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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 higher opening on Tuesday, with sentiment reflecting a return of risk appetite. Crude oil is advancing with the rest of the commodities and risk currencies are also currently firmer. The buoyant mood has come despite the release of some disappointing global manufacturing activity data. Chinese manufacturing activity contracted yet again and the service sector expansion also decelerated. Eurozone's manufacturing sector slowed in February. These sore data points have lend credence to calls for further stimulus. After the disappointing pending home sales and Chicago area business activity data, traders may look ahead to the domestic manufacturing activity data to gauge the strength of the economy.
U.S. stocks retreated on Monday despite an increase in oil prices and China's move to lower the reserve requirement for banks. Some weak domestic economic readings apparently weighed on the minds of traders.
The major averages opened lower and see-sawed through early trading. After launching into a rally, hitting the day's highs in early afternoon trading and seeing some sideways movement in the mid-session, the indexes began retreating. Following a dip below the unchanged line in late afternoon trading, the averages pulled back further to close firmly in the red.
The Dow Industrials ended down 123.47 points or 0.74 percent at 16,517, the S&P 500 Index closed 15.82 points or 0.81 percent lower at 1,932 and the Nasdaq Composite ended down 32.52 points or 0.71 percent at 4,558.
Twenty-five of the thirty Dow components closed lower for the session, with Exxon Mobil (XOM), UnitedHealth (UNH), Pfizer (PFE) and JP Morgan Chase (JPM) leading the slide. On the other hand, Caterpillar (CAT) rose 1.24 percent.
Among the sectors, biotechnology, retail and financial stocks came under selling pressure, while gold stocks rallied.
On the economic front, MNI Indicators said its Chicago business barometer fell to 47.6 in February from 55.6 in January. Economists expected a more modest drop to 52.9. Production declined steeply, while the new orders index held above the line separating expansion and contraction.
The National Association of Realtors reported that pending home sales fell 2.5 percent month-over-month, while economists expected a 0.5 percent increase for the month. However, December's reading was upwardly revised to show 0.9 percent growth compared to the 0.1 percent growth estimated initially. Sales were down in three of the four geographic regions, while the South reported sales growth. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Automakers are set to release their monthly vehicle sales results for February. Total vehicle sales are expected to come in at a seasonally adjusted annual rate of 17.7 million units for the month following a 17.6 million-unit rate in January.
Markit is due to release its final U.S. manufacturing PMI at 9:45 am ET. Economists expect the PMI to come in at 51.3 for February, up from the flash estimate of 51 but down from January's 52.4.
At 10 am ET, the Institute for Supply Management is scheduled to release the results of its national manufacturing survey for February. The consensus estimate calls for another sub-50 reading, although representing an increase to 48.5 from 48.2 in January.
The manufacturing PMI edged up 0.2 points to 48.2 in January, while economists expected a reading of 48.3. The new orders index rose 2.7 points to 51.5, moving into expansion territory. The production index was up 0.3 points to 50.2 and the order backlogs index rose 2 points to 43. However, the employment index fell 2.1 points to 45.9. Of the 18 industries surveyed, 8 reported growth.
Also at 10 am ET, the Commerce Department will release its construction spending report for January. Economists expect spending to increase by 0.5 percent month-over-month.
Construction spending rose 0.1 percent month-over-month in December following a downwardly revised 0.6 percent drop in November. Economists expected a 0.6 percent increase for the month. Annually, construction spending was up 8.2 percent. Residential construction spending climbed 0.9 percent, but non-residential construction spending fell 2.1 percent. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Dollar Tree (DLTR) reported fourth quarter adjusted earnings per share that trailed estimates. The company's full year earnings per share guidance is weak but its sales guidance is in line.
AutoZone (AZO) reported better than expected second quarter earnings per share and in line sales.
Medtronic (MDT) reported in line third quarter adjusted earnings per share but revenues were slight shy of estimates. The company reiterated its full year guidance.
Hertz Global (HTZ) reversed to a profit in its fourth quarter, although its revenues were below estimates. The company lowered its full year 2016 adjusted corporate EBITDA guidance.
Crocs (CROX) reported a wider than expected non-GAAP loss per share for its fourth quarter. The company's first quarter revenue guidance was lukewarm.
Career Education (CECO) reported a decline in its fourth quarter revenues, although it reversed to a profit, thanks to a benefit from income tax provisioning.
MBIA (MBI) reported better than expected fourth quarter net income per share, helped by higher investment income and lower expenses.
