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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, with stocks likely to continue to experience choppy trading following the lackluster performance in the previous session.
Traders may be reluctant to make significant moves amid renewed concerns after the U.S. imposed tariffs on $16 billion worth of Chinese goods, leading to a tit-for-tat retaliation by the Asian nation.
After the U.S. imposed an additional 25 percent in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars, China's Ministry of Commerce said it would lodge a complaint against the measure under the World Trade Organization's dispute settlement mechanism.
Stocks showed a lack of direction over the course of the trading session on Wednesday before ending the day mixed. While the tech-heavy Nasdaq moved to the upside, the Dow and the S&P 500 both closed in negative territory.
The Nasdaq rose 29.92 points or 0.4 percent to 7,889.10, but the Dow fell 88.69 points or 0.3 percent to 25,773.60 and the S&P 500 edged down 1.14 points or less than a tenth of a percent to 2,861.82.
The mixed close on Wall Street came following the Federal Reserve?s release of the minutes of its latest monetary policy meeting.
In their discussion of the economic situation and the outlook, meeting participants agreed that information received since the FOMC met in June indicated that the labor market had continued to strengthen and that economic activity had been rising at a strong rate. Job
Many participants suggested that if incoming data continued to support their current economic outlook, it would likely soon be appropriate to take another step in removing policy accommodation.
Participants generally expected that further gradual increases in the target range for the federal funds rate would be consistent with a sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective over the medium term.
On the U.S. economic front, the National Association of Realtors released a report showing an unexpected drop in existing home sales in the month of July.
NAR said existing home sales dropped by 0.7 percent to an annual rate of 5.34 million in July after falling by 0.6 percent to a rate of 5.38 million in June.
The continued decrease in existing home sales came as a surprise to economists, who had expected existing home sales to climb by 0.6 percent.
"Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million," said NAR chief economist Lawrence Yun.
He added, "Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market."
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A report released by the Labor Department showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended August 18th.
The report said initial jobless claims edged down to 210,000, a decrease of 2,000 from the previous week's unrevised level of 212,000. Economists had expected jobless claims to inch up to 215,000.
At 10 am ET, the Commerce Department is scheduled to release its report on new home sales in the month of July. New home sales are expected to climb by 2.2 percent.
The Treasury Department is due to announce the details of next week?s auctions of two-year, five-year, and seven-year notes at 11 am ET. |
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| | Europe |
The major European markets have also turned mixed on the day. While the German DAX Index is just below the unchanged line, the U.K.?s FTSE 100 Index and the French CAC 40 Index are both up by 0.1 percent.
In economic news, flash data from IHS Markit showed Germany's private sector activity to have grown at the fastest pace in six months in August, with the composite output index improving to a score of 55.7 in the month, from 55.0 in
July.
The services Purchasing Managers' Index rose to 55.2 from 54.1 in July. The score was expected to rise marginally to 54.3.
The manufacturing PMI slid to 56.1 from 56.9 in the previous month. Economists had forecast the index to fall moderately to 56.5.
Phil Smith, principal economist at IHS Markit said, "German business continued to display remarkable resilience during August, with the latest PMI data going some way to dispel any fears about a global trade slowdown and its impact on the health of the economy."
Meanwhile, the euro area private sector continued to expand in August, according to IHS Markit. The composite output index rose marginally to 54.4 in August from 54.3 in July. But the score was slightly below the forecast of
54.5. The services Purchasing Managers' Index also came in at 54.4, up from 54.2 a month ago.
The manufacturing PMI fell unexpectedly to a 21-month low of 54.6 from 55.1 in July. Within the eurozone, growth accelerated in France and Germany but slowed across the rest of the single-currency area.
Meanwhile, a report from statistical office Insee showed France's manufacturing confidence to have improved marginally in August after falling in the previous month. The manufacturing confidence index rose to 110 in August from 109 in July, which was revised up from 108.
The index measuring general production expectations rose to 11 in August from 10 in the prior month.
Meanwhile, their personal production expectations weakened to 18 from 23. However, the index remained well above its long-term average.
The balance of industrialists' opinion on past activity improved notably in August, with the index rising to 19 from 10.
The business climate index that covers the main sectors, remained slightly less favorable in August. The corresponding index edged down to 106 from 107.
According to a report from IHI Markit, France's private sector growth accelerated to a four-month high in August, thanks to stronger expansions in both the services and manufacturing sectors.
The composite output index rose to 55.1 in August from 54.4 in July. Importantly, the index remained above the neutral 50.0 mark for a twenty-sixth month in a row. The index was expected to grow to 54.6.
The services Purchasing Managers' Index climbed to 55.7 in August, as against expectations for a rise to 55.1, from 54.9 in the preceding month. With manufacturers reporting a faster increase in output in August, the manufacturing PMI rose to 53.7 in the month, up from 53.3 in July and higher than the forecast of 53.4.
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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 U.S. imposed tariffs on $16 billion worth of Chinese goods and the Asian nation vowed to retaliate, in an escalation of their trade war.
After the U.S. imposed an additional 25 percent in duties on Chinese imports ranging from motorcycles to steam turbines and railway cars, China's Ministry of Commerce said it would lodge a complaint against the measure under the World Trade Organization's dispute settlement mechanism.
Markets were also tracking political developments in Washington after Michael Cohen, U.S. President Donald Trump's former personal lawyer, pleaded guilty to campaign finance violations and other charges and Paul Manafort, Trump's former campaign chairman, was found guilty on five counts of tax fraud.
China's Shanghai Composite Index climbed 10.02 points or 0.4 percent to 2,724.62, while Hong Kong's Hang Seng Index fell 137.12 points or 0.5 percent to 27,790.46.
A cheaper yen helped lift Japanese shares, with the benchmark Nikkei 225 Index rising 48.27 points or 0.2 percent to 22,410.82. The broader Topix Index closed marginally lower at 1,698.22.
Activity in Japan's manufacturing sector continued to expand in August, and at a faster rate, the latest survey from Nikkei revealed with a manufacturing PMI score of 52.5, up from 52.3 in July.
Australian shares closed lower, dragged down by banks as renewed political uncertainty clouded the economic outlook.
The benchmark S&P/ASX 200 Index dropped 21.60 points or 0.3 percent to 6,244.40, while the broader All Ordinaries Index ended down 13.50 points or 0.2 percent at 6,360.30.
The big four banks fell 2-3 percent on worries about elevated sovereign risk as the government adjourned parliament to struggle with an internecine leadership battle. Qantas Airways lost 2.8 percent on concerns about rising fuel costs.
Mining heavyweight BHP Billiton advanced 1.3 percent and rival Rio Tinto edged up 0.4 percent. Oil & gas producer Santos soared 11.3 percent after the company returned to a half-year profit and resumed dividend.
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| | Commodities |
Crude oil futures are slipping $0.03 to $67.83 a barrel after spiking $2.02 to $67.86 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,198.30, down $5 compared to the previous session?s close of $1,203.30. On Wednesday, gold rose $3.30.
On the currency front, the U.S. dollar is trading at 110.81 yen compared to the 110.56 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1580 compared to yesterday?s $1.1597.
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