Article / 31 December 2013 at 14:15 GMT

Market Review: A raft of US macro data eyed later today

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Saxo Capital Markets UK
United Kingdom

Forex: USD trading mostly lower

 Currencies Intraday
Source: Bloomberg

The USD is trading lower against most of its major counterparts. Investors are awaiting the release of the US consumer confidence data for December, which is expected to show a significant improvement. Additionally, the Chicago Purchasing Managers’ Index and S&P/Case-Shiller Home Price Index data will garner market attention. However, risk sentiment is likely to remain subdued amid thin trading volumes ahead of the New Year’s Day holiday tomorrow. The EUR is trading 0.4 percent, 0.3 percent and 0.2 percent lower against the GBP, the JPY and the USD respectively.

The AUD is trading 0.3 percent higher against the USD. Data released earlier in the day indicated that private sector credit in Australia rose less than forecast in November.

UK stocks: Close higher

 FTSE 100 Intraday
Source: Bloomberg

UK stocks ended in the green, led by gains in property and financial sector stocks amid a shortened trading session for New Year’s Eve.

The FTSE 100 gained 0.3 percent to close at 6,749.1 and the FTSE 250 advanced 0.2 percent to settle at 15,935.4.

Homebuilders Barratt Developments (BDEV), Persimmon (PSN) and Bovis Homes Group (BVS) added between 1.4 percent and 1.9 percent.

Financial sector stocks Aberdeen Asset Management (ADN), Admiral Group (ADM) and Barclays (BARC) advanced between 0.3 percent and 3.1 percent.

Land Securities Group (LAND), Rexam (REX) and Carnival (CCL) jumped between 1.1 percent and 1.9 percent and were among the major gainers on the FTSE 100 Index.

On the downside, commodity sector stocks Anglo American (AAL) and African Barrick Gold (ABG) declined 1.4 percent and 0.9 percent respectively.

Retailers Marks & Spencer Group (MKS), J Sainsbury (SBRY) and Tesco (TSCO) shed between 0.6 percent and 2.3 percent.

US stocks: Futures trading higher

 Dow Jones Intraday
Source: Bloomberg 

Dow Jones futures gained two points and is trading at 16,441, while the S&P 500 futures added 0.9 points to trade at 1,835.6.

Hertz Global Holdings (HTZ) gained 2.3 percent in the after-hours trading session on Monday following the announcement that its board had approved a shareholder rights plan amid unusual and substantial trading activity in its stock.

Marvell Technology Group (MRVL) surged 6 percent in yesterday's after-hours trading session after a regulatory filing revealed that KKR & Company (KKR) held a 6.8 percent stake in the company.
 
However, Uni-Pixel (UNXL) tumbled 12.8 percent in after-hours trading on Monday after its president and chief executive, Reed Killion, resigned from his position with immediate effect.

FedEx Corporation (FDX) lost 0.1 percent in the after-hours trading session yesterday after New York City filed a lawsuit against the company accusing it of illegally shipping contraband cigarettes to residences and violating a 2006 settlement.

European stocks: Trading higher

 EU Stoxx50 Intraday
Source: Bloomberg

European markets are trading in the green, heading for their biggest annual gain since 2009 and ahead of the release of a slew of US macroeconomic reports due out later today.

The CAC has advanced 0.3 percent to trade at 4288.6. In Germany, markets are closed on account of the New Year’s Eve holiday.

Accor SA (AC), Sanofi (SAN) and Publicis Groupe SA (PUB) jumped between 0.8 percent and 1 percent and were among the biggest gainers on the CAC 40 benchmark index.

Assystem (ASY) added 0.5 percent following the announcement that it had signed a letter of intent to proceed with the acquisition of a majority stake in Radicon Gulf Consult, a Saudi Arabian company.

On the downside, Banco Comercial Portugues SA (BCP) shed 2.9 percent. The Portuguese lender has lost 9.5 percent since last week closing at its highest price in more than two years.

Asia: Indices close mostly higher

 Nikkei 225 Intraday
Source: Bloomberg

Asian markets ended mostly in the green.

