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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 stocks poised to add to the gains posted last week.
While buying interest was somewhat subdued, stocks moved mostly higher over the course of the trading session on Friday. The upward move on the day lifted the Nasdaq and the S&P 500 to new record closing highs.
The major averages all closed in positive territory, although the Dow inched up just 23.89 points or 0.1 percent to 22,405.09. The Nasdaq advanced 42.51 points or 0.7 percent to 6,495.96 and the S&P 500 climbed 9.30 points or 0.4 percent to 2,519.36.
For the week, the Nasdaq jumped by 1.1 percent, the S&P 500 rose by 0.7 percent and the Dow edged up by 0.2 percent.
The higher close on Wall Street came as traders continued to digest the Republican tax reform plan and attempt to assess the path forward for the proposal.
A report from Bloomberg News said the vast majority of economists surveyed predicted that the tax reform plan would widen the budget deficit.
The Trump administration has argued that the stronger economic growth spurred by the tax cuts would offset the cost.
In other news, President Donald Trump reportedly met with former Federal Reserve Governor Kevin Warsh to discuss his potential nomination as the next chair of the central bank.
The meeting, which was first reported by the Wall Street Journal, was also attended by Treasury Secretary Steven Mnuchin.
Warsh is seen as more hawkish than current Fed Chair Janet Yellen and has been a vocal critic of the Fed's monetary stimulus policies since the financial crisis.
On the U.S. economic front, the Commerce Department released a report showing personal income and spending both rose in line with economist estimates in the month of August.
The Commerce Department said personal income edged up by 0.2 percent in August after rising by a downwardly revised 0.3 percent in July.
Economists had expected income to rise by 0.2 percent compared to the 0.4 percent increase originally reported for the previous month.
The report said personal spending also inched up by 0.1 percent in August after climbing by an unrevised 0.3 percent in July. The uptick in spending matched expectations.
A separate report from MNI Indicators unexpectedly showed a significant acceleration in the pace of growth in Chicago-area business activity in the month of September.
MNI Indicators said its Chicago business barometer jumped to 65.2 in September from 58.9 in August, with a reading above 50 indicating growth.
The substantial increase by the business barometer came as a surprise to economists, who had expected the index to edge down to 58.5.
Many of the major sectors showed only modest moves on the day, although considerable strength emerged among steel stocks. Reflecting the strength in the steel sector, the NYSE Arca Steel Index advanced by 1.1 percent.
Ryerson (RYI) posted a standout gain, jumping by 14.2 percent after providing upbeat third quarter revenue guidance.
Notable strength was also visible among trucking stocks, as reflected by the 1.2 percent gain posted by the Dow Jones Trucking Index. The gain extended a recent upward move by the index, which reached a record closing high.
Biotechnology, housing, and semiconductor stocks also moved to the upside on the day, while gold stocks moved lower along with the price of the precious metal. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Economic data is likely to attract attention this week, with the closely monthly jobs report due to be released on Friday. Remarks by Federal Reserve Chair Janet Yellen may also be in focus.
At 10 am ET, the Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of September.
The ISM’s purchasing managers index is expected to dip to 58.0 in September from 58.8 in August, with a reading above 50 indicating growth in the manufacturing sector.
The Commerce Department is also due to release its report on construction spending the month of August at 10 am ET. Construction spending is expected to rise by 0.2 percent.
At 2 pm ET, Dallas Fed President Robert Kaplan is scheduled to participate in a moderated Q&A session at a Dialogue with the Fed luncheon in El Paso, Texas. |
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| | Europe markets | | European markets were mostly higher on Monday even as Spanish stocks fell amid a political crisis after Catalans voted in favor of independence in a contested referendum, plunging the EU into a new crisis.
The euro moved lower against the dollar after the violence-marred independence vote in Spain's Catalonia region.
The pan-European Stoxx Europe 600 index was up 0.3 percent at 389.27 in late opening deals, with upbeat data from China, Japan and the euro zone supporting underlying sentiment.
Official data released over the weekend showed activity in China's vast manufacturing sector grew at the fastest pace since 2012 in September, helping ease growth worries ahead of an upcoming political meeting next month.
