What is it? Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
When? At 8:15am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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1. The U.S. dollar rose against its Canadian counterpart on Tuesday, as the greenback recovered from recent losses posted after downbeat U.S. economic reports, although rising oil prices lent some support to the Canadian currency.
USD/CAD hit 1.3159 during early U.S. trade, the pair's highest since October 30; the pair subsequently consolidated at 1.3143, gaining 0.37%.
The pair was likely to find support at 1.3036, the low of October 23 and resistance at 1.3240, the high of October 29.
2. Gold prices were on track to post their fourth consecutive losing session on Tuesday, as investors continued to cut holdings of the precious metal amid expectations the Federal Reserve will raise interest rates at its next meeting in December.
Gold for December delivery on the Comex division of the New York Mercantile Exchange tumbled $11.30, or 0.99%, to trade at $1,124.60 a troy ounce during U.S. morning hours. It earlier fell to $1,124.20, the lowest since October 2.
3. Bank of America Corp (N:BAC), the No. 2 U.S. bank, has agreed to sell its $87 billion money-market fund business to BlackRock Inc (N:BLK) in one of the cash-management industry's largest deals ever.
The transaction comes as big banks have faced pressure to simplify their businesses since the global financial crisis and marks the largest in a series of deals reshuffling the cash-management industry before costly regulatory reforms take effect in 2016.
4. U.S. factory orders fell for the second consecutive month in September, dampening optimism over the health of the economy, official data showed on Tuesday.
In a report, the U.S. Census Bureau said factory orders dropped by a seasonally adjusted 1.0% in September, worse than forecasts for a fall of 0.9%.
Factory orders decreased 2.1% in August, whose figure was revised from a previously reported decline of 1.7%.
5. West Texas Intermediate oil futures rallied sharply on Tuesday, as market players looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.
Crude oil for delivery in December on the New York Mercantile Exchange jumped 96 cents, or 2.08%, to trade at $47.10 a barrel during U.S. morning hours. It earlier rose to $47.28, the highest since October 19.
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There's a lot of earnings out Tuesday.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Earnings
Kellogg (K), Office Depot (ODP), Sprint (S) and TransCanada (TRP) are among companies reporting ahead of the market open.
Another batch after the closing bell will include Tesla (TSLA), CBS (CBS), Groupon (GRPN), Cablevision (CVC), Denny's (DENN), Herbalife (HLF) and Etsy (ETSY).
2. Market movers
Shares in the global bank Standard Chartered are dropping by about 7% in London after announcing Tuesday that it is cutting 15,000 jobs after posting a surprise loss in the third quarter.
The bank is asking investors for another $5.1 billion that it plans to spend on technology infrastructure and other strategic opportunities.
Shares in Activision (ATVI, Tech30) are rising almost 3% in premarket after it announced it is buying Candy Crush maker King Digital (KING) for $5.9 billion.
Activision is best known for producing traditional video games like Guitar Hero and Call of Duty. Shares in King surged Monday as investors anticipated a takeover.
UBS (UBS) shares are down about 4% in Europe after the Swiss bank posted its latest earnings. Third quarter numbers beat expectations but the Swiss bank said it expected a key measure of profitability to be weaker next year than previously forecast.
3. Focus on cars
Volkswagen (VLKAY) shares are falling almost 3% after regulators suggested the emissions scandal extends to the Porsche Cayenne model.
Porsche is part of the Volkswagen Group, which also includes Audi. VW disputed the regulators' claim.
Later today car companies will be publishing their October vehicle sales numbers in the U.S.
4. Stock market overview
Investors can't seem to decide whether they want to buy or sell.
U.S. stock futures are dipping in the red, though the move down is minor.
European markets are quiet in early trading, while most Asian markets ended with gains.
On Monday the Dow Jones industrial average turned positive for the year after rallying 165 points, closing 0.9% higher. The S&P 500 added 1.2% and the Nasdaq gained 1.5%.
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What is it? Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.
When? At 7:30pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.
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What is it? It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
When? At 7:30pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.
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What is it? Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.
When? At 4:45pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the NZD to rise.
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What is it? It's a leading indicator of production - rising purchase orders signal that manufacturers will increase activity as they work to fill the orders.
When? At 10:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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1. U.S. stocks were marginally higher on Monday as investors assessed factory activity data from China and Germany, and ahead of U.S. manufacturing data.
China's official factory data on Sunday showed activity unexpectedly shrank for a third straight month in October, though the contraction was modest.
2. The euro rose to session highs against the dollar on Monday, extending gains further above the 1.10 level after data showing the U.S. manufacturing sector expanded at the slowest rate in two years in October.
