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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 Monday, with sentiment suggesting modest strength, as a data heavy week unfolds. European stocks have gained some ground and crude oil prices are higher even as the dollar is mostly higher, except against commodity currencies. With very little domestic corporate news to influence trading, the focus shifts to two separate reports on regional manufacturing activity and pending home sales. That said, the mood could be held back by nervousness concerning several events scheduled for the week, including two central bank decisions, domestic non-farm payrolls report and several Fed speeches.
U.S. stocks ended mixed in the week ended November 27th, as mixed economic data and volatility in commodity prices amid geopolitical tensions pressured stocks.
Last Monday, the major averages went about in a lackluster manner amid profit taking, ending modestly lower for the session. Notwithstanding lukewarm domestic data and a sell-off in the European markets, the averages ended modestly higher on Tuesday.
Weighed down by mixed domestic data, the averages closed Wednesday's session mixed. The markets, which were closed on Thursday on account of Thanksgiving Day, also ended Friday's truncated session mixed, as a sell-off in Chinese equities weighed on the minds of traders.
For the week ended November 27th, the Dow Industrials lost 0.1 percent, while the S&P 500 Index inched up by less than a tenth of a percent and the Nasdaq Composite gained 0.4 percent.
Among the sectors, the NYSE Arca Airline Index fell 2.75 percent for the week, while the Dow Jones Utility Average, the Dow Jones Transportation Average and the NYSE Arca Computer Hardware Index declined over 1 percent each. On the other hand, the NYSE Arca Biotechnology Index advanced 2.70 percent and the Philadelphia Oil Service Index added 1.70 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The week's economic calendar is heavily loaded, with several market moving economic reports due for the week. Notable among them are the Labor Department's non-farm payrolls report for November due on Friday, ADP's private payrolls report, the results of the Institute for Supply Management's manufacturing and non-manufacturing surveys for November, Markit's final U.S. manufacturing and non-manufacturing PMIs for November, the National Association of Realtors' pending home sales index for October and the weekly jobless claims report.
The Federal Reserve's Beige Book and several Fed speeches scheduled for the week, including Chair Janet Yellen's two public appearances, could also garner the attention of traders. Monthly auto sales for November, the Commerce Department's construction spending and factory orders reports, both for October, and announcements concerning next week's Treasury auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
MNI Indicators is due to release the results of its Chicago business barometer survey at 9:45 am ET. The consensus estimate calls for a decline in the business barometer to 54 in November from 56.2 in October.
In October, the business barometer rose to 56.2 from 48.7 in September, while economists expected a more modest improvement. New orders and production showed strength. Inventories also rose sharply.
The National Association of Realtors is scheduled to release its pending home sales index for October at 10 am ET. Economists expect a 1 percent month-over-month increase in pending home sales.
Pending home sales fell 2.3 percent month-over-month in September, belying expectations for a 1 percent increase following a 1.4 percent drop in August. Annually, pending home sales were up 3 percent.
The Dallas Federal Reserve is scheduled to release the results of its manufacturing survey at 10:30 am ET. Economists expect the general activity index to improve to -11 in November from -12.7 in October. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Teva (TEVA) announced that it is commencing concurrent offerings totaling $6.75 billion, consisting of about $3.375 billion of its ADS, each representing 1 Teva ordinary share and about $3.375 billion of its mandatory convertible preferred shares. The company intends to use the net proceeds to fund its purchase of its previously announced acquisition of Allergan's worldwide generic pharma business, Actavis Generics.
Bristol-Myers (BMY) announced the FDA has issued a complete response letter for its sBLA for Opdivo as a single agent to treat previously untreated patients, specifically those with BRAF V600 mutation positive unresectable or metastatic melanoma. |
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| | European Markets | | European stocks opened lower but snapped back their losses by late morning trading and turned mixed. Since the mid-session, the major averages have all turned higher.
On the economic front, a report released by the German Federal Statistical Office showed that German retail sales fell 0.4 percent month-over-month in October compared to an unchanged reading in September. Economists expected a 0.2 percent increase for the month.
Data released by the Bank of England showed that the number of mortgages approved for house purchases in the U.K. rose to 69,630 in October from 69,012 in the previous month. Lending secured on dwellings as well as consumer credit increased in the month. The M4 money supply rose 0.6 percent month-over-month in October. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets declined amid anxiety ahead of some key Main Street events across the globe. The Chinese market remained volatile, given the impending IMF vote on the inclusion of the Chinese yuan in the IMF's special drawing right basket of currencies.
Japanese stocks ended moderately lower, as the yen remained firm on risk aversion. The Nikkei 225 Index opened lower and languished below the unchanged line throughout the session before ending down 136.47 points at 19,748.
A majority of the stocks declined in the session, with mining, financial, utility, retail, real estate and some export stocks leading the way lower. On the other hand, heavy machinery makers, some technology stocks and glass makers moved to the upside.
Australia's All Ordinaries Index opened lower and fell steeply in early trading. After recovering and moving indecisively until early afternoon trading, the average retreated sharply yet again and remained notably below the unchanged line for the rest of the session. The index closed 33.20 points or 0.63 percent lower at 5,218. Material stocks were among the worst hit, while IT and healthcare stocks gained some ground.
Hong Kong's Hang Seng Index ended a volatile session down 71.90 points or 0.33 percent at 21,996, while China's Shanghai Composite closed at 3,445, up 9.10 points or 0.26 percent.
On the economic front, a preliminary reading released by Japan's Ministry of Economy, Trade and Industry showed that industrial production rose 1.4 percent month-over-month in October. Economists expected a 1.8 percent increase for the month. Annually, industrial production fell 1.4 percent, steeper than the 0.9 percent drop expected by economists.
A separate report showed that Japanese retail sales rose 1.8 percent year-over-year in October, stronger than the 0.9 percent increase expected by economists. However, sales by large retailers rose a softer than expected 2.9 percent.
Japanese housing starts declined for the first time in eight months in October, falling 2.5 percent year-over-year, data released by the Ministry of Land, Infrastructure, Transport and Tourism showed. Economists had expected a 2.6 percent increase for the month. Construction orders received by 50 big contractors plunged 25.2 percent following a 2.5 percent drop in the preceding month.
A report released by the Australian Bureau of Statistics showed that company operating profits rose 1.3 percent sequentially in the third quarter compared to expectations for a 1.1 percent increase. Inventories were up a better than expected 0.1 percent.
Another report released by the Reserve Bank of Australia showed that total credit to the private sector in Australia rose 0.7 percent month-over-month in October, bigger than the 0.6 percent increase expected by economists. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.48 to $42.19 a barrel after dipping $0.19 or 0.45 percent to $41.71 a barrel in the week ended November 27th. Gold futures, which fell $20.10 or 1.87 percent to $1,056.20 an ounce last week, are currently rising $2.60 to $1,058.80 an ounce.
Among currencies, the dollar was mostly firmer against the other currencies in the week ended November 27th, as rising expectations that a Fed rate hike will materialize lent support to the greenback. The dollar was little changed against the yen before ending the week at 122.80 yen, while it rose 0.57 percent against the euro to $1.0593.
The U.S. dollar is trading currently at 123.08 yen and is valued at $1.0582 versus the euro. |
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