What is it? It's the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.
When? At 8:30am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the EUR to rise.
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What is it? It's the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.
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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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 7:45am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the EUR to rise.
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1. U.S. stocks opened higher on Wednesday, boosted by strong quarterly results from industry heavyweights General Motors (N:GM) and Boeing (N:BA).
The Dow Jones industrial average (DJI) rose 45.36 points, or 0.26 percent, to 17,262.47, the S&P 500 (SPX) gained 6.71 points, or 0.33 percent, to 2,037.48 and the Nasdaq composite index (IXIC) added 22.38 points, or 0.46 percent, to 4,903.35.
2. Coca-Cola reported a bigger-than-expected drop in quarterly sales due to a strong dollar and the company said it expected the currency to hurt its full-year revenue more than previously anticipated.
The cola maker, which gets more than half of its total revenue from markets outside North America, said a strong dollar would lower its full-year revenue by 7 percentage points compared with 6 percentage points estimated earlier.
3. The euro held steady against the U.S. dollar on Wedmesday, as Tuesday's upbeat U.S. housing sector data continued to lend support to the greenback, while investors began to focus on the European Central Bank's monthly policy statement expected on Thursday.
EUR/USD hit 1.1386 during European afternoon trade, the session high; the pair subsequently consolidated at 1.1346.
The pair was likely to find support at 1.1303, the low of October 19 and resistance at 1.1412, the high of October 13.
4. The Bank of Canada kept its benchmark interest rate on hold in October, after already cutting rates twice this year, it announced on Wednesday.
The BoC said it was leaving its overnight cash rate unchanged at 0.50%, in line with expectations.
Inflation has evolved in line with the outlook in the Bank’s July Monetary Policy Report. Total CPI inflation remains near the bottom of the Bank’s target range, owing to declines in consumer energy prices.
5. Oil prices fell on Wednesday after a big build in U.S. crude inventories which fed concerns that demand may not be enough to absorb one of the largest global surpluses in modern times.
The American Petroleum Institute on Tuesday reported a rise in U.S. commercial crude stocks of 7.1 million barrels to 473 million barrels in the week to Oct. 16, trumping expectations for an increase of 3.9 million barrels.
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U.S. stock index futures were slightly higher on Wednesday, set to reverse the small losses on Tuesday, ahead of earnings reports from heavyweights including General Motors, Boeing and Coca-Cola.
* American Express and eBay report after the close.
* Investors will be parsing the quarterly reports for clues on the measures companies are taking to increase revenue and protect profits as concerns about an economic slowdown deepen.
* S&P 500 companies are expected to report a 3.9 percent decline in third-quarter profit and a 3.8 percent fall in revenue, according to Thomson Reuters data.
* Weak European earnings and a slide in Chinese small-cap stocks weighed on global stocks.
* U.S. stocks closed slightly lower on Tuesday as losses in healthcare and biotech stocks offset gains in Verizon and United Technologies.
* Shares of Yahoo were down 1.3 percent at $32.40 premarket on Wednesday after the Internet company's quarterly earnings and profit missed expectations.
* Chipotle fell 8 percent to $649.00 after the burrito chain posted disappointing third-quarter results.
* VMware sank 4.2 percent to $65.90 after the virtualization software maker forecast current-quarter revenue below estimates.
* Brent crude fell slightly as U.S. oil inventories rose, while copper prices continued falling as demand from China weakens.
Futures snapshot at 6:44 a.m. ET:
* S&P 500 e-minis were up 9.5 points, or 0.47 percent, with 139,426 contracts traded.
* Nasdaq 100 e-minis were up 20.25 points, or 0.46 percent, on volume of 22,587 contracts.
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A lot of things are happening today.
Ferrari shares are set to begin trading, earnings season is in full swing and some key stocks are on the move.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Vroom
Shares in Ferrari are set to debut on the New York Stock Exchange Wednesday. The ticker symbol will be "RACE."
Shares in the company were priced at $52 each, which was at the top end of the range.
Ferrari is being spun out from parent company Fiat Chrysler Automobiles (FCAM), which also owns the Maserati, Jeep and Dodge brands.
2. International stock market overview
European markets are all declining in early trading, which is setting a rather negative tone in the markets.
But U.S. stock futures are holding steady and not moving very far from their Tuesday closing levels.
Asian markets ended with mixed results.
On Tuesday, the Dow Jones industrial average and the S&P 500 each dipped 0.1%, while the Nasdaq shrunk back by 0.5%.
3. Market movers
Chipotle, Credit Suisse, Yahoo: Chipotle (CMG) shares dipped more than 7% in extended trading after releasing its latest earnings. The company reported sales growth continues to slump.
Shares in Credit Suisse (CS) are declining by about 5% in Europe after the bank announced plans to raise about 6 billion francs ($6.3 billion) following disappointing earnings results. The bank also announced cost-cutting plans and some changes to top management.
Shares in Yahoo (YHOO, Tech30) are also dipping by 2% premarket after the tech giant reported results that came in slightly below Wall Street expectations. The company also vowed to carry through on plans to spin-off Alibaba (BABA, Tech30).
