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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 lower opening on Monday, with risk aversion precipitating amid a global equity market sell-off. The Chinese market plunged, with the key Shanghai Composite Index recording the biggest one-day drop in 8 years, on the back of a report that showed a slowdown in industrial profit growth. The dollar is trending lower despite strong durable goods orders number. Commodities are mixed, although oil is still trading lower. In the run up to the Fed rate decision due on Wednesday, the specter of a U.S. rate hike could also weigh down on the averages.
U.S. stocks retreated sharply in the week ended July 24th, as a commodity rout and mixed domestic data and earnings sapped risk appetite. Last Monday, the positive sentiment generated by abating Greek concerns and positive earnings was toned down by fears of a U.S. interest rate hike. However, the averages ended slightly higher. The averages ended Tuesday's session lower, dragged down by some weak earnings and a lack of major economic news.
Weak tech earnings and an extended sell-off in commodities impacted the markets on Wednesday, sending stocks moderately lower. The averages declined yet again on Thursday, as earnings woes weighed on the markets. The major averages fell for the fourth-straight session on Friday, as disappointing new home sales data, weak guidance issued by some companies and continued weakness in the commodity space dented confidence.
For the week ended July 24th, the Dow Industrials tumbled by 2.86 percent, while the S&P 500 Index and the Nasdaq Composite Index slumped 2.21 percent and 2.33 percent, respectively.
Among the sectors, the NYSE Arca Gold Bugs Index tumbled 10.63 percent for the week and the NYSE Arca Oil Index and the NYSE Arca Biotechnology Index declined over 4 percent each. Additionally, the NYSE Arca Airline Index, the NYSE Arca Broker/Dealer Index and the Philadelphia Semiconductor Index all retreated over 3 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The FOMC meeting scheduled for Tuesday and Wednesday headlines the economic events of the unfolding week, as traders expect the Federal Reserve to at least drop a hint at whether there would be a rate hike by the end of the year.
Traders may also closely watch the durable goods orders report for June, the flash estimate of the U.S. service sector PMI for July, the Conference Board's consumer confidence index and the University of Michigan's consumer sentiment index, both for July, the National Association of Realtors' pending home sales index for June, advance second quarter GDP data and the results of MNI Indicators' business barometer survey for the Chicago region.
The results of a couple of regional manufacturing surveys, S&P Case-Shiller house price index for May and the Labor Department's employment cost index for the second quarter round up the economic events of the week.
After reporting a sharp drop in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report showing that orders rebounded strongly in the month of June. The report said durable goods orders jumped by 3.4 percent in June following a revised 2.1 percent decrease in May.
Economists had expected orders to increase by 3.1 percent compared to the 2.2 percent drop that had been reported for the previous month. Excluding a significant increase in orders for transportation equipment, durable goods orders still rose by 0.8 percent in June compared to a 0.1 percent dip in May. Ex-transportation orders had been expected to climb by 0.5 percent.
The Dallas Federal Reserve is scheduled to release its regional manufacturing activity survey at 10:30 am ET |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | After withdrawing its cash and stock proposal to buy all outstanding shares of Mylan, Teva announced an agreement to buy Allergan for $40.5 billion in cash and stock.
Earlier, Allergan announced an agreement to buy Naurex, a developer of therapies for the disorder of the central nervous system, in an all cash deal valued at $560 million.
Norfolk Southern reported below-consensus earnings and revenues for its second quarter.
Sohu . com reported better than expected second quarter results but its third quarter guidance was weak. Changyou . com reported better than expected second quarter earnings, but its revenue guidance for the third quarter was weak.
Kroger announced that it is recalling four seasonings sold in its retail stores due to possible Salmonella contamination.
Standard & Poor's announced that Signet Jewelers will replace DIRECTV in the S&P 500 Index. S&P 600 constituent PAREXEL International will replace Signet Jewelers in the S&P MidCap 400 Index. Enata Pharma will replace PAREXEL in the S&P SmallCap 600 Index, effective after the close of trading on July 28th.