The dollar weakened after the Institute of Supply Management said its manufacturing purchasing managers’ index ticked down to 50.1 in October from 50.2 in September.
Economists had expected the index to decline to 50.0, which is the cut-off point between expansion and contraction.
3. Gold and silver prices fell to four-week lows on Monday, as investors continued to cut holdings of the precious metals on expectations of tighter U.S. monetary policy in the coming months.
Gold for December delivery on the Comex division of the New York Mercantile Exchange shed $8.10, or 0.71%, to trade at $1,133.30 a troy ounce during U.S. morning hours. It earlier fell to $1,132.50, the lowest since October 5.
4. Oil prices fell on Monday as weak Chinese economic data fueled concerns about demand slowing there and record-high production in Russia exacerbated the global supply glut.
Brent crude futures (LCOc1), the global benchmark, traded down 50 cents at $49.06 a barrel at 1428 GMT (09:28 a.m. EDT), down 1.1 percent. U.S. futures were trading at $45.98 a barrel, down 60 cents or 1.3 percent on Friday's close.
5. The pace of growth in the U.S. manufacturing sector slowed in October, remaining at its lowest level since May 2013, according to an industry report released on Monday.
The Institute for Supply Management (ISM) said its index of National factory activity fell to 50.1, its fourth straight monthly decline, from 50.2 the month before. The reading was just above of expectations of 50.0, according to a Reuters poll of economists.
6. Manufacturing activity in the U.S. expanded at the slowest rate in more than two years in October, dampening optimism over the strength of the economy and fanning hopes the Federal Reserve could delay raising interest rates until next year, industry data showed on Monday.
In a report, the Institute for Supply Management said its index of purchasing managers fell to 50.1 last month from a reading of 50.2 in September. Analysts had expected the manufacturing PMI to dip to 50.0 in October.
7. Manufacturing activity in the U.K. expanded at the fastest rate since June 2014 in October, boosting optimism over the country’s economic outlook and supporting the case for higher interest rates, industry data showed on Monday.
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 55.5 last month from a reading of 51.8 in September. Analysts had expected the index to decline to 51.3 in October.
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China's very important factory sector slowed for a third straight month in October, according to an official survey.
The government's purchasing managers' index hit 49.8 in October, according to the National Bureau of Statistics, unchanged from the previous month. Any number below 50 represents a deceleration in the manufacturing sector.
A separate survey conducted by Chinese media group Caixin showed manufacturing PMI at 48.3 in October, an improvement from 47.2 in September. The index has now been below 50 for eight consecutive months.
The official government manufacturing gauge is heavily weighted toward large enterprises, while the Caixin survey taps a smaller sample size and places greater emphasis on smaller firms.
The data underscore rising concerns about the health of the world's second-largest economy. Beijing reported last month that gross domestic product slid to 6.9% in the third quarter, the slowest pace since the financial crisis.
The factory sector, however, showed initial signs of stabilization. The Caixin survey showed that output and new orders picked up during October, and foreign demand appeared to be recovering.
"The PMIs are consistent with the view that conditions, although still subdued, are starting to show signs of improvement," said Julian Evans-Pritchard at Capital Economics.
Looking ahead, many economists expect Beijing to take further stimulus measures before the end of the year.
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October was the best month for Stocks in the last 4 years. The good momentum may continue to November.
U.S. stock futures are climbing back up from earlier lows. The S&P 500 is getting closer to an all-time high.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Hot Turkey
Turkey's main Istanbul index is surging around 5% after the ruling AKP party won a surprise outright majority in parliamentary elections. The lira is also jumping versus the U.S. dollar.
"A period of prolonged political uncertainty has come to an end, hence the strong rally of the Turkish lira," explained Simon Smith, chief economist at FxPro.
Still, Turkey's economy remains vulnerable to any rise in U.S. interest rates because of its yawning current account deficit and some analysts say the gains may be short-lived.
2. Stocks to watch
Chipotle, HSBC: Chipotle (CMG) is in the spotlight Monday after the company temporarily closed dozens of restaurants in Washington and Oregon after an E.coli scare. Shares in the restaurant chain have dropped by about 15% since mid-October.
Shares in HSBC (HSBC) are dipping by around 1% in London as investors react to the bank's latest earnings results. Pre-tax profits in the third quarter rose 31% compared to the same period last year, but underlying revenues were down.
3. Earnings and economics
Visa (V), Estee Lauder (EL) and Clorox (CLX) are among the companies reporting ahead of the open.
