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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 higher opening on Monday, with sentiment reflecting return of risk appetite following lackluster showing in recent sessions. The mood across the Atlantic is mixed as traders look ahead to more information on a Greek bailout deal under negotiations. Commodities are bouncing back, even as the dollar remains slightly higher. The M & A news of the day and stalling in the sell-off of commodities could also support a rebound. Traders may also focus on a Fed speech scheduled for the day. Meanwhile, Chinese trade and inflation data set in motion strong buying in China, fueled by stimulus hopes.
U.S. stocks retreated in the week ended August 7th, with all three major averages declining over 1 percent for the week and the Dow Industrials retreating for the seventh straight session. Fears that the Federal Reserve will begin to hike interest rates this year, mixed economic data and the continued weakness in commodity prices led to weakness.
Last Monday, the major averages fell, weighed down by the weakness in commodity prices and the release of mixed global and domestic economic data. The averages ended Tuesday's session modestly lower amid rate concerns.
The release of soft private payrolls data lent support on Wednesday, despite disappointing revenues from Disney acting as a dampener. The Dow Industrials retreated, while the S&P 500 Index and the Nasdaq Composite ended moderately higher. Stocks closed Thursday's session notably lower amid negative reaction to earnings from media companies, apprehensions concerning the non-payrolls report, due the next day, and the decline in crude oil prices. With strong monthly jobs data cementing expectations for an early Fed rate hike, the major averages ended Friday's session modestly lower.
For the week ended August 7th, the Dow Industrials, the S&P 500 and the Nasdaq Composite Index were down 1.79 percent, 1.25 percent and 1.65 percent, respectively. The Dow Industrials ended the week at a fresh 6-month low.
Among the sector indexes, the NYSE Arca Biotechnology Index fell 4.73 percent for the week, while the NYSE Arca Computer Hardware Index, the NYSE Arca Oil Index and the NYSE Arca Gold Bugs Index declined over 3 percent each. The NYSE Arca Securities Broker/Dealer Index lost about 2 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The unfolding week is a back-end loaded week, with some key economic due on Thursday and Friday. With labor market remaining robust, as reflected by the July employment report, the markets are likely to scrutinize each incoming economic evidence. Traders are likely to closely watch the Commerce Department's retail sales data for July, the Federal Reserve's industrial production report for July, the University of Michigan's preliminary U.S. consumer sentiment data for August and jobless claims data.
Some Fed speeches scheduled for the week may also draw the attention of traders. Preliminary second quarter productivity and costs data, the Commerce Department's wholesale and business inventories report for June, the Labor Department's import and export prices data and producer prices report, both for July, the Treasury's monthly budgetary statement for July and the results of the Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
Atlanta Federal Reserve Bank President Dennis Lockhart is due to speak in Atlanta at 12:25 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 | | | Berkshire Hathaway announced a deal to buy Precision Castparts for over $235 per share in cash. The company reported last Friday an increase in its second quarter operating earnings across all its businesses on higher revenues.
Sysco reported better than expected fourth quarter earnings, while its revenues were ahead of estimates.
AES reported below-consensus second quarter results, while it reaffirmed its full year guidance.
Dean Foods reported second quarter adjusted earnings that beat estimates, while its revenues were about in line. The company's third quarter guidance was in line.
Jack Henry, Live Nation and Take-two Interactive are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | After opening higher, European stocks saw some volatility in early trading, as traders look ahead to a Greek deal. The averages in the region are currently mixed.
Greece's finance and economy ministers hope to conclude their negotiations on a third bailout deal by early Tuesday to prevent Greece from defaulting on bond payments owed to the European Central Bank.
On the economic front, Eurozone investor confidence unexpectedly weakened in August amid concerns regarding the volatility in the Chinese stock market and pessimistic expectations for the Asian economies, excluding Japan, the results of a survey by Sentix showed. The investor confidence index dropped to 18.4 from 18.5 in July. Economists had expected a higher score of 20.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended mixed, with the Chinese market rallying and the Australia, Japanese and Taiwanese markets also notching up handsome gains. Meanwhile, the South Korean, New Zealand, Indian Malaysian, Indonesian and Hong Kong markets ended lower. The Chinese market rode high on weak trade data and producer price inflation report that showed a steeper than expected drop in producer prices, buoying stimulus expectations even as some of the markets in the region remained wary of a potential Fed rate hike.
The Japanese market advanced on a weaker yen. The Nikkei 225 average, which languished below the unchanged line until late afternoon trading, recovered thereafter and ended 84.13 points or 0.41 percent higher at 20,809.
Construction, food, paper, export, financial, utility and pharma stocks gained ground in the session, while resource, real estate and chemical stocks weakened.
Barring some nervousness in early trading, Australia's All Ordinaries hovered in positive territory throughout the session. The index added 32.60 points or 0.60 percent before closing at 5,505. A majority of sectors advanced, led by utility and industrial stocks, while healthcare and consumer staple stocks came under selling pressure,
China's Shanghai Composite index rallied 184.21 points or 4.92 percent to 3,928, while Hong Kong's Hang Seng Index ended down 31.35 points or 0.13 percent, but well off its worst levels of the day.
On the economic front, inflation reports released by the Chinese Bureau of Statistics showed that inflation environment is conducive for further injection of stimulus. Consumer prices rose 1.6 percent year-over-year in July, faster than the 1.4 percent rate in June and the 1.5 percent rate expected by economists. Meanwhile, producer prices fell at a steeper than expected pace and declined to the lowest level in 6 years. Producer prices contracted further by 5.4 percent annually in July, following a 4.8 percent drop in the previous month.
Data released last Saturday showed that Chinese exports fell 8.3 percent year-over-year in July, reversing the 2.8 percent increase in June, while economists expected a 1.5 percent drop. Imports were down a slightly steeper than expected 8.1 percent. The trade surplus totaled $43.03 billion, which was below the expected surplus of $54.7 billion.
Japan's Ministry of Finance reported that the nation's current account surplus came in at 558.6 billion yen in June compared to the 785.9 billion yen surplus expected by economists. The trade balance showed a smaller than expected surplus of 102.6 billion yen.
A report released by the Bank of Japan showed that bank lending in Japan rose 2.6 percent year-over-year in July, ahead of the 2.5 percent growth expected by economists. Confidence among consumers in Japan weakened in July, with a government survey showing the consumer confidence index slipping to 40.3 in July from 41.7 in June. Economists expected a reading of 41.4. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.35 to $44.22 a barrel after slumping $3.25 or 6.90 percent to a fresh multi-month low of $43.87 a barrel in the week ended August 7th. The dollar's strength and oversupply fears in the wake of the Iranian oil coming into the global markets proved to be bearish for the commodity.
Gold futures, which edged up $0.10 an ounce, are currently rising $0.80 to $1,094.90 an ounce.
Among currencies, the U.S. dollar advanced against most currencies in the week ended August 7th as the odds of a September Fed rate hike increased. The greenback ended the week ended August 7th 0.28 percent higher against the yen at 124.24 and it gained 0.16 percent against the euro to $1.0967.
The buck is currently at 124.41 yen and is valued at $1.0968 versus the euro.
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