What is it? Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity.
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. stock index futures were lower on Monday as investors awaited consumer spending data for August amid uncertainty around the timing of an interest rate hike.
Several Federal Reserve officials are scheduled to speak this week, including New York Fed President William Dudley on Wednesday. The focus will firmly be on U.S. monetary policy after strong second-quarter U.S. GDP data released on Friday sharpened the case for a 2015 hike. Fed Chair Janet Yellen has said she expects rates to be raised this year.
2. U.S. consumer spending grew briskly in August and a key measure of inflation firmed a bit, signs of strength in America's domestic economy that could lead the Federal Reserve to tighten interest rates despite weakness abroad.
The Commerce Department said on Monday consumer spending increased 0.4 percent after an upwardly revised 0.4 percent rise in July. The data suggests the strong consumer spending that bolstered the economy in the second quarter carried over into the third.
3. Upscale food market operator Whole Foods Market Inc (NASDAQ:WFM) said it would cut about 1,500 jobs, or about 1.6 percent of its workforce, over the next eight weeks.
The cuts are aimed at reducing costs as the company invests in technology upgrades, Whole Foods said in a filing. The affected positions were mainly in stores, but "back of house" positions that were not customer facing, the company said in an email to Reuters.
4. Oil prices eased on Monday, paring some of last week's 2 percent rally, despite evidence of slowing U.S. production and a fourth weekly increase in U.S. investor holdings of crude futures.
High oversupply and concern about demand growth in emerging markets and elsewhere have stripped 50 percent off the value of a barrel of oil over the last year and kept the price below $50 for most of the past nine weeks.
5. The dollar held steady against the other major currencies on Monday, as expectations for an upcoming U.S. rate hike continued to support the greenback and as investors eyed comments by several Federal Reserve officials scheduled later in the day.
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Apple (AAPL.O) said on Monday it sold more than 13 million iPhone 6s and 6s Plus in the first weekend on the market, a new record for its marquee product.
The company improved its previous record of 10 million iPhones sold in the first weekend of 2014, benefiting from the inclusion of the Chinese market, where the gadget's debut was delayed last year by regulatory issues.
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Royal Dutch Shell (RDSa.L) has abandoned its Arctic search for oil after failing to find enough crude in a move that will appease environmental campaigners and shareholders who said its project was too expensive and risky.
Shell has spent about $7 billion on exploration in the waters off Alaska so far and said it could take a hit of up to $4.1 billion for pulling out of the Chukchi Sea for the "foreseeable future".
The unsuccessful campaign is Shell's second major setback in the Arctic after it interrupted exploration for three years in 2012 when an enormous drilling rig broke free and grounded.
Environmental campaigners and shareholders have also pressured Shell to drop Arctic drilling. Some are worried an oil spill would harm protected species while others are concerned about the cost after oil prices more than halved in a year.
"Shell has found indications of oil and gas in the Burger J well but these are not sufficient to warrant further exploration," Shell said in a statement on Monday.
It said the decision to withdraw from the area reflected the results from the exploratory well, the project's high costs and the unpredictable federal regulatory environment in the area off the U.S. state of Alaska.
"The entire episode has been a very costly error for the company both financially and reputationally," said analysts at Deutsche Bank, who estimate the Shell's Arctic exploration project could cost the company about $9 billion.
Shell's abandonment of Arctic drilling came just six weeks after the U.S. government granted the company final clearance for its campaign. "They had a budget of billions, we had a movement of millions. For three years we faced them down, and the people won," said John Sauven, executive director at Greenpeace UK.
Activists tried to interrupt Shell's drilling plans in July by blocking an icebreaker vessel as they dangled from a bridge. The decision is also the latest in a series of setbacks for projects in the Arctic trying to find oil and gas deposits estimated at 20 percent of the world's undiscovered resources.
Shell's London-listed shares reacted positively in early trading on Monday to the Arctic withdrawal, gaining up to 0.6 percent. The shares fell later in line with the oil and gas index .SXEP.
"Alaska been a bone of contention for many investors thus today's update is a positive," said Bernstein analysts, who rate Shell's stock as outperform.
Shell said its Alaskan project was valued at about $3 billion on its balance sheet and that it had a $1.1 billion in future contractual commitments. It said it would give an update on the cost of writedowns with third-quarter results.
