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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 reflecting hopes that Greece will eventually win the confidence of its creditors with its new economic reform proposals. The mood across the Atlantic is upbeat as the Eurogroup is set to discuss Greece's revised proposals. If the Greek impasse comes to an amicable end, risk appetite will perk up and generate across the board buying. Traders may also stay tuned to the existing home sales data due shortly after the markets open.
U.S. stocks advanced in the week ended June 19th, although the gains were moderate, with the upward move predicated mainly on hopes that the U.S. Federal Reserve will hold off on a rate increase, given the see-sawing nature of the recovery and looming overseas risks.
Last Monday, the major averages ended moderately lower, hurt by Greek debt woes and mixed domestic economic data on industrial production, regional manufacturing activity and homebuilder confidence. Bargain hunting lifted the averages on Tuesday following a 2-session retreat, with encouraging housing data and M&A news supporting sentiment.
The Federal Reserve's non-committal stance on the timing of the first rate hike in the current cycle encouraged traders on Wednesday, sending the averages modestly higher. Soft data released on Thursday lent support to hopes regarding a continuation of the accommodative stance in the near term and consequently, the averages closed notably higher. Profit taking following three sessions of gains led to weakness on Friday, sending the averages moderately lower.
For the week ended June 19th, the Dow Industrials and the S&P 500 Index rose 0.65 percent and 0.76 percent, respectively, while the Nasdaq Composite Index added 1.30 percent.
Among the sector indexes, the NYSE Arca Biotechnology Index rallied 3.57 percent for the week and the Dow Jones Utility Average, the NYSE Arca Airline Index, the Philadelphia Housing Index and the Philadelphia Semiconductor Index all gained over 1 percent each. On the other hand, the Philadelphia Oil Service Index retreated 3.04 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Housing, private sector activity and consumer readings are likely to dominate proceedings in the unfolding week.
The National Association of Realtors' existing home sales report and the Commerce Department's new home sales report, both for May, the jobless claims report, flash estimates of Markit's surveys on the U.S. manufacturing and service sectors for June, the Commerce Department's durable goods orders report for May and the University of Michigan's consumer sentiment survey for June are among the closely watched reports of the week.
A few second-tier manufacturing surveys, the Federal Housing Finance Agency's house price index for April, the final first quarter GDP estimate, some Fed speeches and the results of Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
The Chicago Federal Reserve is scheduled to release the results of its national activity survey FOR June at 8:30 am ET.
The National Association of Realtors is due to release its existing home sales report for May at 10 am ET. Economists expect existing home sales to come in at a seasonally adjusted annual rate of 5.250 million units.
Existing home sales declined 3.3 percent to a seasonally adjusted annual rate of 5.04 million units in April, the first drop since January. The previous month's sales were upwardly revised to 5.21 million units from 5.19 million units, the highest level since August 2013. First time buyers accounted for 30 percent of the sales, repeat home buyers accounted for 56 percent and investors the remaining 14 percent.
Single-family home sales fell 3.7 percent, while condominium sales were unchanged. The median sales price of an existing home was up 4.3 percent year-over-year at $221,200. Inventories measured in terms of months of supply rose to 5.3 months from 4.6 months, the highest level since September 2014.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Energy Transfer Equity announced a proposal to merge with Williams Cos. (WMB) in an all equity transaction valued at $53.1 billion, including the assumption of debt and other liabilities. Earlier, Williams Companies announced board approval for exploring strategic alternatives following the receipt of an offer to acquire the company for $64 per share. The company said its board deemed the offer as inadequate. Williams also said it would actively work towards the completion of its previous announced acquisition of Williams Partners.
Confirming that it received a highly condition, non-binding proposal from Anthem, Cigna said its board has determined that the proposal is inadequate and not in the best interests of its shareholders. Earlier, Anthem made a cash and stock offer, offering $184 for each share of Cigna.
