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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 Thursday, with earnings optimism and oil's climb likely to be support sentiment. J.P. Morgan reported better than expected earnings, raising expectations for a positive reporting season. Meanwhile, jobless claims for the recent reporting week unexpectedly rose. Import and export prices continued to slide, suggesting a tamer inflationary environment. Meanwhile, across the Atlantic, the mood is still downbeat amid the Bank of England decision to hold rates by an 8-1 vote and the release of the European Central Bank's minutes, showing central bank readiness to step up support.
The sell-off resumed on Wall Street on Wednesday, with the tech space affected badly, as oil stayed close to its 12-year low and anxiety concerning the earnings reporting season intensified.
The major averages opened modestly higher but could not sustain the momentum and began declining in early trading. After trading around the unchanged line till early afternoon trading, the averages declined steadily till late trading and then moved sideways going into the close.
The Dow Industrials slumped 364.81 points or 2.21 percent to 16,151, the lowest level since September 28th, and the S&P 500 Index lost 48.40 points or 2.50 percent before closing at a 3-1/2 month low of 1,890, while the Nasdaq Composite plunged 159.85 points or 3.41 percent before settling at 4,526.
All but one of the 30 Dow components closed lower for the session, with Goldman Sachs (GS), Home Depot (HD), DuPont (DD), Disney (DIS) and Cisco Systems (CSCO) among the worst hit.
Among the sectors, transportation, biotechnology, basic material, energy, financial, retail housing, semiconductor and computer hardware stocks all declined sharply. |
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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 for the week ended January 9th rose 7,000 to 284,000 in the week ended January 9th. Economists had expected claims to have fallen to 275,000 from 277,000 for the previous week.
The four-week moving average rose to 278,750 from 275,750. However, continuing claims calculated with a week's lag increased? to 2.263 million in the week ended January 2nd from 2.234 in the week ended December 26th.
A separate report of the Labor Department showed that import prices tumbled by 1.2 percent in December after falling by a revised 0.5 percent in November. Economists had expected import prices to slump by 1.4 percent compared to the 0.4 percent drop originally reported for the previous month.
The report also said export prices slid by 1.1 percent in December following a revised 0.7 percent decrease in November. Export prices had been expected to dip by 0.5 percent compared to the 0.6 percent decrease originally reported for the previous month.
The Treasury Department is set to release the results of its auction of $13 billion worth of 30-year bonds at 1 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 | | | JP Morgan Chase (JPM) reported better than expected fourth quarter results.
GoPro (GPRO) announced preliminary fourth quarter results, forecasting below consensus revenues amid weak sales of its capture devices due to slower than expected sell-through at retailers, particularly in the first half of the quarter. The company also announced a 7 percent reduction in its workforce.
Infosys (INFY) raised its full year revenue growth guidance after reporting in line third quarter earnings.
Atmel (ATML), which has agreed to be acquired by Dialog Semiconductor and is also being pursued by Microchip Technology (MCHP) with a superior offer, pre-announced a fourth quarter shortfall in earnings and revenues, citing weaker than expected billings, primarily in Asia.
CLARCOR (CLC) reported better than expected fourth quarter adjusted earnings, while its revenues were shy of estimates. The company's full year guidance was lackluster.
H.B. Fuller (FUL) reported in line fourth quarter adjusted earnings per share and its revenues exceeded estimates. However, the company's full year 2016 guidance was also lackluster.
Standard & Poor's announced that Extra Space Storage (EXR) will replace Chubb (CB) in the S&P 500 Index, EPR Properties (EPR) will replace Extra Storage in the S&P MidCap 400 Index, and EPR Properties will be replaced by U.S. Concrete (USCR) in the S&P SmallCap 600 Index, all after the close of trading on January 15th. World Wrestling Entertainment (WWE) will replace Wausau Paper (WPP) in the S&P SmallCap 600 Index after the close of trading on January 20th.
JetBlue (JBLU) reported a 1.4 percentage point year-over-year increase in its load factor for December, with capacity and traffic rising 9.5 percent and 10.6 percent, respectively. |
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| | European Markets |
European stocks opened notably lower and fell further in early trading amid global growth concerns. After touching a low in the afternoon, the averages have been trimming their losses, although the losses are still steep
The Bank of England maintained its record low interest rate and quantitative easing unchanged as expected, citing ownside risks to global growth and the recent decline in oil prices could depress the near-term inflation outlook. .
The Monetary Policy Committee, governed by Mark Carney, voted 8-1 to keep the interest rate unchanged at 0.50 percent. The rate has been at the current record low level since early 2009. The MPC voted unanimously to retain the asset purchase plan at GBP 375 billion.