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A new week has begun and trading will kick off soon.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Shell shock
Oil giant Royal Dutch Shell (RDSB) announced overnight that it would stop all offshore drilling in Alaska for the foreseeable future after a key exploration well did not yield sufficient amounts of oil and gas.
The stoppage comes as oil prices trade around $45 per barrel -- a level that has squeezed profitability at oil producers around the world.
Shares in Shell are trading sideways in Europe.
2. Stock market overview
U.S. stock futures are edging lower and European markets are taking a dip in early trading.
Spain's IBEX 35 is the only index that's holding onto small gains. Investors may be relieved that parties campaigning for independence for the wealthy region of Catalonia failed to win a majority of votes cast in regional elections Sunday. They won a majority of seats in the regional parliament but ended up with just under 48% of the votes. That may make it harder for them to push ahead quickly with unilateral moves towards independence.
Asian markets ended with mixed results. The standout performer of the day was the Shenzhen index in China, which jumped by 2.4%. On the flip side, the Nikkei 225 index in Japan declined by 1.3%.
3. Market movers
SABMiller, Volkswagen, Glencore: Shares in SABMiller (SBMRY) are rising by 3% in London as investors hope that the world's largest beer brewer -- Anheuser-Busch InBev (AHBIF) -- is set to make a formal takeover offer for its competitor. If regulators allow a takeover of this size, it would be the biggest acquisition in the history of the beer industry, and one of the biggest in the world.
Shares in Volkswagen (VLKAY) are heading south again -- down about 6% -- as investors continue to worry about the fallout from its emissions scandal.
Shares in Glencore (GLNCY) are down by about 10% -- trading around their lowest level ever -- after the miner sold a nickel mine in Brazil for a disappointing price.
4. Weekly market recap
Last week was broadly negative in the U.S. markets. The Dow Jones industrial average dipped by 0.4%, the S&P 500 declined by 1.4% and the Nasdaq fell back by 2.9%.
The Nasdaq has dropped by about 10% since hitting a recent peak in July.
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What is it? Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle 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 USD to rise.
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Nike Inc. posted a 23% jump in quarterly profits and particularly strong sales gains in China, as the world’s largest sportswear maker bucked concerns about that country’s economic health.
The athletic gear company reported a three-month profit of $1.18 billion as sales rose 5% from a year earlier to $8.41 billion. Excluding the effects of currency fluctuations, Nike said its global sales rose 14% in the quarter ended Aug. 31. Leading all regions in revenue growth was China, where sales jumped 30% to $886 million.
China had been a trouble spot for Nike just two years ago, as the company wrestled with lagging sales and depleted demand after a massive run-up to the 2008 Olympics. The company has worked with wholesale partners in the region to remodel how products are displayed to customers.
“While we are very mindful of the macroeconomic volatility in China, our brand has never been stronger and our marketplace has never been more healthy,” said Andrew Campion in his first earnings call as Nike’s chief financial officer. Mr. Campion succeeded Don Blair, who retired this summer.
Nike said futures orders, which reflect products scheduled for delivery in the next six months, rose 9% on global basis. Futures orders are closely watched by investors as a benchmark for demand for Nike products.
Shares of the Beaverton, Ore.-based company rose 7.8% to $123.90 in recent after-hours trading as the company’s per-share earnings and revenue surpassed expectations. Through Thursday’s close, the stock had risen 42% over the past 12 months.
Nike has been benefiting from cultural trends that favor its products, including the rise of athletically styled footwear and clothes among consumers who aren’t necessarily planning a workout.
The world’s top sneaker seller also holds the lead in the sports apparel sector, where in addition to competition from Germany-based rival Adidas AG, younger rivals such as Under Armour Inc. and Skechers USA Inc. have been moving in on its turf.
Nike reported a 10% rise in inventories in North America, which it attributed in part to buildup from the West Coast port closures earlier this year. Executives said that they expect the clearance of excess inventory to resolve in the next two quarters, which could impact margin growth during the period.
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1. The new iPhone 6s and 6s Plus hit stores on Friday, with dozens of people - and a robot - queueing in Sydney to kick off a global sales cycle that will be scrutinized for signs of how much juice Apple (NASDAQ:AAPL) Inc's marquee product has left.
Analysts expect a record 12 million to 13 million phones to fly off the shelves in the first weekend, up from more than 10 million last year when the hugely successful iPhone 6's launch was delayed in China, the world's biggest smartphone market.
