At
0500 BST today, DJIA futures are trading 19.0 points higher.
Nikkei
225 index is trading 1.4% higher at 9,046.1.
At
0500 BST today, FTSE 100 futures are trading 7.5 points higher.
At
0500 BST today, German DAX Xetra 30 futures are trading 15.5 points higher,
while French CAC-40 futures are trading 10.6 points higher.
In
Asia, crude oil for September delivery is trading 0.2% or $0.16 higher at
$94.49 per barrel.
At
0400 BST today, the GBP is trading marginally lower against the USD at $1.5675,
slightly lower against the EUR at €1.2754, and 0.2% higher against the JPY at
¥124.09.
US Market
Snapshot
At
0500 BST today, DJIA futures are trading 19.0 points higher.
Yesterday,
DJIA edged down 0.1% to close at 13,164.8. NASDAQ added 0.5% to settle at 3,030.9.
S&P 500 ticked up 0.1% to end at 1,405.5.
A
worse-than-expected contraction in New York area manufacturing activity fuelled
hopes of additional monetary stimulus from the Federal Reserve and led the US
markets to close mostly higher yesterday.
Target
gained 1.8%, as it forecasted upbeat third-quarter and full-year earnings amid
forecast-beating second quarter earnings.
Abercrombie
& Fitch gained 9.0%, as it boosted its share repurchase plan and reported
better-than-expected second-quarter earnings.
However,
JPMorgan and UBS slipped 0.1% and 0.3%, respectively, after the office of New
York State Attorney General issued subpoenas to them on Libor scandal. Staples
tumbled 15.0%, as it lowered its full-year outlook following
weaker-than-expected quarterly results.
After
the closing bell, Cisco added 5.4%, as its fourth-quarter earnings surpassed
market expectations. Applied Materials slipped 4.0%, as it issued a downbeat
fourth-quarter earnings outlook.
Asian Market
Snapshot
Asian
markets are trading higher this morning, after the Chinese Premier, Wen Jiabao
stated that easing inflation provided room to adjust monetary policy fuelling
speculation China would cut banks’ reserve requirements or benchmark interest
rates again.
In
Japan, Maeda traded higher after it bagged a ¥3.5 billion contract to install
solar panels.
In
Hong Kong, internet firm, Tencent Holdings climbed, after reporting a sharp
rise in its second-quarter earnings. Lenovo Group jumped, after posting a
forecast-beating first-quarter profit.
In
South Korea, Woongjin Holdings rose, as it mulled to dispose its 31% stake in
Woongjin Coway to private equity fund, MBK Partners.
Nikkei
225 index is trading 1.4% higher at 9,046.1. Hang Seng index is trading 0.3%
higher at 20,104.8. Kospi is trading marginally higher at 1,957.5.
UK Market
Snapshot
At
0500 BST today, FTSE 100 futures are trading 7.5 points higher.
Petrofac
has won a contract from the International Association of Drilling Contractors
(IADC) to enhance IADC's existing system of competence for the drilling
S&P
has downgraded its rating on Aviva by one notch to “A-” from “A”, and its
long-term counterparty credit and insurer financial strength ratings on all of
the group's core operating subsidiaries by one notch to “A+” from “AA-”.
European Market
Snapshot
At
0500 BST today, German DAX Xetra 30 futures are trading 15.5 points higher,
while French CAC-40 futures are trading 10.6 points higher.
As
part of the investigations regarding the LIBOR scandal, the Deutsche Bank and
seven other major banks were subpoenaed by the New York Attorney General Eric
Schneiderman.
Total
Petrochemicals has put its 232,000-barrel-per-day Port Arthur refinery in Texas
on hold after a contractor died due to injuries sustained in a construction
accident.
Commodities
In
Asia, crude oil for September delivery is trading 0.2% or $0.16 higher at
$94.49 per barrel.
Yesterday,
crude oil for September delivery gained 1.0% or $0.90 to $94.33 per barrel,
after the Energy Information Administration reported a larger-than-expected
decline of 3.7 million barrels in crude inventories for the week ended 10
August.
However,
earlier in the session, oil prices traded lower, following dismal US
manufacturing activity and consumer prices data, and as a higher dollar
dampened the appeal for commodities as an alternative investment.
Gold
for immediate delivery is trading marginally higher today, at $1,604.60 per
ounce.
Gold
for December delivery settled up 0.3% or $4.20 at $1,606.60 per ounce
yesterday, as downbeat economic data in the US, renewed speculations about
additional monetary easing by the US Federal Reserve.
However,
gains were capped, as the dollar traded higher against the euro.
Yesterday,
copper 3-month futures dropped 0.4% or $29.0, to close at $7,391.00 /MT.
Aluminium 3-month futures fell 0.3% or $5.0, to close at $1,760.00 /MT. Copper
futures declined yesterday amid concern China’s economic growth is slowing and
on fading hopes of additional stimulus from the US Federal Reserve.
Currencies
At
0400 BST today, the GBP is trading marginally lower against the USD at $1.5675,
slightly lower against the EUR at €1.2754, and 0.2% higher against the JPY at
¥124.09, ahead of the release of UK retail sales data for July due later in the
day.
The
EUR is trading slightly higher against the USD at $1.2291. The EUR is trading
0.2% higher against the JPY at ¥97.30.
The
USD is trading higher against the most of its major currencies, ahead of US
housing data which is expected to show that new home construction remained near
an almost four-year high and building permits increased in July.
Yesterday,
the GBP closed higher against the EUR and the USD, after a report showed that
the UK unemployment rate fell for a third consecutive month in June. Minutes of
the Bank of England’s policy meeting earlier this month indicated that the
monetary policy committee unanimously backed the decision to keep the bank’s
key lending rate at a record low 0.5% and to maintain the size of its
asset-buying program.
The
EUR ended lower against the USD and the GBP, on speculation that the Swiss
National Bank sold the currency amid an increase in its foreign-exchange
holdings to a record last month.
The
USD ended higher against the EUR and the JPY, after data showed that US
industrial production increased 0.6% in July.
The
USD closed higher against the JPY, after the difference between the yield on
the 10-year US benchmark and a similar maturity Japanese security widened to
100 basis points.
Macroeconomic
Snapshot
On
a seasonally adjusted basis, claimant count in the UK unexpectedly declined by
5,900 persons monthly to 1.59 million in July, compared to a revised gain of
1,000 recorded in the previous month.
The
unemployment rate in the UK fell to 8.0% in the quarter ended June, down from
8.2% in the previous quarter.
The
minutes of Bank of England (BoE) indicated that policymakers unanimously
decided to retain quantitative easing at £375 billion and kept the interest
rate unchanged at 0.50% in August.
On
a month-on-month basis, consumer price index in the US remained unchanged in
July, compared to the previous rate recorded in June.
On
a monthly basis, industrial production in the US rose 0.6% in July, compared to
a downwardly revised 0.1% increase recorded in June
Mortgage Bankers
Association reported that its seasonally adjusted index of mortgage application
activity in the US fell 4.5% in the week ended 10 August.
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