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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 slightly higher opening on Wednesday, with sentiment reflecting apprehensions concerning the sustainability of the upward momentum, given the uncertain economic and monetary policy environment. Notwithstanding a mega deal announced in the energy space in Europe, the mood across the Atlantic is lackluster in the wake of some weak domestic data. With commodities pulling back, the domestic markets may take cues largely from the FOMC minutes due in the afternoon. The impending first quarter reporting season, which unofficially kick starts with Alcoa's (AA) earnings after the market close may also introduce caution.
U.S. stocks retreated in a late hour sell-off on Tuesday, as profit taking following two days of gains generated some weakness. The major averages opened on a firmer note, thanks to strong overseas economic data, cross-Atlantic M&A news, easing U.S. rate hike worries and continued strength in the energy space. Although the averages experienced some volatility in early trading, they advanced and moved roughly sideways until late trading. Stocks took a tumble thereafter, losing all their gains in the process and ending lower for the session.
The Dow Industrials ended down 5.43 points or 0.03 percent at 17,875, while the S&P 500 Index fell 4.29 points or 0.21 percent before ending at 2,076 and the Nasdaq Composite closed at 4,910, down 7.08 points or 0.14 percent.
Sixteen of the thirty Dow components closed higher, while the remaining fourteen stocks advanced. Apple (AAPL), American Express (AXP) and Cisco Systems (CSCO), were among the worst performers of the session. On the other hand, Chevron (CVX), Boeing (BA) and Visa (V) gained some ground.
Among the sectors, utility, gold and housing stocks came under selling pressure, while strength remained visible among steel and railroad stocks.
On the economic front, the Federal Reserve reported that outstanding consumer credit rose by $15.5 billion in February compared to expectations for a $12.5 billion increase. Non-revolving credit tied to auto loans jumped $19.2 billion, while revolving credit fell $3.7 billion, dropping for the fourth straight month.
Meanwhile, Minneapolis Federal Reserve President Narayana Kocherlakota said in an address that the central bank may be better off waiting until the second half of 2016 to begin normalizing interest rates. The Fed official also opined that thereon rates could be increased gradually so that they climb to around 2 percent by the end of 2017. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Energy Information Administration will release its weekly petroleum status report for the week ended April 3rd at 10:30 am ET. Crude oil stockpiles increased by 4.8 million barrels to 471.4 million barrels in the week ended March 27th. Inventories were at the highest level for this time of year in at least the last 80 years.
Distillate inventories climbed 1.3 million barrels yet were in the lower half of the average range. Meanwhile, gasoline inventories fell by 4.3 million barrels but remained well above the upper limit of the average range.
Refinery capacity utilization averaged 88.6 percent over the four weeks ended March 27th compared to 87.9 percent over the four weeks ended March 20th.
The Treasury Department is scheduled to announce the results of its auction of 10-year notes at 1 pm ET.
Additionally, the Federal Reserve is scheduled to release the minutes of its March monetary policy meeting at 2 pm ET.
The minutes could shed some light on the outlook for interest rates, although it is worth noting that the meeting came before last Friday's disappointing jobs data.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Global Payments (GPN) reported better than expected third quarter earnings, while its revenues missed estimate. The company raised its 2015 cash earnings per share guidance, while maintaining its annual revenue outlook.
Rite Aid (RAD) reported higher earnings, benefiting from a tax gain, and revenues were ahead of estimates. The company's 2015 revenue guidance was lackluster.
Chubb Corp. (CB) said it estimates the impact of losses from catastrophes for the first quarter to be about $250 million before tax or about 69 cents per share after tax.
Airgas (ARG) announced a 9 percent increase in its quarterly cash dividend to 60 cents per share.
Alcoa (AA), Apogee Enterprises (APOG), Bed Bath & Beyond (BBBY), Pier 1 Imports (PIR), Resource Connect (RECN) and WD-40 (WDFC) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened lower but have seen volatility in early trading. The French and German markets are trading in a lackluster manner amid some profit taking following yesterday's strong rally. Meanwhile, the U.K. market is riding high on a big M&A deal announced in the energy space.
In corporate news, Shell (RDS) announced a deal to buy BG Group in a cash and stock deal. Under the deal, each of BG Group shares is valued at 383 pence per share in cash and 0.4454 class B shares of Shell.
On the economic front, the German Federal Statistical Office reported that factory orders in Germany fell 0.9 percent month-over-month in February, defying expectations for a 1.5 percent increase.
Euro area retail sales declined in February for the first time in five months, in line with economists' expectations, data from Eurostat revealed. Retail sales fell 0.2 percent from January, marking the first fall since a 0.9 percent drop in September.
A French Customs Office report showed that the French trade deficit widened to 3.4 billion euros in February from 3.7 billion euros in January. Economists expected a wider deficit of 3.8 billion euros.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets closed mixed, although the Hong Kong market rallied sharply following a long Easter break. The Japanese, South Korean, Chinese and Australian markets advanced moderately, while the Taiwanese, Indonesian, Malaysian and Singaporean markets came under selling pressure.
The Japanese market rose, as the yen remained subdued following the previous session's gains. The yen did rise after the Bank of Japan announced its monetary policy decision.
The Nikkei 225 Index opened higher and moved roughly sideways in the morning. After rising sharply in late afternoon trading, the index pulled back slightly and moved sideways before ending up 149.27 points or 0.76 percent at 19,790.
Retail, utility, telecom, food, real estate, most export and pharma stocks advanced strongly but insurance and auto stocks struggled.
Australia's All Ordinaries Index hovered above the unchanged line, capitalizing on the strong advance in energy prices in recent sessions. The index added 35.10 points or 0.60 percent before ending at 5,928.
A majority of stocks advanced, led by energy, real estate, material and consumer discretionary stocks. At the same time, defensive telecom, utility and IT stocks moved to the downside.
Hong Kong's Hang Seng Index ended at a nearly 7-year high of 26,237, up 961.22 points or 3.8 percent, and China's Shanghai Composite Index ended up 857.96 points or 3.39 percent at a fresh 7-year high of 3,995. The index briefly topped the psychological resistance of 4,000 for the first time since 2008.
On the economic front, following the conclusion of a 2-day Monetary Policy Board meeting, the Bank of Japan announced its decision to maintain a status quo position with respect to its monetary policy.
As expected, the central bank decided to conduct money market operations such that the monetary base increases at an annual rate of 80 trillion yen by an 8-1 vote. The bank also maintained its asset purchase program unchanged.
A report released by the Japanese Ministry of Finance showed that the nation's trade balance showed a deficit of 143.1 billion yen in February, smaller than the 239.9 billion yen shortfall expected by economists. The current account surplus came in at 1.44 trillion yen, bigger than the 1.196 trillion surplus expected by economists. |
| | Currency and Commodities Markets | | Crude oil futures are sliding $1.24 to $52.74 a barrel after rallying $1.84 to $53.98 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,206.50, down $4.10 from the previous session's close of $1,210.60. On Tuesday, gold declined $8.
On the currency front, the U.S. dollar is trading at 119.73 yen compared to the 120.28 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0863 compared to yesterday's $1.0814.
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