| | The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks likely to extend the strong upward move seen late in the previous session.
Early buying interest may be generated in reaction to a report from payroll processor ADP showing stronger than expected private sector job growth in the month of October.
The upbeat private sector jobs data is likely to generate optimism about the Labor Department?s more closely watched monthly jobs report due to be released on Friday.
A positive reaction to earnings news from some big-name companies is also likely to benefit the markets, with General Motors (GM) and Facebook (FB) moving notably higher in pre-market trading after reporting better than expected quarterly results.
After fluctuating for much of the session, stocks moved significantly higher late in the trading day on Tuesday. The major averages climbed firmly into positive territory after turning lower over the course of the trading session on Monday.
The major averages saw further upside going into the close, ending the day just off their highs of the session. The Dow soared 431.72 points or 1.8 percent to 24,874.64, the Nasdaq jumped 111.36 points or 1.6 percent to 7,161.65 and the S&P 500 surged up 41.38 points or 1.6 percent to 2,682.63.
The sharply higher close on Wall Street came after the pullback seen on Monday dragged the Nasdaq and the S&P 500 down to six-month closing lows and the Dow fell to its lowest closing level in well over three months.
Traders once again looked to pick up stocks at reduced levels after bargain hunting efforts in the previous session were thwarted by renewed concerns about the trade war between the U.S. and China.
President Donald Trump's prediction the U.S. will reach a "great deal" with China on trade offset some of the concerns, although the president also warned of more tariffs if a deal is not possible.
"I think that we will make a great deal with China and it has to be great, because they've drained our country," Trump told Laura Ingraham of Fox News on Monday.
The comments from Trump came after a report from Bloomberg said the U.S. is preparing to announce tariffs on all remaining Chinese imports if next month's talks between Trump and Chinese President Xi Jinping fail to ease the trade war.
Trump and Xi are expected to meet on the sidelines of a Group of 20 summit in Buenos Aires, Argentina, beginning November 30th.
Positive sentiment may also have been generated by a report from the Conference Board showing a continued increase in consumer confidence in the month of September.
The Conference Board said its consumer confidence index rose to 137.9 in October from a downwardly revised 135.3 in September.
Economists had expected the consumer confidence index to drop to 136.3 from the 138.4 originally reported for the previous month.
With the increase, the consumer confidence index reached its highest level since hitting 142.5 in September of 2000.
Housing stocks showed a substantial move to the upside on the day, driving the Philadelphia Housing Sector Index up by 5 percent. The index rebounded after ending the previous session at its lowest closing level in well over a year.
Construction materials maker Vulcan Materials (VMC) led the housing sector higher after reporting better than expected third quarter results.
Significant strength was also visible among semiconductor stocks, as reflected by the 4.2 percent jump by the Philadelphia Semiconductor Index. With the gain, the index also rebounded from a more than one-year closing low.
Computer hardware, transportation, oil, and networking stocks also saw considerable strength on the day, reflecting broad based buying interest on Wall Street.
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Payroll processor ADP released a report showing another significant increase in employment in the U.S. private sector in the month of October.
ADP said private employment jumped by 227,000 jobs in October after surging up by a downwardly revised 218,000 jobs in September.
Economists had expected an increase of about 189,000 jobs compared to the addition of 230,000 jobs originally reported for the previous month.
The stronger than expected job growth in October reflected the biggest increase in private sector employment since a jump of 241,000 jobs in February.
At 9:45 am ET, MNI Indicators is scheduled to release its report on Chicago-area business activity in the month of October.
The Chicago business barometer is expected to edge down to 60.0 in October from 60.4 in November, although a reading above 50 would still indicate growth.
The Energy Information Administration is due to release its report on oil inventories in the week ended October 26th.
Crude oil inventories are expected to rise by 3.7 million barrels after surging up by 6.4 million barrels in the previous week.
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Shares of General Motors (GM) are moving sharply higher in pre-market trading after the auto giant reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Lightweight materials manufacturer Arconic (ARNC) is also likely to see initial strength after reporting better than expected third quarter results. A report from Reuters also said private equity firm Apollo Global Management is in advanced talks to acquire Arconic for more than $11 billion.
Shares of eBay (EBAY) may also move to the upside after the eCommerce giant reported third quarter earnings that beat analyst estimates on revenues that came in line with expectations.
On the other hand, shares of Clorox (CLX) are likely to come under pressure after the household products maker reported better than expected fiscal first quarter results but lowered its full-year guidance.
Video game publisher Electronic Arts (EA) is also seeing pre-market weakness after reporting fiscal second quarter results that exceeded expectations but forecasting weaker than expected fiscal third quarter revenues.
Shares of Baidu (BIDU) may also move to the downside after the China-based search engine operator forecast fourth quarter sales below analyst estimates. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have moved sharply higher on Wednesday, as positive cues from Wall Street and Asia as well as a slew of upbeat earnings news helped outweigh signs of a further loss of momentum in China.
