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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 slightly higher opening on Monday, with sentiment still fluid after consumer spending data came in line. A report released short while ago showed that consumer spending came in line and one of Fed's favored inflation measure came slightly ahead of expectations. The commodity rout continues, with the dollar firmer. Global manufacturing data has been mixed, with Chinese manufacturing activity contracting for the fifth straight month, while the Eurozone and U.K. manufacturing sectors saw fairly robust activity. The domestic markets may now focus on domestic manufacturing activity even as the weakness in commodity prices may limit any potential upside.
U.S. stocks rebounded in the week ended July 31st, although the gains of the week weren't very convincing. The decision by the Federal Reserve not to drop any hints on the itinerary for its first rate hike in its July monetary policy statement generated some optimism.
Last Monday, the major averages retreated notably along with the rest of the global markets, as the Chinese Shanghai Composite Index recorded its biggest one-day drop in 8 years. Bargain hunting following five straight sessions of declines helped the major U.S. averages rebound on Tuesday, with the release of mostly positive economic data and some strong earnings aiding sentiment.
With the Fed remaining non-committal on the timing of the first rate hike, the major averages ended Wednesday's session moderately higher. The major averages ended mixed on Thursday, reacting to softer than expected, though robust second quarter GDP growth, mixed earnings and the extended sell-off in commodities. Weighed down by weak commodities, weak earnings reported by oil companies and mixed economic data, the averages ended Friday's session modestly lower yet ended higher for the week.
For the week ended July 31st, the Dow Industrials and the S&P 500 Index added 0.69 percent and 0.78 percent, respectively and the Nasdaq Composite gained 1.16 percent.
Among the sectors, the Philadelphia Housing Sector Index rallied 4.11 percent for the week and the Dow Jones Transportation and the Dow Jones Utility Averages rose over 3.50 percent each. On the other hand, the NYSE Arca Gold Bugs Index slid 2.75 percent.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Several market moving economic reports are due in the unfolding week that could shed light on the timing of the first rate hike. The two employment reports of the week, one from ADP on private payrolls for July and another from the Labor Department on non-farm payrolls, are likely to take the center stage, given the Fed's preoccupation with the health of the labor market.
Traders may also focus on the Commerce Department's personal income and spending report for June, monthly auto sales for July, the results of the Institute for Supply Management's separate manufacturing and non-manufacturing surveys for June and jobless claims data.
The Commerce Department's construction spending, trade balance and factory orders reports, all for June, the Federal Reserve's consumer credit report for June and announcements concerning treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
Automakers are scheduled to release their monthly sales figures for July. Economists expect total vehicle sales to come in at a seasonally adjusted annual rate of 17.2 million units, the same as in the previous week.
A Commerce Department report showed that personal income rose 0.4 percent month-over-month in June following a downwardly revised reading of 0.4 percent increase in May. Economists expect personal income growth of 0.3 percent for the month.
Meanwhile, personal spending rose 0.2 percent, in line with expectations. This represents a marked slowdown from the 0.7 percent increase in May. The core price consumption expenditure index rose 0.1 percent month-over-month and was up 1.3 percent annually.
Markit is set to release its final U.S. manufacturing PMI data at 9:45 am ET. Economists expect the index to have increased to 53.8 in July from 53.6 in June.
The Institute for Supply Management is due to release the results of its manufacturing survey at 10 am ET. The consensus estimate calls for a reading of 53.7 for July, up slightly from 53.5 in June.
Manufacturing activity expanded for the 30th consecutive month in June. The manufacturing PMI rose to 53.5 in June from 52.8 in May. Of the 18 industries surveyed, 11 reported growth in June. The new orders index edged up 0.2 points to 56 and the employment index climbed 3.8 points to 55.5, while the production index slid 0.5 points to 54.
The Commerce Department will also release its construction spending data at 10 am ET. Economists expect construction spending to have risen by 0.6 percent month-over-month in June.
Construction spending rose 0.8 percent month-over-month in May, while annually the increase was 8.2 percent. Spending on private construction was up 0.9 percent compared to the previous month, with residential and non-residential construction spending rising 0.3 percent and 1.5 percent, respectively. Public construction spending climbed 0.7 percent. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Tyson reported below-consensus earnings and revenues for the third quarter and lowered its guidance for the full year.
Shire announced a deal to buy privately-held Foresight Biotherapeutics for $300 million.
Yahoo! announced an agreement to buy social shopping site Polyvore.
Allstate, American International, Avis Budget, Checkpoint Systems, Ctrip.com , General Growth Properties, MDU Resources, Post Properties, Scientific Games, Tenet Healthcare, Tessera Technologies, Vornado Realty and XL Group are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are seeing volatility despite the release of mostly positive economic and earnings news. The averages in the region are currently mixed.
