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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 the mood reflecting an improvement in sentiment following the recent lackluster phase. Commodities are weaker even as the dollar is seeing a downward bounce. European stocks are higher amid the release of mixed earnings news, a deal in the brewing space and the U.K. job market data that showed slower wage growth and a tick down in jobless rate to a fresh 7-year low. Earlier, Asian stocks closed mixed amid the release of mixed Chinese data. The domestic markets could see light activity, given the bank holiday.
U.S. stocks moved about in a lackluster fashion on Tuesday, as global growth worries continued to weigh on the markets. The major averages opened lower and languished mostly below the unchanged line till late afternoon trading. The Nasdaq Composite continued to trade below the unchanged line before ending down 12.06 points or 0.24 percent at 5,083. The Dow Industrials and the S&P 500 Index recovered and traded mostly above the flat line, with the former ending up 27.73 points or 0.16 percent at 17,758, while the latter closed 3.14 points or 0.15 percent higher at 2,082.
Twenty of the thirty Dow components ended higher, while the remaining ten stocks declined. Visa (V), UnitedHealth (UNH), United Technologies (UTX) and Chevron (CVX) were among the best performers of the session, while Apple (AAPL) slid 3.15 percent and Microsoft (MSFT) declined 1.20 percent.
Among the sectors, computer hardware, gold and semiconductor stocks moved mostly to the downside, while housing stocks gained ground.
On the economic front, the Labor Department said import prices fell 0.5 percent month-over-month in October following a downwardly revised 0.6 percent drop in September. Economists expected a more modest 0.1 percent drop. Fuel import prices fell at a slower pace of 2 percent and non-fuel import prices were down 0.3 percent.
Additionally, export prices dropped by 0.2 percent after declining by 0.6 percent in the previous month. Export prices were expected to dip by 0.3 percent. Annually, import and export prices were down 10.5 percent and 6.7 percent, respectively.
The Commerce Department reported that wholesale inventories were up a more than expected 0.5 percent month-over-month in September. The previous month's growth was also upwardly revised to 0.3 percent. Annually, inventories were up 4.7 percent. Wholesale sales also increased by 0.5 percent compared to the previous month but were down 3.9 percent from a year ago. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | There is no major economic report due for the day. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Activision Blizzard (ATVI) announced that it has received irrevocable undertakings from a majority of the holders of restricted shares of King Digital (KING) that they would vote in favor of the proposed acquisition of the company.
Broadcom (BRCM) announced that the shareholders of Avago Technologies have approved all proposals related to its previously announced acquisition of Avago.
Skyworks (SWKS) said its board has authorized the repurchase of up to $400 million worth of its common stock.
Exelixis (EXEL) reported a wider than expected loss for its third quarter, while its revenues beat estimates. Separately, the company announced that the FDA has approved its treatment candidate COTELLIC it is co-promoting with Roche's Genentech unit in combination with Vemurafenib for treating metastatic melanoma.
Amdocs (DOX) reported fourth quarter non-GAAP earnings that exceeded estimates and its revenues rose year-over-year but missed estimates. For fiscal 2016, the company expects reported revenue growth of 1-5 percent and non-GAAP earnings per share growth of 3.5-7.5 percent. The company also announced an increase in its quarterly dividend. |
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| | European Markets | | European stocks opened higher and have seen further upside since then amid the release of some domestic corporate news and U.K. jobs data.
In corporate news, German fertilizer company K+S reported higher adjusted earnings for the first nine months of the year. Chemical company Henkel reported higher third quarter profit and sales and raised its full year profit outlook.
Ahold's third quarter profits and revenues rose and the company said it remains on track to meet full year guidance.
Meanwhile, Deutsche Post reported a decline in third quarter earnings, dragged lower by charges. Revenues rose year-over-year. Utility E.ON reported a loss for its third quarter, hurt by impairment charges.
Carlsberg reported a loss for the third quarter and announced the elimination of 2,000 jobs. J. Sainsbury reported a decline in its first half profits, hurt by competition, although the decline was less than feared.
AB InBev confirmed the deal to buy SABMiller for 68 billion pounds and in connection with the deal SABMiller agreed to give up its stake in a MillerCoors joint venture to Moolson Coors (TAP).
On the economic front, a report released by the U.K. Office of National Statistics showed that the jobless rate for the U.K. calculated based on the ILO standards came in at 5.3 percent for the three months to September, while economists expected a rate of 5.4 percent. The quarterly rate was the lowest since the second quarter of 2008. The number of people seeking jobseekers' allowance was 3,300 in October, bigger than the 2,700 expected by economists, although the claimant count rate remained unchanged at 2.3 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 closed mixed yet again, with the Australian, Chinese, Japanese, New Zealand and South Korean markets advancing, while the rest of the major markets in the region moved to the downside. The Indian market was closed on account of a public holiday. The gains were not convincing, as the lackluster performance of Wall Street stocks overnight and mixed Chinese economic data weighed on the markets.
Japanese stocks ended a volatile session modestly higher, rising for the sixth straight session, as the yen remained subdued in the upper 122 level against the dollar. The Nikkei 225 Index ended up 20.13 points or 0.10 percent at a 2-1/2 month high of 19,691.
Construction, food, real estate, heavy machinery and textile stocks moved to the upside but rubber, mining and paper stocks lost ground in the session. Pharma, retail utility, export and chemical stocks ended mixed.
Australia's All Ordinaries Index hovered above the unchanged line for much of the session, ending up 23.40 points or 0.45 percent at 5,181. Most sectors advanced, led by healthcare stocks, while material stocks came under selling pressure.
China's Shanghai Composite closed 9.76 points or 0.27 percent lower at 3,650, its highest closing level since August 20th, while Hong Kong's Hang Seng Index ended at 22,352, down 49,53 points or 0.22 percent.
On the economic front, a trio of reports released by the Chinese National Bureau of Statistics presented a mixed picture about the domestic economy. Industrial production rose 5.6 percent year-over-year in October, belying expectations for a pick up in the pace of growth to 5.8 percent. In September, industrial output was up 5.7 percent. Fixed asset investment rose 10.2 percent in the first eight months of the year, in line with estimates. Retail sales growth accelerated to 11 percent from 10.9 percent in September, the fastest rate of growth for the year.
The results of a survey by Westpac showed that confidence among consumers in Australia improved in November. The consumer confidence index rose 3.9 percent to 101.7 from 97.8 in October. |
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| | Currency and Commodities Markets | | Crude oil futures are slipping $0.67 to $43.54 a barrel after rising $0.34 to $44.21 a barrel on Tuesday. Gold futures are receding $2.30 to $1,086.20 an ounce. In the previous session, the December futures ended at $1,088.50 an ounce, up $0.40.
Among currencies, the U.S. dollar is trading at 123.04 yen compared to the 123.15 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.0727 compared to yesterday's $1.0724. |
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