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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 Tuesday, with sentiment suggesting slight upside on top of yesterday's solid gains. Offering some encouragement would be a cross-Atlantic merger deal announced by FedEx to acquire TNT Express. Overseas economic data on eurozone private sector activity and investor confidence have been encouraging. Commodities have come off their recent highs and the dollar is slowly finding its feet following the setback triggered by the recent spate of lackluster domestic economic data. Given the lack of any other major economic cues, stocks may go about a consolidation move.
U.S. stocks got over the jobs hangover and advanced solidly on Monday, benefiting from a rally in commodity prices. The major averages opened lower but reversed course in early trading. After advancing throughout the morning, the indexes moved roughly sideways in the afternoon, closing moderately higher for the session.
The Dow Industrials ended up 117.61 points or 0.66 percent at 17,881, the S&P 500 Index closed 13.66 points or 0.66 percent higher at 2,081 and the Nasdaq Composite added 30.38 points or 0.62 percent before closing at 4,917.
Twenty-five of the thirty Dow components closed higher, with Microsoft, Apple, Caterpillar, Chevron and 3M Co. leading the gains.
On the economic front, the results of the Institute for Supply Management's service sector survey showed that service sector growth slowed slightly in March. The corresponding PMI eased to 56.5 from 56.9 in February, while economists expected a reading of 56.7.
Markit's final survey showed that its service sector PMI climbed to 59.2 in March from 57.1 in February, while economists expected a reading of 58.4.
Among the sectors, resource, utility and computer hardware stocks moved strongly to the upside, while banking stocks came under pressure.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | New York Federal Reserve Bank President William Dudley is due to speak on the national and regional economies in Newark, New Jersey at 8:30 am ET. Minneapolis Fed President Narayana Kocherlakota will speak in Bismarck, North Dakota at 8:50 am ET. The Treasury Department is scheduled to announce the results of its auction of 3-year notes at 1 pm ET.
The Federal Reserve is scheduled to release its report on outstanding consumer credit at 3 pm ET. Economists expect outstanding consumer credit to increase by $14 bil in February compared to an $11.6 billion increase in January.
The $11.6 bil increase in consumer credit in January came about due to a $12.7 bil increase in revolving credit tied to credit cards, while non-revolving credit associated with auto loans slipped $1.1 bil.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Intel announced that beginning with the first quarter earnings report due to be released on April 14th, it would revise its presentation of its operating segments to reflect the combination of the PC Client Group and the Mobile and Communications Group, creating the Client Computing Group.
A Schulman reported second quarter earnings and revenues that missed estimates.
Viacom announced some initiatives, including reorganizing three of its domestic network groups into two new organizations and reallocating resources to expand its critical business areas. Towards these actions, the company said it would recognize a pre-tax charge of $785 million in the first quarter of 2015, while it expects ongoing annual savings of about $350 million.
International Speedway reported better than expected first quarter results and affirmed its 2015 guidance.
Greenbrier's second quarter results exceeded estimates and it raised its outlook for 2015. |
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| | European Markets | | European stocks are advancing solidly, as the markets in the region re-opened after the extended break on account of Good Friday and Easter. Positive economic data, yesterday's strength on Wall Street and M & A news are buoying sentiment in the region.
In corporate news, FedEx announced a deal to buy Dutch package delivery company TNT Express for a cash offer price of 8 euros per share.
Vivendi also confirmed that it has submitted an offer to Orange regarding its video streaming site Dailymotion. Reports had earlier suggested that Vivendi is looking to buy Dailymotion for 250 mil euros.
On the economic front, revised estimates released by Markit confirmed the improving activity levels in the private sector in the eurozone. The eurozone composite PMI rose 0.7 points to 54 in March, revised slightly down from the flash estimate of 54.1. The service sector PMI was also downwardly revised to 54.2 from 54.3, although it was up from 53.7 in February.
The Markit/CIPS service sector index for the U.K. rose 2.2 points to 58.9 in March, while economists expected a more modest improvement to 57.
The Sentix survey showed that investor confidence in the eurozone improved in April, with the corresponding investor confidence index rising 1.4 points to 58.9.
Eurozone producer prices logged the first monthly increase in five months in February, data from Eurostat showed. Industrial producer prices for the domestic market rose 0.5 percent from January, when they fell 1.1 percent, which was revised from a 0.9 percent fall. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed mostly higher, encouraged by the gains on Wall Street overnight. Tempered expectations concerning an imminent interest rate hike in the U.S. re-ignited risk appetite, sending risk assets higher.
Notwithstanding the announcement of an unchanged monetary policy stance by the Reserve Bank of Australia, as opposed to expectations by some economists that a rate cut is in the offing, the Australian market advanced modestly.
The Japanese market was a beneficiary of a weaker yen. The Chinese market, which opened after Monday's public holiday, settled at a fresh 7-year high. The Hong Kong market was closed for an extended break and will re-open on Wednesday.
The Japanese Nikkei 225 Index opened higher and advanced steadily till the mid-session. After seeing further upside in early afternoon trading, the index moved roughly sideways before closing up 242.56 points or 1.25 percent at 19,641.
A majority of stocks advanced, led by resource, real estate, financial, marine transportation, construction and export stocks. On the other hand, retail and food stocks showed some weakness.
Australia's All Ordinaries Index, which traded notably higher ahead of the monetary policy announcement, gave back most of its gains following the decision. Although the index briefly dipped below the unchanged line in late trading, it recovered and closed 23.50 points or 0.40 percent higher at 5,893.
Solid commodity prices and positive domestic retail sales data lent some support to the market. Most sectors advanced, with energy stocks notable strength.
China's Shanghai Composite Index rallied 97.45 points or 2.52 percent before closing at 3,961.
On the economic front, the Reserve Bank of Australia's Monetary Policy Board opted to hold the official cash rate unchanged at a record low 2.25 percent. The bank opined that an unchanged stance is appropriate for the time being due to the likelihood of further depreciation by the Australian dollar in the wake of declines in commodity prices.
Meanwhile, the Reserve Bank of India also maintained its key rate unchanged and vowed to maintain its accommodative monetary policy stance.
A report released by the Australian Bureau of Statistics showed that retail sales in Australia rose a seasonally adjusted 0.7 percent month-over-month in February, ahead of the 0.4 percent growth expected by economists. |
| | Currency and Commodities Markets | | Crude oil futures are sliding $0.67 to $51.47 barrel after surging up $3 to a 1-month high of $52.14 a barrel on Monday. Meanwhile, an ounce of gold is trading at $1,209.70, down $8.90 from the previous session's close of $1,218.60. On Monday, gold rose $17.70.
On the currency front, the U.S. dollar is trading at 120.24 yen compared to the 119.54 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0850 compared to yesterday's $1.0922.
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