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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 notably lower opening on Tuesday, with sentiment pointing to extreme negativity following the release of lackluster manufacturing data out of China. Chinese growth concerns, which have pushed the markets to the defensive, could intensify, given the ability of China to derail or prop up global growth due to it being the biggest consumer of resources. Commodities are also weaker, with oil down over $1-a-barrel, although the safe haven gold is finding some strength. The domestic markets may also focus on two domestic factory activity data due for the day after Europe reported slackening manufacturing growth.
U.S. stocks retreated on Monday, as risk aversion continued to hold its sway over the markets amid the uncertain domestic interest rate outlook and Chinese growth concerns. However, a rally in energy stocks helped trim some of the losses.
The major averages opened lower and fell further in early trading. Although the averages recouped most of their losses by the mid-session, they retreated steadily until late trading. After regaining some ground, the averages ended notably lower.
The Dow Industrials fell 114.98 points or 0.69 percent before ending at 16,528 and the S&P 500 Index closed 16.69 points or 0.84 percent lower at 1,972, while the Nasdaq Composite ended at 4,777, down 51.82 points or 1.07 percent.
Twenty-four of the thirty Dow components ended lower for the session, with Boeing (BA), Merck (MRK), United Technologies (UTX) and Visa (V) among the worst hit.
Among the sectors, utility, biotechnology and gold stocks came under selling pressure, while energy stocks rallied.
On the economic front, MNI Indicators' survey of business activity in the Chicago region showed that the business barometer unexpectedly declined to 54.4 in August from 54.7 in July, while economists expected a reading of 54.9. The inner details were bleak. Growth in new orders and production slowed and order backlogs fell further into contraction territory. Employment contracted for the fourth straight month.
The Dallas Federal Reserve's manufacturing survey showed a further deterioration in activity levels, with the corresponding PMI slipping to -15.8 in August from -4.6 in July, while economists expected a reading of -2.5.
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The nation's automakers are scheduled to release the monthly auto sales data for August. Economists expect total vehicle sales to come in at a seasonally adjusted annual rate of 17.3 million units compared to 17.6 million units in July.
Markit is due to release the final results of its U.S. manufacturing PMI for August at 9:45 am ET. The consensus estimate calls for a reading of 53 for the month, down from 53.8 in July but up from the mid-month reading of 52.9.
The Institute for Supply Management is scheduled to release its national manufacturing PMI for August at 10 am ET. Economists expect the index to edge up to 52.8 from 52.7 in July.
Manufacturing activity slowed in July. The corresponding PMI slid to 52.7 in July from 53.5 in June, while economists expected a reading of 53.7. The order backlogs index fell 4.5 points to 42.5 and the employment index fell 1.5 points to 48. On the other hand, the new orders index rose about 0.5 points to 56.5 and the production index remained strong at 56, up 2 points. Of the 18 manufacturing industries surveyed, 11 reported growth in July.
Also at 10 am ET, the Commerce Department is set to release its construction spending data for July. Economists expect construction spending growth of 0.8 percent month-over-month.
Construction spending edged up 0.1 percent month-over-month in June compared to the upwardly revised 1.8 percent increase in May. Economists expected a 0.6 percent increase.
Spending on private construction was down 0.5 percent, with non-residential construction spending falling 1.3 percent and acting as a drag. On the other hand, residential construction spending was up 0.4 percent. Public construction spending climbed 1.6 percent.
Boston Federal Reserve Bank President Eric Rosengren is due to speak on the economic outlook in New York at 1:10 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 | | | General Electric (GE) announced that it has completed the previously announced sale of its U.S. fleet service business to Element Financial in a deal valued at about $5 billion.
Dollar Tree (DLTR) reported below-consensus earnings and revenues for its second quarter and the company's full year and third quarter revenue guidance was weak.
Donaldson (DCI) reported better than expected fourth quarter adjusted earnings and sales and the company's full year 2016 guidance was lackluster.
Cathay General Bancorp. (CATY) said its board has adopted a new stock repurchase program, authorizing the company to buy back up to 2 million shares of its common stock.
Donaldson (DCI) announced the acquisition of 100 percent of the shares of Engineered Products Company.