2. The dollar held gains against the other major currencies on Friday, after data showed that the U.S. economy grew at a faster rate than expected in the second quarter, adding to expectations for a rate hike in the next months.
3. In addressing the public for the first time since the Federal Open Market Committee held its benchmark Federal Funds Rate at its current near-zero level last week, Janet Yellen said she anticipates that it will be appropriate to raise short-term interest rates by the end of the year.
4. European stocks were sharply higher on Friday, as global growth concerns subsided after Federal Reserve Chair Janet Yellen suggested the possibility of a rate hike later this year. During European morning trade, the EURO STOXX 50 rallied 2.31%, France’s CAC 40 advanced 2.46%, while Germany’s DAX 30 surged 2.30%.
5. U.S. stocks opened higher on Friday, a day after Federal Reserve Chair Janet Yellen said she expects the central bank to raise interest rates this year, easing concerns about slowing global growth.
The Dow Jones industrial average rose 174.91 points, or 1.08 percent, to 16,376.23. The S&P 500 gained 14.16 points, or 0.73 percent, to 1,946.4 and the Nasdaq composite added 47.78 points, or 1.01 percent, to 4,782.26.
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The US economy grew 3.9% in the second quarter, better than previously reported.
The GDP rise was led by consumer spending on health care, food services, and accommodation, according to the Bureau of Economic Analysis (BEA).
Economists had forecast that the third and final estimate of gross domestic product (GDP) was 3.7%, unchanged from the prior estimate. Second quarter consumption was revised up to 3.6% from 3.1%.
The average of GDP and gross domestic income (GDI) rose 0.7%, versus 0.4% in Q1. The new measure was introduced in the last quarter as a new way to gauge the economy's strength and correct the error that makes both different when, in theory, they should be equal.
The BEA also released personal consumption expenditures, a measure of consumer spending that serves as a gauge of inflation and is preferred by Federal Reserve chair Janet Yellen. It was 2.2% for Q2, unchanged from the prior estimate.
"Core" PCE", which excludes volatile food and energy prices, was 1.9%, beating the forecast for 1.8%.
Following the release, US stock futures lost a bit of their strong overnight rally, with Dow futures up more than 200 points.
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Markets are looking perky Friday morning, holding out the prospect of an upbeat end to a rough week.
All major European indexes are trading more than 2% higher, and U.S. stock futures are pointing to a positive start as investors welcome Janet Yellen's explanation of the Fed's decision not to hike rates last week.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1) New boss at Volkswagen
The German automaker is expected to promote Porsche chief Matthias Mueller to group CEO as it struggles to get control of a crisis over falsified U.S. emissions tests. Media reports say Mueller will be named Friday as successor to Martin Winterkorn, who quit Wednesday.
Volkswagen (VLKAY) is also under huge pressure to provide more details about whether European tests were also deliberately manipulated, and to identify who was responsible for the misconduct. Its shares were trading 1% higher in Europe, but have lost about 25% since the scandal broke a week ago.
2) It's another iPhone day
The iPhone 6S and iPhone 6S Plus hit stores Friday, with Apple (AAPL, Tech30) fans around the world camping out in line to become some of the first owners of the new devices.
The company has said it expects to beat last year's first-weekend record sales of 10 million units.
3) Stock market movers
Nike, Under Armour, BMW: Nike (NKE) stock is up nearly 8% premarket after the company reported strong earnings Thursday afternoon. The report helped rivals too -- Adidas (ADDYY) was trading 3.5% higher in Europe, while Under Armour (UA) also got a lift, climbing 2% after hours.
BMW (BAMXY) shares are bouncing back, trading 5% higher. The stock was slammed Thursday after a German magazine reported that one of the group's diesel fueled cars had breached European pollution limits by a huge margin in road tests. The company said it could not explain the results because it was not familiar with the detail, but strongly denied attempting to manipulate or rig any emissions tests.
4) Earnings and economics
Blackberry (BBRY, Tech30) and Finish Line (FINL) are reporting before the opening bell.
The U.S. government will issue new estimates for second-quarter GDP at 8:30 a.m. ET. Initial numbers showed it improved after lackluster results from the first three months of 2015.
Then, at 10 a.m. ET, the University of Michigan will post its final estimate for September consumer sentiment. First readings of the index showed a dip from August levels.
