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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 notably higher opening on Tuesday, with sentiment reflecting a solid bounce back by the battered markets. After hurt by a selling onslaught for five straight sessions, stocks may get a reprieve as the global equity markets and crude oil prices rebounded. Added to that, the salubrious impact of a Chinese rate cut announced earlier in the day could send positive signals to the markets, especially as the Chinese market swoons on growth concerns.
China's central bank cut its key interest rates and reserve ratio in a surprise move to lower further the financing costs for businesses amid a sharp fall in stock markets this week.
The interest rates were reduced by 0.25 percentage points each, the People's Bank of China said in a statement on its website. The benchmark one-year lending rate was cut to 4.6 percent and the deposit rate was slashed to 1.75 percent. The new rates are effective from August 26th. The easing cycle began in November last year, when the bank cut the lending rate for the first time in more than two years.
U.S. stocks joined the global market rout on Monday, extending their losses for the fifth straight session as China worries haunted the markets. The major averages opened notably lower but cut their losses over the course of the morning. Fresh selling emerged in the afternoon, sending stocks sharply lower once again before closing firmly in the red.
The Dow Industrials fell 588.40 points or 3.57 percent to 15,871, its lowest level since February 10th, 2014, the S&P 500 Index closed 77.68 points or 3.94 percent at a 15-month low of 1,893 and the Nasdaq Composite ended at a 10-month low of 4,526, down 179.79 points or 3.82 percent.
All thirty of the Dow components ended the session lower, with UnitedHealth (UNH), Exxon Mobil (XOM), Travelers (TRV), Pfizer (PFE), McDonald's (MCD), JP Morgan Chase (JPM), Cisco Systems (CSCO) and Chevron (CVX) leading the declines. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Federal House Finance Agency is scheduled to release its house price index for June at 9 am ET. Economists expect the house price index to rise 0.4 percent month-over-month, the same pace as in the previous month.
The results of the S&P/Case-Shiller house price survey for June are also due around the same time. The consensus estimate calls for a 0.1 percent month-over-month increase in the seasonally adjusted 20-city house price index. Annually, prices may have risen 5.2 percent following the 4.9 percent increase in the previous month.
The Conference Board is scheduled to release the results of its consumer confidence survey for August at 10 am ET. Economists expect an increase in the index to 94 in August from 90.9 in July.
The consumer confidence index tumbled to 90.9 in July from a downwardly revised reading of 99.8 in June. Economists expected a decline in the index to 99.6 from the previously reported reading of 101.4. The expectations index fell about 13 points to 79.9 and the present situation index was down a more modest 3 points to 107.4.
Around the same time, the Commerce Department is due to release its new home sales report for July. The consensus estimate calls for an increase in new home sales to a seasonally adjusted annual rate of 516,000.
In June, new home sales came in at a seasonally adjusted annual rate of 482,000, down 6.8 percent month-over-month. Inventories measured in terms of months of supply rose to 5.4 months from 4.7 months in May. The median price of a new home rose 0.5 percent month-over-month to $281,800, although sales were 1.8 percent lower than a year-ago.
The Richmond Federal Reserve will also release its manufacturing PMI for the region at 10 am ET. Economists expect the index to slip to 10 in August from 13 in July.
The Treasury Department is set to announce the results of its auction of 2-year note at 1 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 | | | Best Buy (BBY) reported better than expected second quarter adjusted earnings per share from continuing operations and revenues.
Toll Brothers (TOL) reported third quarter results that trailed estimates.
Home Depot (HD) said it has completed its $1.625 billion acquisition of Interline Brands, which was announced on July 22nd, 2015.
Flex (FLEX) said it received shareholder approval to purchase up to 20 percent of its outstanding shares.
Atmel (ATML) announced its CEO Steven Laub has agreed to the board's request for his retirement date to facilitate the completion of an ongoing strategic evaluation process. |
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| | European Markets | | European stocks are also advancing, as bargain hunting is lifting the averages in the region. Some domestic corporate and economic news is also driving the markets.
In corporate news, U.K. insurer RSA's board said it is willing to recommend Zurich Insurance's revised 550 pence per share takeover proposal, subject to the resolution of other terms being discussed. Reports suggest that Monsanto (MON) has raised its offer for Syngenta, valuing the latter at $47 billion.
Copper miner Antofagasta reported a sharp drop in its profits for the first half, reflecting the commodity sell-off. The company also lowered its interim dividend to 3.1 cents from 11.7 cents. Bigger peer BHP Billiton (BHP) also reported a tumble in its profits for the full year ended June.
On the economic front, revised estimates released by the German Federal Statistical Office showed that German GDP rose 0.4 percent sequentially in the second quarter, faster the 0.3 percent growth in the first quarter. The growth was in line with the preliminary estimate. Trade contributed 0.7 percentage points to growth, while inventories deducted 0.4 percentage points.
The results of the IfO Institute's survey showed that German business sentiment came in ahead of expectations. The index came in at 108.3 compared to expectations of 107.6. The current conditions index and the expectations index also exceeded estimates. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets rebounded following the recent sell-off, although the Japanese and Chinese markets retreated. The Taiwanese Weighed Average bounced back by the most, while the Australian, Indonesian and Malaysian markets also saw handsome gains.
The Japanese market took a beating due to the yen's rally. The Nikkei 225 average went about a volatile ride, moving in and out of the positive territory a couple of times in a broad range before ending down 733.98 points or 3.96 percent at 17,807, its lowest level since February 11th, 2015.
A majority of stocks declined in the session, with Mitsubishi Logistics, Nippon Express, West Japan Railway, Mitsubishi Motors, Kawasaki Heavy Industries, Toho Zinc and Nippon Soda among the worst hit.
China's Shanghai Composite Index slumped 244.94 points or 7.63 percent following yesterday's 8 percentage-plus sell-off. The index ended at an 8-month low of 2,965,
Meanwhile, Hong Kong's Hang Seng Index ended at 21,405, up 153.39 points or 0.72 percent.
Australia's All Ordinaries ignored some weakness in early trading and advanced steadily till the mid-session before consolidating its gains in the afternoon. The index ended up 129.60 points or 2.58 percent at 5,144. Financial and real estate stocks spearheaded the advance.
On the economic front, a leading economic indicators index for Australia compiled by the Conference Board edged down 0.2 percent in June following a 0.2 percent increase in May. Stock prices and building approvals were responsible for much of the weakness.
Meanwhile, the Conference Board's leading economic indicators index for China climbed 0.9 percent in July following a 0.6 percent increase in June. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.46 to $38.70 a barrel after slumping $2.21 to a 6-1/2 year low of $38.77 a barrel a barrel on Monday. Meanwhile, an ounce of gold is trading currently at $1,152.80, down $0.80 from the previous session's close of $1,153.60. On Monday, gold dropped $6.
On the currency front, the U.S. dollar is trading at 118.99 yen compared to the 118.41 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1570 compared to yesterday's $1.1619. |
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