ADVFN Newsdesk - Markets Optimistic Even as Strong Data Trigger Rate Hike Fears

ADVFN World Daily Markets Briefing

Daily world financial news - Supplied by www.advfn.com



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US Market

The major U.S. index futures are pointing to a higher opening on Thursday,
with sentiment suggesting that the markets may seek to maintain the momentum
built up in the previous session. Aiding the positive mood would be the
rally across the Atlantic, as European stocks trade up on Greek deal hopes.
Domestic economic data released earlier today came in strong, with retail
sales coming in line with estimates, while jobless claims rose only
modestly. The dollar is higher in reaction to the data and bond yields are
also moving to the upside Meanwhile, commodities are seeing weakness. If the
markets see the strong data as a reason for rate tightening, profit taking
may set in.

U.S. stocks advanced solidly on Wednesday following a lackluster showing in
recent sessions, with bargain hunting aiding sentiment. The major averages
opened higher and advanced steadily till early afternoon trading.
Thereafter, the averages moved roughly sideways before closing notably
higher.

The Dow Industrials added 236.36 points or 1.33 percent before ending at
18,000, breaking a 4-session losing streak and moving into the green for the
year. The S&P 500 Index rallied 25.05 points or 1.20 percent before ending
at 2,105 and the Nasdaq Composite jumped 62.82 points or 1.25 percent to
5,077.

All thirty of the Dow components advanced in the session, with Caterpillar
(CAT), Goldman Sachs (GS), IBM (IBM), Intel (INTC), Microsoft (MSFT), Nike
(NKE) and Visa (V) leading the gains.

Among the sectors, airline, biotechnology, resource, retail, housing,
finance, semiconductor and computer hardware stocks all rallied.

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US Economic Reports

First-time claims for U.S. unemployment benefits showed a modest increase in
the week ended June 6th, according to a report released by the Labor
Department.

The report said initial jobless claims inched up to 279,000, an increase of
2,000 from the previous week's revised level of 277,000. Economists had
expected jobless claims to edge down to 275,000 from the 276,000 originally
reported for the previous week

Retail sales in the U.S. rose in line with economist estimates in the month
of May, according to a report released by the Commerce Department. The
Commerce Department said retail sales jumped by 1.2 percent in May following
an upwardly revised 0.2 percent increase in April. The increase matched
economist estimates.

Excluding an increase in auto sales, retail sales still climbed by 1.0
percent in May compared to a 0.1 percent uptick in the previous month.
Ex-auto sales had been expected to rise by 0.8 percent.

With prices for fuel imports showing a substantial increase, the Labor
Department released a report on Thursday showing that U.S. import prices
rose by more than expected in May.

The report said import prices surged up by 1.3 percent in May following a
revised 0.2 percent decrease in April. Economists had expected import prices
to climb by about 0.8 percent.

Additionally, the Labor Department said export prices rose by 0.6 percent in
May after falling by 0.7 percent in the previous month. Export prices had
been expected to inch up by 0.2 percent.

The Commerce Department is scheduled to release its business inventories
report for April at 10 am ET. Economists expect a 0.2 percent
month-over-month increase in business inventories for the month.

Business inventories edged up 0.1 percent month-over-month in March, softer
than expectations for a 0.2 percent increase. Annually, business inventories
rose 2.9 percent. At the same time, business sales climbed 0.4 percent
compared to the previous month. The inventories to sales ratio came in at
1.36 compared to 1.30 in the year-ago period.

The Treasury Department is set to announce the results of its auction of
thirty-year bonds at 1 pm ET.

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Stocks in Focus

Men's Wearhouse (MW) reported first quarter adjusted earnings and revenues
that exceeded estimates. The company also expressed confidence in its
previous guidance for the full year.

Krispy Kreme Doughnuts (KKD) reported better than expected first quarter
earnings, while its revenues missed expectations. The company raised the low
end of its previous full year adjusted earnings guidance, although the new
guidance range was lackluster.

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European Markets

European stocks are advancing for the second straight day, as indications
from Germany suggest that the nation might endorse the Greek cause if the
nation accedes to at least one of the economic reform proposals sought by
its international creditors.

In corporate news, Fraport said it served about 5.6 million passengers in
May, up 5.4 percent year-over-year in May, marking the busiest May in
history. The U.K.'s Home Retail reported a 2.6 percent decline in total
sales at Argos for the 13 weeks ended May 30th. Like-for-like sales fell 3.9
percent.

On the economic front, the results of a survey by the Royal Institution of
Chartered Surveyors showed that house prices in the U.K. are expected to
rise in the next three months. The house price balance rose to a 9-month
high of 32 in April, although it was softer than the expected reading of
36.

Meanwhile, S&P cut its long-term sovereign credit rating on Greece to 'CCC'
from 'CCC+', citing the likelihood of the nation defaulting on its
commercial debt within the next 12 months in the absence of a bailout deal
with its official creditors.

Data released by French statistical office INSEE showed that consumer prices
rose 0.3 percent year-over-year in May, faster than the 0.1 percent increase
in April. The inflation rate came in line with estimates.

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Asian markets

Most Asian markets advanced, tracking the strong lead from Wall Street
overnight and aided by bargain hunting. The Japanese and the Australian
markets rallied strongly, while the New Zealand market also put up a strong
performance in reaction to an interest rate cut by the Reserve Bank of New
Zealand.

The Japanese market advanced strongly as the yen's rally stalled in the
Asian session. The Nikkei 225 Index opened higher and advanced steadily in
the morning before consolidating its gains in the afternoon. The index ended
up 336.61 points or 1.68 percent at 20,383. The market witnessed broad based
strength.

Australia's All Ordinaries hovered in positive territory throughout the
session before ending up 76.60 points or 1.40 percent at 5,563. Most sectors
advanced, led by energy, financial, material and telecom stocks. However,
consumer staple and real estate stocks came under selling pressure.

Hong Kong's Hang Seng Index ended at 26,908, up 220.21 points or 0.83
percent, and China's Shanghai Composite Index ended 220.21 points or 0.83
percent higher at 26,908.

On the economic front, a trio of reports released by the Chinese National
Bureau of Statistics showed that efforts taken by the government to
reinvigorate growth are yielding fruit. Industrial production rose 6.1
percent year-over-year in May, faster than the 5.9 percent increase expected
by economists. Retail sales were up 10.1 percent, in line with expectations
and faster than April's 10 percent growth. At the same time, fixed asset
investment logged 11.4 percent year-over-year growth in the period from
January to May, slower than the 11.9 percent increase expected by
economists.

The Australian Bureau of Statistic reported that the economy added 42,000
jobs in May, exceeding expectations for an increase of 15,000. Full time
employment increased by 14,700 compared to the 27,300 part time jobs added.
The unemployment rate eased to 6 percent from 6.1 percent, belying
expectations for an increase to 6.2 percent.

Inflation expectations in Australia declined in June, as more respondents
expect the rate to fall within the 0-5 percent range, the results of a
survey by the Melbourne Institute showed. Inflation expectations fell by 0.6
percentage points to 3 percent in June from 3.6 percent in May