General Electric announced that it has reached tentative agreements with its two largest unions, namely national leaders of IUE-CWA and the United Electrical Radio and Machine Workers of America, before the expiry of the 4-year national contracts. The agreements will have to be ratified by union members.
Standard & Poor's announced that Priceline.com will replace Baxter in the S&P 100 Index after the close of trading on June 30th, as Baxter is spinning off Baxalta in a transaction.
Baxalta will replace QEP Resources in the S&P 500 Index, QEP Resources will replace Itron in the S&P MidCap 400 Index and Itron will replace Arch Coal in the S&P SmallCap 600 Index. |
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| | European Markets | | European stocks are rallying strongly as traders bet that Greece will clinch a deal after the protracted negotiations.
The new reform proposals submitted by Greece will be discussed at an emergency summit of euro zone leaders and finance ministers today in Brussels, and if the Athens government does not reach a deal with creditors, it could spark acceleration in deposit withdrawals from Greek banks.
In corporate news, French conglomerate Bouygues confirmed that it has received an unsolicited offer from the Altice group to start negotiations with a view to buying Bouygues Telecom.
On Sunday, the Wall Street Journal reported that European telecommunications company Altice offered to buy French mobile operator Bouygues Telecom for about 10 billion euros or $11.4 billion.
Tullow Oil said it has settled its capital gains tax dispute with the Government of Uganda and the Uganda Revenue Authority with regard to its farm-downs to CNOOC and Total in 2012 by paying $250 million in a full and final settlement.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced amid hopes the Greek debt crisis may be resolved, as Greece fights tooth and nail with its creditors. In the latest attempt, Greece has tabled a fresh proposal with a reform package to appease its creditors. The Chinese market was closed for a public holiday.
The Japanese market advanced as the yen was weakened. The Nikkei 225 Index opened little changed but rose sharply in early trading and then began a steadily climb throughout the rest of the session. The index ended up 253.95 points or 1.26 percent at 20,428. A majority of stocks rose, led by export stocks.
After languishing below the unchanged line till late afternoon trading, Australia's All Ordinaries Index recovered and held above the unchanged line for the rest of the session. The index ended up 11.60 points or 0.21 percent at 5,603.
Real estate, utility, telecom, IT and financial stocks found some strength, while consumer staple, healthcare, material, industrial and energy stocks retreated.
Hong Kong's Hang Seng Index closed at 27,081, up 320.32 points or 1.20 percent.
On the economic front, in its monthly economic report, the Bank of Japan maintained its upbeat view on the economy saying the moderate recovery is expected to continue. The bank said exports are expected to increase moderately, albeit with some fluctuations, mainly against the background of the recovery in overseas economies.
Further, the central bank said private consumption is set to remain resilient, with the employment and income situation continuing to improve steadily. Housing investment is projected to pick up. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.18 to $59.79 a barrel after slipping $0.35 or 0.58 percent to $59.61 a barrel in the week ended June 19th. The most actively traded August futures are currently up $0.13 at $60.10 a barrel.
Last Monday, crude oil futures for July delivery fell moderately, reversing some of the previous week's gains. The commodity reversed course on Tuesday, rising moderately in the session. Oil ended marginally lower on Wednesday despite the Fed statement turning out to be dollar negative.
Oil rose moderately on Thursday before slumping close to $1-a-barrel on Friday and ending the week modestly lower.
Gold futures, which rallied $22.70 or 1.93 percent to $1,201.90 an ounce in the previous week, are currently slipping $10.10 to $1,191.80 an ounce.
Among currencies, the U.S. dollar ended lower in the week ended June 19th, with the euro adding 0.76 percent against the buck to $1.1352, as a muted growth forecast and the rate outlook issued by the U.S. Federal Reserve weighed on the dollar. The dollar fell 0.55 percent against the yen during the week to 122.71 yen. The yen also benefited from an unchanged monetary policy decision by the Bank of Japan last week.
The dollar is currently at 123.05 yen and is valued at $1.1358 versus the euro.
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