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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 Monday, with sentiment risk-off, as the results of the New York Federal Reserve's Empire State manufacturing survey for August came in weak. The European markets are seeing lackluster sentiment despite seeing some early strength on the back of the Greek bailout deal. The Chinese yuan's reference rate was set slightly higher, allaying fears of a free fall. Data released earlier in the day showed the Japanese economy contracting roughly in line with expectations. Crude oil prices are still weaker but rest of the commodities are seeing mixed sentiment as the dollar is mostly firmer. The domestic markets could also react to the results of a homebuilder sentiment survey due shortly after the markets open.
U.S. stocks rebounded moderately in the week ended August 14th, as the effect of Chinese yuan devaluation, commodity prices and the release of some strong domestic economic data led to some volatility in the markets.
Last Monday, the major averages advanced strongly, as commodities rebounded. With China devaluing its currency, the major averages retreated sharply on Tuesday, as fears of a currency war sapped risk appetite. The averages closed mixed on Wednesday, as a rebound in the value of the Chinese yuan supported sentiment to some extent.
Stocks closed mixed yet again on Thursday, as traders reacted to mixed catalysts, including receding yuan worries and concerns about an imminent interest rate hike in the U.S. in the wake of strong domestic data. Helped by some solid economic data, the major averages ended Friday's trading solidly higher.
For the week ended August 14th, the Dow Industrials and the S&P 500 Index added 0.60 percent and 0.67 percent, respectively and the Nasdaq Composite ended up 0.09 percent.
Among the sectors, the NYSE Arca Gold Bugs Index rallied 8.47 percent for the week and the NYSE Arca Oil & Gas Index and the Philadelphia Housing Sector Index rose over 3 percent each. Additionally, the Dow Jones Utility Average gained 2.34 percent. On the other hand, the NYSE Arca Airline Index and the Philadelphia Semiconductor Index fell 1.39 percent and 0.91 percent, respectively. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Manufacturing and housing readings are among a few economic reports that could sway the markets in the unfolding week. Traders may closely watch the results of the New York and Philadelphia Federal Reserves' manufacturing surveys for August, Markit's preliminary U.S. manufacturing PMI for August, the Commerce Department's housing starts report for July, the results of the National Association of Home Builders' housing market survey for August, the minutes of the Federal Reserve's July monetary policy committee and the routinely scheduled weekly jobless claims report.
The consumer price inflation report could also impact sentiment, given the uncertainty surrounding the timing of the Fed's first rate hike. Some Fed speeches and announcements concerning next week's Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
The August survey of the New York Federal Reserve showed that the region's business activity declined. The general business conditions index tumbled 19 points to -14.9. Economists had expected the general business conditions index to rise to 4.75 from 3.86 in July.
The new orders index fell 12 points to -15.7, the lowest level in many years, and the shipments index declined 22 points to -13.8. On the other hand, the unfilled orders index edged up 3 points to -13.8.
The National Association of Home Builders is due to release the results of its homebuilder sentiment survey for August at 10 am ET. The consensus estimate calls for an increase in the index to 61 in August. The number of employees index and the average workweek index fell to 1.8 and -1.8, respectively. However, the futures general business conditions index rose 7 points to 33.6.
The housing market index based on the survey came in at 60 in July, unchanged from the upwardly revised reading for June. The reading was the highest since November 2005. The future sales conditions index and the present sales index climbed 2 points and 1 point to 66 and 71, respectively, while the index measuring prospective buyer traffic fell 1 point to 43. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Liberty Interactive (LVNTA) announced it has entered into a definitive agreement under which Liberty Interactive will acquire all outstanding shares of Zulily for $18.75 per share. The acquisition will be attributed to Liberty Interactive's QVC Group tracking stock.
Accenture (ACN) said it has entered into an agreement to acquire Schlumberger Business Consulting or SBC, the management consulting unit of oilfield services provider Schlumberger (SLB). The terms of the acquisition were not disclosed.
Strategic Hotels & Resorts (BEE) said its board of directors is exploring possible strategic alternatives, including a potential sale of the company. The company has retained J.P. Morgan as financial advisor. |
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| | European Markets | | European stocks opened higher but have given back their gains since then. The major averages in the region are currently mixed.
On the economic front, Rightmove reported that the average asking price of a house in the U.K. fell 0.8 percent month-over-month in August following a 0.1 percent increase in July. On a year-over-year basis, house prices rose 6.4 percent, quicker than the 5.1 percent growth in July.
The trade surplus for the Eurozone rose to a 6-month high in June, as the increase in exports exceeded import growth, data released by Eurostat showed.
The trade surplus rose to a seasonally adjusted 21.9 billion euros in June from 21.3 billion euros in May, reaching the highest level since December 2014. However, the surplus trailed expectations of 23.1 billion. Exports increased 1.4 percent month-over-month in June, while imports advanced 1.2 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 had a nervous outing even as the yuan's reference rate was set higher for a second straight day. The Taiwanese, Singaporean and Malaysian markets fell the most, while the Chinese, Japanese, New Zealand and Australian markets advanced.
The Japanese market advanced, as the yen was subdued in reaction to Japanese second quarter GDP data and worries concerning the yuan. The Nikkei 225 Index opened higher and rose further in early trading before moving roughly sideways. After giving back some of the gains in the afternoon, the index closed up 100.81 points or 0.49 percent at 20,620.
Food, pharma, chemical, paper, resource, financial and most export stocks gained ground, while real estate and technology export stocks retreated.
Australia's All OrdinariesIndex hovered in positive territory throughout the session before ending up 8.60 points or 0.16 percent at 5,369. Financial, healthcare, industrial, telecom and utility stocks were among the gainers, while energy, IT and consumer staple stocks lost ground.
China's Shanghai Composite Index ended at 3,994, up 28.33 points or 0.71 percent, while Hong Kong's Hang Seng Index closed 176.38 points or 0.74 percent lower at 23,815.
On the economic front, a preliminary report released by Japan's Cabinet Office showed that second quarter GDP fell by 0.4 percent sequentially compared to the 0.5 percent decline estimated by economists. The first quarter growth was upwardly revised to 1.1 percent. Annually, GDP fell a less than expected 1.6 percent. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.72 to $41.78 a barrel after declining $2.04 or 4.65 percent to $42.50 a barrel in the week ended August 14th. Crude oil was hit by oversupply concerns.
Gold futures, which rose $18.60 or 1.70 percent to $1,113.80 an ounce in the previous week, are currently climbing $5.30 to $1,118.
Among currencies, the dollar ended mixed in the week ended August 14th, with the greenback edging up 0.06 percent against the yen before ending the week at 124.31 yen, while it retreated 1.3 percent against the euro to $1.1109. The euro received support from the Greek bailout deal last week.
The U.S. dollar is trading currently at 124.47 yen and is valued at $1.1104 versus the euro. |
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