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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 sentiment reflecting extreme fears of how the Greek debt crisis will pan out. With Greece rejecting austerity measures dictated by its international creditors through the referendum, the future of Greece in the Eurozone looks uncertain. The ramification of a potential Greek exit has set in motion risk aversion, which is roiling risky bets. Equities across the globe and commodities are slipping even as safe havens dollar and yen are firming up. The results of two separate service sector surveys may also draw the attention of traders in the domestic markets.
U.S. stocks declined yet again in the holiday-shortened week ended July 2nd, as the Greek crisis took the center stage.
Last Monday, the major averages fell sharply, dropping to multi-year lows, as the situation in Greece worsened following the calling of a referendum over the reform proposals by the Greek government. The averages rebounded modestly on Tuesday, helped by bargain hunting following the previous session's retreat.
With domestic data continuing to be benign and speculation of Greece embracing the reforms doing the rounds, the major averages rose moderately on Wednesday. Notwithstanding the early strength built on the back of positive non-farm payrolls data released on Thursday, Greek worries continued to roil the markets, sending the averages modestly lower.
For the week ended June 2nd, the Dow Industrials, the S&P 500 Index and the Nasdaq Composite Index fell 1.18 percent, 1.40 percent and 1.46 percent, respectively.
Among the sectors, the NYSE Arca Oil Index slid 3.97 percent for the week and the NYSE Arca Biotechnology Index, the Dow Jones U.S. Basic Materials Index, the Philadelphia Oil Service Index, the Philadelphia Semiconductor Index and the NYSE Arca Computer Hardware Index all lost over 2 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The results of service sectors surveys for June by the Institute for Supply Management and Markit, the FOMC minutes of June Monetary Policy Committee meeting, the weekly jobless claims data and a few Fed speeches are among the closely watched economic data of the unfolding week.
The Commerce Department's trade balance report and wholesale inventories report, both for May, the Federal Reserve's consumer credit report for May and the results of Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events/data of the week.
Markit is due to release its final service sector PMI data at 9:45 am ET. Economists expect the index to be upwardly revised to 55.1 from the flash estimate of 54.8, although down from 56.2 in May.
The Institute for Supply Management is scheduled to release the results of its service sector survey at 10 am ET. Economists expect the PMI to have risen to 56 in June from 55.7 in May.
The non-manufacturing index slipped to 55.7 in May from 57.8 in April, while economists had estimated a mode modest drop to 57.2. The business activity index slipped 2.1 points but still remained solid at 59.5, and the new orders index was at 57.9, down 1.3 points. The employment index fell 1.4 points to 55.3. About 15 non-manufacturing industries reported growth. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Aetna (AET) and Humana (HUM) announced an agreement under which Aetna will acquire all outstanding shares of Humana for $37 billion or $230 per Humana share in cash and stock. The deal is expected to be close in the second half of 2016. Aetna expects the deal to be neutral to its operating earnings per share in 2016 but to add to operating earnings per share by mid-single digit percentage in 2017.
Allergan (AGN) and Oculeve, a development-stage medical device company focused on developing treatments for dry eye disease, announced they have entered into an agreement under which Allergan will acquire Oculeve in an all-cash transaction. Allergan will acquire Oculeve for a $125 million upfront payment and commercialization milestone payments related to Oculeve's lead development program OD-01.
Amdocs (DOX) said it has completed the acquisition of a substantial majority of Comverse's business support system business unit assets for about $273 million in cash. Amdocs expects the deal to contribute revenues in the low tens of millions of dollars for the first couple of quarters after closing and be accretive to non-GAAP earnings per share after the first year after closing.
Whirlpool (WHR) announced the completion of its purchase of privately held American Dryer Corp. |
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| | European Markets | | European stocks opened lower and have been range bound at lower levels since then, as the Greeks opted to choose no to the reform proposals in the referendum held last Sunday.
