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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 roughly flat opening on Wednesday, with sentiment reflecting the nervous mood of the market participants about the interest rate environment. The consumer price inflation data released earlier today showed deflation, although much of the weakness was due to lower energy prices. The markets may now turn their attention to the results of a homebuilder sentiment survey due shortly after the markets open even as they await Thursday's Fed decision.
U.S. stocks advanced strongly on Tuesday amid the release of some tepid domestic economic data. The major averages showed indecision in early trading but launched into rally by late morning trading. Thereafter, the averages stayed above the unchanged line before closing notably higher.
The Dow Industrials added 228.89 points or 1.40 percent before closing at 16,600, the S&P 500 Index closed 25.06 points or 1.28 percent higher at 1,978 and the Nasdaq Composite ended up 54.76 points or 1.14 percent at 4,861.
Twenty-nine of the thirty Dow components ended higher, with Caterpillar (CAT), General Electric (GE), Merck (MRK), Microsoft (MSFT) and Procter & Gamble (PG) among the biggest gainers of the session.
Among the sectors, transportation, biotechnology, basic material, energy, financial, retail, semiconductor and computer hardware stocks gained ground in the session.
On the economic front, the Commerce Department reported that retail sales rose 0.2 percent month-over-month in August following an upwardly revised 0.7 percent increase in July. The retail sales growth for August was slightly weaker than the 0.3 percent growth expected by economists, although the one-tenth of a percentage point upward revision to the previous month's growth makes up for the shortfall.
Excluding autos, retail sales were up 0.1 percent compared to the upwardly revised 0.8 percent growth in July. The consensus estimate had called for 0.2 percent growth. Auto sales growth slowed to 0.7 percent from 1.3 percent. Sales excluding autos, gasoline and building materials were up a solid 0.4 percent.
Gas station sales fell 1.8 percent and building material & garden equipment store sales slumped 1.8 percent. On the other hand, electronic store sales rose 0.2 percent, reversing the 0.9 percent drop in July. Food & beverage store sales accelerated.
Meanwhile, the New York Federal Reserve released the results of its regional manufacturing survey, which showed that manufacturing activity continued to contract in September at roughly the same pace as in August. The general business conditions index remained almost unchanged at -14.7 compared to -14.9 in August, while economists expected the index to improve to -0.5. New orders and shipments continued to contract. The employment indexes worsened, with the number of employees index slipping 8 points to -6.19 and the average workweek index declining 12 points to -10.31. The future general business conditions index also weakened.
Industrial production fell 0.4 percent month-over-month in August, according to a report released by the Federal Reserve. This was worse than the 0.2 percent drop expected by economists. Manufacturing output fell 0.5 percent, with auto production falling 6.4 percent and serving as a drag. Mining output fell 0.6 percent, while production by utilities rose 0.6 percent. Capacity utilization slipped to 77.6 percent from 78 percent.
Another Commerce Department report showed that business inventories edged up 0.1 percent month-over-month in July, resulting in an annual rate of growth of 2.6 percent. Business sales also rose 0.1 percent from a month ago, while sales dipped 2.7 percent from a year earlier. The inventories to sales ratio came in at 1.36 compared to 1.29 in the same month last year. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The two-day FOMC meeting is scheduled to begin today, with opinions divided over what the outcome would be.
The Labor Department reported that consumer prices fell 0.1 percent month-over-month in August following a 0.1 percent increase in July. Economists expected consumer prices to have remained unchanged.
Core consumer prices rose 0.1 percent, smaller than the 0.2 percent increase expected by economists. Food prices rose at a stable rate of 0.2 percent, while energy prices fell 2 percent.
The National Association of Home Builders is due to release the results of its homebuilder sentiment survey at 10 am ET. The consensus estimate calls for an unchanged reading of 61 for September.
The housing market index rose 1 point to 61 in August, in line with expectations and marking the highest reading since late 2005. The future sales conditions index and the current sales conditions index were at an elevated 70 and 66, respectively. The index measuring prospective buyer traffic rose 2 points but remained relatively low at 45.
The Energy Information Administration is scheduled to release its weekly petroleum status report for the week ended September 11th at 10:30 am ET.
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 and were also 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. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | FedEx (FDX) reported first quarter earnings that rose from last year but missed the consensus estimate. Revenues were in line. The company lowered its 2016 earnings per share guidance.
Cracker Barrel (CBRL) reported better than expected fourth quarter earnings, while its revenues missed estimate. The company's 2016 earnings per share guidance was in line, while its revenues was lackluster.
