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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 lower opening on Wednesday, with the yuan devaluation of Tuesday and its ramifications weighing down on the global markets. The Asian markets saw a steep sell-off, while the European averages are experiencing a bloodbath. The dollar has weakened, sending commodities higher, on fears of the Chinese move impacting the Federal Reserve's potential monetary policy move. In the absence of any major catalysts, save a Fed speech, Chinese worries could haunt investors.
U.S. stocks fell sharply on Tuesday, reversing the previous session's rally, as the yuan devaluation hit risky assets hard. The major averages opened lower and moved sideways in early trading. After declining steadily until late afternoon trading, the averages trimmed some of their losses yet closed notably lower.
The Dow Industrials ended down 212.33 points or 1.21 percent at 17,403, the S&P 500 Index closed 20.11 points or 0.96 percent lower at 2,084 and the Nasdaq Composite slid 65.01 points or 1.27 percent before closing at a 1-month low of 5,037.
Twenty-five of the thirty Dow components closed lower for the session, with Apple (AAPL) leading the slide with a 5.20 percent plunge. Caterpillar (CAT), Cisco Systems (CSCO), Disney (DIS), General Electric (GE), Goldman Sachs (GS), Intel (INTC) and Nike (NKE) also fell sharply.
Among the sectors, basic material, oil service, semiconductor, computer hardware, financial and biotechnology stocks came under intense selling pressure, while gold stocks bucked the downtrend.
On the economic front, a Labor Department report showed that non-farm productivity rose a less than expected 1.3 percent sequentially in the second quarter following a revised 1.1 percent drop in the first quarter. Unit labor costs were up 0.5 percent, in line with estimates. Output was up 2.8 percent, compensation rose 1.8 percent and hours worked rose 1.5 percent.
The Commerce Department reported that wholesale inventories were up 0.9 percent month-over-month in June, notably more than the 0.4 percent growth expected by economists. Wholesale sales were up merely 0.1 percent. The inventories to sales ratio was at 1.30 compared to 1.19 in June last year. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | New York Federal Reserve Bank President William Dudley is due to speak in Rochester, New York at 8:30 am ET.
The Energy Information Administration is scheduled to release its weekly petroleum status report for the week ended August 7th at 10:30 am ET.
Crude oil stockpiles fell by 4.4 million barrels to 455.30 million barrels in the week ended July 31st. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Meanwhile, gasoline inventories rose by 0.8 million barrels and were in the middle of the average range. Distillate stockpiles increased by 0.7 million barrels and were also in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 95.5 percent over the four weeks ended July 31st compared to 95.2 percent over the four weeks ended July 24th.
The Treasury Department is set to release its monthly budgetary statement at 2 pm 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 | | | General Electric (GE) announced an agreement to sell its U.S. healthcare finance unit to Capital One Financial (COF) in a deal valued at about $9 billion, as the company streamlines its business to focus more on industrial manufacturing.
Alibaba (BABA) reported better than expected first quarter earnings, while its revenues were slightly shy of estimates. The company's board authorized the buyback of up to $4 billion over a period of 2 years.
Computer Sciences (CSC) reported better than expected first quarter adjusted earnings, while its revenues missed estimates. The company affirmed its in line full year adjusted earnings per share guidance. The company also announced separate deals to buy capital markets trading solutions provider Fixnetix and technology-enabled solutions provider Fruition Partners.
Macy's (M) second quarter earnings trailed estimates and it lowered its full year sales guidance but expects earnings in line with estimates.
Myriad Genetics (MYGN) reported fourth quarter adjusted earnings that trailed estimates but its revenues were ahead of expectations. The company's first quarter and full year guidance was weak.
Cree (CREE) reported a wider than expected loss for its fourth quarter, while its revenues beat estimates. The company issued in line first quarter adjusted earnings and revenue guidance.
Cisco Systems (CSCO), Netease.com (NTES) and News Corp. (NWS) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are witnessing mayhem amid worries about the ramifications of China's moves toward making its currency more market-determined. Risky bets suffered a backlash along with equities.
In corporate news, utility E ON reported higher first half profits, although its underlying profits were lower. Henkel reported higher second quarter profits, helped by higher sales in Eastern Europe and Latin America. Meanwhile, Balfour Beatty's pre-tax loss for the first half widened year-over-year.
On the economic front, U.K. jobless claims declined unexpectedly in July, data from the Office for National Statistics showed.
The number of people claiming unemployment benefits declined by 4,900 in July, while it was expected to rise by 1,000. In the April to June period, the unemployment rate was 5.6 percent compared to 5.5 percent in the three months to March.
Eurostat reported that industrial production dropped 0.4 percent month-over-month in June following a revised 0.2 percent drop in May. This was the second consecutive drop in production. Economists had expected a mere 0.1 percent decline.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets fell across the board, with most markets experiencing marked weakness. The Indonesian, Hong Kong and Singaporean markets fell the most. The Chinese yuan fell over 1.6 percent, as the PBoC set the rate at 6.3306 yuan a dollar, slightly weaker than the previous day's close.
The yen firmed up, exerting pressure on Japanese stocks. The Nikkei 225 Index opened lower and moved sideways till early afternoon trading. After another pullback, the index moved roughly sideways in the afternoon before closing down 327.98 points or 1.58 percent at a 2-week low of 20,393.
A majority of stocks retreated, with Tokyo Electron, ITOCHU, Isuzu Motors, and Nichirei among the biggest decliners of the session.
Australia's All Ordinaries Index saw some nervousness in early trading only to move steadily lower thereafter and end 89.60 points or 1.64 percent lower at 5,384. The market witnessed an across the board sell-off, with IT, material, energy and consumer discretionary stocks among the worst hit.
Hong Kong's Hang Seng Index slumped 582.19 points or 2.38 percent before closing at 23,916 and China's Shanghai Composite Index ended down 41.59 points or 1.06 percent at 3,886.
On the economic front, a trio of reports released by the Chinese National Bureau of Statistics confirmed that the world's second largest economy is slowing. Retail sales, industrial production as well as fixed asset investment all trailed expectations.
Industrial production rose 6 percent year-over-year in July, slower than the 6.8 percent growth in June and the 6.6 percent growth expected by economists. Retail sales rose a less than expected 10.5 percent. Fixed asset investment for the first seven months of the year was up 11.2 percent, below the 11.5 percent growth expected by economists.
Meanwhile, the minutes of the Bank of Japan's July Monetary Policy Board meeting showed that the board believes the economic recovery continues on pace. That said, some policymakers saw a hit to exports if the Chinese economy slows further.
Revised industrial production data released by Japan's Ministry of Economy, Trade and Industry showed a 1.1 percent month-over-month increase in output in June, upwardly revised from the 0.8 percent growth estimated initially. Annually, industrial production rose a more than initially estimated 2.3 percent.
A separate report released by the Ministry showed that tertiary industry activity index rose 0.3 percent month-over-month in June following the 0.6 percent drop in May. Economists expected a more modest 0.1 percent increase.
The results of a survey by Westpac Bank showed that confidence among consumers in Australia rose a seasonally adjusted 7.8 percent in August following a 3.2 percent drop in July. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.23 to $43.31 a barrel after plunging $1.88 to $43.08 a barrel on Tuesday. Meanwhile, an ounce of gold is trading currently at $1,116.50, up $8.80 from the previous session's close of $1,107.70. On Tuesday, gold gained $3.60.
On the currency front, the U.S. dollar is trading at 124.09 yen compared to the 125.13 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1150 compared to yesterday's $1.1042.
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