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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 lower opening on Wednesday, with sentiment reflecting nervousness notwithstanding the declines of the previous session. The mood across the Atlantic is upbeat following the release of better than expected manufacturing activity data. The private payrolls report that showed a smaller than expected job gain for the month of March may alleviate rate worries. That said, the uncertainty surrounding the global economic outlook could deter the markets from making a strong upward push.
U.S. stocks suffered a selling spree on Tuesday, as mixed domestic data, the still unsettled Greek debt crisis and the ongoing discussions between Iran and the U.S. over lifting of sanctions all weighed on sentiment. The major averages opened lower but cut some of their losses over the course of morning only to decline yet again. In the afternoon, the averages retreated sharply before closing notably lower.
The Dow Industrials ended down 200.19 points or 1.11 percent at 17,776, the S&P 500 Index closed 18.35 points or 0.88 percent lower at 2,068 and the Nasdaq Composite ended at 4,901, down 46.56 points or 0.94 percent. The Dow and the S&P 500 Index turned negative for the year.
Twenty-eight of the thirty Dow components closed lower, with UnitedHealth (UNH), Apple (AAPL), Boeing (BA), Caterpillar (CAT), Chevron (CVX), DuPont (DD) and Goldman Sachs (GS) among the worst decliners of the session.
Among the sectors, biotechnology, oil, gold, semiconductor and computer hardware stocks came under considerable selling pressure.
On the economic front, the Conference Board reported that its consumer confidence index rose sharply to 101.3 in March from 98.8 in February, while it was expected to decline to 95.5. The expectations index rose 6 points to 96, the highest reading since February 2011, while the present situation index fell 3 points to 109.1.
House prices measured by S&P/Case-Shiller rose a seasonally adjusted 0.9 percent month-over-month in January. Economists had expected a 0.7 percent increase. Annually, house prices climbed 4.6 percent, in line with estimates.
MNI Indicators released the results of its business activity survey for the Chicago region, which showed that the business barometer rose to 46.3 in March from 45.8 in March. Economists expected a reading of 50.2. The reading suffered due to bad weather and the fallout from the West Coast port slowdown. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | San Francisco Federal Reserve Bank President John Williams is due to take part in a panel on financial stability at an Atlanta Fed conference in Stone Mountain, Georgia. Atlanta Fed President Dennis Lockhart will chair a panel on monetary policy at the conference.
Automakers are due to release their monthly sales results for March. Economists expect domestic vehicle sales to come in at a seasonally adjusted annual rate of 16.8 million units, up from 16.2 million units.
Private sector job growth in the U.S. continued to slow in the month of March, according to a report released by payroll processor ADP, with the increase in employment coming in below 200,000 for the first time since January of last year.
ADP said private sector employment climbed by 189,000 jobs in March following a slightly upwardly revised increase of 214,000 jobs in February. Economists had expected an increase of about 230,000 jobs compared to the addition of 212,000 jobs originally reported for the previous month.
Markit is scheduled to release its final manufacturing reading for the U.S. at 9:45 am ET. The consensus estimate calls for a small increase in the index to 55.3 in March from 55.1 in February.
The Institute for Supply Management is due to release the results of its national manufacturing survey for March at 10 am ET. The consensus estimate calls for the index to dip to 52.5 in March from 52.9 in February.
The manufacturing PMI fell to 52.9 in February from 53.5 in January, hitting the lowest level since January 2014. The new orders index slipped 0.4 points to 52.5, the lowest since May 2013, while the order backlogs index rebounded by 5.5 points. The production index dipped to a 1-year low and the employment index declined to 51.4 from 54.1. Of the 18 industries surveyed, 12 reported growth compared to 14 in the previous month. The ISM attributed some of the weakness to the West Coast port strike.
Also at 10 am ET, the Commerce Department is scheduled to release its construction spending report for February. Construction spending may have edged down 0.1 percent month-over-month following a 1.1 percent drop in January.
Construction spending fell 1.1 percent month-over-month in January following a 0.8 percent increase in December. Economists expected a 0.3 percent increase for the month. Public construction spending fell 2.6 percent and private non-residential construction spending was down 1.6 percent, while private residential construction spending rose 0.6 percent.
The Energy Information Administration will release its weekly petroleum status report for the week ended March 27th at 10:30 am ET.
Crude oil stockpiles increased by 8.2 million barrels to 466.7 million barrels in the week ended March 20th. Inventories were at the highest level for this time of year in at least the last 80 years.
Distillate inventories were unchanged, remaining in the lower half of the average range. Meanwhile, gasoline inventories fell by 2 million barrels but remained well above the upper limit of the average range.
