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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 Tuesday, with yuan devaluation by the Chinese central bank sapping risk appetite of the markets. The dollar is mixed, with the euro getting a lift from the news of the third bailout deal for Greece being finalized. Commodities are mostly lower. Sentiment across the Atlantic is markedly weak amid fears of a currency war set in motion by the Chinese move. The unexpected move by China to weaken its currency to jumpstart the fits-and-starts recovery has triggered fears concerning how the global economies would counter the move.
U.S. stocks advanced strongly on Monday, aided by bargain hunting, with a reversal in sentiment towards commodities supporting sentiment. The major U.S. averages opened sharply higher and moved roughly sideways for the rest of the session, ending firmly positive.
The Dow Industrials ended up 241.79 points or 1.39 percent at a one-week high of 17,616, snapping a 7-session losing streak, the S&P 500 Index added 26.61 points or 1.28 percent before ending at 2,104 and the Nasdaq Composite ended at 5,102, up 58.25 points or 1.16 percent.
Twenty-nine of the thirty Dow components closed higher, with Apple, Caterpillar, Exxon Mobil, Intel, Chevron and Boeing among the biggest gainers of the session.
Among the sectors, resource stocks skyrocketed amid a rebound in commodity prices. Semiconductor and computer hardware stocks also saw notable strength.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Preliminary second quarter productivity and costs report released by the Labor Department showed that non-farm productivity rose an annualized 1.3 percent in the second quarter, softer than the consensus estimate of 1.6 percent growth. Unit labor costs rose 0.5 percent, in line with estimates. Annually, productivity and unit labor costs were up 0.3 percent and 2.1 percent, respectively.
The Commerce Department is due to release its wholesale trade data for June at 10 am ET. The consensus estimate calls for a 0.4 percent month-over-month increase in wholesale inventories.
In May, wholesale inventories rose 0.8 percent month-over-month, resulting in an annual rate of growth of 5 percent. At the same time, wholesale sales were up 0.3 percent, although annually, wholesale sales were down 3.8 percent. The inventories to sales ratio came in at 1.29 compared to 1.19 in May of last year.
The Treasury Department is scheduled to announce the results of its auction of 3-year notes 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 | | | Google announced plans to form a holding company called Alphabet, comprising its core search and ad business along with its disparate businesses ranging from health to self-driving cars. All Google shares will be converted into equivalent Alphabet shares, although they will retain the ticker symbols GOOG and GOOGL.
Take-two Interactive reported below-consensus adjusted earnings for its first quarter, while its revenues exceeded estimates. The company's full year earnings and revenues guidance trailed estimates.
Gap reported that its July sales eased to $1.12 billion from $1.17 billion last year and comparable store sales were down 3 percent. The company also said its second quarter sales fell 2 percent to $3.90 billion, with same store sale also slipping 2 percent. The sales for the quarter were slightly shy of estimates.
Live National reported higher adjusted operating income and its revenues rose 12 percent year-over-year and exceeded expectations. The company said it is on track to deliver its 2015 plan.
Novavax reported a wider loss for its second quarter, while its revenues climbed 69 percent and exceeded the consensus estimate. Separately, Novavax announced positive top-line data from a Phase 2 clinical trial of its RSV F-protein recombinant nanoparticle vaccine candidate in older adults.
McDermott reported better than expected second quarter results but lowered its revenue guidance for the full year, citing delays at Ichthys and customer initiated project schedule changes.
Hibbett announced preliminary second quarter results, expecting net sales of $199.3 million and earnings per share of 26-28 cents per share. The company also said comparable store sales were soft due to underlying buying softness. The preliminary results were below estimates.
UAL announced a 0.3 percentage point year-over-year increase in load factor for July, as traffic increased 2.8 percent and capacity improved 2.4 percent.
Computer Sciences, Cree and Symantec are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened lower and have seen further downside, as traders digest the Chinese move to devalue its currency and some sour domestic data points.
Meanwhile, after intensive talks, Greece's external creditors namely the European Central Bank, the International Monetary Fund and the European Stability Mechanism finally sealed a deal with the debt strapped nation. If vetted by the Greek Parliament, the deal could unlock 86 billion euros in funding through a third bailout agreement.
In corporate news, the U.K.'s Prudential reported higher pre-tax profits for its first half and its sales also rose year-over-year. France's Adecco also reported an increase in profits and revenues for the second quarter. The company said it continues to achieve its 2015 EBITA margin target of above 5.5 percent.
On the economic front, the results of a survey by the Zew Institute showed that German economic confidence unexpectedly fell to a 9-month low in August, with the corresponding indicator slipping 4.7 points to 25. Economists expected a reading of 31.9.
German wholesale prices declined at a stable pace in July, data from Destatis showed. The wholesale price index dropped 0.5 percent year-over-year in July, matching the decrease seen in the previous month. Prices have been falling since July 2013.
The British Retail Consortium reported that like-for-like sales in the U.K. rose 1.2 percent year-over-year in July, ahead of the 1 percent increase expected by economists but slower than the 1.8 percent increase in June. Overall sales were up 2.2 percent.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets fell across the board despite the positive lead from Wall Street overnight. China's decision to devalue its currency by almost 2 percent and the retreat by commodities weighed on risk appetite.
The Japanese market reacted to a firmer yen and closed moderately lower. The Nikkei 225 Index held above the unchanged line in the morning before retreating in the afternoon and ending down 87.94 points or 0.42 percent at 20,721.
Export stocks moved mostly to the downside. Food, construction, retail, utility, telecom and pharma stocks also came under selling pressure. Meanwhile, textile, paper, energy and real estate stocks gained ground.
Australia's All Ordinaries Index shrugged off a higher open and turned decisively lower in late morning trading. After a steep retreat, the index moved roughly sideways in the afternoon. The index ended 31.80 points or 0.58 percent lower at 5,473.
Most sectors retreated, led by financial, healthcare, industrial and utility stocks. On the other hand, material and energy stocks found buying interest.
China's Shanghai Composite Index ended a volatile session down merely 0.51 points or 0.01 percent at 3,928. Hong Kong's Hang Seng Index, which held mostly above the unchanged line, retreated in a late hour sell-off, ending down 22.91 points or 0.09 percent at 24,498.
On the economic front, the People's Bank of China devalued its currency in a surprise move. The bank set the value of the yuan at 6.2298 a dollar, 1.9 percent lower than Monday's official fixing rate. This was the biggest one-day loss since 1994, when it unified the official rate with market rates. The Chinese currency seldom fluctuates over the range. The bank termed it as a one-time adjustment as it strives to keep the yuan stable at a reasonable level.
Another report from the PBoC showed that total social financing, a broad measure of liquidity in the economy, declined sharply to 718.8 billion yuan in July. It was well below the 1 trillion yuan expected by economists.
The results of a survey by the National Bank of Australia showed that confidence among businesses in Australia fell to -4 in July from 10 in June. The business conditions index also fell sharply to 6 from 11 in June. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $1.03 to $43.93 a barrel after advancing $1.09 to $44.96 a barrel a barrel on Monday. Meanwhile, an ounce of gold is currently at $1,108.10, up $4 from the previous session's close of $1,104.10. On Monday, gold climbed $10.
On the currency front, the U.S. dollar is trading at 124.83 yen compared to the 124.63 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1068 compared to yesterday's $1.1019.
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