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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 Friday, with sentiment reflecting rising fears that the Fed may be forced to act at the latest. The strong inflation data when energy prices were stripped off presents a case for monetary policy tightening when it sits to discuss monetary policy next week. The dollar is firmer and commodities are reacting with a move to the downside. The domestic markets may also focus on a consumer sentiment reading due after the markets open.
U.S. stocks continued with their see-sawing trend on Thursday and ended moderately higher following the previous session's retreat. The move came amid continued uncertainty concerning domestic interest rates.
The major averages opened lower and turned in a lackluster performance in the first hour of trading. After a short rally in late morning trading, the averages once again showed a lack of direction, although holding above the unchanged line. Thereafter, the averages stayed afloat, reaching the day's high by late afternoon trading. The averages subsequently gave back some of their gains yet closed higher for the day.
The Dow Industrials ended up 76.83 points or 0.47 percent at 16,330, the S&P 500 Index closed 10.25 points or 0.53 percent higher at 1,952 and the Nasdaq Composite added 39.72 points or 0.84 percent before closing at 4,796.
Twenty-three of the thirty Dow components closed higher, while the remaining seven stocks declined. Apple (AAPL), Cisco Systems (CSCO), Merck (MRK), Pfizer (PFE) and UnitedHealth (UNH) advanced strongly in the session, while Wal-Mart (WMT) came under selling pressure.
Among the sectors, biotechnology, computer hardware and transportation stocks were among the best performers of the session.
On the economic front, the Labor Department reported that jobless claims for the week ended September 5th fell by 6,000 to 275,000 from a revised reading of 281,000 for the previous week. The consensus estimate called for a drop in claims to 275,000 from the 282,000 initially reported for the previous week.
The four-week average rose to 275,750 from 275,250. Continuing claims calculated with a week's lag also edged up to 2.260 million in the week ended August 29th from 2.259 million in the week ended August 22nd.
A separate report released by the Labor Department showed that export prices fell by a bigger than expected 1.4 percent month-over-month in July. Economists expected a 0.4 percent drop for the month. Non-agricultural export prices fell 1.3 percent compared to a 2.6 percent drop in agricultural export prices. Import prices were down 1.8 percent, while economists expected a 1.6 percent drop. Fuel imports fell 13.3 percent, reflecting a pullback in oil prices, while non-fuel import prices were down a more modest 0.4 percent.
The Commerce Department reported that wholesale inventories edged down 0.1 percent month-over-month in July, belying expectations for a 0.3 percent increase. This followed a downwardly revised 0.7 percent increase in June. Wholesale sales fell 0.3 percent. Annually, wholesale inventories were 4.9 percent higher compared to a 4.2 percent drop in sales. The wholesale inventories to sales ratio came in at 1.30 in July compared to 1.19 a year ago. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Labor Department reported that producer prices remained unchanged in August, belying expectations for a 0.2 percent drop. In July, prices were up 0.2 percent. A 0.4 percent increase in costs of services for final demand offset a 0.6 percent increase in producer prices of goods for final demand. Annually, the headline number fell 0.8 percent.
Core producer prices, excluding food and energy, fell 0.2 percent, in contrast to the 0.1 percent increase expected by economists. Food prices rose 0.3 percent, while energy prices fell 3.3 percent.
The University of Michigan is due to release the results of its preliminary consumer sentiment survey for September at 10 am ET. Economists expect a reading of 91.0 compared to 91.9 in August.
The Treasury Department is set to release its monthly budgetary statement at 2 pm ET. The consensus estimate calls for a deficit of $149.2 million for August.
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | General Electric (GE) announced an agreement to sell its GE Capital Transportation Finance business in the U.S. and Canada to BMO Financial. The move was in line with its previously announced strategy to create a simpler organization by reducing the size of its financial businesses.
Zumiez (ZUMZ) reported a steep drop in its second quarter earnings, while its sales rose 1.8 percent year-over-year but were shy of estimates. The company's third quarter guidance was weak.
Finisar (FNSR) reported below-consensus adjusted earnings and revenues for its first quarter and issued downbeat guidance for the second quarter. The company also announced the resignation of its CEO Eitan Gertel. Gretel will be replaced by the company's executive Chairman Jerry Rawls.
Express Scripts (ESRX) announced the appointment of Eric Slusser as its CFO, effective September 9th, 2015.
Winnebago Industries (WGO) announced that its interim CEO Robert Olson has notified the board of his intention to step down, effective September 24th, 2015. The company said its Chairman Larry Erickson will temporarily fill the position. |
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| | European Markets | | After a positive open, European stocks have given back ground and are experiencing volatility. The averages are trading currently lower.
On the economic front, final estimate released by the German Federal Statistical Office showed that annual German inflation came in at 0.2 percent in August, in line with the estimate and matching the rate seen in the previous month. Harmonized consumer price inflation was at 0.1 percent.
A separate report showed that German wholesale prices dropped 1.1 percent year-over-year in August, following a 0.5 percent decrease in the previous month. The wholesale price index has been falling since July 2013. The deflation in wholesale prices was largely driven by a 14.7 percent decrease in prices for solid fuels and related products.
The Bank of France reported that the French current account balance turned to a deficit of 0.4 billion euros in July from a 0.8 billion surplus in June, as the services surplus narrowed.
A report released by the U.K. Office of National Statistics showed that U.K. construction output fell 0.7 percent year-over-year in July, dropping for the first time since May 2013. On a monthly basis, output edged down 0.1 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 went about in a directionless move before closing mixed, as visibility regarding the Fed's rate outlook remains poor. The Chinese, Indonesian and Taiwanese markets advanced, while most other major markets retreated.
The Japanese market succumbed to firmer yen-induced weakness, with the Nikkei 225 Index remaining most below the unchanged line before ending down 35.40 points or 0.19 percent at 18,264.
Export stocks moved mostly to the downside, while financial, real estate, telecom and retail stocks gained ground in the session. Construction, pharma, resource and utility stocks ended mixed.
Australia's All Ordinaries Index also languished below the unchanged line for much of the session, ending down 20.70 points or 0.40 percent at 5,096. Most sectors declined, with energy, healthcare and telecom stocks among the worst decliners of the session.
Hong Kong's Hang Seng Index closed 58.13 points or 0.27 percent lower at 21,504, while China's Shanghai Composite ended at 3,200, up 2.34 points or 0.07 percent.
On the economic front, the results of the quarterly survey by Japan's Cabinet Office showed that its business survey index rose to 11 in the September quarter from -6 in the June quarter. The survey also showed that sentiment in the December quarter is expected to edge down to 10.5.
In a widely expected move, the Bank of Korea kept its key interest rate unchanged for the third straight month amid rising growth uncertainties and heightened volatility in the global markets. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $1.12 to $44.80 a barrel after jumping $1.77 to $45.92 barrel on Thursday. Yesterday's rally came amid the release of the Energy Information Administration's weekly petroleum status report, which showed that crude oil stockpiles rose by 2.6 million barrels to 458 million barrels in the week ended September 4th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Distillate stockpiles increased by 1 million barrels but were in the middle of the average range for this time of the year. Gasoline inventories edged up by 0.4 million barrels but were in the middle of the average range.
Refinery capacity utilization averaged 93.3 percent over the four weeks ended September 4th compared to 94.6 percent over the four weeks ended August 28th.
An ounce of gold is trading currently at $1,105.80, down $3.50 from the previous session's close of $1,109.30. On Thursday, gold rose $7.30.
On the currency front, the U.S. dollar is trading at 120.75 yen compared to the 120.62 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1278 compared to yesterday's $1.1280
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