Refinery capacity utilization averaged 87.9 percent over the four weeks ended March 20th compared to 87.5 percent over the four weeks ended March 3rd. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Simon Property (SPG) confirmed that it has withdrawn its offer to acquire the outstanding shares of Macerich (MAC) for $95.50 per share. The company cited the decision of Macerich's board not to engage in discussions.
Monsanto (MON) reported second quarter earnings that trailed estimates and lowered its 2015 earnings guidance to the low end of its previous guidance range.
US Steel (X) said it will "adjust operations" and temporarily idle a part of its Minntac plant in Mt. Iron, Minnesota, effective June 1. According to reports, the move would see about 700 employees laid off.
Media General (MEG) said one of its shareholders has agreed to sell 6.80 million shares at $16 per share.
Shaw Communications (SJR) announced the appointment of Vito Culmone as its EVP and CFO, effective June 1st, 2015.
Novavax (NVAX) announced the closing of an underwritten public offering of 27.76 million shares of its common stock, which was priced at $7.25 per share. The offering generated gross proceeds of $201.25 million. |
| | European Markets | | Ignoring a weak start, European stocks moved higher in early trading and are currently moderately higher. Positive manufacturing data from the region is underpinning sentiment despite the Greek debt crisis.
In corporate news, Enel Green Power's subsidiary Enel Green Power North America reached an agreement with General Electric (GE) unit GE Energy Financial Services for the sale of a 49% stake in the newly created EGPNA Renewable Energy Partners for a total consideration of about $440 million.
On the economic front, revised estimates released by Markit showed that eurozone manufacturing activity expanded more than expected in March. The manufacturing PMI rose to a 10-month high of 52.2 in March from 51 in February, coming in higher than the flash estimate of 51.9.
The British manufacturing sector expanded at the fastest pace in eight months during March on stronger growth in production and new orders that led to increased hiring, the results of a survey by Markit Economics and the Chartered Institute of Procurement & Supply showed. The Markit/CIPS PMI rose 0.4 points to 54.4. The reading was in line with estimates.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed on a mixed note, with most markets in the region following Wall Street lower, while the Chinese and Hong Kong market got a reprieve on positive Chinese manufacturing data. The Singaporean, Indian and New Zealand markets also saw modest gains.
The Japanese market retreated as the yen firmed up amid risk aversion and a domestic business sentiment reading came in weaker than expected. The Nikkei 225 average opened lower and declined sharply in early trading. After recouping some of the losses by mid-afternoon trading, the average moved below the unchanged line for the rest of the session and ended down 113 points or 0.59 percent at 19,094.
Australia's All Ordinaries languished below the unchanged line throughout the session before ending down 27.80 points or 0.47 percent at 5,834. Most sectors declined, led by material and energy stocks, while some defensive sectors such as healthcare, real estate and telecom gained some ground.
Hong Kong's Hang Seng Index closed at 25,083, up 181.86 points or 0.73 percent, and China's Shanghai Composite Index added 62.40 points or 1.66 percent before ending at 3,810.
On the economic front, the results of the Bank of Japan's Tankan survey showed that sentiment among large manufacturers remained unchanged in the first quarter of 2015. The large manufacturers index was unchanged at 12, as opposed to expectations for an increase to 14. Large manufacturers expect capital expenditures to decline by 1.2 percent. The outlook index for large manufacturers, measuring sentiment in the second quarter, fell to 10 from 9.
The final reading released by Markit showed that Japanese manufacturing activity nearly contracted in March, with the PMI declining to 50.3 from 51.6.
Data released by the Australian Bureau of Statistics showed that building approvals fell 3.2 percent month-over-month in February, a smaller drop than the 4 percent decline expected by economists. In January, approvals had risen 7.9 percent.
There was divergence between the results of manufacturing surveys by the Chinese National Bureau of Statistics and HSBC/Markit. The official data for March rose to 50.1 in March from 49.79 in February, while economists expected a decline to 49.7.
Meanwhile, HSBC's survey showed that the manufacturing PMI for China slipped to 49.6 in March from 50.7 in February, although it was an improvement from the flash estimate of 49.2. The official non-manufacturing PMI eased to 53.7 from 53.9 in February. |
| | Currency and Commodities Markets | | Crude oil futures are slipping $0.26 to $47.86 a barrel after falling $1.08 to $47.60 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,192.50, up $9.30 from the previous session's close of $1,183.20. On Tuesday, gold declined $2.10.
On the currency front, the U.S. dollar is trading at 119.84 yen compared to the 120.13 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0778 compared to yesterday's $1.0835.
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