United Natural Foods (UNFI) reported fourth quarter earnings per share and revenues in line with estimates. The company also reaffirmed its in line 2016 guidance. Separately, the company said it has appointed Michael Zechmeister as Senior Vice President, effective September 15th. He will succeed Mark Shamber as SVP, Chief Financial Officer and Treasurer, effective mid-October.
Hewlett-Packard (HPQ) said at its 2015 Securities Analysts Meeting that it expects 2016 non-GAAP earnings per share for the Hewlett Packard Enterprise Company of $1.85 to $1.95 per share.
Hanover Insurance (THG) said Frederick Eppinger has decided to step down as president and CEO in 2016.
Qualcomm (QCOM) announced an extension to the expiration date for its previously announced tender offer for all of the outstanding shares of Ikanos Communications for $2.75 per share, net in cash, to September 28th, 2015. The company noted until September 14th, it had received shares accounting for a 60.18 percent stake in the target company.
Microsoft's board approved a 5-cent per share increase in its quarterly dividend to 36 cents per share. Philip Morris (PM) announced a 2 percent increase in its dividend to an annualized rate of $4.08 per share.
FedEx (FDX) announced a 4.9 percent increase in its shipping rates for U.S. domestic, export and U.S. import services.
Analog (ALOG), Apogee Enterprises (APOG), CLARCOR (CLC), Oracle (ORCL) and Herman Miller (MLHR) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks opened higher and are seen sustaining their early gains, as risk appetite perks up.
In corporate news, Swiss luxury group Richemont reported that its sales for the five months ended in August increased by 4% at constant exchange rates. At actual exchange rates, sales rose by 16%, helped by the weakening of the euro against the US dollar and related currencies as well as the strong performance of the Maisons' boutiques.
Meanwhile, Spanish fashion retailer Inditex reported a 26 percent increase in its profits for the first half, helped by sales growth and a weaker euro.
On the economic front, the U.K. Office of National Statistics reported that the jobless rate calculated based on ILO standards eased to 5.5 percent in the three months ended in July from 5.6 percent in the three months ended in June. The claimant count rose by 1,200 in August, in contrast to the decline of 5,000 expected by economists. Pay, excluding bonuses, rose 2.9 percent year-over-year, the fastest growth in 6 years.
Eurozone inflation slowed to 0.1 percent in August from 0.2 percent in July, final data from Eurostat showed. The rate for August was downwardly revised from the flash estimate of 0.2 percent. Inflation remains well below the European Central Bank's target of 'below, but close to, 2 percent over the medium term'.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets advanced notably, inspired by the positive lead from Wall Street overnight and a rebound by Chinese stocks. China's Shanghai Composite Index advanced close to 5 percent, while the Hong Kong, South Korean, Australian, Singaporean and Indian market also rose notably.
The Japanese market ended higher despite the yen firming up against the dollar. The Nikkei 225 Index opened higher and moved sideways in a broad range before ending up 145.12 points or 0.81 percent at 18,172.
Resource, beverage, chemical, glass, banking and most export stocks advanced. On the other hand, retail, real estate, utility and insurance stocks lost ground.
Australia's All Ordinaries Index climbed sharply in early trading and steadily thereafter, ending up 77 points or 1.53 percent at 5,124. The market witnessed broad based strength, with energy, financial and telecom stocks leading the gains.
China's Shanghai Composite Index reversed a 2-session slide and rallied 147.09 points or 4.89 percent before ending at 3,152. Much of the advance came amid a late hour rally after the index spent much of the session near the unchanged line. Hong Kong's Hang Seng Index ended at 21,967, up 511.43 points or 2.38 percent.
On the economic front, a leading economic indicators index for Australia compiled by the Melbourne Institute and Westpac showed that conditions could deteriorate. The index eased 0.3 percent month-over-month in August following a 0.1 percent increase in July.
The Bank of Japan said in its monthly economic report that the domestic economy has continued to expand moderately. Exports and industrial production were more or less flat, as a slowdown in the emerging economies weighed. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.85 to $45.44 a barrel after advancing $0.59 to $44.59 a barrel on Tuesday. Meanwhile, an ounce of gold is trading currently at $1,111.90, up $9.30 from the previous session's close of $1,102.60. On Tuesday, gold fell $5.10.
On the currency front, the U.S. dollar is trading at 120.47 yen compared to the 120.42 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1258 compared to yesterday's $1.1269.
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