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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 lower opening on Thursday, with the mood continuing to be listless ahead of a host of Fed speeches. With the third quarter reporting season whimpering to a close, Main Street events could return to be in the spotlight. The jobless claims report released earlier today showed claims came in more than expected. Meanwhile, a couple of economic reports from Asia remained a bright spot, fueling upside in the Asian markets. Despite assurances of policy support from ECB President Mario Draghi, European stocks are lower. Meanwhile, the Fed speeches scheduled for the day could give direction to the domestic markets.
U.S. stocks went about in a listless manner on Wednesday amid a lack of major domestic cues. Some disappointing Chinese data points weighed on the minds of traders, creating indecision. The major averages opened higher but gave back their gains and languished below the unchanged line till the mid-session. After staging a recovery in the mid-session, the averages retreated yet again and closed lower.
The Dow Industrials ended down 55.99 points or 0.32 percent at 17,702, the S&P 500 Index closed 6.72 points or 0.32 percent lower at 2,075 and the Nasdaq Composite ended at 5,067, down 16.22 points or 0.32 percent.
Twenty of the thirty Dow components closed lower, while ten stocks advanced. Chevron (CVX), Intel (INTC), Merck (MRK), Nike (NKE), UnitedHealth (UNH) and Wal-Mart (WMT) were among the biggest decliners of the session, while 3M (MMM), DuPont (DD) and General Electric (GE) gained ground.
Among the sectors, biotechnology, computer hardware and energy stocks retreated, while housing and gold stocks moved to the upside. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Labor Department reported that jobless claims came in unchanged at 276,000 in the week ended November 7th. However, economists expected claims to have declined to 266,000 from 276,000 in the previous week.
The four-week average rose to 267,750 from 262,750. Continuing claims calculated with a week's lag also rose to 2.174 million in the week ended October 31st from 2.169 million in the week ended October 24th.
St Louis Federal Reserve Bank President James Bullard is due to speak to the Cato monetary policy conference in Washington at 9:05 am ET.
At 9:30 am ET, Fed Chair Janet Yellen will deliver the welcoming remarks at the Fed conference on post-crisis monetary policy in Washington.
Shortly after, Richmond Fed President Jeffrey Lacker is scheduled to participate in a panel discussing monetary policy in Washington. Chicago Fed President Charles Evans is set to speak on transforming communities in Chicago at 10:15 am ET.
The Energy Information Administration will release its weekly petroleum status report at 11 am ET.
Crude oil stockpiles rose by 2.8 million barrels to 482.8 million barrels in the week ended October 30th. Inventories remained near levels not seen for this time of year in at least the last 80 years.
Meanwhile, distillate stockpiles declined by 1.3 million barrels but were in the middle of the average range for this time of the year. Gasoline inventories fell by 3.3 million barrels but remained above the upper limit of the average range.
Refinery capacity utilization averaged 87.2 percent over the four weeks ended October 30th compared to 86.9 percent over the four weeks ended October 23rd.
New York Fed President William Dudley is scheduled to speak in New York at 11:45 am ET.
The Treasury Department will announce the results of its auction of 30-year bonds at 1 pm ET.
The Treasury is also due to release its monthly budgetary statement for October at 2 pm ET. The consensus estimate calls for a surplus of $91.1 billion for the month.
Fed Vice Chair Stanley Fischer is scheduled to speak on the transmission of exchange rates to output and inflation at the Fed conference on post-crisis monetary policy in Washington at 6 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 | | | Angie's List (ANGI) confirmed that it has received an unsolicited takeover offer from IAC/InterActive (IACI) for $8.75 per share in cash. The company also noted IAC is also considering merging it with its HomeAdvisor business in a tax-free stock-for-stock exchange.
NetEase.com (NTES) reported better than expected third quarter results.
JetBlue (JBLU) reported an 11.8 percent year-over-year increase in traffic and a 11.1 percent increase in capacity in October. The load factor rose 0.5 percentage points to 84 percent.
Kohl's (KSS) reported better than expected third quarter results. Barrick Gold Corp. (ABX, ABX.TO) said it has entered into agreements to sell a number of non-core assets in Nevada for $720 million in cash. The sales are part of the company's efforts to strengthen its balance sheet and further focus its portfolio on core mines that will drive free cash flow growth.
