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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 roughly flat opening on Thursday following the rally seen in the previous session.
Traders may be reluctant to make any significant moves amid easing concerns about the political situation in Italy but continued worries about President Donald Trump?s moves on trade.
A report from CNBC said Trump is likely to re-impose steel and aluminum tariffs on Canada, Mexico and the European Union later in the day.
Stocks rallied on Wednesday, trimming significant losses from the previous session thanks to bargain hunting.
With traders betting that the effects of political turmoil in Italy on the euro zone are manageable, markets found their footing.
Rebounding crude oil prices also helped, as gains were recorded across the energy sector.
The Dow Jones Industrial Index rose 1.3%, the S&P 500 added 1.3% and the Nasdaq Composite picked up 0.9%.
On the U.S. economic front, payroll processor ADP released a report showing private sector employment increased by slightly less than expected in the month of May.
ADP said private sector employment climbed by 178,000 jobs in May after rising by a downwardly revised 163,000 jobs in April.
Economists had expected employment to increase by 190,000 jobs compared to the jump of 204,000 jobs originally reported for the previous month.
The Federal Reserve said today that U.S. economic activity expanded moderately in late April and early May with few shifts in the pattern of growth.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
Personal income in the U.S. increased in line with economist estimates in the month of April, according to a report released by the Commerce Department, while personal spending climbed by more than anticipated.
The Commerce Department said personal income rose by 0.3 percent in April after edging up by 0.2 percent in March. The increase in income matched economist estimates.
Meanwhile, the report said personal spending climbed by 0.6 percent in April following a 0.5 percent increase in the previous month. Spending had been expected to rise by 0.4 percent.
A day ahead of the release of the closely watched monthly jobs report, the Labor Department released a report showing a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended May 26th.
The report said initial jobless claims fell to 221,000, a decrease of 13,000 from the previous week?s unrevised level of 234,000. Economists had expected jobless claims to dip to 228,000.
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of May.
The Chicago business barometer is expected to inch up to 58.0 in May from 57.6 in April, with a reading above 50 indicating growth.
The National Association of Realtors is due to release its report on pending home sales in the month of April at 10 am ET. Pending home sales are expected to rise by 0.4 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. |
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| | Europe |
European stocks are mostly higher on Thursday, although a firmer euro and renewed trade worries served to keep a lid on regional gains.
The pan-European Stoxx Europe 600 Index is up 0.3 percent as Italian parties revived attempts to form a government and Spanish Prime Minister Mariano Rajoy insisted he would not resign ahead of Friday's no-confidence vote in the Madrid parliament.
France's CAC 40 Index and the U.K.'s FTSE 100 Index are both up by 0.4 percent, while the German DAX Index is down by 0.3 percent, dragged down by automakers amid reports that the Trump administration wants to block German luxury carmakers from the U.S. market.
Meggitt has advanced in London after it has finalized terms for a long-term contract worth more than $50 million with Wizz Air.
Johnson Matthey has also moved higher after its underlying annual sales came in slightly above expectations.
Meanwhile, Italian utility Enel has moved to the downside after winning a highly contested multibillion-dollar battle for AES Corp.'s Brazilian utility.
On the economic front, Eurozone inflation rose more than expected to 1.9 percent in May from 1.2 percent in April largely on energy prices, while the region's jobless rate fell in April to a near-decade low of 8.5 percent, separate reports from Eurostat showed.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks closed broadly higher on Thursday as oil prices rebounded, Italy's political turmoil eased and Chinese data topped forecasts.
Italian president Sergio Mattarella granted Italy's two populist leaders more time to form a government, helping ease worries that another election will essentially be a referendum on the country's membership in the European Union.
Chinese shares posted strong gains as investors cheered upbeat manufacturing and non-manufacturing data. The benchmark Shanghai Composite index jumped 56.50 points or 1.9 percent to 3,099.94, while Hong Kong's Hang Seng Index surged up 411.77 points or 1.4 percent to 30,468.56.
The manufacturing sector in China expanded at a faster rate in May, the National Statistics Bureau said with a manufacturing PMI score of 51.9. That exceeded forecasts for 51.4, which would have been unchanged from the April reading.
The bureau also said that its non-manufacturing PMI came in with a score of 54.9. That also beat expectations for 54.8, which also would have been unchanged.
Japanese shares closed higher on bargain hunting as concerns about Italy's political turmoil receded. The Nikkei 225 Index climbed 183.30 points or 0.8 percent to finish at 22,201.82 despite a stronger yen. The broader Topix Index rose by 11.32 points or 0.7 percent to 1,747.45.
Japan Petroleum Exploration soared over 5 percent after crude oil prices climbed more than 2 percent overnight. Sumitomo Mitsui Financial, Toyota Motor and Olympus gained 1-3 percent.
On the data front, industrial production in Japan expanded a seasonally adjusted 0.3 percent on month in April, the Ministry of Economy, Trade and Industry said in a preliminary reading. That was well shy of forecasts for 1.4 percent, which would have been unchanged from, the March reading.
Another report showed that Japan's housing starts rose unexpectedly in April.
Housing starts climbed 0.3 percent year-on-year in April, reversing an 8.3 percent drop in March and confounding expectations for a decline of 8.9 percent. This was the first increase in ten months.
Australian shares eked out modest gains, with miners and energy stocks leading the surge. The benchmark S&P/ASX 200 Index rose 27.20 points or 0.5 percent to 6,011.90, while the broader All Ordinaries Index ended up 29.70 points or 0.5 percent at 6,123.50.
Higher base metal prices helped lift miners, with BHP Billiton and Rio Tinto rising 1.8 percent and 1.2 percent, respectively.
Energy stocks such as Woodside Petroleum, Oil Search and Santos jumped 2-3 percent after oil prices rose more than 2 percent overnight despite data showing an unexpected build in U.S. crude stockpiles.
Evolution Mining and Newcrest Mining rose 1-2 percent after gold prices edged higher overnight. Banks and realty stocks ended subdued after data showed Australia's housing activity slowed in April.
Myob Group shares slumped 8.2 percent after the software developer abandoned an A$180 million bid to acquire the Australian and New Zealand assets of Reckon's Accountant Group.
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| | Commodities |
Crude oil futures are sliding $0.74 to $67.47 a barrel after jumping $1.48 to $68.21 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,305.50, down $1 compared to the previous session?s close of $1,306.50. On Wednesday, gold rose $2.40.
On the currency front, the U.S. dollar is trading at 108.82 yen compared to the 108.91 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1686 compared to yesterday?s $1.1665.
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