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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | | Rebound Likely After Friday's Sell-off
The major U.S. index futures are pointing to a lower opening on Monday, with sentiment suggesting a rebound after last Friday's drubbing. The dollar is mixed and the European markets are currently higher. Given the waning risk aversion, stocks could stage a comeback, although the traders could focus on the existing home sales report for trading cues.
U.S. stocks meandered to an uneventful close in the week ended September 17th, as the rally that preceded the Fed's decision to defer an interest rate hike petered out following the FOMC announcement as growth fears returned.
Last Monday, the major averages showed a lack of direction and ended moderately lower. Amid the release of some tepid economic data on retail sales, New York area manufacturing activity and industrial production, the averages rallied strongly on Tuesday.
With expectations that the Fed would hold fire gaining ground, the major averages ended moderately higher on Wednesday. However, with the markets having already discounted an unchanged stance, the major averages ended the Fed decision day on Thursday on a lackluster note. Growth worries returned to the fore with full force on Friday, sending stocks notably lower.
For the week ended September 18th, the Dow Industrials and the S&P 500 Index slipped 0.30 percent and 0.15 percent, respectively, while the Nasdaq Composite Index added 0.10 percent.
Among the sector indexes, the NYSE Arca Broker/Dealer Index and the KBW Bank Index declined over 2 percent for the week, and the NYSE Arca Computer Hardware Index lost 1.96 percent. Meanwhile, the NYSE Arca Gold Bugs Index rallied 8.26 percent and the Dow Jones Utility Average and the NYSE Arca Airline Index gained over 2 percent each. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Housing and manufacturing readings crowd the economic calendar of the unfolding week. Traders may watch closely the National Association of Realtors' existing home sales report for August, the Commerce Department's new home sales report for August, the Federal House Finance Agency's house prices report for July, flash estimates of Markit's U.S. manufacturing and non-manufacturing surveys for September and the results of some regional manufacturing surveys.
The Commerce Department's durable goods orders report for August, the weekly jobless claims data, the results of the University of Michigan's consumer sentiment survey for September and some Fed speeches may also be on the radar. The final second quarter GDP estimate and Treasury auctions of 2-year, 5-year and 7-year notes round up the economic events of the week.
The National Association of Realtors is scheduled to release its existing home sales report for August at 10 am ET. Economists expect existing home sales to come in at a seasonally adjusted annual rate of 5.50 million units.
Existing home sales rose to a seasonally adjusted annual rate of 5.59 million units in July from 5.48 million units in June. Annually, existing home sales were up 10.3 percent. Economists expected a decline to 5.40 million units. Inventories measured in terms of months of supply dipped to 4.8 months from 4.9 months in June. The median price of an existing home was up 5.6 percent at $234,000.
Atlanta Federal Reserve Bank President Dennis Lockhart is due to speak in Atlanta 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 | | | Apple announced that iPhone 6s and iPhone 6s Plus would be available at 8:00 a.m. local time on September 25 at Apple's retail stores.
Lennar reported better than expected third quarter results.
Symrise agreed to acquire US-based Pinova Holdings, Inc. for $397 million to further strengthen the ingredients business, in particular for the perfume and cosmetics industry
Steel Dynamics said it expects third quarter earnings per share of 20-24 cents per share, lower than 38 cents per share in the year-ago period but higher than the previous quarter's 13 cents per share. The forecast is below the consensus estimate. |
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| | European Markets | | European stocks opened on a mixed note and showed some volatility in early trading. The averages continued to diverge till the mid-session. The election results in Greece the signaled the ruling Syriza party returning to power, though lacking an absolute majority, brought in some positivity. By the mid-session, the averages turned uniformly higher.
In corporate news, Zurich Insurance said it expects the weakness in its General Insurance business to continue in the third quarter. The company estimates the unit will generate an operating loss of around $200 million for the quarter. Separately, the company said it does not intend to make an offer for RSA Insurance.
Volkswagen apologized for tampering with its air pollution tests in the U.S. and the stock reacted with a steep move to the downside.
On the economic front, a report released by the German Federal Statistical Office showed that producer prices continued to fall in August. The producer price index fell 1.7 percent year-over-year following a 1.3 percent drop in July. Economists had estimated a steeper 1.6 percent drop. Excluding energy, prices were still down 0.5 percent.
U.K. house prices rose sharply in September, according to the results of a survey by property tracking website Rightmove. House prices rose 0.9 percent month-over-month following a 0.8 percent drop in August. Annually, house prices rose at a stable rate of 6.4 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 fell across the board, weighed down by global growth concerns and the negative lead from Wall Street last Friday. The Chinese market bucked the downtrend with a strong rally to the upside. The Japanese market remains closed for public holidays till Wednesday.
Australia's All Ordinaries Index opened lower and fell sharply in early trading before moving sideways for the rest of the session. The index ended down 97.90 points or 1.88 percent at 5,096.
The market witnessed broad based weakness, with consumer discretionary, energy, financial and material stocks coming under notable selling pressure.
In corporate news, Sembsita Pacific said French utility Suez Environment agreed to buy the 40 percent of stake it doesn't own in the former from Sembcorp. for A$485 million.
Hong Kong's Hang Seng Index also languished below the unchanged line throughout the session before closing 163.90 points or 0.75 percent at 21,757.
Meanwhile, China's Shanghai Composite added 58.62 points or 1.89 percent before ending at 3,157.
On the economic front, the Chinese Beige Book published by CBB International showed that the service sector in China firmed up in the third quarter. The survey also showed that manufacturing is no longer the bellwether of the economy and that capital spending strengthened in the third quarter.
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| | Currency and Commodities Markets | | Crude oil futures are climbing $1.14 to $46.16 a barrel after edging up $0.05 or 0.11 percent to $44.68 a barrel in the week ended September 18th. The most actively traded November futures are rising $0.61 to $45.63 a barrel.
Gold futures, which rallied $34.50 or 3.13 percent to $1,137.80 an ounce in the previous week, are currently edging down $4.70 to $1,133.10 an ounce. Gold received support from the Fed's decision to stand pat on interest rates.
Among currencies, the dollar finished the week ended September 18th mixed, with the greenback moving up 0.35 percent against the euro before ending at $1.1298 a euro. At the same time, the dollar eased 0.51 percent against the yen to 119.98 yen. The dollar suffered a backlash last week from the Fed's decision to delay interest rate normalization.
The U.S. dollar is currently at 120.44 yen and is valued at $1.1251 versus the euro.
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