Amkor, Baidu . com , Crane, CTS Corp. , Everest Re, Hartland Financial, J&J Snack Foods, Owens & Minor, Rent-A-Center, PartnerRe, Swift Transportation and Waster Connections are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are also showing weakness, as the sell-off in Asia was contagious amid global growth concerns. The weakness comes despite mostly positive domestic corporate and economic news.
In corporate news, UBS, which released its results a day early due to an erroneous report published by local media, reported a strong increase in its second quarter profits. Philips also reported higher profits and sales for its second quarter.
The U.K.'s Reckitt Benckiser reported better than expected second quarter results and raised its revenue and profit margin guidance for the full year.
TNT, which has agreed to be acquired by FedEx, reported a narrower loss for its second quarter, while its revenues increased modestly.
On the economic front, the results of a survey by the IfO showed that German business confidence improved more than expected in July. The business climate index rose 0.6 points to 108 in July, ahead of the reading of 107.5 expected by economists. The current conditions index and the expectations index also improved.
A separate report released by the German Federal Statistical Office showed that German import prices fell 1.4 percent year-over-year in June, steeper than the 1.3 percent drop expected by economists. Excluding energy, import priced fell 2.6 percent. On the other hand, export prices rose 1.3 percent.
The European Central Bank reported that eurozone money supply rose 5 percent year-over-year in June, the same rate of growth as in May. The increase was roughly in line with expectations. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets moved mostly lower, although Australian stocks bucked the downtrend with a moderate move to the upside. Weak commodity prices, fears of an imminent U.S. rate hike and lackluster industrial profit data out of China triggered the sell-off in the markets.
The Japanese market declined amid the rise in risk aversion, which propped up the yen. The Nikkei 225 Index opened lower and languished below the unchanged line throughout the session before ending down 194.43 points or 0.95 percent at 20,350.
A majority of stocks retreated in the session, led by export stocks, although some food, brewery, construction and technology stocks gained ground. Among notable movers, Shionogi, Chugai Pharma and Eisai all declined sharply. On the other hand, Mitsubishi Motors rallied in reaction to news that it is closing down its U.S. production plant.
Meanwhile, Australia's All Ordinaries Index traded below the unchanged line for the bulk of the session but recovered in late trading. The index ended 22.40 points or 0.40 percent higher at 5,579.
Real estate stocks rallied strongly and financial, healthcare, material, telecom and utility stocks also saw buying interest. Meanwhile, industrial and IT stocks retreated.
The Chinese market tumbled, with the Shanghai Composite Index plunging 345.35 points or 8.48 percent to a 2-week low of 3,726. The decrease marked the biggest percentage drop since February 2007. Additionally, Hong Kong's Hang Seng Index ended at 24,352, down 776.55 points or 3.09 percent.
On the economic front, profits earned by Chinese industrial enterprises increased in June, figures from the National Bureau of Statistics showed. Industrial profits rose 0.3 percent year-over-year to 588.57 billion yuan in June following a 0.6 percent rise in the preceding month.
A separate report released by the Bank of Japan showed that corporate service prices in Japan rose 0.4 percent year-over-year in June compared to expectations for a 0.6 percent increase. On a monthly basis, prices were unchanged following a 0.1 percent uptick in May. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.77 to $47.37 a barrel after plunging $2.75 or 5.4 percent to $48.14 a barrel in the week ended July 24th. Last week's weakness stemmed from dollar strength and supply glut worries, specifically amid expectations that Iranian supplies will now flood the market.
Gold futures, which slumped $46.40 or 4.1 percent to $1,085.50 an ounce in the previous week, are currently climbing $3.80 to $1,089.30 an ounce.
Among currencies, the U.S. dollar strengthened against the yen and was little changed against the euro in the week ended July 24th. The greenback was broadly higher against most other currencies in the week, as rate hike expectations lent support.
The dollar rose 0.23 percent against the yen over the week to 123.81 yen and was little changed against the euro at $1.0984 a euro. The euro was supported by the positive developments on the Greek debt crisis, including the Greek Parliament approving the second set of reforms required for the restart of bailout negotiations.
The U.S. dollar is currently at 123.12 yen and is valued at $1.1084 versus the euro.
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