Greek Prime Minister Alexis Tsipras interpreted the verdict as one that gave him a strong bargaining position and ruled out any intention to quit the European Union. Even as Greece expressed willingness to get back to the negotiating table, Germany's Angela Merkel and France's Francois Hollande, are set to meet in Paris to take stock of the fallout of the 'no vote' in the referendum.
European Commission President Jean-Claude Juncker is scheduled to hold a teleconference with the European Central Bank President Mario Draghi and European Union's Jeroen Dijsselbloem later in the day. Donald Tusk, the president of the European Council, confirmed that eurozone nations will hold a summit on the results of the referendum on Tuesday. In a surprising move, Greek Finance Minister Yanis Varoufakis announced his resignation despite the referendum results coming in line with his call. The minister attributed his decision to his cognizance of the preference by some Eurogroup participants and assorted partners for his absence from its meetings.
In corporate news, Rolls-Royce lowered its 2015 profit guidance, which calls for underlying profit before tax of 1.325 billion pounds to 1.475 billion pounds, citing deterioration in conditions offshore. The revenue guidance was left unchanged. The company also said it would discontinue its current share buyback program due to weaker near term cash outlook.
On the economic front, the results of a survey by Sentix showed that investor confidence unexpectedly improved in June. The corresponding index rose to 18.5 in July from 17.1 in June, while economists expected a reading of 16.
Meanwhile, data released by the German Federal Statistical Office showed that factory orders fell 0.2 percent month-over-month in May, reversing some of the 2.2 percent climb in April. Economists expected a 0.4 percent drop for the month.
The results of a survey by Markit showed that the construction sector expanded at its weakest pace in 5 months in July. The construction sector PMI eased to 50.7 in June from 50.8 in May. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian averages retreated steeply in reaction to the Greek referendum, while the Chinese market bucked the downtrend, thanks to measures announced by the Chinese stock market regulator over the weekend.
The rise in risk aversion boosted the safe haven yen, which served to weaken Japanese stocks. The Nikkei 225 average opened lower and moved sideways in the morning. After declining steadily in the afternoon, the index saw a short spike in the final hour of trading but yet closed notably lower. The index ended down 427.67 points or 2.08 percent at 20,112. A majority of stocks declined in the session.
Australia's All Ordinaries languished below the unchanged line throughout the session before ending down 64.70 points or 1.17 percent at 5,463. The market witnessed broad based weakness, with energy, material and consumer stocks leading the slide.
Hong Kong's Hang Seng Index ended at 25,236, down 827.83 points or 3.18 percent, while China's Shanghai Composite Index added 89.02 points or 2.41 percent before ending at 3,776.
On the economic front, preliminary estimates released by Japan's Cabinet Office showed that the leading economic indicators index for Japan edged down 0.2 points to 106.2 in May, in line with expectations. The coincident index slipped 1.8 points to 109.2, while the lagging index rose 0.6 points to 125.8. |
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| | Currency and Commodities Markets | | Crude oil futures are slumping $2.24 to $54.49 a barrel after declining $2.7 or 4.53 percent to $56.93 a barrel in the week ended July 2nd.
Last Monday, crude oil fell $1.30-a-barrel, weighed down by Greek worries. The commodity rebounded by $1.14-a-barrel on Tuesday amid the release of some strong U.S. economic data.
Oil plummeted by over $2.50-a-barrel on Wednesday as strong private payrolls data lent support to the U.S. dollar, which in turn pushed commodities lower. Oil ended marginally lower on Thursday, ending the holiday-shortened week notably lower.
Gold futures, which fell $9.70 or 0.83 percent to $1,163.50 an ounce in the previous week, are currently adding $1.80 to $1,165.30 an ounce.
Among currencies, the dollar ended the week ended July 2nd mixed. The dollar added 0.10 percent against the euro before ending the week at $1.1114 a euro. At the same time, the dollar slid 0.86 percent against the yen to 122.79 yen.
The U.S. dollar is currently-trading at 122.64 yen and is valued at $1.1035 versus the euro. |
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