Ahead of the Bell: Dow futures are trading up 64 points and S&P futures are trading up 8 points. Global stock markets are up today after China reported better than expected economic growth, which comes as a surprise to investors who had feared a much weaker outcome. The world's second largest economy reported a 7.4% increase in the first quarter, versus expectations of 7.0%. China's retail sales data came in better than forecasted but industrial output was a shade lower than expectations. Bullish sentiment also spread across the globe following a late rally in US markets in the previous trading sessions, however gains could be capped as Ukraine appears to be on the brink of civil war.
Wednesday’s Futures
Dow Futures up 64.00 pts/+0.39%
S&P Futures up 8.25 pts/+0.34%
Nasdaq Futures up 15.75 pts/+0.45%
Overseas Markets
FTSE +0.52%
CAC 40 +0.96%
NIKKEI 225 +3.01%
HANG SENG +0.11%
Overseas: Global stock markets are up today. European and Asian markets are up on better than forecasted growth and retail sales data from China following a late rally in the major US indices spurred by first quarter earnings.
Economic Reports: Housing Starts expected to be 0.965 M at 8:30 a.m., Industrial Production expected to be 0.4% at 9:15 a.m. and Fed Beige Book at 2:00 p.m.
Top Headlines:
Commodities/Currency:
Gold:up $5.40 to $1,323.30
Oil:up $1.04 10 to $104.79
EUR/USD 1.3839 +0.0025
USD/JPY 102.3050 +0.4700
GBP/USD 1.6806 +0.0077
Volatility Index (VIX): As of the close of business Tuesday, April 15, 2014 the VIX is down 0.50 at 15.61.
Companies Reporting Quarterly Earnings:
Bank of America reports Q1 EPS ex-items 35c, vs. Est 27c and Q1 revenue, net of interest expense, FTE basis, excluding net DVA $22.66B, vs. Est $22.33B.
PNC Financial reports Q1 EPS $1.82, vs. Est $1.66 and Q1 revenue $3.78B, vs. Est $3.85B.
Abbott reports Q1 adj EPS 41c, vs. Est 36c and Q1 revenue $5.24B, vs. Est $5.28B
Today’s Opening and Closing Bells:
Carnival Corporation & plc (CCL) will visit the New York Stock Exchange (NYSE). To mark the occasion President & CEO, Arnold Donald will ring the Opening Bell.
FS Investment Corporation (FSIC) will visit the New York Stock Exchange (NYSE) to celebrate their Listing. Chairman & CEO, Michael Forman, along with Senior Founding Member of GSO Capital Partners, Bennett Goodman will ring the Closing Bell.
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source: NYSE Euronext ...Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community. NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.
- On the economic calendar today, March housing starts were a little on the light side, up 2.8%, a bit disappointing but within the range of expectations as interest rates definitely impacted the data.
- Federal Reserve Chair, Janet Yellen will be speaking at the Economic Club of New York. The dollar is down against a basket of major currencies. Gold is trading at $1,300. Crude oil is currently trading at $104 a barrel.
- Yesterday, stocks staged a late rally as investors took advantage of barging opportunities despite the crisis in Ukraine escalating on the brink of civil war.
- On CNBC this morning, former Morgan Stanley Asia Chairman, Stephen Roach share his thoughts on China. Roach said there is a massive infrastructure change that is going on in China and it could be a catalytic force for the Chinese consumer as they have tremendous purchase power. He added if you have a given unit of services GDP in China, you generate 30% more jobs than you did with the old model, like manufacturing and construction. So you don't need to grow as rapidly to absorb the surplus labor, deal with poverty and expand household income. The new Chinese economy which is services, the underbelly of the consumer line growth is on the rise. This has been a trend that is under way for the last three years.
Wednesday’s Futures
Dow Futures up 64.00 pts/+0.39%
S&P Futures up 8.25 pts/+0.34%
Nasdaq Futures up 15.75 pts/+0.45%
Overseas Markets
FTSE +0.52%
CAC 40 +0.96%
NIKKEI 225 +3.01%
HANG SENG +0.11%
Overseas: Global stock markets are up today. European and Asian markets are up on better than forecasted growth and retail sales data from China following a late rally in the major US indices spurred by first quarter earnings.
Economic Reports: Housing Starts expected to be 0.965 M at 8:30 a.m., Industrial Production expected to be 0.4% at 9:15 a.m. and Fed Beige Book at 2:00 p.m.
Top Headlines:
- Reports indicate Alibaba, which is 37% owned by Japan's Softbank and 24% owned by Yahoo Inc., is expected to file a prospectus for its IPO as early as Monday.
- Twitter Inc., (TWTR) announced it has bought social data provider Gnip for an undisclosed amount, a sign that the company would take on a new role of packaging and selling data, which is a service that is in demand by business and government.
- GlaxoSmithKline (GSK) has won US approval for its diabetes treatment. The FDA approved the drug maker Tanzeum injection for treating adults with type 2 diabetes, in combination with diet and exercise.
Commodities/Currency:
Gold:up $5.40 to $1,323.30
Oil:up $1.04 10 to $104.79
EUR/USD 1.3839 +0.0025
USD/JPY 102.3050 +0.4700
GBP/USD 1.6806 +0.0077
Volatility Index (VIX): As of the close of business Tuesday, April 15, 2014 the VIX is down 0.50 at 15.61.
Companies Reporting Quarterly Earnings:
Bank of America reports Q1 EPS ex-items 35c, vs. Est 27c and Q1 revenue, net of interest expense, FTE basis, excluding net DVA $22.66B, vs. Est $22.33B.
PNC Financial reports Q1 EPS $1.82, vs. Est $1.66 and Q1 revenue $3.78B, vs. Est $3.85B.
Abbott reports Q1 adj EPS 41c, vs. Est 36c and Q1 revenue $5.24B, vs. Est $5.28B
Today’s Opening and Closing Bells:
Carnival Corporation & plc (CCL) will visit the New York Stock Exchange (NYSE). To mark the occasion President & CEO, Arnold Donald will ring the Opening Bell.
FS Investment Corporation (FSIC) will visit the New York Stock Exchange (NYSE) to celebrate their Listing. Chairman & CEO, Michael Forman, along with Senior Founding Member of GSO Capital Partners, Bennett Goodman will ring the Closing Bell.
____________________
source: NYSE Euronext ...Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community. NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.