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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 Wednesday, with sentiment holding up despite a report showing smaller than expected addition to private payrolls. Nevertheless, the pace of job gains is still robust, offering support to the dollar. Commodities are showing weakness. Given the fundamental concerns, it remains to be seen if the markets can sustain the early gains.
U.S. stocks swooned on Tuesday, as China concerns stifled the markets and led to substantial selling pressure on the day.
The major averages opened significantly lower after data showed that Chinese manufacturing activity contracted sharply. After sideways movement in early trading, the averages moved steadily lower for the rest of the session, unimpressed by domestic manufacturing activity data.
The Dow Industrials ended down 469.68 points or 2.84 percent at 16,058, the S&P 500 Index closed 58.33 points or 2.96 percent lower at 1,914 and the Nasdaq Composite fell 140.40 points or 2.94 percent before closing at 4,636.
All thirty of the Dow components closed lower, with Exxon Mobil (XOM), Apple (AAPL), American Express (AXP), Chevron (CVX), Goldman Sachs (GS), IBM (IBM), JP Morgan Chase (JPM) and Visa (V) among the worst decliners of the session.
On the economic front, the results of the Institute for Supply Management's national manufacturing survey for August showed that growth in manufacturing activity unexpectedly slowed. The manufacturing PMI fell to 51.1 from 52.7 in July, while economists expected a reading of 52.8. The pace marked the slowest rate of expansion since May 2013.
The new orders index came in at 51.7 and the order backlogs index was at 46.5, suggesting a contraction for the third straight month. The number of employees index fell 1.5 points to 51.2, reflecting the weakest reading since April.
Markit's survey released ahead of the ISM's showed that the manufacturing PMI came in line with expectations at 53 in August, down from 53.8 in July.
Total vehicle sales came in at a seasonally adjusted annual rate of 17.8 million units in August, above expectations for a 17.3 million unit rate and up from 17.6 million units in July.
A Commerce Department report showed that construction spending rose 0.7 percent month-over-month in July, in line with expectations. Annually, spending growth was 13.7 percent. Private residential construction spending climbed 1.1 percent month-over-month and private non-residential spending was up 1.5 percent. On the other hand, public construction spending fell 1 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | ADP reported that the U.S. economy added 190,000 in August following a downwardly revised 177,000 addition in July. Economists expected the private sector to have added 210,000 jobs following the originally reported 185,000 job gains in July.
The Labor Department reported that non-farm productivity rose 3.3 percent, as output increased 4.7 percent and hours worked increased 1.4 percent. Economists had expected second quarter non-farm productivity growth to be upwardly revised to an annualized sequential rate of 2.8 percent.
Unit labor costs fell 1.4 percent, while costs were expected to have declined 1.2 percent, reflecting a 1.8 percent increase in hourly compensation and a 3.3 percent increase in productivity.
The Commerce Department is set to release its factory orders report for July at 10 am ET. Economists expect a 0.9 percent month-over-month increase in factory orders.
In June, factory orders rose 1.8 percent following a 1.1 percent drop in May. Shipments edged up 0.5 percent, while unfilled orders were little changed. Durable goods orders for July, which account for the bulk of factory orders, rose 2 percent, belying expectations for a 0.4 percent drop. The data for June was upwardly revised to a show a 4.1 percent gain. Excluding transportation, orders were up a bigger than expected 0.6 percent.
The Energy Information Administration will release its petroleum status report for the week ended August 28th at 10:30 am ET.
Crude oil stockpiles fell by 5.5 million barrels to 450.80 million barrels in the week ended August 21st. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Meanwhile, distillate stockpiles increased by 1.4 million barrels but were in the middle of the average range for this time of the year. Gasoline inventories increased by 1.7 million barrels and were in the middle of the average range.
Refinery capacity utilization averaged 95.5 percent over the four weeks ended August 21st compared to 95.60 percent over the four weeks ended August 14th.
The Federal Reserve is scheduled to release its Beige Book report at 2 pm ET. The report contains anecdotal evidence of economic conditions in the 12 Federal Reserve districts. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | H&R Block (HRB) reported a narrower than expected first quarter loss and its revenues exceeded estimates. The company also announced that its board approved a $3.5 billion stock buyback program.
Bob Evans (BOBE) reported first quarter adjusted earnings per share that beat estimates, while its revenues were shy of estimates. The company raised its full year adjusted earnings per share guidance but reduced its revenue expectations.