Then Allstate (ALL), Avis Budget (CAR), AMC Entertainment (AMC) and Fitbit (FIT) will post earnings after the close.
On the economic side, the Institute for Supply Management will release its October manufacturing report at 10 a.m. ET.
4. International markets overview
European markets are not making any major moves in early trading, but there's a positive atmosphere in the markets.
Asian stock markets mostly ended with losses.
This comes as official data shows China's factory sector slowed for a third straight month in October.
China's Premier Li Keqiang also set a new medium term target for growth, saying the world's second biggest economy will need to expand by at least 6.5% per year over the next five years, according to state media. The Chinese government had been targeting 7% growth this year.
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What is it? It's among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
When? At 10:30am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.
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What is it? Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? At 10:30pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.
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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? At 10:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? At 4:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the GBP to rise.
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1. U.S. stocks were little changed on Friday as investors paused on the last trading day of what could be the best month for the three major indexes in four years.
Energy majors Exxon and Chevron reported better-than- expected results, helped by strong refining margins. Exxon (N:XOM) shares were down 1 percent, while Chevron (N:CVX) rose 1.9 percent.
2. U.S. consumer spending in September recorded its smallest gain in eight months as personal income barely rose, suggesting some cooling in domestic demand after recent hefty increases.
The Commerce Department data and another report from the Labor Department on Friday also showed weak inflationary pressures, which would argue against the Federal Reserve raising interest rates at the end of the year.
3. The U.S. dollar held steady against its U.S. counterpart on Friday, after a report showed that Canada's economy grew in line with expectations in August, while weak data from the U.S. dampened demand for the greenback.
USD/CAD hit 1.3193 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3165.
The pair was likely to find support at 1.3085, the low of October 28 and resistance at 1.3280, the high of October 28.
4. Chevron Corp (N:CVX), the second-largest U.S.-based oil producer, slashed its 2016 capital budget by 25 percent and said it would lay off roughly 10 percent of its workforce, one of the most-drastic reactions to date to the plunge in crude prices (CLc1).
The price drop has forced Chevron and dozens of its peers to make tough decisions about what projects to fund or not fund in order to offset natural declines at its existing fields.
The choices are that much starker at large international oil giants like Chevron that rely heavily on their massive budgets to fund exploration projects crucial to finding new energy sources.
5. World shares rose on Friday and were on course for their best month in four years, as global central banks kept stimulus policies intact and many hinted at further steps to re-energize their economies.
That has helped soothe concern over higher borrowing costs in the United States as the Federal Reserve prepares to tighten rates, possibly by the end of the year.
The dollar slipped for a second day, notably against the yen after the Bank of Japan left policy unchanged. Government bond yields also slipped back after two days of Fed-fueled increases.
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Welcome to the final trading day of October.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Stock market overview
U.S. futures are solid ahead of the open, indicating stocks may edge higher when the trading bell rings.
European markets are mostly positive in early trading, though the gains are small.
Asian markets generally closed the week with some losses. China's announcement that it would abolish its "one-child" policy didn't give the markets a lift. The change isn't expected to help China's faltering economy for years.
2. Market movers
First Solar, Expedia, Genworth: Investors in First Solar (FSLR) are in for a treat after the solar panel manufacturer released better-than-expected earnings on Thursday evening. Shares are rising by about 11% premarket.
Expedia (EXPE) stock is also rising by about 6% in extended trading after the travel website company unveiled earnings that beat Wall Street forecasts.
But investors were unimpressed with the latest quarterly report from financial services company Genworth (GNW). Shares dropped by about 11% in extended trading.
3. Earnings
Noteworthy companies reporting this morning include Exxon Mobil (XOM), Phillips 66 (PSX), CVS Health (CVS) and Chevron (CVX)
Beer brewing giant Anheuser-Busch InBev (AHBIF) is also posting quarterly results and could provide an update about its planned takeover of SABMiller (SBMRY).
4. Economics
Japan's central bank decided to hold its fire on more economic stimulus after a policy meeting wrapped up Friday. Some experts had expected the government to act, as the latest figures showed the economy shrank by 0.3% in the second quarter.
In the U.S., the Bureau of Economic Analysis will post its September report on personal income and spending at 8:30 a.m. ET.
The University of Michigan will give a final update to October's consumer sentiment index at 10 a.m.
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What is it? It's a leading indicator of consumer inflation - when businesses pay more for labor the higher costs are usually passed on to the consumer.
When? At 8:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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What is it? It's the broadest measure of economic activity and the primary gauge of the economy's health.
When? At 8:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.
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