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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 sharply higher opening on Wednesday, with sentiment suggesting buoyancy amid signals that intent is shown by Greece to reach an amicable solution. Adding to the optimism, U.S. economic data has been strong, pointing to a strong recovery. The positive mood is despite the Chinese manufacturing data showing slackening activity. The dollar is higher in reaction to the U.S. private payrolls data that showed a strong pace of job addition by the private sector in the U.S. The domestic market may also track the results of the Institute for Supply Management's national manufacturing survey.
U.S. stocks rebounded on Tuesday, helped by bargain hunting following the previous session's sharp retreat. The major averages opened higher but gave back their gains by mid-session, with the Dow Industrials and the S&P 500 Index briefly dipping below the unchanged line. Thereafter, the averages recovered and rose sharply in afternoon trading. Although the averages gave back some of their gains going into the close, they still ended firmly in the green.
The Dow Industrials ended up 23.16 points or 0.13 percent at 17,620 and the S&P 500 Index closed 5.47 points or 0.27 percent higher at 2,063, while the Nasdaq Composite ended at 4,987, up 28.40 points or 0.57 percent.
Notwithstanding the Dow's advance, the breadth was in the favor of the decliners, with sixteen of the thirty Dow components closing lower, while the remaining fourteen stocks advanced. Disney (DIS) and JP Morgan Chase (JPM) were among the biggest gainers of the session.
Among the sectors, airline, biotechnology and brokerage stocks advanced notably in the session.
On the economic front, the Conference Board reported that its consumer confidence index climbed to 101.4 in June from 94.6 in May, while economists had expected a reading of 97.4. The expectations index rose 8.2 points to 94.6 on an improving outlook for jobs, and the present situation index increased 4.5 points to 111.6.
The results of MNI Indicators' survey of business activity in the Chicago region showed that activity contracted in June, although at a slower rate. The business barometer increased to 49.4 from 46.2 but remained below 50.
The employment index slipped to its lowest levels since November 2009 and the order backlogs index declined to its lowest level since September 2009. On the other hand, the new orders index showed a notable increase, climbing back above 50.
The S&P/ Case-Shiller house price survey showed that their 20 city-composite house price index rose 0.3 percent month-over-month in April, smaller than the 0.8 percent increase in March. House prices were up an unadjusted 4.9 percent year-over-year, slower than the 5.4 percent increase expected by economists. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Automakers are scheduled to release their total vehicle sales for June. Economists expect auto sales to come in at a seasonally adjusted annual rate of 17.2 million units compared to a 17.8 million-unit rate in May.
Private sector employment in the U.S. increased by more than expected in the month of June, according to a report released by payroll processor ADP. ADP said employment in the private sector jumped by 237,000 jobs in June following an upwardly revised increase of 203,000 jobs in May.
Economists had expected an increase of about 220,000 jobs compared to the addition of 201,000 jobs originally reported for the previous month. The better than expected private sector job growth in the month of June was the strongest since an increase of 275,000 jobs last December.
Markit is set to release the final manufacturing PMI data for the U.S. at 9:45 am ET. Economists expect a reading of 53.7 for June compared to 54 in May.
The Institute for Supply Management is scheduled to release the results of its national manufacturing survey for June at 10 am ET. The consensus estimate calls for an increase in the index to 53.2 from 52.8 in May.
Manufacturing activity expanded for the 29th consecutive month in May. The manufacturing PMI rose to 52.8 in May from 51.5 in April, while economists expected a more modest improvement to 51.8. Of the 18 manufacturing industries, 14 reported growth. The new orders index rose 2.3 points to 55.8 and the employment index increased 3.4 points to 51.7, while the production index slipped 1.5 points to 54.5.
Around the same time, the Commerce Department is due to release its construction spending report for May. Economists expect construction spending to have increased by 0.5 percent month-over-month.
Construction spending jumped 2.2 percent month-over-month in April, ahead of the 0.7 percent increase expected by economists. Spending on private construction rose 1.8 percent, with residential construction spending adding 0.6 percent and non-residential construction spending climbing 3.1 percent. Public construction spending was up 3.3 percent.
The Energy Information Administration will release its weekly petroleum status report for the week ended June 26th at 10:30 am ET.
Crude oil stockpiles fell by 4.9 million barrels to 463 million barrels in the week ended June 19th. Despite the drop, inventories were near levels not seen for this time of the year in at least the last 80 years.
Meanwhile, gasoline inventories rose by 0.7 million barrels and were in the upper half of the average range. Distillate stockpiles climbed by 1.8 million barrels but remained in the lower half of the average range for this time of the year.
