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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 sentiment reflecting weakness amid the ongoing concerns about domestic interest rates and Chinese growth. The currency market is seeing little movement, while the commodity space is mixed. The mood across the Atlantic is negative despite the German Parliament approving the bailout agreement for Greece. The domestic consumer price inflation came in softer than expected, offering scope for an accommodative monetary policy environment. The markets could now turn their attention to the FOMC minutes, due in the afternoon.
U.S. stocks retreated on Tuesday, as lackluster earnings from Wal-Mart (WMT), worries triggered by another sell-off in the Chinese market and strong domestic data weighed on the markets.
The major averages opened lower, but the Dow Industrials and the S&P 500 Index managed to recoup their losses by early afternoon trading. After a brief sojourn in positive territory, the averages pulled back below the unchanged line and languished in the red thereafter.
The Dow Industrials ended down 33.84 points or 0.19 percent at 17,511 and the S&P 500 Index closed 5.52 points or 0.26 percent lower at 2,097. Meanwhile, the Nasdaq Composite, which languished below the unchanged line throughout the session, ended near the lows of the session at 5,059, down 32.35 points or 0.64 percent.
Eighteen of the thirty Dow components closed lower, while the remaining twelve stocks advanced. Wal-Mart tumbled 3.38 percent in reaction to its quarterly earnings report and Cisco Systems (CSCO) and Disney (DIS) lost close to 2 percent each. On the other hand, Home Depot (HD) rose 2.59 percent following the release of its quarterly results and UnitedHealth (UNH) added 1.35 percent.
Among the sectors, semiconductor, computer hardware, gold, airline and biotechnology stocks came under selling pressure, while retail and housing stocks gained ground.
The Commerce Department reported that housing starts came in at a seasonally adjusted annual rate of 1.206 million units, up 0.2 percent from an upwardly revised rate of 1.204 million units and marking the highest rate since October 2007. Economists expected housing starts to come in at a rate of 1.180 million units. Single-family starts climbed 12.8 percent, while volatile multi-family starts fell 17 percent.
Meanwhile, building permits for the month came in at 1.119 million units, down 16.3 percent from the 1.337 million-unit rate in June and below the consensus estimate of 1.230 million units. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Consumer prices 0.1 percent month-over-month in July compared to the 0.3 percent rate in June. Economists expected consumer prices to have increased by 0.2 percent month-over-month.
Core consumer prices rose 0.1 percent, smaller than the 0.2 percent increase expected by economists. The annual rate of core consumer price inflation was 1.8 percent.
The Energy Information Administration will release its weekly petroleum status report for the week ended August 14th at 10:30 am ET.
Crude oil stockpiles fell by 1.7 million barrels to 453.60 million barrels in the week ended August 7th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Gasoline inventories fell by 1.3 million barrels but were in the middle of the average range. Meanwhile, distillate stockpiles increased by 3 million barrels and were in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 95.7 percent over the four weeks ended August 7th compared to 95.5 percent over the four weeks ended July 31st.
The Federal Reserve is due to release the minutes of the July 28th-29th monetary policy committee meeting 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 | | | Lowe's (LOW) reported below-consensus adjusted earnings, while its revenues beat estimates. The company reaffirmed its 2015 outlook.
Staples (SPLS) reported in line second quarter adjusted earnings, while its revenues missed expectations. The company's forecast third quarter earnings mostly below analysts' estimates.
Analog Devices (ADI) reported better than expected third quarter adjusted earnings and revenues. The company's fourth quarter guidance was also above the consensus estimate.
La-Z-Boy (LZB) reported higher first quarter earnings and revenues, with the revenues slightly ahead of expectations.
American Eagle Outfitters (AEO) reported better than expected second quarter earnings and revenues and issued positive guidance for the third quarter.
DeVry (DV) reported fourth quarter adjusted earnings and revenues that trailed estimates and issued weak guidance for the full year.
SINA's (SINA) second quarter adjusted earnings and revenues were ahead of expectations.