Viacom (VIAB) reported below-consensus results for its fourth quarter.
Advance Auto Parts (AAP) reported below-consensus cash earnings for its third quarter and lowered its full year cash earnings per share guidance for the full year. The company also announced that President George Sherman will assume additional role as interim CEO, succeeding Darren Jackson, who will retire, effective January 2, 2016.
International Gaming Technology's (IGT) third quarter adjusted earnings per share beat estimates, while its revenues missed expectations.
Applied Materials (AMAT), bebe Stores (BEBE), Cisco Systems (CSCO), Nordstrom (JWN), SINA (SINA) and Weibo (WB) are among the companies due to release their quarterly results after the close of trading. |
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| | European Markets |
European stocks opened lower and saw some volatility in early trading, as traders digested a slew of earnings announcements from the region. The focus is also on European Central Bank President Mario Draghi's testimony before the European Union Parliament later today.
In corporate news, Dutch insurer Aegon reported a loss for its third quarter, hit by charges. Siemens (SI) said it expects higher sales and profits for the full year despite its fourth quarter performance remaining lackluster. The company raised its dividend and also announced plans to buyback 3 billion euro worth of share.
Merck KGaA reported solid third quarter results and raised its forecast for year. Utility RWE's operating profit for the nine-month period fell modestly. Luxury retailer Burberry reported higher first half profits. SABMiller reported a decline in its first half pre-tax profits, as an adverse currency impact hurt results.
On the economic front, final estimates released by the German Federal Statistical Office showed that German inflation accelerated to 0.3 percent in October after showing no change in September. This was in line with the preliminary estimate. The harmonized index of consumer prices, which is meant for EU comparison purposes, rose 0.2 percent annually in October, offsetting the 0.2 percent drop in the previous month.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian averages overcame early apprehension and ended mostly higher, as oil prices rebounded. The Hong Kong market led the gains in the region with a solid move to the upside. Meanwhile, the Chinese, Singaporean and South Korean markets retreated. The Indian market was closed for a public holiday.
The Japanese market reacted to subdued trading in the dollar-yen pair and profit taking even as domestic economic data came in stronger than expected. The Nikkei 225 Index started lower but recouped its losses in early trading before moving nervously around the unchanged line in a very narrow range. At the close of trading, the index was up 6.38 points or 0.03 percent at 19,698, marking seven straight sessions of gains.
Construction, pharma, tech exporters, rubber, printing, retail, real estate and utility stocks found buying interest, but energy, food, glass, financial and telecom came under selling pressure. Auto stocks saw mixed sentiment.
Australia's All Ordinaries Index, which traded below the unchanged line in the morning, recovered in late trading yet ended up merely 1.10 points or 0.02 percent at 5,182.
Financial, IT, healthcare, consumer discretionary and industrial stocks gained ground, while material, telecom, utility, real estate, energy and consumer staple stocks moved to the downside.
Hong Kong's Hang Seng Index rallied 536.75 points or 2.40 percent before ending at 22,889, while China's Shanghai Composite ended down 17.35 points or 0.48 percent at 3,633.
On the economic front, Japanese core machinery orders rose more than expected in September, according to a report released by the Cabinet Office. Core machinery orders rose 7.5 percent month-over-month, reversing the 5.7 percent drop in August. Economists expected a 3.3 percent increase for the month. Annually, the metric fell a less than expected 1.7 percent.
A separate report showed that producer prices in Japan fell 0.6 percent month-over-month in October. Economists expected a more modest 0.4 percent drop. On a year-over-year basis, producer prices declined 3.8 percent.
The Australian Statistical Bureau reported that the jobless rate in Australia fell to 5.9 percent in October from 6.2 percent in September. The domestic economy added 58,600 jobs in October, with full time jobs rising by 40,000. Economists expected an increase of 15,000 jobs. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.23 to $43.16 a barrel after slumping $1.28 to a 2-month low of $42.93 a barrel on Wednesday. Gold futures are climbing $2.20 to $1,087.10 an ounce. In the previous session, the December futures ended at $1,084.90 an ounce, down $3.60.
Among currencies, the U.S. dollar is trading at 122.94 yen compared to the 122.86 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0747 compared to yesterday's $1.0743. |
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