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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 USD to rise.
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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. stock futures are looking soft.
Most European markets are dipping into the red, shrugging off a report out of Germany that suggests businesses have been holding up well in September. The Ifo Business Climate report was better than August and beat economists expectations.
In Asia, the Japanese Nikkei index took a 2.8% dive following the release of sluggish manufacturing data for September. The numbers from Markit show a sharp reduction in international demand, particularly from China.
Across the rest of Asia, trading was mixed.
2. Stock market movers -- BMW, VW, Consol Energy
Shares in BMW (BAMXY) are falling sharply in Europe as investors worry that the luxury German automaker may be caught up in a widening scandal over diesel emissions. A German magazine reported that one BMW model breached European pollution limits in road tests. BMW has said it does not use any software that can manipulate emissions in a test cycle.
Meanwhile, VW shares continue to recover in Europe after being slammed into reverse earlier this week.
The automaker's CEO resigned Wednesday after the company admitted cheating U.S. emission tests and reported significant discrepancies in emissions between test and road conditions in 11 million vehicles worldwide. The company now faces well over 30 lawsuits in the U.S. related to the scandal, and German state prosecutors are considering legal action.
Coal and natural gas producer Consol Energy (CNX) is seeing wild swings in its shares in premarket trading. The stock dropped by 8.6% on Wednesday as coal futures prices fell, but now it's set for a sharp recovery at the open.
3. Earnings
Book publisher Scholastic (SCHL) and consulting firm Accenture (ACN) will report ahead of the open.
Retailers including Nike (NKE), Pier 1 (PIR) and Bed Bath & Beyond (BBBY) are reporting results after the close.
4. Economics
The Department of Labor is releasing weekly jobless claims data at 8:30 a.m. ET. Federal unemployment statistics have shown for months that the labor market is in good shape.
At 10 a.m., the Census Bureau will release new home sales data for August.
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What is it? Fed Chair Yellen is due to deliver a speech titled "Inflation Dynamics and Monetary Policy" at the University of Massachusetts, in Amherst.
As head of the central bank, which controls short term interest rates, she has more influence over the nation's currency value than any other person. Traders scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy.
When? September 24th at 5:00pm Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the USD to rise.
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What is it? It checks the number of individuals who filed for unemployment insurance for the first time during the past week.
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. Unemployment is also a major consideration for those steering the country's monetary policy.
When? September 24th at 8:30am Eastern Time.
Trading Tip: If the actual number is lower than the forecast, you can expect the USD to rise.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Volkswagen veers off course
Shares in Volkswagen are dropping sharply in Europe after American regulators accused the automaker of cheating on emission control tests.
Volkswagen's CEO Martin Winterkorn issued a statement Sunday that stopped short of admitting guilt, but said he was "deeply sorry that we have broken the trust of our customers and the public."
Federal and California regulators say emission controls in some Volkswagen and Audi models were programed only to turn on when the car was being tested.
The software is installed in nearly 500,000 Volkswagen cars on U.S. roads.
VW said it had stopped selling the vehicles at issue.
2. Greece in the spotlight
Alexis Tsipras has declared victory in Greece's snap elections Sunday.
Tsipras became prime minister in January 2015 and helped negotiate a new bailout for the country.
"The result is a government that is likely to be exactly the same as the last government, although Prime Minister Tsipras was not the anti-establishment candidate this time," said Paul Donovan, a senior economist at UBS.
Investors seem to have shrugged off the results, with the Greek index moving between positive and negative territory in early trading.
3. Market moves
U.S. stock futures are pushing higher after being in the red earlier this morning.
Pharmaceutical giant Bristol-Myers Squibb (BMY) is rising in extended trading while Chesapeake Energy (CHK) shares are drooping.
European markets are mixed in early trading, while Asian markets ended with broadly negative results. However, the main indexes in China closed with gains.
The Shenzhen index rallied by 3.6% and the Shanghai Composite jumped by nearly 2% over the course of the trading day.
4. Friday market recap
Friday was a negative day in the markets. The Dow Jones industrial average dropped 1.7%, while the S&P 500 shed 1.6% and the Nasdaq lost 1.4%.
The turmoil came one day after the U.S. Fed announced that it was leaving its benchmark interest rate near 0%.
Fed chief Janet Yellen said in explanation: "The outlook abroad appears to have become more uncertain."
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