Weibo (WB) reported adjusted earnings and revenues for the second quarter that exceeded estimates. The company's third quarter revenue guidance was positive. Photronics (PLAB) also reported above-consensus third quarter results.
Seagate Technology (STX) announced a deal to buy software and hardware storage systems supplier Dot Hill (HILL) for $9.75 per share or a total of $694 million.
UDR (UDR) announced that it has agreed to sell 2.90 million shares of its common stock in an underwritten public offering.
L Brands (LB), NetApp (NTAP), Semtech (SMTC) and Synopsys (SNPS) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened lower and have fallen further since then. The major averages in the region are currently notably lower, as commodities continue to slide and a couple of earnings reports were discouraging. The outcome of the German Parliamentary debate on the third Greek bailout deal and the FOMC minutes have also served to keep sentiment subdued.
In corporate news, Glencore reported a steep drop in its first half earnings, hurt by falling commodity prices. The company also lowered its profit guidance for its trading arm.
Brewer Carlsberg lowered its full year guidance, as sales at its key markets sagged. Imperial Tobacco reported a decline in its revenues for the nine-month period but estimates a 10 percent increase in its annual dividend.
On the economic front, data released by the European Central Bank showed that the current account surplus for the euro area increased to a 3-month high of 25.4 billion euros in June from 19.1 billion euros in May. The surplus on the trade in goods increased.
Eurostat reported that construction output fell 2.3 percent year-over-year in June following a 0.2 percent increase in May. On a monthly basis, construction output fell 1.9 percent.
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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 Japanese, Hong Kong and South Korean markets retreating, while most other major markets ended higher. The Chinese market recovered in a late-hour buying surge.
The Japanese market suffered due to a stronger yen. The Nikkei 225 Index opened lower and moved roughly sideways before falling sharply in the afternoon. The index moved sideways yet again after the retreat before ending down 331.84 points or 1.61 percent at 20,223.
A majority of stocks retreated in the session, with Daiichi Sankyo, Dai-ichi Life, Isuzu Motors, Advantest, TDK, Dowa Holdings and Sumco posting steep losses. On the other hand, Toshiba rallied over 5 percent after a management rejig. The company also forecast a loss for the fiscal year and announced steps to settle an accounting investigation.
Australia's All Ordinaries Index hovered in positive territory throughout the session before ending up 70.40 points or 1.33 percent at 5,380. Most sectors saw solid gains, led by consumer staple, energy, financial, real estate and telecom stocks. On the other hand, consumer discretionary stocks saw slight weakness.
China's Shanghai Composite Index, which languished below the unchanged line with a loss of over 2 percent in intra-day trading, recovered in late trading. The index closed up 45.95 points or 1.23 percent at 3,794. Meanwhile, Hong Kong's Hang Seng Index ended at 23,168, down 307.12 points or 1.31 percent.
On the economic front, a report released by Japan's Ministry of Finance showed that the Japanese trade balance was in a deficit of 268.055 billion yen in July compared to a revised 70.5 billion yen shortfall in June. Economists expected a deficit of 53 billion for the month. Exports rose 7.6 percent year-over-year and imports fell 3.2 percent.
Japan's Ministry of Economy, Trade and Industry reported that all industry activity in Japan unexpectedly increased in June, with the index rising a seasonally adjusted 0.3 percent month-over-month following a 0.5 month-over-month drop in May. Economists had expected a 0.4 percent decrease. Industrial production and tertiary activity increased, while construction activity contracted.
A leading economic indicators index for Australia showed no change again in July, the latest survey from Westpac Bank revealed. This follows an unchanged reading in June. The six-month deviation from trend slipped into negative territory, dipping to -0.49 percent in July from 0.02 percent in June. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.22 to $42.90 a barrel after rebounding by $0.75 to $42.62 a barrel on Tuesday. Meanwhile, an ounce of gold is trading currently at $1,120.20, up $3.30 from the previous session's close of $1,116.90. On Tuesday, gold fell $1.50.
On the currency front, the U.S. dollar is trading at 124.40 yen compared to the 124.41 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1024 compared to yesterday's $1.1024.
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