Some rate-setters sought a deeper cut in the already negative deposit rate during the December policy session, the minutes of the meeting released by the European Central Bank showed.
"Some members expressed a preference for a 20 basis point cut in the deposit facility rate at the current meeting, mainly with a view to strengthening the easing impact of this measure and reflecting the view that, to date, no material negative side effects on bank margins and financial stability had emerged," the minutes of the December 3 meeting, which the ECB calls "account" said.
In major corporate news, Statoil announced the acquisition of an 11.93 percent stake in Lundin Petroleum, increasing its indirect exposure to core assets on the Norwegian Continental Shelf. The purchase price was 4.6 billion Swedish Kronor.
Tesco reported a 1.3 percent year-over-year increase in its like-for-like sales for the 6 weeks ended January 9th, although quarterly sales fell 1.6 percent. Richemont's quarterly sales were up 3 percent, helped by a weaker euro.
Meanwhile, Burberry's third quarter like-for-like sales were flat, citing weakness in Hong Kong and warm weather.
Associated British Food reported a 2 percent decline in revenues for the 16-week period, as an unfavorable currency impact hurt results. Home Retail lowered its full year earnings forecast on a weak sales performance by its Argos chain.
On the economic front, the German Federal Statistical Office reported that wholesale prices in Germany fell 1 percent year-over-year in December, slower than the 1.1 percent drop in November. Wholesale prices have been on the decline since July 2013. On a year-over-year basis, prices slid 0.8 percent.
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets retreated, swayed by the negative close on Wall Street overnight, although the Chinese market rebounded. A series of blasts in Indonesian capital Jakarta and the subsequent exchange of fire between the attackers and police, which left about 6 people dead, also triggered geopolitical worries.
Japan's Nikkei 225 Index languished below the unchanged line throughout the session before ending down 474.68 points or 2.68 percent at 17,241. The yen resumed its climb and traded around the mid-117 levels, exerting pressure on export stocks.
A majority of the index components fell, with Sumitomo, Eisai, NGK Insulators, JTEKT, Sony and Alps Electric leading the slide. On the other hand, Nikon rallied close to 3 percent after rival GoPro (GPRO) issued a profit warning.
Australia's All Ordinaries Index also spent the session in the red before ending at a 1-month low of 4,964, down 77.50 points or 1.54 percent. The market witnessed an across the board sell-off, with consumer discretionary, energy and IT stocks declining steeply.
Hong Kong's Hang Seng Index substantially pared its morning losses but still ended down 117.47 points or 0.59 percent at 19,817.
Meanwhile, China's Shanghai Composite Index recovered in late afternoon trading before ending up 58.05 points or 1.97 percent at 3,008.
On the economic front, Japan's Cabinet Office reported that core machinery orders fell 14.4 percent month-over-month in November, steeper than the 7.3 percent decline expected by economists. Annually, core machinery orders rose 1.2 percent compared to the 6.3 percent growth expected by economists. For the fourth quarter, core machinery orders are expected to have risen 2.9 percent sequentially.
A Bank of Japan report showed that corporate goods prices fell 3.4 percent year-over-year in December compared to the 3.6 percent decrease expected by economists.
The Australian Bureau of Statistics reported that the economy lost 1,000 jobs in December, while economists expected a loss of 10,000 jobs. The weakness was centered on part-time jobs, while full time employment expanded by 17,600 jobs. The jobless rate came in at 5.8 percent in December, while economists expected a 5.9 percent rate. |
| | Currency and Commodities Markets | | Crude oil futures are rising $0.57 to $31.05 a barrel after edging up $0.04 to $30.48 a barrel on Wednesday. The previous session's gain came amid the release of the weekly petroleum status report, which showed that crude oil stockpiles rose by 0.2 million barrels to 482.60 million barrels in the week ended January 8th. Stockpiles are still near levels not seen for this time of year in at least the last 80 years. Distillate inventories increased by 6.1 million barrels and were above the upper limit of the average range for this time of the year. Gasoline inventories also jumped?by 8.4 million barrels and were above the upper limit of the average range. Refinery capacity utilization averaged 91.9 percent over the four weeks ended January 8th?compared to 92.1 percent over the four weeks ended January 1st. An ounce of gold is trading currently at $1,086.30, down $0.80 from the previous session's close of $1,087.10. On Wednesday, gold rose $1.90. On the currency front, the U.S. dollar is trading at 117.74 yen compared to the 117.68 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0888 compared to yesterday's $1.0877. |
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