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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 roughly flat opening on Monday following the volatility seen last week. A lack of major U.S. economic data on the day may keep some traders on the sidelines ahead of next week’s Federal Reserve meeting.
U.S. stocks advanced modestly in the week ended December 4th, as two contrasting pieces of economic evidence triggered a strong positive reaction on two of the five sessions of the week.
Last Monday, the major averages ended moderately lower amid disappointing reports on Chicago-area manufacturing activity and pending home sales. Amid expectations weak national manufacturing activity data might keep the Fed on hold, the major averages ended Tuesday’s session notably higher, with the Nasdaq Composite closing at a 4-month high.
Selling re-emerged on Wednesday, as traders reacted to a steep drop in the price of crude oil below the psychological barrier of $40 a barrel. Monetary policy worries also served to keep sentiment subdued. Stocks closed Thursday’s session notably lower, as the European Central Bank disappointed with its stimulus announcement. Strong job growth triggered a rally on Friday, with all the three major averages advancing in excess of 2 percent.
For the week ended December 4th, the Nasdaq rose by 0.3 percent, while the Dow and the S&P 500 edged up by 0.2 percent and 0.1 percent, respectively.
Among the sectors, the NYSE Arca Gold Bugs Index soared 12.99 percent for the week and the Philadelphia Semiconductor Index gained 3.13 percent. The NYSE Arca Airline Index and the NYSE Arca Computer Hardware Index were up over 2 percent each.
On the other hand, the Dow Jones Transportation Average and the Philadelphia Oil Service Index fell over 3 percent. The NYSE Arca Biotechnology Index receded over 2 percent. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The unfolding week’s economic calendar is light, with only a few first-tier economic reports due for release. Notable among them are the Commerce Department’s retail sales report for November and the results of a consumer sentiment survey by the University of Michigan, both scheduled for Friday.
Traders may also focus on the weekly jobless claims report, the Labor Department’s producer price index for November and some Fed speeches scheduled for the week.
The Commerce Department’s wholesale and business inventories reports for October, the Federal Reserve’s consumer credit report for October, the Labor Department report on import and export prices and the Treasury Department’s auctions of 3-year and 10-year notes and 30-year bonds round up the economic events of the week.
St Louis Federal Reserve Bank President James Bullard is scheduled to speak on the economic outlook in Muncie, Indiana, at 11:30 am ET.
The Federal Reserve is set to release its report on outstanding consumer credit for October at 3 pm ET. Economists expect outstanding consumer credit to have increased by $20 billion in the month.
In September, outstanding consumer credit rose by $28.9 billion, notably above the expected reading of $18 billion. Non-revolving credit tied to auto loans and student loans jumped by $22.2 billion and revolving credit climbed by $6.7 billion. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Fluor (FLR) announced an agreement to acquire a 100 percent stake in Stork Holding from U.K. private equity firm Arle Capital for $755 million.
General Electric (GE) announced that it has terminated its agreement to sell its appliances business to Electrolux. The company also said it is entitled to a break-up fee of $175 million from Electrolux.
Gold Corp. (GG) announced the retirement of its CEO Chuck Jeannes following its annual general meeting in April 2016. The company also announced the appointment of HudBay Minerals CEO David Garofalo as its CEO. |
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| | European Markets | | European stocks opened higher and have advanced further since then. The major averages in the region are currently notably higher. After an underwhelming stimulus announcement, European Central Bank President Mario Draghi catalyzed an upward move with a speech he delivered to Wall Street investors last Friday.
Draghi asserted that the bank stands ready to provide further stimulus, with the central bank chief seeing no particular limit to how the bank can deploy any of its tool.
On the economic front, preliminary data released by the German Federal Statistical Office showed that German industrial production rose 0.2 percent month-over-month in October. Economists expected a 0.7 percent increase for the month. Excluding energy and construction, industrial production was up 0.7 percent.
The Sentix indicator measuring confidence among eurozone investors rose less than expected in November, according to the results of a survey by Sentix. The index rose 0.6 points to 15.7, while economists expected a reading of 17. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Stocks markets across the Asia-Pacific closed mixed in mixed reaction to last Friday’s U.S. jobs report. The Hong Kong, Indian, New Zealand and South Korean markets closed lower, while the rest of the averages advanced. Lower oil prices and caution ahead of some key data releases from China dented sentiment.
A weaker yen lent support to the Japanese market. The Nikkei 225 Index opened higher and moved roughly sideways for the rest of the session before ending up 193.67 points or 0.99 percent at 19,698. A majority of stocks advanced in the session.
Australia’s All Ordinaries Index opened higher and saw further upside in early trading. After giving back most of its gains by the mid-session, the index moved sideways before ending up 4.40 points or 0.08 percent at 5,206.
Real estate, consumer discretionary, financial, IT and material stocks gained ground, while energy stocks tumbled. Telecom, consumer staple and healthcare stocks fell sharply.
China’s Shanghai Composite Index ended a volatile session up 11.94 points or 0.34 percent at 3,537. Meanwhile, Hong Kong’s Hang Seng Index at 22,203, down 32.67 points or 0.15 percent.
On the economic front, preliminary estimates released by the Japanese Cabinet Office showed that its leading economic indicators index rose to 102.9 in October from 101.6 in September. This was in line with estimates. The coincident index rose more than expected to 114.3, while the lagging index fell 0.3 points to 114.4.
The results of a survey by the Australian Industry Group showed that the index of activity in the construction sector slipped to 50.7 in November from 52.1 in October. |
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| | Currency and Commodities Markets | | Crude oil futures are sliding $0.82 to $39.15 a barrel after tumbling $1.74 or 4.17 percent to $39.97 a barrel in the week ended December 4th. The January futures settled at their lowest level since August. Gold futures, which climbed $25.30 or 2.40 percent to $1,084.10 an ounce last week, are slipping $2.90 to $1,081.20 an ounce.
Among the currencies, the U.S. dollar ended mixed in the week ended December 4th. The greenback added 0.25 percent against the yen before settling at 123.11 yen but slid 2.7 percent against the euro. The dollar is trading currently at 123.39 yen and is valued at $1.0815 versus the euro. |
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