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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 Wednesday, with futures getting a lift following the release of a report that showed smaller than expected private payroll gains. The trade balance data was broadly in line with expectations, considering the revisions to the previous month's deficit. Earnings have largely been encouraging, but for Disney's revenue miss. With Chinese service sector reading and Eurozone private sector activity also offering comfort, the focus now shifts to the U.S. service sector reading due shortly after the markets open.
U.S. stocks ended another lackluster session on a negative note Tuesday, as rate hike fears began to weigh on the markets ahead of some key data relea ses. The major averages opened slightly higher and held mostly higher until late morning trading, as factory order growth beat expectations. Thereafter, the indexes retreated and languished mostly below the unchanged line before closing modestly lower.
The Dow Industrials ended down 47.51 points or 0.27 percent at 17,551, the S&P 500 Index closed 4.72 points or 0.22 percent lower at 2,093 and the Nasdaq Composite closed at 5,106, down 9.84 points or 0.19 percent.
Twenty of the thirty Dow components closed lower, while the remaining ten stocks advanced. Apple (AAPL) fell sharply, while Cisco Systems (CSCO), DuPont (DD) and Exxon Mobil (XOM) also lost ground in the session. On the other hand, Microsoft (MSFT) gained notably.
Among the sectors, utility, computer hardware and semiconductor stocks came under considerable selling pressure.
On the economic front, the Commerce Department reported that factory orders rose 1.8 percent month-over-month in June, ahead of the 1.7 percent growth expected by economists. The previous month's data was downwardly revised to show a 1.1 percent drop from the 1 percent decline estimated earlier. Durable goods orders were up 3.4 percent and non-durable goods orders rose a more modest 0.4 percent, propped up by oil and chemicals. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | ADP's private payrolls report showed that the private sector added 185,000 jobs in July. Economists had expected private payroll gains of 210,000 following a 237,000 gain in the previous month.
The Commerce Department's trade balance report for June showed a deficit of $43.8 billion in June from a downwardly revised deficit of $40.9 billion in May. The consensus estimate calls for a widening in the trade deficit to $43 billion from the originally reported deficit of $41.9 billion in May.
The goods deficit rose $2.9 billion and the services surplus fell less than $0.1 billion. Exports eased less than $0.1 billion month-over-month and imports rose $2.8 billion.
The Treasury Department is set to make announcements concerning next week's auction of 3-year and 10-year notes and 30-year bonds at 8:30 am ET.
Markit is set to publish the results of its final U.S. service sector survey for July at 9:45 am ET. Economists expect the service sector PMI to increase to 55.2 in July from 54.8 in June.
The Institute for Supply Management is due to release the results of its service sector survey at 10 am ET. Economists expect the non-manufacturing index to edge up to 56.2 in July from 56 in June.
Non-manufacturing activity rose for the 65th straight month in June. The non-manufacturing index rose 0.3 points to 56 in June, in line with the consensus estimate. The business activity index climbed 2 points to 61.5 and the new orders index was up 0.4 points to 58.3, while the employment index fell 2.6 points to 52.7. Of the industries surveyed, 15 reported growth.
The Energy Information Administration will release its weekly petroleum status report for the week ended July 31st at 10:30 am ET.
Crude oil stockpiles fell by 4.2 million barrels to 459.70 million barrels in the week ended July 24th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Gasoline inventories fell by 0.4 million barrels but remained in the middle of the average range. On the other hand, distillate stockpiles increased by 2.6 million barrels and were in the middle of the average range for this time of the year.
Refinery capacity utilization averaged 95.2 percent over the four weeks ended July 24th compared to 95.1 percent over the four weeks ended July 17th. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Disney (DIS) reported third quarter earnings that exceeded estimates, while its revenues missed expectations. Activision Blizzard (ATVI) reported better than expected second quarter adjusted earnings and revenues and also raised its full year earnings and revenue guidance.
Time Warner (TWX) reported better than expected second quarter results and affirmed its in line 2015 adjusted earnings per share guidance. DISH Network (DISH) reported a strong increase in its second quarter earnings and its revenues beat estimates. Discovery (DISCA) reported above-consensus adjusted earnings per share, while its revenues were shy of estimates.
Travelers (TRV) announced that Alan Schnitzer will succeed Jay Fishman as its CEO, effective December 1st, 2015 and that Fishman will transition to the role of executive Chairman after relinquishing the office of CEO.
Liberty Global (LBTYA) reported better than expected second quarter revenues and confirmed all of its 2015 targets.