In China, Inner Mongolian Baotou Steel Union (600010) soared 10 percent after the company’s board approved a plan to sell shares worth about CNY 29.8 billion through a private placement to buy assets. CITIC Securities (600030) and GF Securities (000776) climbed 3.3 percent and 2.5 percent respectively amid speculation that China’s decision to allow new share sales might improve their earnings. In Hong Kong, a hike to its full-year net profit outlook led BBMG Corporation (2009) to jump 6.6 percent. Sinopec Kantons Holdings (934) added 4.6 percent after the company indicated that its controlling shareholder, China Petroleum & Chemical (386), was considering asset injection of natural gas pipelines. However, a significant reduction for its full-year net profit forecast led Casablanca Group (2223) to shed 0.8 percent.

Markets in Japan and South Korea were closed today on account of a holiday.

Commodities: Trading lower

The Gold futures contract is trading 0.3 percent lower at USD 1,200.3 per ounce, continuing its previous session losses, with the bullion heading for its biggest annual loss since 1981.

The Brent crude one-month futures contract is trading 0.2 percent lower at USD 111 per barrel, extending its previous session losses. The drop comes amid signs that oil supplies from Libya might be starting to recover after crude oil output from the nation’s Sarir and Messla oilfields restarted yesterday.

MacroUpdate

  • UK Lloyds business barometer declines in December
  • Greek retail sales fall at a slower pace in October

 

Economic Calendar

Country

GMT

Economic Indicator

Relevance

Consensus/
*Actual

Previous/
**Previous Est.

Frequency

US

31-Dec 13:55

Redbook Index (YoY) (22-Dec)

Low

-

3.90%

Weekly

US

31-Dec 13:55

Redbook Index s.a. (MoM) (22-Dec)

Low

-

-1.00%

Weekly

US

31-Dec 14:00

NAPM-Milwaukee (Dec)

Low

-

52.06

Monthly

US

31-Dec 14:00

S&P/Case-Shiller Composite-20 (YoY) (Oct)

Low

13.40%

13.29%

Monthly

US

31-Dec 14:00

S&P/Case-Shiller 20 City s.a. (MoM) (Oct)

Low

1.00%

1.03%

Monthly

US

31-Dec 14:00

S&P/Case-Shiller Home Price Index (Oct)

Low

165.76

165.66

Monthly

US

31-Dec 14:45

Chicago Purchasing Managers' Index (Dec)

Low

61.00

63.00

Monthly

US

31-Dec 15:00

Consumer Confidence (Dec)

High

76.30

70.40

Monthly

China

01-Jan 01:00

NBS Manufacturing Purchasing Managers' Index (Dec)

Medium

51.30

51.40

Monthly

China

02-Jan 01:45

HSBC Manufacturing Purchasing Managers' Index Final (Dec)

Medium

-

50.50**

Monthly

Spain

02-Jan 08:15

Markit Manufacturing Purchasing Managers' Index (Dec)

Low

49.80

48.60

Monthly

Italy

02-Jan 08:45

Markit Manufacturing Purchasing Managers' Index (Dec)

Low

51.70

51.40

Monthly

France

02-Jan 08:50

Markit Manufacturing Purchasing Managers' Index Final (Dec)

Medium

47.10

47.10**

Monthly

Germany

02-Jan 08:55

Markit Manufacturing Purchasing Managers' Index Final (Dec)

Medium

54.20

54.20**

Monthly

Eurozone

02-Jan 09:00

Markit Manufacturing Purchasing Managers' Index Final (Dec)

High

52.70

52.70**

Monthly

Greece

02-Jan 09:00

Markit Manufacturing Purchasing Managers' Index (Dec)

Low

-

49.20

Monthly

UK

02-Jan 09:30

Markit Manufacturing Purchasing Managers' Index  (Dec)

Medium

58.20

58.40

Monthly

US

02-Jan 13:30

Initial Jobless Claims (28-Dec)

Medium

-

-

Weekly

US

02-Jan 13:30

Continuing Jobless Claims (21-Dec)

Low

-

-

Weekly

US

02-Jan 13:58

Markit Manufacturing Purchasing Managers' Index Final (Dec)

Medium

54.70

54.40**

Monthly

US

02-Jan 15:00

Construction Spending (MoM) (Nov)

Medium

0.60%

0.80%

Monthly

US

02-Jan 15:00

ISM Prices Paid (Dec)

Medium

52.80

52.50

Monthly

US

02-Jan 15:00

ISM Manufacturing Purchasing Managers' Index  (Dec)

High

56.90

57.30

Monthly

For more events see TradingFloor.com's real-time financial calendar.

 

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