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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 Tuesday, with early optimism waning, as the Eurogroup meeting to discuss the Greek crisis gets underway. Ahead of the meeting, it was clarified that Greece has not submitted any proposal for discussion. If the stand-off continues, it may dent risk appetite and lead to a sell-off. Reflecting the risk-off mood, safe havens dollar and the yen are higher. The tech space could see some weakness, as AMD issued a profit warning. Given limited domestic catalysts, Greece may continue to be the preoccupation of markets.
U.S. stocks retreated on Monday, as Greek debt worries sapped risk appetite from the markets. The major averages opened notably lower but recouped their losses and moved briefly above the unchanged line in late morning trading. Immediately after, however, the averages reversed course and declined steadily until late trading. The averages trimmed their loss thereafter but closed moderately lower.
The Dow Industrials ended down 46.53 points or 0.26 percent at 17,684, the S&P 500 Index closed 8.02 points or 0.39 percent lower at 2,069 and the Nasdaq Composite ended at 4,992, down 17.27 points or 0.34 percent.
Twenty-four of the thirty Dow components closed lower for the session, while the remaining six stocks advanced. Intel, General Electric, Chevron and Caterpillar were among the worst decliners of the session.
Among the sectors, basic material, energy, semiconductor and computer hardware stocks showed significant moves to the downside, while gold stocks advanced notably.
On the economic front, the results of the Institute for Supply Management's service sector survey showed that non-manufacturing activity rose for the 65th straight month in June. The non-manufacturing index rose 0.3 points to 56 in June, in line with the consensus estimate. The business activity index climbed 2 points to 61.5 and the new orders index was up 0.4 points to 58.3, while the employment index fell 2.6 points to 52.7. Of the industries surveyed, 15 reported growth.
Markit's final service sector PMI for the U.S. fell to 54.8 in June from 56.8 in May, while economists expected a more modest drop to 55.1. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | With the value of exports falling by much more than the value of imports, the Commerce Department released a report showing that the U.S. trade deficit widened in the month of May.
The report said the trade deficit widened to $41.9 bil in May from a revised $40.7 billion in April. Economists had expected the deficit to widen to $42.7 billion. The wider deficit came as the value of exports slid 0.8 percent to $188.6 billion, while the value of imports edged down 0.1 percent to $230.5 billion.
The Treasury Department is scheduled to announce the results of its auction of 3-year notes at 1pm ET.
The Federal Reserve is due to release its report on outstanding consumer credit at 3 pm ET. The consensus estimate calls for an $18.5 bil increase in consumer credit in May.
Outstanding consumer credit rose $20.5 billion in April following an upwardly revised $21.3 bil increase in March. Revolving credit tied to credit cards rose $8.6 billion and non-revolving credit tied to auto loans climbed $11.9 million.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | AMD said it expects second quarter revenues to be lower than previously forecast, citing weaker than expected consumer PC demand that hurt its OEM APU sales. The company now expects revenues to show an 8 percent sequential drop compared to its earlier guidance of down 3 percent, plus or minus 3 percent. The company also lowered its non-GAAP gross margin guidance.
A. Schulman reported third quarter adjusted earnings and revenues that trailed expectations. The company also lowered its adjusted earnings guidance for the full year. |
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| | European Markets | | European stocks opened higher but have been seeing volatility since then, as traders await the key Eurogroup meeting. It is believed that Greece will present a program to its creditors in a bid to negotiate a debt deal.
On the economic front, a report released by the German Federal Statistical Office showed that German industrial output was unchanged compared to the previous month in May, while it was expected to increase by 0.1 percent.
Meanwhile the U.K. Office for National Statistics reported that U.K. industrial output rose 0.4 percent month-over-month, belying expectations for a 0.2 percent decrease. Annually, industrial production rose a better than expected 2.1 percent.
However, manufacturing output, accounting for the bulk of the output, fell 0.6 percent month-over-month compared to expectations for a 0.1 percent increase.
France had a wider trade deficit in May, as exports fell, according to a report released by the French Customs Office.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets closed mixed, with the Chinese, Hong Kong and South Korean markets retreating, while most other markets advanced. The Japanese market rallied, prodded by the yen's weakness, and the Australian market took kindly to a rebound in oil price following the previous session's slump. An unchanged monetary policy decision delivered by Australia's central bank served as a trigger for further upside.
Japan's Nikkei 225 Index opened notably higher and rose slightly in early trading. Thereafter, the average went about a consolidation move before ending up 264.47 points or 1.31 percent at 20,377.
A majority of stocks advanced, led by export stocks. On the other hand, some financial firms and trading companies came under selling pressure.
Australia's All Ordinaries Index climbed sharply in early trading and then moved sideways until late afternoon trading. With the release of the Reserve Bank of Australia's monetary policy statement, the index saw further upside and ended up 100.70 points or 1.84 percent at 5,564.
The market witnessed across the board buying, with financial, consumer discretionary, industrial and telecom stocks leading the way higher.
Meanwhile, the China's Shanghai Composite Index languished below the unchanged line throughout the session before ending down 48.79 points or 1.29 percent at 3,727. Hong Kong's Hang Seng Index also closed 260.97 points or 1.03 percent lower at 24,975.
In major corporate news from the region, Samsung Electronics pre-announced a profit shortfall, as it grapples with competitive pressure in the smartphone market.
On the economic front, the Reserve Bank of Australia announced its decision to hold interest rates unchanged at 2 percent, in line with expectations. The central bank had trimmed rates by 25 basis points twice this year, once in February and again in May. The central bank was slightly dovish, as it said the economy is likely to operate with a degree of spare capacity for some time yet. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.05 to $52.58 a barrel after tumbling $4.40 to $52.53 a barrel on Monday. Meanwhile, an ounce of gold is currently at $1,1,160.60, down $6.30 from the previous session's close of $1,173.20. On Monday, gold rose $9.70.
On the currency front, the U.S. dollar is trading at 122.54 yen compared to the 122.57 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0922 compared to yesterday's $1.1056.
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