Papa John's (PZZA) reported below-consensus adjusted earnings and revenues for the second quarter, while it raised its full year earnings and revenue growth guidance.
MBIA (MBI) reported higher second quarter combined operating earnings per share and revenues.
Integra LifeSciences (IART) announced it has priced its previously announced underwritten public offering of 3.30 million shares at $61 per share.
PG&E Corp. (PCG) said it commenced an underwritten public offering of 6.8 million shares of its common stock.
Cintas (CTAS) said its board has approved an additional buyback program, authorizing the company to repurchase up to $500 million worth of shares.
21st Century Fox (FOXA), Barrick Gold (ABX), CBS (CBS), FMC Corp. (FMC), Jack in the Box (JACK), Marathon Oil (MRO), Prudential (PRU), Tesla Motors (TSLA), Transocean (RIG) and Weight Watchers (WTW) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are advancing solidly after yesterday's lackluster showing. Positive domestic earnings and economic data are serving to lift sentiment.
In corporate news, Dutch financial giant ING reported higher profits for its second quarter, helped by a stronger recovery in Europe. France's Society Generale reported better than expected revenue and profit growth.
Reinsurer Hannover Re reported double-digit growth in its second quarter profits and raised its forecast for the full year. U.K. insurer Legal & General's first half profit also beat expectations.
LSE raised its dividend after reporting better than expected profits for the first half. Meanwhile, Standard Chartered said its first half profits declined and the company also said it would reduce its dividend by half.
On the economic front, Markit's final estimates showed that growth in private sector activity in the eurozone slowed slightly in July. The composite PMI fell to 53.9 in July from 54.2 in June but was higher than the flash reading of 53.7. The services PMI eased 0.4 points to 54 but was above the preliminary reading of 53.8.
Meanwhile, U.K. service sector activity grew at a slower pace in July, according to the results of a survey by Markit and the Chartered Institute of Procurement and Supply. The service sector PMI fell to 57.4 in July from 58.5 in June, while economists had expected a more modest drop to 58.
Eurostat reported that retail sales in the eurozone fell a bigger than expected 0.6 percent month-over-month in June, while annual growth weakened to 1.2 percent from 2.6 percent in May.
The British Retail Consortium reported that shop prices in the U.K. fell 1.4 percent year-over-year in July following a 1.3 percent drop in June. Non-food prices declined 2.3 percent, while food prices were up 0.1 percent. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced, led by the Indonesian and Indian markets, although the Chinese market retreated sharply and the Australian market ended moderately lower. Notwithstanding the weak lead from Wall Street overnight, the markets chose to focus on a positive Chinese service sector reading and a rebound by commodities.
The Japanese market ignored a negative start and lackluster sentiment in the morning, with the Nikkei 225 Index breaking above the unchanged line in early afternoon trading. After a sharp climb till the mid-session, the index moved roughly sideways before ending up 93.70 points or 0.46 percent at 20,614.
Export stocks ended mostly higher, while heavy machinery, insurance, telecom and retail stocks came under selling pressure.
Hong Kong's Hang Seng Index closed 108.04 points or 0.44 percent higher at 24,514, while China's Shanghai Composite Index settled 61.97 points or 1.65 percent lower at 3,695. The local mood was impacted by some brokerages stalling short selling amid volatility in the markets.
Australia's All Ordinaries Index languished below the unchanged line for much of the session before ending down 22.40 points or 0.39 percent at 5,660.
The market witnessed broad based weakness, with consumer discretionary, energy and telecom stocks among the worst hit. Meanwhile, material stocks bucked the downtrend with a notable move to the upside.
On the economic front, a report released by Markit Economics showed that its Caixin service sector PMI for China rose to 53.8 in July from 51.8 in June. However, the composite index eased 0.4 points to 50.2.
Meanwhile, growth by the Japanese service sector slowed in July, with the Nikkei service sector PMI slipping to 51.2 in July from 51.8 in June. The composite PMI was unchanged at 51.5.
A survey by the Australian Industry Group showed that service sector activity in Australia accelerated in July. The PMI rose to a 17-month high of 54.1 in July from 51.2 in June. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.34 to $46.08 a barrel after advancing $0.57 to $45.74 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,089.20, down $1.50 from the previous session's close of $1,090.70. On Tuesday, gold gained $1.30.
On the currency front, the U.S. dollar is trading at 124.13 yen compared to the 124.38 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0906 compared to yesterday's $1.0881.
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