Refinery capacity utilization averaged 93.7 percent over the four weeks ended June 19th compared to 93.6 percent over the four weeks ended June 12th. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Insurers ACE (ACE) and Chubb Corp. (CB) said the Boards of directors of both companies have unanimously approved a definitive agreement for ACE to acquire Chubb in a cash and stock deal valued at $28.3 billion.
General Mills (GIS) reported better than expected fourth quarter earnings, while its revenues missed estimates. The company adjusted earnings per share for the first quarter to grow in the mid-single digit rate and flat net sales growth in constant currency.
Paychex (PAYX) reported better than expected fourth quarter results.
Xerox (XRX) announced the completion of its previously announced sale of its IT Technology Outsourcing business to Atos, with the sale generating after tax proceeds of $850 million. |
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| | European Markets | | European stocks are limping back to normalcy after the Greek-induced sell-off. The major averages in the region opened higher and sustained the gains in early trading. With news emerging that Greece may agree to all bailout proposals, the averages launched into a strong rally and are currently notably higher.
There was no escape from the inevitable, with Greece officially defaulting on its 1.6 billion euro payment to the IMF overnight. However, Greece did not go down with a whimper, as it made last bid efforts to get an extension to its international bailout and a 2-year funding and debt restructuring program.
Meanwhile, the European Central Bank's Governing Council is set to meet later today to discuss Greece. German Chancellor Angela Merkel, however, has ruled out any discussion on Greece before the July 5th referendum.
On the economic front, revised estimates released by Markit showed that the eurozone manufacturing PMI was unrevised at 52.5 in June compared to the May reading of 52.2. The PMI for France was upwardly revised to 50.7, while the German PMI was unrevised at 51.9.
The results of a survey by Markit and the Chartered Institute of Procurement & Supply showed that the U.K. manufacturing PMI fell to 51.4 in June from 51.9 in May, trailing expectations for a reading of 52.5.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets ended higher for the second straight session, heralding the third consecutive quarter with a positive showing, even as the roller-coaster ride of the Chinese market continued. The Shanghai Composite gave back over 5 percent after rising by around as much in the previous session.
The Japanese market advanced as the yen was weaker in Asian trading. The market also received support from some domestic economic data. The Nikkei 225 Index opened higher and held mostly above the unchanged line for the rest of the session before ending moderately higher. At the close of trading, the index was up 93.59 points or 0.46 percent at 20,329.
Financial, construction, real estate, retail and food stocks gained ground, while beverage, chemical, paper, steel, auto, and technology stocks moved to the downside.
Australia's All Ordinaries Index also spent the better part of the session above the unchanged line before ending at the day's high. By virtue of its 54.80 point or 1.01 percent advance, the index ended at 5,506.
A majority of stocks rose in the session, led by industrial and healthcare stocks. On the other hand, material stocks came under selling pressure.
Hong Kong's Hang Seng Index added 283.05 points or 1.09 percent before closing at 26,250, while China's Shanghai Composite Index plummeted 223.52 points or 5.23 percent to 4,054.
On the economic front, the results of the Bank of Japan's quarterly Tankan survey showed that sentiment among large manufacturers remained upbeat in the second quarter. The large manufacturers' index rose 3 points to 15, while economists estimated a score of 12. The outlook index also exceeded expectations.
The survey also showed that large manufacturers expect to boost their spending by 9.3 percent compared to the 5.3 percent increase expected by economists.
The final estimate of the Japanese manufacturing PMI for June released by Markit Economics and the JMMA came in at 50.1, upwardly revised from the flash estimate of 49.9 but down from 50.9 in May.
Meanwhile, Markit's survey along with HSBC revealed that the Chinese manufacturing sector contracted at a slower rate in June. The manufacturing PMI rose to 49.4 from 49.2 in May, although it was down from the preliminary estimate of 49.6.
Official data released by the Chinese National Bureau of Statistics showed that the manufacturing PMI remained at 50.2 in June, but it was below the consensus estimate of 50.4. The non-manufacturing index published by the bureau rose to 53.8 from 53.2.
A report released by the Australian Bureau of Statistics showed that the total number of building approvals rose 2.4 percent month-over-month in May, ahead of the 1.2 percent increase expected by economists. Annually, permits rose a better than expected 17.6 percent.
Meanwhile, the results of the survey by the Australian Industry Group showed that the manufacturing PMI for Australia fell to a 22-month low of 44.2 in June from 52.3 in May. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.68 to $58.79 a barrel after advancing $1.14 to $59.47 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,169, down $2.80 from the previous session's close of $1,171.80. On Tuesday, gold fell $7.20.
On the currency front, the U.S. dollar is trading at 123.02 yen compared to the 122.50 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1096 compared to yesterday's $1.1147.
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