the U.S. dollar is trading at 121.20 yen compared to the 121.34 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0617 compared to yesterday's $1.0568.
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