Separately, Tankan survey results showed that Japanese business confidence among large manufacturers improved in the third quarter to the highest in a decade.
Closer home, final data from IHS Markit showed today that the euro area manufacturing sector grew the most in over six-and-a-half years in September.
The final manufacturing PMI climbed to a 79-month high of 58.1 from 57.4 in August, suggesting expansion for the fifty-first month in a row.
Investors shrugged off data from IHS Markit, which showed that the U.K. manufacturing sector continued to expand in September, albeit at a slower pace compared to August.
The German DAX was up 0.3 percent and France's CAC 40 was marginally higher, while the U.K.'s FTSE 100 was up as much as 0.6 percent, led by housebuilders and airline stocks. Spain's IBEX was tumbling 1.4 percent, dragged down by banks with CaixaBank and Sabadell losing 4-6 percent.
Miners Antofagasta, Anglo American, Glencore, BHP Billiton and Rio Tinto gained 1-2 percent as copper futures edged up after upbeat economic data from China and Japan.
Shares of easyJet rallied 4.2 percent, Ryanair Holdings jumped 2.5 percent and Lufthansa climbed 3.2 percent after Monarch Airlines had been placed into administration.
British housebuilder Barratt Developments advanced 3.6 percent on expectations that the government will extend the 'Help to Buy' scheme to stimulate the demand side of the housing market.
French ballpoint pens and razors maker BIC slumped 9.3 percent after cutting its 2017 sales forecast.
Building materials group CRH lost over 1 percent on a Bloomberg report that it is nearing an agreement to acquire Florida-based cement company Suwannee American Cement LLC from Votorantim Cimentos SA and Anderson Columbia Co.
Daily Mail and General Trust declined 2 percent. The newspapers publisher expects its full-year pretax profit to be at the lower end of market expectations. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks closed mostly higher on Monday even as trading volumes remained light amid holidays in South Korea, China, India and Hong Kong.
Official data released over the weekend showed activity in China's vast manufacturing sector grew at the fastest pace since 2012 in September, helping ease growth worries ahead of an upcoming political meeting next month.
Another report from South Korea showed that the country's exports surged 35 percent year-on-year in September, aided by higher memory chip and steel product sales.
Japanese shares rose as the yen weakened against the dollar and Tankan survey results showed that business confidence among large manufacturers improved in the third quarter to the highest in a decade.
Separately, the latest survey from Nikkei revealed that the manufacturing sector in Japan continued to expand in September, and at a faster pace, with a manufacturing PMI score of 52.9, up from 52.2 in August.
The Nikkei average rose 44.50 points or 0.22 percent to 20,400.78, with caution towards the Oct. 22 snap election serving to limit the potential upside. The broader Topix index closed marginally lower at 1,673.62.
Mitsubishi Motors, Fanuc and Yokohama Rubber climbed 2-3 percent. Nissan Motor shares fell 2.7 percent to extend losses for the fourth straight session after the automaker temporarily suspended registrations of around 60,000 new vehicles.
Australian shares rose sharply as a weaker Aussie dollar and upbeat factory activity data from China helped lift export-related miners. The benchmark S&P/ASX 200 index jumped 47.70 points or 0.84 percent to finish at 5,729.30.
BHP Billiton, Rio Tinto and Fortescue Metals Group rose 1-2 percent, while South32 jumped as much as 4.9 percent. Beach Energy soared more than 10 percent as shares resumed trading after a deal to buy Origin Energy's upstream oil and gas business for $1.2bn.
Origin Energy lost 1.1 percent, while Oil Search, Woodside Petroleum and Santos rose between 0.7 percent and 1.4 percent. Banks ANZ, Commonwealth and Westpac ended up over 1 percent each.
On the economic front, the latest survey from the Australian Industry Group showed that Australia's manufacturing sector continued to expand in September, albeit at a much slower pace. |
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| | Currency and Commodities Markets | | Crude oil futures are tumbling $1.05 to $50.62 a barrel after inching up $0.11 to $51.67 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,277, down $7.80 from the previous session’s close of $1,284.80. On Friday, gold fell $3.90.
On the currency front, the U.S. dollar is trading at 112.61 yen compared to the 112.51 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1761 compared to last Friday’s $1.1814. |
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