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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 lower opening on Wednesday following the modest weakness seen in the previous session.
Weakness in the overseas markets may weigh on Wall Street amid lingering uncertainty about Republicans’ ability to pass tax reform legislation.
After an initial move to the downside, stocks regained some ground over the course of the trading session on Tuesday but remained in the red. The major averages offset the modest gains posted in the previous session.
The major averages ended the day in negative territory but well off their lows of the session. The Dow edged down 30.23 points or 0.1 percent to 23,409.47, the Nasdaq fell 19.72 points or 0.3 percent to 6,737.87 and the S&P 500 dipped 5.97 points or 0.2 percent to 2,578.87.
Lingering uncertainty about the outlook for the Republican tax reform proposal weighed on the markets as the House prepares to vote on their bill later this week.
The House bill has significant differences from the Senate version, raising concerns about whether GOP lawmakers will be able to work together to combine the legislation.
Senate Finance Committee Chairman Orrin Hatch, R-Utah, delayed the release of his modified version of the Senate tax reform bill.
On the U.S. economic front, the Labor Department released a report showing producer prices increased by more than anticipated in the month of October.
The Labor Department said its producer price index for final demand climbed by 0.4 percent in October, matching the increase seen in September. Economists had expected prices to inch up by 0.1 percent.
Excluding food and energy prices, core producer prices also rose by 0.4 percent in October after a matching increase in the previous month. Core prices had been expected to rise by 0.2 percent.
Energy stocks showed a significant move to the downside on the day amid a steep drop by the price of crude oil. Crude for December delivery tumbled $1.06 to $55.70 a barrel.
Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged by 3.8 percent and the NYSE Arca Natural gas Index slumped by 2.6 percent.
Substantial weakness was also visible among steel stocks, as reflected by the 2.9 percent loss posted by the NYSE Arca Steel Index. With the drop, the index fell to its lowest closing level in well over two months.
Biotechnology and chemical stocks also saw notable weakness, while considerable strength was visible among utilities stocks. |
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| | US Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | A report from the Commerce Department unexpectedly showed a modest increase in retail sales in the month of October.
Economists had expected retail sales to come in unchanged compared to the 1.6 percent jump originally reported the previous month.
Excluding an increase in auto sales, retail sales still inched up by 0.1 percent in October following a 1.2 percent surge in September. Ex-auto sales had been expected to rise by 0.2 percent.
With an increase in shelter costs offsetting a pullback in energy prices, the Labor Department released a report showing an uptick in U.S. consumer prices in the month of October.
The Labor Department said its consumer price index inched up by 0.1 percent in October after climbing by 0.5 percent in September. The modest increase in consumer prices matched economist estimates.
Excluding food and energy prices, core consumer prices rose by 0.2 percent in October after edging up by 0.1 percent in the previous month. The increase in core consumer prices also met expectations.
Growth in New York manufacturing activity slowed by more than anticipated in the month of November, according to a report released by the Federal Reserve Bank of New York.
The New York Fed said its general business conditions index dropped to 19.4 in November from 30.2 in October, although a positive reading still indicates growth. Economists had expected the index to fall to 26.0.
At 10 am ET, the Commerce Department is scheduled to release its report on business inventories in the month of September. Business inventories are expected to inch up by 0.1 percent.
The Energy Information Administration is scheduled to release its report on oil inventories in the week ended November 10th at 10:30 am ET.
Crude oil inventories are expected to drop by 2.2 million barrels after climbing by 2.2 million barrels in the previous week.
At 4 pm ET, Boston Federal Reserve President Eric Rosengren is due to give remarks on the U.S. Economy at Northeastern University's Economic Policy Forum in Boston. |
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| | Europe markets | | European stocks are extending losses from the previous session as a surging euro and weak commodity prices on concerns over slowing Chinese growth have sapped investor appetite for risk.
While the German DAX Index has slumped by 1.1 percent, the French CAC 40 Index is down by 0.7 percent and the U.K.’s FTSE 100 Index is down by 0.5 percent.
Norwegian oil and gas company Statoil has fallen sharply after it agreed to pay $4 million to settle a U.S. charge over market manipulation.
French utility EDF has also moved to the downside on concerns surrounding possible delays in the delivery of nuclear plants.
German energy firm Innogy has come under pressure after the company announced that Werner Brandt, chairman of its supervisory board, will step down from his post at the end of the year.
On the other hand, Premier Foods has jumped nearly 7 percent in London after the company returned to a profit in the first half.
Aerospace giant Airbus has also rallied after winning an order worth a total $49.5 billion to sell 430 jetliners.
In economic news, French inflation accelerated to 1.1 percent in October from 1 percent in September, final data from statistical office Insee showed.
The U.K. jobless rate came in at 4.3 percent in three months to September, the same as in three months to August but down from 4.8 percent a year earlier.
The euro area trade surplus increased in September from August as exports increased amid a fall in imports, Eurostat reported. Exports grew 1.1 percent sequentially, while imports decreased 1.2 percent. |
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| | Asia markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks fell broadly on Wednesday as commodities declined on concerns over slowing growth in China and uncertainty prevailed over the fate of a U.S. tax reform bill.
Chinese shares extended losses after a slew of data released on Tuesday suggested that growth was moderating.
The benchmark Shanghai Composite Index fell 27.01 points or 0.8 percent to 3,402.54, while Hong Kong's Hang Seng Index slumped 300.43 points or 1 percent to 28,851.69.
Japanese shares tumbled as the yen surged and economic data on industrial output and GDP painted a mixed picture of the economy.
While Japan's industrial output declined less than initially estimated in September, GDP grew 0.3 percent sequentially in the third quarter, shy of expectations for a 0.4 percent gain and down from 0.6 percent in the second quarter, separate reports showed.
The Nikkei 225 Index gave up 351.69 points or 1.6 percent to end at 22,028.32, and the broader Topix Index closed 2 percent lower at 1,744.01.
Exporters Canon, Sony and Panasonic lost 2-3 percent, while energy stocks Inpex Corp and Japan Petroleum ended down 3.7 percent and 4.2 percent, respectively.
Australian shares fell for a fourth consecutive session as lower prices for oil and metals pulled down mining and energy stocks. The benchmark S&P/ASX 200 Index dropped 34.50 points or 0.6 percent to finish at 5,934.20, and the broader All Ordinaries Index ended down 36.40 points or 0.6 percent at 6,012.30.
Oil Search, Origin Energy, Santos and Beach Energy lost 2-4 percent after oil prices fell for a third day in a row on Tuesday. A broad based pullback in base metals prices weighed on the mining sector, with BHP Billiton, South32, Rio Tinto and Fortescue Metals Group losing 2-3 percent.
The big four banks fell between 0.2 percent and 0.8 percent after the release of sluggish wage growth and consumer confidence data.
Meanwhile, DuluxGroup shares soared 6.1 percent after the paints maker reported a 10 percent increase in full-year profit and said it expects to increase its annual profit in 2018. |
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| | Commodity, Currency Markets | | Crude oil futures are falling $0.65 to $55.05 a barrel after tumbling $1.06 to $55.70 a barrel on Tuesday. Gold futures, which rose $4 to $1,282.90 an ounce in the previous session, are climbing $5.90 to $1,288.80 an ounce.
On the currency front, the U.S. dollar is trading at 112.68 yen compared to the 113.46 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1798 compared to yesterday’s $1.1837. |
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