Bob Evans (BOBE), H&R Block (HRB) and Shoe Carnival (SCVL) are the important companies due to release their quarterly results after the close of trading. |
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| | European Markets | | European stocks are being sold off heavily, as Chinese concerns strangulate the markets. All three major averages in the region are down over 2 percent each.
In corporate news, Rentokil announced that it agreed to acquire U.S.-based pest control company Steritech Group for $425 million in cash, subject to U.S. regulatory approval.
On the economic front, final estimates released by Markit showed that growth in eurozone manufacturing activity slowed in August. The manufacturing PMI edged down to 52.3 from 52.4 in July. The flash estimate had called for a reading of 52.4.
Growth in U.K. manufacturing activity also slowed in August, according to a report released by Markit and the Chartered Institute of Procurement & Supply. The manufacturing PMI declined to 51.5 in August from 51.9 in July.
Meanwhile, a Bank of England report showed that mortgage approvals increased more than expected in July.
Data released by the German Federal Statistics Office showed that the jobless rate remained unchanged at 4.7 percent in July. The number of unemployed people edged down during the month.
The Federal Labor Agency reported that the German unemployment rate for August was unchanged at 6.4 percent, in line with expectations. The number of unemployed people fell by 7,000 in July, more than the 4,000 drop expected by economists. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets fell across the board, as Chinese growth worries intensified following the release of lackluster manufacturing data. The Japanese market fell the most, as the yen rallied on risk aversion. The Australian, Hong Kong and Taiwanese markets also retreated sharply. An unchanged stance from the Reserve Bank of Australia did little to improve sentiment.
The Japanese market opened lower and declined in early trading. After moving sideways in the mid-session, the Nikkei 225 Index fell steadily in the afternoon before ending down 724.79 points or 3.84 percent at 18,166. All of the index components ended lower.
Australia's All Ordinaries Index showed indecisiveness in early trading but languished firmly in negative territory for the rest of the session. The index ended down 105 points or 2.01 percent at 5,117. The market witnessed an across the board sell-off.
China's Shanghai Composite Index ended at 3,167, down 39.36 points or 1.23 percent, and Hong Kong's Hang Seng Index closed 485.15 points or 2.24 percent lower at 21,185.
On the economic front, the revised estimate released by Markit showed that the Chinese manufacturing sector contracted by the most in 6 years in August. A separate report also showed that the service sector expanded at the slowest pace in the current 13-month growth sequence.
The manufacturing PMI eased to 47.3 in August, down from 47.8 in July but up from the flash estimate of 47.1. The service sector PMI fell to 51.5 from 53.8 in July.
Official data released by the National Bureau of Statistics and the China Federation of Logistics and Purchasing showed that the manufacturing PMI fell 0.3 points to 49.7, thus entering contraction territory.
Following the conclusion of the Monetary Policy Board meeting, the Reserve Bank of Australia announced its decision to leave rates unchanged at a record low of 2 percent for the fourth straight meeting. The bank stated that it would assess economic and financial conditions over the period ahead to decide on the future course of action.
The Australian Bureau of Statistics reported that new building approvals rose 4.2 percent month-over-month in July, ahead of the 3 percent growth expected by economists. Annually, approvals were up by 13.4 percent.
Meanwhile, a separate report showed that the icurrent account deficit in Australia came in wider than expected in the second quarter, as the trade deficit widened.
A report released by the Japanese Ministry of Finance showed that capital spending rose 5.6 percent sequentially in the second quarter, slower than the 8.8 percent growth expected by economists. However, company profits surged up 23.8 percent in the quarter, notably better than the 2.2 percent growth expected by economists.
Revised manufacturing PMI for Japan released by Markit and Nikkei showed that the manufacturing sector expanded less than initially estimated in August, although the rate of expansion outpaced the growth seen in the previous month. |
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| | Currency and Commodities Markets | | Crude oil futures are declining $1.51 to $47.69 a barrel after jumping $3.98 to $49.20 a barrel on Monday. Meanwhile, an ounce of gold is currently-trading at $1,141.40, up $8.90 from the previous session's close of $1,132.50. On Monday, gold dropped $1.50.
On the currency front, the U.S. dollar is trading at 120.83 yen compared to the 120.87 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1270 compared to yesterday's $1.1211. |
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