4. Earnings
Many companies including General Motors (GM), Boeing (BA), Coca-Cola (KO) and Tupperware (TUP) will post quarterly results ahead of the opening bell.
Another round will come after the closing bell. We'll hear from American Express (AXP), Texas Instruments (TXN), eBay (EBAY) and SanDisk (SNDK).
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What is it? As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.
When? At 1:00pm Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the GBP to rise.
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What is it? It's among the primary method the BOC uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate decision, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.
When? At 11:15am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.
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What is it? It's the primary tool the BOC 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 10:00am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.
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What is it? It provides valuable insight into the bank's view of economic conditions and inflation - the key factors that will shape the future of monetary policy and influence their interest rate decisions.
When? At 10:00am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.
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1. Wall Street opened little changed on Tuesday as third-quarter earnings season gathered momentum with Verizon, Travelers and United Technologies (N:UTX) reporting their results.
The Dow Jones industrial average (DJI) fell 31.2 points, or 0.18 percent, to 17,199.34, the S&P 500 (SPX) lost 2.5 points, or 0.12 percent, to 2,031.16 and the Nasdaq composite (IXIC) dropped 5.01 points, or 0.1 percent, to 4,900.46.
2. The U.S. dollar edged lower against its Canadian counterpart on Tuesday, pulling away from a one-week peak as the release of mixed U.S. data dampened demand for the greenback, while a disappointing economic report from Canada limited the local currency's gains.
USD/CAD hit 1.2980 during early U.S. trade, the session low; the pair subsequently consolidated at 1.2979, sliding 0.31%.
3. Gold futures were little changed on Tuesday, after data showed the number of housing starts issued in the U.S. rose more than expected in September, while building permits fell more than forecast, painting a mixed picture of the economy and adding to uncertainty over the timing of a U.S. rate hike.
4. The number of housing starts issued in the U.S. rose more than expected in September, while building permits fell more than forecast, official data showed Tuesday.
In a report, the U.S. Commerce Department said that housing starts rose 6.5% to hit a seasonally adjusted 1.206 million units last month from August’s total of 1.132 million units. Analysts had expected a figure of 1.140 million.
5. U.S. natural gas futures extended gains from the prior session on Tuesday, as forecasts for chilly temperatures across key consumption regions of the U.S. boosted demand expectations for the fuel.
Natural gas for delivery in November on the New York Mercantile Exchange jumped 4.4 cents, or 1.8%, to trade at $2.487 per million British thermal units during U.S. morning hours.
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U.S. stock index futures were lower on Tuesday as prices of commodities fell on rekindled worries about demand from China.
* Investors are awaiting a barrage of quarterly results and a speech by Federal Reserve Chair Janet Yellen.
* Third-quarter company earnings are in full focus this week with Verizon (VZ.N), Yahoo (YHOO.O) and VMware (VMW.N) reporting results on Tuesday.
* Investors are pricing in tepid corporate performance for the quarter and watching out for outlook commentary as the effects of global financial turbulence hits American shores.
* S&P 500 companies are expected to show a 3.9 percent fall in third-quarter profit, according to Thomson Reuters data.
* U.S. stocks closed with slight gains on Monday as tech and biotech stocks advanced ahead of a heavy week of earnings.
* Brent crude fell on Tuesday but steadied around $48 a barrel and London copper prices slipped to two-week lows straining under an economic slowdown in China. [O/R] [MET/L]
* Exxon's shares (XOM.N) were down 1.8 percent at $80.99 premarket.
* IBM (IBM.N) fell 4.7 percent to $142.15 a day after it reported a bigger-than-expected fall in quarterly revenue and cut its full-year profit forecast.
* Sandisk (SNDK.O) jumped 8.1 percent to $77.82 after a Reuters report said Western Digital (WDC.O) was in advanced talks to buy the memory chipmaker, citing people familiar with the matter.
* Yum Brands (YUM.N) rose 4.3 percent to $74.76 after the fast food group said it was preparing to separate its China business.
* Travelers (TRV.N) rose 0.6 percent to $107.00 after it reported a rise in third-quarter profit. * Data on housing starts is scheduled for release on Tuesday at 8:30 a.m. ET. The data is expected to show 1.15 million units were started in September, up from the 1.13 million units in August.
* Yellen speaks at 11:00 a.m. ET. Fed Board Governor Jerome Powell is also scheduled to speak on Tuesday.
* S&P 500 e-minis ESc1 were down 7 points, or 0.35 percent, with 84,232 contracts traded.
* Nasdaq 100 e-minis NQc1 were down 12.5 points, or 0.28 percent, on volume of 13,227 contracts.
* Dow e-minis 1YMc1 were down 60 points, or 0.35 percent, with 11,349 contracts changing hands.
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Busy day ahead.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Earnings season
A range of companies including Verizon (VZ, Tech30), Travelers (TRV) and Harley-Davidson (HOG) are reporting earnings this morning.
