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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 Monday, with sentiment suggesting strength after the declines of the previous two sessions. An economic report released short while ago showed that personal income grew more than expected but personal spending unexpectedly stagnated. The dollar has turned mixed and commodities are weaker. A few M & A announcements of the day could also offer encouragement. The markets may also track the manufacturing activity data due to be released shortly after the markets open and a Fed speech due for the day.
U.S. stocks ended mixed yet again in the week ended May 29th, with the Dow Industrials and the S&P 500 Index retreating, while the Nasdaq Composite moved to the upside. The markets reacted to mixed U.S. economic data even as Greek default worries remained an overhang on the markets.
Last Tuesday, when the markets opened after the Memorial Day holiday on Monday, the major averages retreated sharply, weighed down by Greek debt worries and domestic rate hike concerns following the release of strong data on new home sales, consumer confidence and durable goods orders data. The major averages all fell over 1 percent each. Bargain hunting generated some strength on Wednesday, sending the major averages higher in the session. The Nasdaq Composite ended at a fresh closing high.
The markets reversed course on Thursday, ending the session modestly lower, although off their worst levels of the day. Data showing a contraction in U.S. economic activity and weak regional manufacturing activity data pressured stocks on Friday and the major averages retreated moderately in the session.
For the holiday-shortened week ended May 29th, the Dow Industrials and the S&P 500 Index fell 1.21 and 0.88 percent, respectively, while the Nasdaq Composite edged up 0.17 percent.
Among the sectors, the Philadelphia Oil Service Sector Index fell 4.15 percent for the week, while the Dow Jones Transportation Average and the NYSE Arca Gold Bugs Index fell over 2 percent each. On the other hand, the Philadelphia Semiconductor Index rallied 3.50 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Jobs and private sector activity data are expected to be front and center in the unfolding week, even as doubts began to intensify regarding the strength of the domestic economic recovery. Traders are likely to focus on the Commerce Department’s personal income and spending for April, the results of separate manufacturing and non-manufacturing surveys for May by the Institute for Supply Management and Markit, ADP’s private payrolls data, the Labor Department’s non-farm payrolls report for May and the weekly jobless claims data. Some Fed speeches scheduled for the week and the Federal Reserve’s Beige Book may also draw the attention of the markets.
The Commerce Department’s construction spending, trade balance and factory orders data, all for April, monthly auto sales for May, final first quarter productivity and costs data and the Federal Reserve’s consumer credit report for April round up the economic events of the week.
While the U.S. Commerce Department released a report showing that personal income increased by slightly more than expected in April, the report also showed that personal spending unexpectedly came in flat.
The report said personal income rose by 0.4 percent in April after coming in unchanged in March. Economists had expected income to climb by 0.3 percent. Meanwhile, the Commerce Department said personal spending came in unchanged in April following an upwardly revised 0.5 percent increase in March. Spending had been expected to edge up by 0.2 percent compared to the 0.4 percent increase originally reported for the previous month.
Boston Federal Reserve Bank President Eric Rosengren is due to speak in Hartford, Connecticut, at 9:05 am ET.
Final estimates of Markit’s U.S. manufacturing PMI are due at 9:45 am ET. The consensus estimate calls for a drop in the index to 53.8 in May from 54.1 in April.
The Institute for Supply Management is scheduled to release the results of its manufacturing survey for May at 10 am ET. Economists expect the manufacturing PMI to edge up to 51.8 in May from 51.5 in April.
In April, the manufacturing PMI was unchanged at 51.5, with 15 out of 18 manufacturing industries reporting growth. The new orders index climbed 1.7 points to 53.5 and the production index added 2.2 points to 56. On the other hand, the employment index slid 1.7 points to 48.3, retreating further into contraction territory.
The Commerce Department will also release its construction spending report for April at 10 am ET. Economists expect construction spending to have increased 0.7 percent month-over-month.
In March, construction spending fell by 0.6 percent month-over-month, resulting in an annual rate of growth of 2 percent. Spending on private construction fell 0.3 percent, with residential construction spending slipping 1.6 percent, while non-residential construction spending climbed 1 percent. Private construction spending was down 1.5 percent. |
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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 said it agreed to buy Altera Corp. for $54 per share in cash, valuing the company at about $16.7 bil.
Integrated Silicon Solutions acknowledged the receipt of a revised unsolicited non-binding offer from Cypress Semiconductor to buy all if its outstanding common stock for $20.25 per share in cash.
Ferrellgas Partners said that it agreed to acquire Dallas-based Bridger Logistics, LLC, a provider of integrated crude oil midstream services, for a purchase price of approximately $837.5 mil.
Kratos Defense & Security Solutions Inc. said it agreed to sell the U.S. and U.K. operations of its Electronic Products Division or "EPD" to Ultra Electronics Holdings plc for $260 mil in cash to be paid at closing and the reimbursement of up to $5 mil for taxes incurred as part of the transaction, for a total of $265 mil in total gross cash proceeds, subject to certain working capital adjustments.
