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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 Monday, with sentiment reflecting nervousness, as the overbought markets look for reasons to extend the rally. Across the Atlantic, the mood is negative, with profit taking setting in following a stellar rally last week. The domestic markets are most likely to go about a consolidation move ahead of some key data releases of the week, although the upside in energy prices could offer some support to the markets.
U.S. stocks advanced for the second straight week in the week ended April 10th amid a rally in energy stocks and some positive corporate news.
Last Monday, the major average benefited from the upside in oil prices, which rose to a 1-month high. Although the mood remained upbeat for the bulk of Tuesday, thanks to optimism concerning a cross-border deal and the continued upside in oil prices, the rally fizzled out in late trading due to profit taking.
The averages resumed their advance on Wednesday, although the gains were more modest, as the minutes of the March FOMC meeting relayed mixed messages concerning the timing of an interest rate hike. Helped by positive jobless claims and continued upside in oil prices, stocks rose moderately on Thursday.
An announcement from General Electric regarding the sale of much of GE Capital and a return of capital to shareholders as well as the upward momentum supported stocks on Friday, sending the major averages higher yet again.
For the week ended April 10th, the Dow Industrials rose 1.66 percent and the S&P 500 Index advanced 1.70 percent, while the Nasdaq Composite Index gained a steeper 2.23 percent. Among the sectors, the Philadelphia Oil Service Index and the NYSE Arca Oil Index rallied 6.71 percent and 4.38 percent, respectively. Additionally, the NYSE Arca Biotechnology Index gained 3.79 percent and the Philadelphia Semiconductor Index, the NYSE Arca Gold Bugs Index and the NYSE Arca Airline Index moved up over 2 percent each, while the Philadelphia Housing Sector Index eased 1.14 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | As talks concerning the timing of the monetary policy tightening gain momentum, traders are likely to keep a close eye on a few market moving-economic reports in the unfolding week.
The markets may closely track the Commerce Department's retail sales report for March, the Federal Reserve's industrial production report for March, the National Association of Home Builders' housing market index for April, the Commerce Department's housing starts report for March, the results of the New York Federal Reserve and the Philadelphia Federal Reserve's manufacturing surveys for April and the results of the University of Michigan's consumer sentiment survey for April.
Some Fed speeches and the Federal Reserve's Beige Book report could also attract the attention of traders. The Commerce Department's business inventories report for February, the Labor Department's consumer prices report for March and the Conference Board's leading economic indicators index for March round up the economic events of the week.
The Treasury is set to release its monthly budgetary statement at 2 pm ET. Economists expect a trade deficit of $43.4 billion in March compared to a deficit of $192.3 billion in February.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Avid announced an agreement to buy Orad Hi-Tec Systems, a public company with its headquarters in Israel and listed on the Frankfurt Exchange. Orad will be acquired for 5.67 euros per share in an all cash deal.
JetBlue said its March load factors rose 2.4 percentage points to 87.2 percent, as traffic rose 9.2 percent and capacity climbed 6.2 percent. Citing stronger than expected close-in bookings and yield, the company also said it expects traffic for the first quarter to be up 4.5 percent year-over-year, which is up from its previous guidance of 3-4 percent growth.
A Wall Street Journal report suggested that activist investor Jana Partners is pressuring Qualcomm to consider a break up, among other options to revive its sagging stock price. |
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| | European Markets | | European stocks opened on a mixed note, with the French and German markets opening lower, while the U.K. market was higher at the open. The French and German markets are experiencing volatility, although they are languishing mostly in the red. At the same time, the U.K. market is rising notably.
In corporate news, EasyJet named Halford executive Andrew Findlay as its new CFO, replacing Chris Kennedy, who is set to leave the company early next year. Lufthansa reported higher traffic for March, while capacity rose 1 percent. Load factor edged up 0.6 percent year-over-year.
Henkel confirmed the outlook for the full fiscal year 2015, expecting to achieve organic sales growth of 3 to 5 percent in the full fiscal year 2015. The company expects adjusted return on sales to be approximately 16 percent and anticipates an increase in adjusted earnings per preferred share of approximately 10 percent.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended mostly higher, with weak Chinese trade data triggering a strong rally in China and Hong Kong on strengthening stimulus hopes. Meanwhile, the Japanese and Australian markets eased marginally.
The Japanese market experienced weakness amid softer domestic machinery orders data. The Nikkei 225 average opened higher but began moving back and forth across the unchanged line till late morning trading. After retreating below the unchanged line, the index languished in the red till late afternoon. Thereafter, the average see-sawed before ending down 2.17 points or 0.01 percent at 19,906.
Utility, food, real estate, energy and financial stocks moved to the downside, while tech stocks ended mostly higher. Nippon Electric rallied 17.70 percent after it raised its operating profit guidance for the March quarter.
Australia's All Ordinaries, which saw some strength in the morning, gave back its gains by the mid-session and began moving in a directionless manner before ending 7.30 points or 0.12 percent lower at 5,928.
Material and IT stocks came under intense selling pressure and real estate, industrial and healthcare stocks also saw weakness. On the other hand, telecom, utility, healthcare and industrial stocks gained ground.
Meanwhile, China's Shanghai Composite Index rallied 87.40 points or 2.17 percent before ending at a fresh 7-year high of 4,122 and the Hang Seng Index of Hong Kong closed at 28,016, up 743.95 points or 2.73 percent.
On the economic front, a report released by the General Administration of Customs showed that Chinese exports fell 14.6 percent year-over-year in March, belying expectations for a 9 percent increase. Imports fell a worse than expected 12.3 percent. Consequently, the trade surplus fell to $3.1 billion compared to the $40.1 billion surplus expected by economists.
Japan's Cabinet Office reported that core machinery orders fell 0.4 percent month-over-month in February compared to expectations for a 2.2 percent drop. Annually core machinery orders rose 5.9 percent, bigger than the 4.3 percent increase expected by economists.
The minutes of the Bank of Japan's March 16-17th Monetary Policy Board meeting showed that the bank is of the view that the moderate recovery will continue at the current pace. The bank noted that inflation expectations may be rising, although members felt that any upside could be limited by lower energy prices. At the meeting, the central bank kept its massive stimulus unchanged by an 8-1 majority and kept the benchmark interest rate steady at 0.10 percent. |
| | Currency and Commodities Markets | | Crude oil futures are rising $1.01 to $52.65 a barrel after advancing $2.50 or 5.09 percent to $51.64 a barrel in the week ended April 10th.
Last Monday, oil rose $3 to a 1-month high of over $52-a-barrel. Oil rallied close to $2-a-barrel on Tuesday. However, oil took a tumble on Wednesday in the wake of the release of the FOMC minutes that served to strengthen the dollar, declining over $3.50-a-barrel. The commodity rose modestly on Thursday and added close to $1-a-barrel on Friday.
Gold futures, which rose $3.70 or 0.31 percent to $1,204.60 an ounce in the previous week, are currently moving down $4.10 to $1,200.50 an ounce.
Among currencies, the dollar advanced against most currencies in the week ended April 10th, with the dollar adding 1.05 percent against the yen to 120.22 yen. The greenback also firmed up 3.33 percent against the euro, rising 3.33 percent to $1.0604. The dollar's strength in the past week was on expectations of monetary policy divergence between the Federal Reserve and the rest of the global central banks.
The U.S. dollar is trading at 120.06 yen and is valued at $1.0557 against the euro.
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