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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 Thursday, with sentiment reflecting strength despite the release of a report showing a bigger than expected increase in jobless claims. With the European Central Bank lowering its growth forecast for the region, hopes of further easing by the bank could gain ground. The dollar is firmer in response to the ECB announcement. The absence of the fear-inducing gyrations in the Chinese market could also support sentiment. That said, gains, if any could be modest, given the apprehensions ahead of Friday's non-farm payrolls data.
U.S. stocks rebounded on Wednesday following the previous session's sell-off, with bargain hunting supported by lukewarm domestic data.
The major averages opened higher after ADP's private payrolls report revealed smaller than expected job gains. After moving roughly sideways in early trading, the averages gradually gave up some of their gains by the mid-session. However, the averages advanced yet again in the afternoon, with the buying interest intensifying in late trading.
The Dow Industrials added 293.03 points or 1.82 percent before closing at 16,351 and the S&P 500 Index closed 35.01 points or 1.83 percent higher at 1,949, while the Nasdaq Composite Index ended at 4,750, up 113.87 points or 2.46 percent.
Twenty-nine of the thirty Dow components closed higher, with Apple (AAPL), Home Depot (HD) and Microsoft (MSFT) leading the gains.
Among the sectors, transportation, biotechnology, retail, basic material, oil, financial, semiconductor and computer hardware stocks all found strong buying interest.
On the economic front, ADP's survey showed that the private sector in the U.S. added 190,000 jobs in August, while economists had estimated an addition of 210,000 jobs. The previous month's job gains were downwardly revised to 177,000 from 185,000.
Non-farm productivity rose a bigger than expected 3.3 percent in the second quarter, according to the revised report released by the Labor Department. The strong growth came on the back of an upward revision to second quarter GDP and marked the strongest growth since the fourth quarter of 2013. Unit labor costs fell 1.4 percent, more than the 1.2 percent drop estimated by economists.
The Commerce Department reported that factory orders rose a smaller than expected 0.4 percent month-over-month in July, with value-related weakness in orders for energy products weighing on the headline growth. Orders for non-durable goods were down 1.3 percent.
The Federal Reserve's Beige Book noted that economic activity continued expanding across most regions and sectors from the period between July and mid-August. Retail sales continued to expand and demand for non-financial services also expanded. Residential and commercial real estate markets were reported as mostly positive. The report indicated that labor demand growth was modest to moderate but manufacturing activity was generally positive. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Commerce Department reported that the trade deficit for July narrowed to $41.9 billion from a revised $45.2 billion in June. Economists had expected the trade deficit to have narrowed to $42 billion from the originally reported deficit of $43.80 billion for June.
Imports fell $2.5 billion to $230.4 billion, while exports rose $0.8 billion to $188.5 billion. The goods deficit narrowed to $61.4 billion and the surplus on trade in services remained little changed at $19.6 billion.
The Labor Department reported that jobless claims for the week ended August 29th rose 12,000 to 282,000 from a revised 271,000 for the previous week. The consensus estimate called for an increase in claims to 273,000 from the initially reported reading of 271,000 for the previous week.
The Labor Department clarified that there were no special factors involved. Meanwhile, the four-week average rose to 275,500 from 272,250. Continuing claims calculated with a week's lag edged down to 2.257 million in the week ended August 29th from 2.266 million in the week ended August 15th.
Markit is due to release the final results of its U.S. service sector activity survey for August at 9:45 am ET. Economists expect the service sector PMI to edge down to 55.2 from 55.7 in July, although in line with the flash estimate.
The Institute for Supply Management is scheduled to release the results of its national service sector survey for August at 10 am ET. Economists expect the non-manufacturing PMI to slip to 58.5 in August from 60.3 in July.
The non-manufacturing PMI rose to a 10-year high of 60.3 in July, up from 56 in June. Economists expected a more modest improvement to 56.2. Fifteen non-manufacturing industries reported growth. The production index rose 3.4 points to 64.9, the new orders index climbed 5.5 points to 59.6 and the order backlogs index was up 3.5 points to 54. Additionally, the employment index jumped 6.9 points to 59.6.
The Treasury Department is scheduled to announce the details of next week's auctions of 3-year and 10-year notes and 30-year bonds at 11 am ET.
Minneapolis Federal Reserve Bank President Narayana Kocherlakota is due to deliver remarks at a forum in Missoula, Montana, at 9 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 | | | Campbell Soup (CPB) reported fourth quarter adjusted earnings that beat estimates by a penny and its revenue were in line. The company's full year guidance was positive.