Valeant Pharma (VRX) said its affiliate has entered into a definitive agreement for Valeant to acquire Synergetics (SURG) for $6.50 per share in cash. The transaction is expected to close in the fourth quarter of 2015.
Shoe Carnival (SCVL) reported second quarter earnings that beat estimates, while its revenues were shy of estimates. The company reaffirmed its full year guidance, which was below the consensus estimates.
Baxalta (BXLT), a spin-off from Baxter International (BAX), announced that it has filed a registration statement on Form S-1 with the SEC in connection with its proposed offering of upto $1.45 billion worth of common stock. The shares are held by Baxter.
Manitowoc (MTW) announced that it has filed a Form 10 registration statement with the SEC in connection with its previously disclosed plan to separate its Cranes and Foodservice businesses. The company expects the separation to be complete by the first quarter of 2016.
PPG (PPG) announced the completion of its acquisition of IVC Industrial Coatings, which makes specialty powder and liquid coatings. The company did not disclose the terms of the deal.
AT&T (T) recommended that its shareholder reject a mini-tender offer by TRC Capital for the purchase of up to 3 million of its shares representing a 4.3 percent stake in the company at $31.30 per share.
ABM Industries (ABM), NCI Building Systems (NCS) and Oxford Industries (OXM) are the notable companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are rebounding following yesterday's steep retreat. The major averages in the region are currently higher, although they are experiencing volatility.
In corporate news, low cost carrier Ryanair reported that its traffic rose 10 percent year-over-year in August. Load factor was up 2 percentage points to 95 percent.
On the economic front, U.K. construction activity growth improved less-than-expected in August, the results of a survey by the Chartered Institute of Procurement and Supply and Markit Economics revealed. The seasonally adjusted Markit/CIPS UK Construction Purchasing Managers' Index rose to 57.3 from 57.1 in July. Economists had forecast a higher score of 57.5.
Eurostat reported that producer prices in the euro area fell 2.1 percent year-over-year in July compared to the 2.2 percent drop in June. The drop was in line with expectations. The monthly producer price inflation rate was -0.1 percent compared to 0 percent in June.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian averages closed mixed, with fortunes fluctuating in line with the volatile trend in the Chinese market. Continued weakness in commodities, apprehension about the U.S. private payrolls data due later in the day, smaller than expected second quarter GDP growth in Australia and the ongoing concerns about the Chinese economy weighed on the markets.
The Japanese market retreated, as the yen strengthened further in New York trading yesterday. Japan's Nikkei 225 Index opened lower but recouped its losses and moved above the unchanged line in late morning trading. After staying afloat for much of the remainder of the session, the index pulled back in late trading, ending down 70.29 points or 0.39 percent at 18,095. A majority of stocks ended lower, led by export, food, retail, textile, real estate, paper and chemical stocks.
China's Shanghai Composite Index languished mostly below the unchanged line on a volatile day before ending down 6.46 points or 0.20 percent at 3,160. Hong Kong's Hang Seng Index ended at 20,935, down 250.49 points or 1.18 percent.
Meanwhile, Australia's All Ordinaries Index sneaked above the unchanged line in the final few minutes of trading. The index closed 2.30 points or 0.04 percent higher at 5,119. Financial, healthcare, IT and industrial stocks gained ground, while utility, energy and consumer stocks came under selling pressure.
On the economic front, the Australian Bureau of Statistics reported that second quarter GDP rose 2 percent year-over-year, below the 2.3 percent rate in the first quarter and the 2.2 percent consensus estimate. Sequentially, the economy expanded a smaller than expected 0.2 percent. Weaker Chinese growth manifested in the data in the form of weak terms of trade growth.
The Bank of Japan reported that the monetary base in Japan rose 33.3 percent year-over-year in August following a 32.8 percent increase in July.
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| | Currency and Commodities Markets | | Crude oil futures are declining $0.81 to $44.60 a barrel after plunging by $3.79 to $45.41 a barrel on Tuesday. Meanwhile, an ounce of gold is trading currently at $1,135.80, down $4 from the previous session's close of $1,139.80. On Tuesday, gold rose $7.30.
On the currency front, the U.S. dollar is trading at 120.18 yen compared to the 119.37 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1252 compared to yesterday's $1.1315.
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