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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 higher opening on Wednesday, with sentiment suggesting that nervousness would prevail ahead of the FOMC announcement. The futures have surrendered some of the early gains, yet are higher. Commodities are mostly lower, although crude oil prices are firmer, as the dollar trades mixed and bond yields retreat. Corporate news is likely to be a cause of concern, as FedEx reported below-par results and Adobe lowered its third quarter guidance. Notwithstanding expectations for a status quo stance, the message relayed through the impending FOMC announcement and Fed Chair Janet Yellen's press briefing could guide sentiment during the session.
U.S. stocks rebounded from a two-session retreat on Tuesday amid the release of fairly encouraging housing data and M&A news that triggered bargain hunting. The major averages opened slightly lower but moved above the unchanged line immediately after. After seeing muted gains in early trading, the indexes advanced steadily till late trading and then moved sideways. The averages ended the session firmly in positive territory.
The Dow Industrials ended up 113.31 points or 0.64 percent at 17,905, the S&P 500 Index closed 11.86 points or 0.57 percent higher at 2,096 and the Nasaq Composite ended at 5,056, up 25.58 points or 0.51 percent.
Twenty-eight of the thirty Dow components closed higher and one stock ended unchanged, while another retreated. Coca-Cola (KO), Merck (MRK), Nike (NKE), Procter & Gamble (PG), UnitedHealth (UNH) and Exxon Mobil (XOM) were among the biggest gainers of the session.
On the economic front, the Commerce Department reported that housing starts fell 11.1 percent month-over-month to a seasonally adjusted annual rate of 1.036 million units in May after rising at the fastest rate in 25 years in April. The previous two months' starts were upwardly revised. Building permits, considered an indicator of future housing activity, jumped 11.8 percent on top of the previous month's 9.8 percent gain. |
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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 is scheduled to release its petroleum status report for the week ended June 12th at 10:30 am ET.
Crude oil stockpiles fell by 6.8 million barrels to 470.6 million barrels in the week ended June 5th. Despite the drop, inventories were near levels not seen for this time of the year in at least the last 80 years.
Gasoline inventories fell by 2.9 million barrels but were in the upper half of the average range. Meanwhile, distillate stockpiles rose by 0.9 million barrels and were in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 93.5 percent over the four weeks ended June 5th compared to 92.6 percent over the four weeks ended May 29th.
Following the conclusion of a two-day meeting, the Federal Reserve is due to announce its interest rate decision at 2 pm ET. Simultaneously, the Fed will also release its updated forecasts. Half an hour later, Yellen will hold a press conference.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | FedEx (FDX) reported adjusted earnings and revenues that were slightly shy of estimates. The company's 2016 adjusted earnings per share was in line.
Actuant (ATU) reported a drop in its third quarter earnings and its revenues were shy of estimates. The company lowered its full year revenue and earnings guidance.
Adobe Systems' (ADBE) second quarter adjusted earnings were above estimates and its revenues were in line. However, the company's second quarter and full year guidance was lackluster.
Bob Evans (BOBE) reported better than expected fourth quarter results and issued in line guidance for the full year 2016.
La-Z-Boy (LZB) reported in line adjusted earnings per share for its fourth quarter, but its sales missed estimates despite rising modestly.
CLARCOR (CLC), Jabil Circuit (JBL), Oracle (ORCL) and Pier 1 Imports (PIR) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are seeing volatility in early trading and are currently lower, as traders adopt a 'wait and see' attitude ahead of the FOMC announcement.
The ECB's governing council will holds its weekly conference call later today to decide whether to raise emergency liquidity assistance funding, the banking system's last lifeline to Greece's faltering financial system.
Eurozone finance ministers are set to meet on Thursday to discuss the Greek debt crisis, even as its Prime Minister Alexis Tsipras is accusing his country's creditors of trying to "humiliate" Greeks and his government.
On the economic front, the U.K. Office for National Statistics reported that the unemployment rate in the U.K. calculated based on the ILO standards fell to 5.5 percent in the three months ended in April from 5.7 percent for the three months ended in January. The number of individuals claiming unemployment benefits fell by 6,500 in May compared to the previous month, while economists expected a drop of 13,800.
The minutes of the Bank of England's June Monetary Policy Committee meeting showed that members unanimously adopted the resolution to keep rates at a record low of 0.50 percent and the size of the asset purchase program at 375 billion pounds. The committee members were of the view that the course of monetary policy over the next few years is uncertain and a lot would depend on economic circumstances.
Final estimates released by Eurostat showed that the eurozone consumer prices rose 0.3 percent year-over-year in May, in line with the flash estimate and following an unchanged reading in April. The price growth was the fastest since October 2014.
A separate report showed that construction output in the euro area was up 0.3 percent month-over-month in April, slower than the 0.6 percent increase in February. Annually, construction output was flat.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most of the major Asian markets rebounded, tracking the positive cues from Wall Street, although the Japanese, New Zealand and Taiwanese markets retreated.
Australia's All Ordinaries opened higher and climbed steadily in the morning before going about a consolidation move in the afternoon. The index ended up 55.10 points or 1 percent at 5,590.
The market witnessed broad based strength, with energy, financial, telecom, utility and real estate stocks among the biggest gainers of the session. On the other hand, healthcare stocks came under selling pressure.
China's Shanghai Composite Index rallied 80.47 points or 1.65 percent before ending at 4,968, recouping some of the previous session's losses. Hong Kong's Hang Seng Index ended at 26,754, up 187.09 points or 0.70 percent.
Meanwhile, Japanese stocks retreated modestly, as the yen was firmer in early Asian trading. The Nikkei 225 Index opened higher and remained above the unchanged line till late morning trading but fell sharply till early afternoon trading. After moving roughly sideways, the index trimmed some of its losses in late trading before closing 38.67 points or 0.19 percent lower at 20,219.
Housing, refinery, textile, real estate, financial, chemical, glass, resource, telecom and export stocks experienced weakness. On the other hand, construction, retail, auto parts and food stocks moved to the upside.
On the economic front, a report released by the Japanese Ministry of Finance showed that Japan's trade deficit widened to 215.97 billion yen in May from a deficit of 55.8 billion yen in April. Economists expected a deficit of 258.8 billion yen. Exports were up 2.4 percent year-over-year, while imports fell 8.7 percent.
A leading economic indicators index for Australia fell in May, according to a report released by the Melbourne Institute and Westpac. The leading economic indicators index edged down 0.1 percent in May following a 0.1 percent increase in April.
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| | Currency and Commodities Markets | | Crude oil futures are surging up $1.03 to $61 a barrel after advancing $0.45 to $59.97 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,178.20, down $2.70 from the previous session's close of $1,180.90. On Tuesday, gold fell $4.90.
On the currency front, the U.S. dollar is trading at 123.98 yen compared to the 123.36 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1275 compared to yesterday's $1.12848.
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