The Greek stock exchange, which opened after remaining closed for five weeks, plunged sharply, with banks bearing the brunt of the selling pressure.
In corporate news, Nokia announced an agreement to sell its HERE digital mapping and location services business to a consortium of automakers for an enterprise value of 2.8 billion euros. The deal is expected to close in the first quarter of 2016. Nokia signed an agreement to buy Alcatel-Lucent earlier this year.
Commerzbank reported a sharp increase in its second quarter profits, helped by higher revenues and lower tax expenses. HSBC Bank reported higher profits for its first half and also announced its decision to sell its Brazilian operations to Banco Bradesco SA for $5.2 billion. Heineken reported better than expected profits for its first half, thanks to a strong performance in emerging markets.
On the economic front, revised estimates released by Markit showed that manufacturing activity in the eurozone expanded more than initially estimated in July. The manufacturing PMI for the region came in at 52.4 in July compared to the flash estimate of 52.2 and June's reading of 52.5.
The manufacturing PMI for the U.K. accelerated in July, according to the results of a survey by Markit and the Chartered Institute of Procurement & Supply Managers. The index rose to 51.9 from a 26-month low of 51.4 in June, while economists expected a score of 51.5. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets retreated, weighed down by disappointing Chinese manufacturing data, the pullback in oil prices and the weak lead from Wall Street last Friday. The Chinese, Hong Kong, South Korean and Taiwanese markets fell the most. However, the New Zealand and the Malaysian markets bucked the downtrend.
Japan's Nikkei 225 Index opened lower and fell sharply in early trading, hitting an intra-day low of 20,397 by late morning trading. Subsequently, the average gradually recouped some of its losses till the mid-session. After some sideways movement, the average trimmed some more of its losses by late trading before closing modestly lower. The index ended down 37.13 points or 0.18 percent at 20,548.
Construction, engineering, real estate, heavy machinery, chemical and resource stocks moved to the downside, while pharma and utility stocks, with the exception of electric utilities, gained ground. Food and technology stocks showed mixed sentiment.
Australia's All Ordinaries Index languished below the unchanged line for much of the session before ending down 17.40 points or 0.31 percent at 5,664. Most sectors declined, led by energy and utility stocks. On the other hand, consumer discretionary stocks gained ground.
Hong Kong's Hang Seng ended at 24,411, down 224.86 points or 0.91 percent, and China's Shanghai Composite closed 48.02 points or 1.11 percent lower at 3,623.
On the economic front, the final reading released by Markit showed that China's manufacturing sector contracted for the fifth straight month. The Caixin manufacturing PMI fell to 47.8 in July from 49.4 in June, down from the flash estimate of 48.2.
Data released by the Australia Industry Group showed that Australia's manufacturing sector moved into expansion territory in July. The manufacturing PMI jumped to 50.4 in July from a 22-month low of 44.2 in June.
A report released by TD Securities and the Melbourne Institute showed that their inflation gauge for Australia rose 0.2 percent month-over-month in July following the 0.1 percent increase in June. Annual inflation accelerated to 1.6 percent from 1.5 percent in June.
The Australian Housing Industry Association reported that new home sales in Australia rose a seasonally adjusted 0.5 percent month-over-month in June, marking the fifth increase in 6 months.
Meanwhile, the results of Markit's manufacturing survey for Japan showed an acceleration in activity in July. The corresponding index rose 1.1 points to 51.2 in July. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $1.05 to $46.07 a barrel after declining $1.02 or 2.12 percent to $47.12 a barrel in the week ended July 31st. A lack of risk appetite amid increasing concerns about Chinese growth, supply glut fears in the wake of additional Iranian supplies coming into the mark once sanctions are lifted and the dollar's strength weighed on the commodity.
Gold futures, which rose $9.60 or 0.88 percent to $1,095.10 an ounce in the previous week, are currently slipping $4.70 to $1,090.40 an ounce. The precious metal recovered slightly from its lowest level in 5-1/2 years, as bargain hunting kicked in, aided by the dollar's weakness last Friday in the wake of weak data on employment costs.
Among currencies, the U.S. dollar rose 0.07 percent against the yen before ending the week ended July 31st at 123.89 yen. The dollar was little changed against the euro to $1.0984. Even as the dollar was propped up by rate hike expectations, some lackluster economic data released during the week and the Fed remaining tightlipped about when the first rate hike would be delivered in the current cycle, exerted downward pressure on the currency.
The U.S. dollar is currently at 124.25 yen and is valued at $1.0949 versus the euro.
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