Marathon Oil (MRO) announced it has priced an upsized public offering of 145 million shares of its common stock at $7.65 per share.
Big 5 Sports (BGFV), Bob Evans (BOBE), Ross Stores (ROST) and TiVo (TIVO) 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 but recouped their losses in early trading. The averages are currently higher.
In corporate news, Intercontinental Exchange (ICE) confirmed it is considering making an offer for London Stock Exchange Group. Barclays (BCS) announced a decline in its full year profits and announced a restructuring initiative. The company said it intends to sell some of its stake in its African business over the next 2-3 years. Commodity giant Glencore reported a plunge in its full year profits, hurt by write-downs.
On the economic front, eurozone manufacturing growth eased to a one-year low in February, final data from Markit showed. The final manufacturing Purchasing Managers' Index fell to a 1-year low of 51.2 in February from 52.3 in January. The index was slightly above the flash estimate of 51.
Markit and CIPS released the results of their manufacturing survey, showing a PMI score of 50.8 for February, down from 52.9 in January.
A report released by the German Federal Statistical Office showed that the unemployment rate in Germany held steady at 6.2 percent in February, the lowest since German reunification. The number of unemployed people fell by 10,000, in line with expectations.
Meanwhile, a Federal Statistical Office report showed that the jobless rate for January eased to 4.3 percent from 4.4 percent in December. |
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| | Asian markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets advanced notably, as weak Chinese manufacturing data renewed hopes of additional stimulus.
The Japanese market ended higher, as Chinese stimulus hopes helped overcome the negativity generated by a firmer yen.
The Nikkei 225 Index opened slightly lower and remained mostly below the unchanged line in the morning, hitting the day's lows in early afternoon trading. However, the index reversed course and cut its losses and moved into positive territory by late afternoon trading and remained mostly above the unchanged line thereafter. At the close of trading, the index was up 58.75 points or 0.37 percent at 16,086.
Food, construction, retail, textile, chemical, pharma, real estate, utility and telecom stocks moved to the upside, while paper, oil, and most export stocks came under selling pressure.
Australia's All Ordinaries Index also experienced volatility before ending 41.70 points or 0.84 percent higher at 4,990. Financial, material and energy stocks rallied strongly, but defensive consumer staple, telecom and utility stocks lost ground in the session.
China's Shanghai Composite Index added 45.19 points or 1.68 percent before ending at 2,733, and Hong Kong's Hang Seng ended at 19,408, up 295.53 points or 1.55 percent.
On the economic front, the results of a survey by Caixin and Markit showed that the Chinese manufacturing sector contracted at a steeper than expected rate in February. The corresponding index fell to 48 from 48.4 in January, hitting the lowest reading in 5 months. Economists had expected an unchanged reading.
Official data released by the National Bureau of Statistics showed that the manufacturing PMI fell 0.4 points to 49 in February. The non-manufacturing PMI declined to 52.7 from 53.5 in the previous month, with February's reading indicating the slowest pace of expansion since late 2008.
Japan's manufacturing sector expanded only slightly in February, according to the results of a survey by Markit and Nikkei. The manufacturing PMI was at 50.1, down from 52.3 in January.
A report released by Japan's Ministry of Finance showed that capital spending fell 8.5 percent sequentially in the fourth quarter. Economists expected a steeper 8.7 percent drop. Excluding software, capex rose 8.9 percent, more than the 8.7 percent increase expected by economists.
The Ministry of Internal Affairs and Communications showed that average household spending in Japan fell 3.1 percent year-over-year in January. Average monthly income per household fell 1.3 percent, and average consumption expenditure per household was down 2.6 percent.
Meanwhile, a separate government report showed that the unemployment rate fell to 3.2 percent in January from 3.3 percent in December, while economists expected an unchanged reading.
The Reserve Bank of Australia chose to keep its official cash rate unchanged at 2 percent, in line with expectations. The move was premised on the belief that the prospects for continued economic growth is reasonable and inflation is close to target.
Meanwhile, the Australian Bureau of Statistics reported a plunge in building approvals for January. Separately, the current account deficit came in wider than expected in the fourth quarter. |
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| | Currency and Commodities Markets | | Crude oil futures are climbing $0.51 to $34.26 a barrel after surging up $0.97 to $33.75 a barrel on Monday. Meanwhile, an ounce of gold is trading currently at $1,247.50, up $13.10 from the previous session's close of $1,234.40. On Monday, gold jumped $14.
On the currency front, the U.S. dollar is trading at 112.94 yen compared to the 112.69 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0883 compared to yesterday's $1.0873. |
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