While the French CAC 40 Index has surged up by 2.3 percent, the U.K.?s FTSE 100 Index and the German DAX Index are up by 1.6 percent and 1.5 percent, respectively.
French cosmetics and beauty products giant L'Oreal has soared after its sales for the first nine months of the year rose 1.8 percent.
Air France-KLM has also advanced after its net income for the third quarter increased 22.6 percent from last year.
Drug giant Sanofi has also jumped as the company raised its 2018 profit target for the second time this year after its third quarter earnings topped forecasts.
Banco Santander has also moved notably higher. The bank's attributable profit for the third quarter was 36 percent higher than a year ago, helped by solid performances in Brazil and Spain.
Packaging company Smurfit Kappa Group has rallied as it reported 27 percent growth in pre-exceptional EBITDA growth for the 9 months ending September 30th.
Standard Chartered has also soared. After posting better than expected third quarter earnings, the bank warned about the impact of the U.S.-China trade war on business sentiment in its core emerging markets.
Specialty chemicals company Clariant has also rallied after reporting a rise in nine-month EBITDA and confirming its full-year outlook.
ThyssenKrupp has also jumped in Frankfurt despite the European Commission launching an in-depth probe into its planned steel joint venture with India's Tata Steel.
On the other hand, French satellite firm Eutelsat has moved sharply lower after cutting its revenue guidance. Finnish tire maker Nokian has also slumped after cutting its full-year profit outlook.
In economic news, German retail sales fell 2.6 percent from a year ago in September, while economists were looking for a 1 percent gain.
U.K. shop prices declined in October following two months of mild inflation, data from the British Retail Consortium showed. The BRC - Nielsen shop price index decreased 0.2 percent year-on-year versus a 0.2 percent rise in September.
Separately, U.K. consumer confidence weakened in October, market research firm GfK said. The consumer sentiment index dropped to -10 from -9 in September, as consumers were more concerned about economic situation over the coming twelve months. The reading came in line with expectations.
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Asian stocks rose on Wednesday as investors digested a slew of economic data, corporate earnings results and weaker than expected Chinese manufacturing data.
China's Shanghai Composite Index rallied 34.73 points or 1.4 percent to close at 2,602.78, a day after the country's securities regulator promised measures to improve market liquidity, encourage share buybacks and mergers and acquisitions. Hong Kong's Hang Seng Index jumped 394.16 points or 1.6 percent to 24,979.69.
Traders ignored the latest PMI numbers confirming a broad-based decline in Chinese economic activity.
China's official manufacturing PMI fell to 50.2 in October, the lowest since July of 2016 and down from 50.8 in September, in a sign of further loss of momentum in the world's second-largest economy.
The services PMI dropped from 54.9 to 53.9, marking the weakest pace of expansion since August of 2017.
On the heels of the disappointing data, the People's Bank of China weakened the yuan fix to the lowest in more than a decade.
Japanese shares hit a one-week high and the yen edged lower against the dollar after the Bank of Japan left interest rates steady, cut its inflation forecasts and signaled it was a long way off from exiting its massive stimulus program.
Investors shrugged off weak data showing that industrial production in the country fell 1.1 percent in September from the previous month compared to expectations for a decline of 0.3 percent.
The Nikkei 225 Index surged up 463.17 points or 2.2 percent to 21,920.46, while the broader Topix Index closed 2.2 percent higher at 1,646.12.
Chip-related stocks followed their U.S. peers higher, with Tokyo Electron rallying 3.6 percent and TDK Corp spiking 6.1 percent. Advantest shares soared 13 percent. Sony jumped 4.7 percent and Honda Motor surged up 6.5 percent after raising their annual profit forecasts.
Australian markets ended modestly higher, led by banking and energy stocks. The benchmark S&P/ASX 200 Index rose 25.20 points or 0.4 percent to 5830.30 but ended the month down over 6 percent, marking its worst monthly fall since August of 2015. The broader All Ordinaries Index also closed up 0.4 percent at 5,913.30.
The Australian dollar fell slightly after a government report showed inflation rose 0.4 percent sequentially in the third quarter of 2018, below market expectations for a 0.5 percent increase.
ANZ rose over 1 percent after reporting a 5 percent drop in full-year cash profit, hit by remediation costs in the aftermath of the royal commission.
Commonwealth Bank advanced 1.6 percent after it agreed to sell its Colonial First State asset management business to Japanese bank Mitsubishi UFJ Trust and Banking Corp for A$4.13 billion.
QBE Insurance rallied 2.4 percent after it announced a streamlining of its operations.
Oil stocks also closed broadly higher as oil prices rose for the first time in three sessions. Woodside Petroleum climbed 2.3 percent, Origin Energy added 1.7 percent and Oil Search gained 0.8 percent.
