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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 sharply lower opening on Thursday following the modest weakness seen in the previous session.
The downward momentum on Wall Street comes as the Trump administration is expected to announced tariffs designed to punish China for intellectual property theft.
Stocks saw considerable volatility in afternoon trading on Wednesday before ending the session modestly lower.
The Dow edged down 44.96 points or 0.2 percent to 24,682.31, the Nasdaq slipped 19.02 points or 0.3 percent to 7,345.29 and the S&P 500 dipped 5.01 points or 0.2 percent to 2,711.93.
The lower close on Wall Street came after the Federal Reserve announced its widely anticipated decision to raise interest rates by 25 basis points.
A strong labor market and strength in the broader economy compelled the Fed to raise its benchmark interest rate to a range of 1.5 percent to 1.75 percent.
Perhaps more importantly, the Fed reiterated its plan to raise interest rates gradually. The central bank continues to project three rate hikes in 2018.
Annual inflation "is expected to move up in coming months," the Fed's accompanying statement said, a change from previous comments indicating that inflation would move up "this year.
In a new addition to the Fed's policy statement, the central bank sounded its most optimistic about the U.S. situation, saying, "The economic outlook has strengthened in recent months."
On the U.S. economic front, the National Association of Realtors released a report showing a much bigger than expected increase in existing home sales in the month of February.
NAR said existing home sales jumped by 3.0 percent to an annual rate of 5.54 million in February from a rate of 5.38 million in January. Economists had expected existing home sales to rise by 0.5 percent.
Energy stocks saw substantial strength on the day, benefiting from a continued increase by the price of crude oil. Crude for April delivery spiked $1.63 to $65.17 a barrel.
Gold, steel, and chemical stocks also saw significant strength, while notable weakness was visible among telecom and tobacco stocks.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A report released by the Labor Department on Thursday showed a modest uptick in first-time claims for U.S. unemployment benefits in the week ended March 17th.
The report said initial jobless claims edged up to 229,000, an increase of 3,000 from the previous week's unrevised level of 226,000. Economists had expected jobless claims to dip to 225,000.
At 10 am ET, the Conference Board is scheduled to release its report on leading economic indicators in the month of February. The leading economic index is expected to rise by 0.3 percent. |
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| | Europe |
European stocks have fallen sharply on Thursday as the dollar weakened following less-hawkish-than-expected outlook under new Fed Chair Jerome Powell.
While the French CAC 40 Index has plunged by 1.4 percent, the German DAX Index and the U.K.?s FTSE 100 Index are down by 1.2 percent and 1.1 percent, respectively.
In economic news, German business sentiment deteriorated in March, survey data from Ifo institute revealed. The business climate index dropped to 114.7 from February's initially estimated 115.4.
Separately, flash data from IHS Markit showed that the euro area private sector expanded at the weakest pace in more than a year in March. The composite output index dropped to 55.3 from 57.1 in February.
HeidelbergCement has fallen after saying it expects a moderate rise in sales in 2018. Tech giant Micro Focus has also slumped after its earnings alert earlier in the week.
Meanwhile, consumer goods maker Reckitt Benckiser Group has jumped after it ended talks with Pfizer over buying its consumer healthcare business.
British construction and support services firm Interserve has also moved sharply higher after it struck a refinancing deal with its banks.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks turned in a mixed performance on Thursday after the Federal Reserve announced its widely anticipated decision to raise interest rates by 25 basis points and projected three rate hikes in 2018, citing a strong outlook for U.S. economic growth.
Underlying sentiment remained somewhat cautious amid expectations that U.S. president Donald Trump will introduce tariffs on Chinese goods for approximately $50 billion.
China's Shanghai Composite Index slid 17.12 points or 0.5 percent to close at 3,263.83 after the People's Bank of China raised its short-term interest rates for the first time this year in reaction to the Fed's rate hike. Hong Kong?s Hang Seng Index tumbled 343.47 points or 1.1 percent to 31,071.05.
The central bank lifted its 7-day reverse repo rate by 5 basis points to 2.55 percent from 2.50 percent. This was the first rate action after the appointment of Yi Gang as central bank governor.
Meanwhile, Japanese shares rose in choppy trading as pension funds and retail investors lapped up beaten-down shares, helping offset a strong yen and mixed manufacturing data.
The manufacturing sector in Japan continued to expand in March, albeit at a slower pace, the latest survey from Nikkei revealed with a manufacturing PMI score of 53.2, down from 54.1 in February.
The Nikkei 225 Index jumped 211.02 points or 1 percent to 21,591.99 as trading resumed after a national holiday on Wednesday. The broader Topix index closed 0.7 percent higher at 1,727.39.
Exporters Canon and Sony climbed around 2 percent despite a firmer yen. Oil firm Inpex jumped 4.9 percent and Japan Petroleum added 4.3 percent after crude oil prices rose to a six-week high overnight. Index heavyweights Fanuc and Fast Retailing gained 3.7 percent and 1.3 percent, respectively.
Australian shares ended a choppy session slightly lower after data showed hiring for full-time positions surged in February, with 17,500 net new jobs getting added in the month, just under forecasts of 20,000.
The benchmark S&P/ASX 200 Index dropped 13.10 points or 0.2 percent to 5,937.20, while the broader All Ordinaries Index ended down 9.90 points or 0.2 percent at 6,043.20.
Higher base metal prices helped lift miners, with heavyweights BHP Billiton and Rio Tinto climbing 2-3 percent. Santos and Woodside Petroleum rose 1-2 percent as oil prices rallied on dollar weakness as well as data showing a surprise draw on U.S. crude inventories.
The big four banks fell between 0.3 percent and 1.2 percent. Sigma Healthcare plunged 7.4 percent after its full-year underlying profit fell more than 10 percent.
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| | Commodities |
Crude oil futures are falling $0.47 to $64.70 a barrel after spiking $1.63 to $65.17 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,332 an ounce, up $10.50 compared to the previous session?s close of $1,321.50. On Wednesday, gold climbed $9.60.
On the currency front, the U.S. dollar is trading at 105.31 yen compared to the 106.05 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.2327 compared to yesterday?s $1.2338.
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