Molina Healthcare said it expects adjusted earnings per share of $2.90 and reported earnings per share of $2.35. For fiscal 2015, the company expects total revenue of $14.3 bil. The guidance was above estimates.
O’Reilly announced that its board has approved an additional $500 mil repurchase, raising the aggregate authorization under the program to $5.5 bil.
Dollar Tree announced an agreement to sell 330 stores to Sycamore Partners, with the disposal contingent on the completion of its pending acquisition by Family Dollar Stores. |
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| | European Markets | | European stocks opened higher and saw a sharp climb in early trading only to give back their gains by early afternoon trading, as traders digest the developments on the Greek debt front and domestic manufacturing data. Following the release of the U.S. data, the averages have turned higher.
In corporate news, Publicis Groupe announced the purchase of 94 percent of the share capital of Relaxnews for 9.58 euros per share. Lloyds Banking Group said the U.K. government has reduced its stake in the bank by 1 percentage point to 18.99 percent.
On the economic front, revised estimates released by Markit Economics showed that the eurozone manufacturing sector continued to expand but at a slower than initially estimated pace in May. The final manufacturing PMI came in at 52.2, up from 52 in the previous month but down from the flash estimate of 52.3.
The results of a survey by Markit Economics and the CIPS showed that manufacturing activity accelerated slightly in May. The manufacturing PMI rose to 52 in May from 51.8 in April. Economists expected a reading of 52.8 for the month. |
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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, tracking the weak lead from Wall Street last Friday and amid the release of mixed domestic data. The Chinese, Hong Kong, Japanese and Indian markets advanced, while the rest of the markets ended lower. The New Zealand and Singapore markets were closed for public holidays.
Japan’s Nikkei 225 average languished below the unchanged line for much of the session before recovering in the final few minutes of trading. The index ended up 6.72 points or 0.03 percent at 20,570.
Utility, resource, insurance, pharma, construction, financial and retail stocks gained ground, while export stocks came under selling pressure.
Hong Kong’s Hang Seng Index ended at 27,597, up 172.97 points or 0.63 percent, and China’s Shanghai Composite Index closed 216.99 points or 4.71 percent higher at 4,829.
Meanwhile, Australia’s All Ordinaries opened lower and declined steeply in early trading. After hitting the day’s low, the average recouped some of its losses over the remainder of the session yet closed down 40.90 points or 0.71 percent at 5,734.
Most sectors retreated, with consumer staple, financial, industrial and IT stocks leading the slide. On the other hand, real estate and energy stocks saw slight strength.
On the economic front, the final reading of Markit HSBC Chinese manufacturing PMI came in at 49.2 in May, final results of a survey showed. The reading represented an upward revision to the flash estimate of 49.1 but was down from 49.9 in April.
Official data released by China’s National Bureau of Statistics showed that the manufacturing PMI rose 0.1 points to 50.2 in May, while economists expected a reading of 50.3. The non-manufacturing PMI edged down to 53.2 from 53.4.
Meanwhile, final results of a survey by Markit Economics and JMMA confirmed that the manufacturing sector in Japan moved into expansion territory in May, with a PMI score of 50.9, up from 49.9 in April.
A Ministry of Finance report showed that capital spending in Japan rose 7.3 percent sequentially in the first quarter, belying expectations for a 0.2 percent drop. Excluding software, capex rose 8.1 percent. Company profits edged up 0.4 percent, while company sales fell 0.5 percent.
The Australian Bureau of Statistics reported that the total number of building permits fell 4.4 percent month-over-month in April, steeper than the 1.8 percent decline forecast by economists. Annually, building approvals rose a less than expected 16.3 percent.
A separate report showed that company operating profits rose 0.2 percent sequentially in the first quarter compared to expectations for an unchanged reading. Inventories were up 0.4 percent, ahead of the 0.1 percent growth expected by economists.
A survey by TD Securities and the Melbourne Institute showed that consumer prices in Australia are forecast to have risen 1.4 percent year-over-year in May, in line with expectations and unchanged from the forecast for the previous month.
The results of a survey by the Australian Industry Group showed that the manufacturing sector in Australia moved into expansion territory in May. |
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| | Currency and Commodities Markets | | Crude oil futures are receding $0.34 to $59.96 a barrel after rising $0.58 or 0.97 percent to $60.30 a barrel in the week ended May 29th.
Last Tuesday, oil fell close to $1.70-a-barrel after ending the previous week little changed. The commodity retreated moderately on Wednesday. After rising modestly on Thursday, the commodity rallied strongly on Friday, rising over $2.50-a-barrel, as the dollar weakened.
Gold futures, which fell $14.20 or 1.18 percent to $1,189.80 an ounce in the previous week, are currently slipping $0.50 to $1,189.30 an ounce.
Among currencies, the U.S. dollar rose against the yen, with the buck adding 2.14 percent against the Japanese currency, helped by some strong data released earlier last week. The dollar also added 0.22 percent against the euro, with the latter regaining some ground in the wake of the weak U.S. data released last Friday.
The U.S. dollar is currently at 123.92 yen and is valued at $1.0948 versus the euro. |
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