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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 Tuesday, with sentiment suggesting a return of risk appetite and interest in risky bets following their recent drubbing. Crude oil and risk currencies are higher. Also aiding sentiment would be an upward revision to the U.S. first quarter GDP. Equities could rally along with the risky bets. The markets could also stay focused on a consumer confidence reading due for the day.
U.S. stocks extended their steep losses on Monday, as traders did not get over the Brexit verdict of the Britons. The major averages opened lower and fell steadily till early afternoon trading. Thereafter, the indexes moved roughly sideways before ending sharply lower.
The Dow Industrials ended down 260.51 points or 1.50 percent at 17,140, its lowest level since March 10th, the S&P 500 Index closed 36.87 points or 1.81 percent lower at a 3-1/2 month low of 2,001 and the Nasdaq Composite ended at a 4-month low of 4,594, down 113.54 points or 2.41 percent.
Twenty-eight of the thirty Dow components ended lower for the session, with Visa (V), McDonald's (MCD), JP Morgan Chase (JPM), Intel (INTC), IBM (IBM), DuPont (DD), American Express (AXP), Boeing (BA) and Caterpillar (CAT) leading the slide. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Economic activity in the U.S. increased faster than previously estimated in the first quarter of 2016, according to a report released by the Commerce Department.
The Commerce Department said the pace of growth in gross domestic product was upwardly revised to 1.1 percent from the previous estimate of 0.8 percent. The revised GDP growth in the first quarter compares to the 1.4 percent jump seen in the fourth quarter and the 1.0 percent increase expected by economists.
S&P/Case-Shiller is set to release its house price index for April at 9 am ET. The 20-city composite house price index is expected to increase by a seasonally adjusted 0.6 percent month-over-month following a 0.9 percent increase in March.
At 10 am ET, the Conference Board is scheduled to release its consumer confidence index for June. The consensus estimate calls for an increase in the index to 93.3 from 92.6 in the previous month.
Consumer confidence receded in May, with the corresponding indicator sliding to 92.6 from a revised 94.7 in April. The present situation index fell to 117.1 from 112.9 and the expectations index slipped to 79 from 79.7. Consumers' assessment of current as well future business conditions and the labor market worsened.
The Richmond Federal Reserve will release the results of its regional manufacturing survey for June at 10 am ET. In May, the headline index based on the survey was at -1. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Cisco (CSCO) announced its intent to acquire CloudLock, a privately-held cloud security company.
General Electric (GE) announced separate agreements with 3 buyers to sell the bulk of GE Capital's U.S. restaurant franchise financing assets for about $0.2 billion. The deal is expected to close in the third quarter of 2016. |
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| | European Markets |
European stocks are rebounding strongly after 2 days of steep losses following the Brexit vote. The major averages in the region are up about 2 percent or more.
In major corporate news, Legal & General appointed former second permanent secretary of HM Treasury John Kingman as its Chairman.
Rolls-Royce said in its pre-close statement that overall trading in the first five months of the year has been broadly in line with expectations. The company also maintained its full year guidance.
On the economic front, French statistical office INSEE reported that French consumer confidence eased in June. The consumer confidence index fell a point to 98 from a nearly 9-year high of 98. The drop was in line with expectations.
Data released by the German Federal Statistical Office showed that German import prices fell 5.5 percent year-over-year in May, slower than the 6.6 percent drop in April. Economists expected a steeper 5.8 percent drop. However, on a month-over-month basis, import prices rose 0.9 percent. Export prices fell 1.6 percent year-over-year but rose 0.2 percent month-over-month.
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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, as some of the markets recouped their early losses, triggered by the negative close on Wall Street overnight, and ended moderately higher. However, the Australian and Hong Kong markets retreated.
The Japanese market ended a volatile session marginally higher, even as the yen remained elevated. An assurance of policy support proved salubrious for the markets.
The Nikkei 225 Index opened notably lower and moved sideways around the lower levels. By late morning trading, the average cut its losses and rose above the unchanged line by early afternoon trading.
After moving back and forth across the unchanged line till the mid-session, the index moved decisively higher and remained above the unchanged line thereafter. The index ended up 13.93 points or 0.09 percent at 15,323.
Construction, food, telecom, utility and pharma stocks gained ground. On the other hand, export, financial, oil, material, retail, chemical and real estate stocks came under selling pressure.
Meanwhile, Australia's All Ordinaries Index languished below the unchanged line throughout the session before ending down 36.50 points or 0.70 percent at a more than 2-month low of 5,180.
The market witnessed broad based weakness, with consumer, energy, industrial, IT, material and telecom stocks all seeing notable weakness.
Hong Kong's Hang Seng Index ended at 20,173, down 54.84 points or 0.27 percent. On the other hand, China's Shanghai Composite ended a volatile session up 16.85 points or 0.58 percent at 2,913.
On the economic front, the South Korean government announced that it plans to inject additional stimulus, given the growth risks stemming from corporate restructuring and external uncertainties caused by the Brexit. The government said it intends to infuse 20 trillion won into the economy. |
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| | Currency and Commodities Markets | | Crude oil futures for August delivery are gaining $1.35 to $47.68 a barrel after tumbling $1.31 to $46.33 a barrel in the previous session. Meanwhile, an ounce of gold is currently trading at $1,316, down $8.70 from the previous session's close of $1,324.70. On Monday, gold rose $2.30.
On the currency front, the U.S. dollar is trading at 102.37 yen compared to the 102 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1074 compared to yesterday's $1.1025. |
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