Costco (COST) reported net sales of $35 billion for the fourth quarter, while same store sales fell 1 percent due to weakness in international sales. Analysts expected sales of $36.50 billion. Comparable store sales for August were down 2 percent, with an 11 percent decline in international operations offsetting the 1 percent domestic growth.
Oxford Industries (OXM) reported better than expected second quarter-adjusted earnings per share but it revenues were shy of estimates. The company raised its full year earnings per share and revenue guidance.
ABM Industries (ABM) reported below-consensus adjusted earnings for its third quarter but its sales beat estimates. The company lowered the upper end of its full year earnings per share guidance. The company also announced a strategic initiative to restore profitability and growth.
Medtronic (MDT) reported better than expected first quarter results and affirmed its full year guidance.
Ciena (CIEN) reported above-consensus adjusted earnings for the third quarter, while its revenues were shy of estimates. The company's fourth quarter revenue guidance was positive.
NCI Building (NCS) reported third quarter adjusted earnings that beat estimates, while its revenues trailed expectations.
Cooper (COO), Marvel (MRVL), UTI Worldwide (UTIW) and VeriFone (PAY) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | The European markets opened higher and have seen further upside since then. The markets await monetary policy decision by the European Central Bank and some key data from the U.S., even as they digest a domestic service sector reading.
On the economic front, The European Central Bank held its key interest rates unchanged at a record low for a ninth consecutive policy session.
The Governing Council, led by ECB President Mario Draghi, kept the refinancing rate at a record low 0.05 percent, following the meeting in Frankfurt. The decision was in line with economists' expectations.
The bank also left the deposit rate unchanged at -0.20 percent and the marginal lending rate at 0.30 percent. The three main interest rates were lowered by 10 basis points in September last year.
Eurozone private sector growth improved more than estimated in August, final data from Markit showed. The final composite output index rose to 54.3 in August from 53.9 in July. The flash reading for August was 54.1.
The services PMI came in at 54.4, matching June's four-year high. It was up from 54 in July and slightly above the flash score of 54.3.
Meanwhile, Markit and the Chartered Institute of Procurement & Supply released the results of their service sector survey for the U.K., showing a deceleration in growth. The service sector PMI fell to 55.6 in August from 57.4 in June, hitting the lowest level in 27 months.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets advanced, although the Australian and New Zealand markets bucked the uptrend. The Chinese and Hong Kong markets remained closed, with the Chinese market shut until Monday in commemoration of the 70th anniversary of Japan's defeat in the World War II. The positive lead from Wall Street overnight and the lack of the unsavory impact of the volatility in the Chinese market worked to the advantage of the markets.
The Japanese market advanced as the yen weakened. The Nikkei 225 Index opened higher and moved broadly sideways for much of the session. The index gave back some of its gains in late trading yet ended up 86.99 points or 0.48 percent at 18,182. Export, food and resource stocks gained ground, while financial, retail and utility stocks came under selling pressure.
Meanwhile, Australia's All Ordinaries Index squandered a positive start and moved below the unchanged line in late morning trading. Thereafter, the average remained in the red before closing down 70.70 points or 1.38 percent at 5,049. The market witnessed broad based weakness, with consumer discretionary stocks leading the declines.
On the economic front, a report released by the Australian Bureau of Statistics showed that retail sales in Australia edged down 0.1 percent month-over-month in July, belying expectations for a 0.4 percent increase.
A separate report showed that the nation's deficit came in at A$2.46 billion, smaller than the A3.16 billion deficit expected by economists.
The results of a survey by the Australian Industry Group showed that the service sector in Australia expanded at an accelerated pace in August. The corresponding PMI rose to 55.6 in August from 54.1 in July.
Revised estimates released by Markit and Nikkei showed that the service sector in Japan expanded at a faster rate in August, with the PMI reading at 53.7, up from 51.2 in July. The composite PMI rose 1.4 points to 52.9. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.12 to $46.12 a barrel after rebounding by $0.84 to $46.25 a barrel on Wednesday.
The previous session's advance came amid the release of the weekly petroleum status report, which showed that crude oil stockpiles rose by 4.7 million barrels to 455.40 million barrels in the week ended August 28th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Distillate stockpiles increased by 0.1 million barrels but were in the middle of the average range for this time of the year. On the other hand, gasoline inventories fell by 0.3 million barrels and were in the middle of the average range.
Refinery capacity utilization averaged 94.60 percent over the four weeks ended August 28th compared to 95.50 percent over the four weeks ended August 21st.
Gold futures are slipping $10.20 to $1,123.40 an ounce. In the previous session, the December futures ended at $1,133.60 an ounce, down $6.20.
Among currencies, the U.S. dollar is trading at 120.32 yen compared to the 120.33 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1179 compared to yesterday's $1.1227.
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