Meanwhile, mining heavyweights BHP Billiton and Rio Tinto ended marginally lower. Gold miners Evolution and Newcrest also slumped after gold prices settled at a more than one-week low overnight.
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Crude oil futures are edging up $0.16 to $66.34 a barrel after tumbling $0.86 to $66.18 a barrel on Tuesday. Meanwhile, after slipping $2.30 to $1,225.30 an ounce in the previous session, gold futures are sliding $8 to $1,217.30 an ounce.
On the currency front, the U.S. dollar is trading at 113.22 yen compared to the 113.13 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1336 compared to yesterday?s $1.1345.
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Capital at risk. Results are not guaranteed. | | | London open: Stocks rally on positive US and Asian cues; StanChart shines | | | | | London stocks racked up solid gains in early trade on Tuesday, taking their cue from upbeat sessions in the US and Asia, with a solid update from Standard Chartered helping to underpin the mood. At 0840 BST, the FTSE 100 was up 1.4% to 7,136.23, while the pound was up 0.3% against the dollar at 1.2748 and 0.2% firmer versus the euro at 1.1228. "With October containing as much red as the goriest of slasher flicks, the markets oddly chose to rebound on what would have been an entirely calendar-appropriate day to continue the month’s trading horrors," said Spreadex analyst Connor Campbell. The rebound could well be down to some end of month position adjusting, said Michael Hewson at CMC Markets, though he also pointed to some indications in the past few days that the market might have found a "short-term base, with most of the bad news already priced in to some extent". "This may be why markets shrugged off the latest Chinese manufacturing and services PMI data for October which pretty much confirmed that the Chinese economy was slowing down," he added. China's manufacturing PMI index hit its lowest level in over two years at 50.2, down from 50.8 and worse than the forecast of 50.6 as new export orders contracted for the fifth month in a row. The non-manufacturing PMI dropped to 53.9 from 54.9, where economists expected it to remain. "The gains in Asia markets were no doubt helped by a decent US session which also saw their second consecutive positive session, though a negative reaction to Facebook’s results after the close may well temper those gains when US markets reopen later," Hewson said. Back in London, Standard Chartered was the standout performer after it posted a 31% jump in underlying third-quarter pre-tax profit, driven by lower-than-expected impairments and costs, but warned on risks from current trade tensions. Nicholas Hyett, analyst at Hargreaves Lansdown, said: "In the short term these numbers are better than expected, with underlying profits beating market expectations. However the longer term concern is that Standard Chartered continues to shrink. "Standard Chartered is lending more profitably, and with fewer defaults, but ultimately banks only make money on what they lend, and loans to customers are shrinking. That’s a touch surprising, since the bank’s emerging market customers are growing quickly and should be crying out for funding. With plenty of capital now on hand, Standard Chartered is more than capable of meeting demand for loans." Elsewhere, packaging and paper specialist Smurfit Kappa was higher on the back of a well-received trading statement and news that it has agreed to buy a corrugated plant and a paper mill in Belgrade from Kappa Star Group for €133m. William Hill advanced as made it an offer of 2.8bn (£240m) Swedish krone for Swedish gaming company Mr Green, while NEX Group was on the front foot after the Competition and Markets Authority cleared its acquisition by CME Group. Retirement products specialist Just Group pushed higher after it reported new business sales up 17% in the third quarter. On the downside, Next slid after reporting a frightful Halloween decline in store sales for the third quarter, though a solid performance saved the retailer from a true horror show. Marks & Spencer was dragged down in sympathy. Computacenter was sharply lower as it reported a drop in third-quarter revenue, while Intu Properties slipped after the shopping centre owner said it had given a consortium led by its deputy chairman John Whittaker until 15 November to make an offer. There was no shortage of broker notes for investors to sink their teeth into. Inchcape surged following an upgrade to 'overweight' at Barclays, while Spire Healthcare was lifted to 'hold' at Berenberg and Intertek was boosted to 'buy' at Kepler Cheuvreux. WH Smith was upgraded to 'buy' from 'hold' at Peel Hunt and William Hill was lifted to 'overweight' from 'equalweight' by Morgan Stanley. Restaurant Group was downgraded to 'neutral' at Citi after it announced on Monday that it was buying the Wagamama restaurant chain. Intu Properties was cut to 'reduce' from 'buy' by AlphaValue, while IWG was downgraded to 'sell' from 'hold' at Peel Hunt. Goldman Sachs cut Pets at Home to 'sell' from 'neutral'. | | | | | Q4's Top 10 Stock Picks The best trading opportunities for the last 3 months of 2018 Has the FTSE bottomed out? Are you looking to revamp your financial portfolio, scouting names with upside potential? This report unveils our Top 10 Stocks for Q4 that could help make your latest investment decisions informed and deliberate. 78% of retail clients lose money, consider affordability. Download here » | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
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