After the markets close, another batch of companies are reporting, including Chipotle (CMG) and Yahoo (YHOO, Tech30).
Shares in IBM (IBM, Tech30) are declining by about 4% premarket after the company posted disappointing quarterly results on Monday afternoon. Revenue came in below expectations, in part due to the slowdown in Asia.
2. Oh Canada
Canadians have voted in their first new leader in 10 years. Justin Trudeau is the son of a former Canadian prime minister. He led his Liberal party to a majority government, dealing a stunning blow to incumbent leader Stephen Harper.
The Toronto Stock Exchange could react sharply when trading opens.
3. Stocks in the spotlight
Sandisk, United: Takeover talk has sent Sandisk's (SNDK) share price climbing 8% premarket. Western Digital (WDC) is reportedly in serious talks to acquire the chipmaker and a deal could be announced this week. Micron (MU) had been considered another suitor for the firm.
Shares in United Continental Holdings (UAL) could be on the move Tuesday after the firm announced its general counsel Brett Hart would lead the company on an interim basis after the CEO suffered a heart attack last week and was put on medical leave.
"At this time, it is too soon to know the course of treatment and timing of recovery," the airline said.
Shares in Takata took a hit Tuesday in Japan -- down 3.4% -- on concerns that the company may be forced to expand a recall of its defective airbags in the U.S.
4. Stock market overview
U.S. stock futures are declining by about 0.3% and most European markets are dipping into the red in early trading.
Asian markets ended with mixed results.
On Monday, the Dow Jones industrial average edged up 0.1% and the Nasdaq added 0.4%. The S&P 500 didn't make any significant move.
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What is it? It's a leading indicator of the nation's trade balance with other countries because rising commodity prices boost export income.
When? Tentative
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 an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.
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? As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.
When? At 6:00am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the GBP to rise.
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1. U.S. stocks opened lower on Monday after a swathe of weak results led by Morgan Stanley and Halliburton.
Morgan Stanley's shares (N:MS) fell 6.2 percent to $31.83 after the bank's profit fell for the second straight quarter. The stock was the second-largest drag on the S&P 500 index.
The bank's results capped mostly downbeat quarterly results from major U.S. banks with struggling trading businesses.
2. Crude oil futures were under pressure on Monday, after data showed China's economy expanded at its slowest pace since 2009 in the third quarter, underlining concerns over weak demand.
On the ICE Futures Exchange in London, Brent oil for December delivery tumbled $1.33, or 2.65%, to trade at $49.13 a barrel during U.S. morning hours. On Friday, Brent futures tacked on 73 cents, or 1.47%.
3. The U.S. dollar edged higher against its Canadian counterpart on Monday, as the greenback regained some ground after the release of mixed U.S. data on Friday dampened optimism over the strength of the economy.
USD/CAD hit 1.2947 during European afternoon trade, the pair's highest since October 14; the pair subsequently consolidated at 1.2942, rising 0.23%.
4. The dollar remained moderately higher against the other major currencies in subdued trade on Monday, as sentiment on the greenback was still fragile after the release of mixed U.S. economic reports on Friday.
The dollar was higher against the euro, with EUR/USD down 0.11% at 1.1333.
The preliminary reading of the University of Michigan’s consumer sentiment index came in at 92.1 on Friday, compared to forecasts of 89 and up from 87.2 in September.
But another report showed that U.S. industrial production declined 0.2% in September, pressured lower by weakness in the oil and gas sector.
5. European stock markets struggled and Wall Street looked set to open lower on Monday after U.S. bank Morgan Stanley reported a slump in quarterly profit, adding to signs of woe among the world's biggest banks.
The record third-quarter loss reported by Germany's Deutsche Bank (DE:DBKGn) earlier this month has refocused investors' minds on the big global banks after a decade of financial strife, regulation and technology-driven change.
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Actress and media magnate Oprah Winfrey will buy a 10 percent stake in Weight Watchers International Inc and join the company's board.
Shares of the weight management company jumped 37 percent to $9.30 in premarket trading on Monday.
Winfrey will buy nearly 6.4 million shares at Friday's closing price of $6.79 per share for $43.2 million, Weight Watchers said. She will also have options to acquire an additional 5 percent stake.
If Winfrey buys 15 percent of Weight Watchers, she will become the second-largest shareholder, after investment firm Invus Public Equities Advisors LLC, which owned a 51.5 percent stake as of June 30.
She will also advise the company on program development and future products.
Winfrey for years has spoken about her struggle with her weight and a thyroid problem that had led her to weigh 200 pounds in 2008.
Winfrey is one of the most popular talk-show hosts in history. She runs the cable network OWN, which she created in a joint venture with Discovery Communications Inc.
Weight Watchers, which provides online subscriptions for weight management and coaching, has seen its subscriber base drop in the face of free mobile weight management apps and fitness brands such as those of Fitbit Inc.
Weight Watchers, founded in 1963, will expand its purpose to help people lead healthier lives, from just focusing on weight loss, Chief Executive Jim Chambers said in a statement on Monday.
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