Forex Overnight: USD trading mixed
Source: Bloomberg
The USD is trading mixed against its major counterparts this morning. With the recent US macro data remaining largely downbeat, a slew of economic releases across the Atlantic, due later today, will be closely monitored for further insight into the health of the nation's economic recovery ahead of the Federal Open Market Committee's monetary policy decision on Wednesday. With a light European economic calendar ahead, investors will keep a tab on tomorrow's German GfK consumer confidence data which is expected to show an improvement in November. At 06:00 GMT, the EUR has declined 0.1 percent versus the USD to trade at USD 1.3798 while the GBP has risen 0.1 percent against the USD to trade at USD 1.6176.
The JPY has weakened 0.2 percent against both the USD and the EUR after the Bank of Japan deputy governor reiterated the central bank's commitment to further stimulus measures, if needed.
UK Stocks: Expected to open higher
Source: Bloomberg
The FTSE 100 is likely to open 19 points in the green.
CBI Distributive Trades Survey – Reported Sales is the key economic indicator scheduled for release today.
Advanced Computer Software Group (ASW) and PuriCore (PURI) are scheduled to report their results today.
Sky News has reported that Antonio Horta-Osorio, the chief executive officer of Lloyds Banking Group (LLOY), might be awarded a bonus of GBP 2.5 million next month, subject to certain conditions.
Reuters has reported that a Chilean appeals court has blocked the recently approved construction of a 640 MW Rio Cuervo dam, a project between Origin Energy and Glencore Xstrata (GLEN), citing environmental and geopolitical risks.
The Telegraph has reported that Royal Bank of Scotland Group (RBS), due to report its results on Friday, is expected to swing to a profit in the third quarter of 2013 compared to a loss posted last year.
Tullow Kenya BV, a subsidiary of Tullow Oil (TLW), has stated that it suspended drilling operations at Turkana South and East districts in Kenya following protests by local communities.
Asia: Trading mostly firmer
Source: Bloomberg
Asian markets are trading mostly higher this morning.
In Japan, Sony Corporation (6758) has climbed following a broker upgrade. KDDI Corporation (9433) and TDK Corporation (6762) have added value amid reports that they might post an increase in their first half-year operating profit. NTT DOCOMO (9437) has edged higher following a rise in its first half-year net income. Mitsubishi Motors (7211) has gained amid reports that the company plans to raise around USD two billion in a public share offering as early as January, 2014. At 06:00 GMT, the Nikkei 225 has advanced 2.1 percent to trade at 14,378.4.
In Hong Kong, Ping An Insurance Group (2318) has climbed after it reported a substantial increase in its third-quarter profit. Zoomlion Heavy Industry Science and Technology (1157) has soared after a Chinese daily newspaper apologised for publishing an unverified story about the finances of the company. In China, Wuliangye Yibin (000858) has slumped after its third-quarter net income dropped significantly. However, China Life Insurance Company (601628) has added value after it swung to a third-quarter profit. In South Korea, Samsung Electronics (005930) and Hyundai Motor (005380) have registered gains.
US Stocks: Futures trading in the green
Source: Bloomberg
At 06:00 GMT, S&P 500 futures are trading 6.2 points stronger.
Industrial and Manufacturing Production, Pending Home Sales, Dallas Federal Reserve's Manufacturing Business Index and Capacity Utilisation are the key economic indicators slated for release today.
Apple (AAPL), Merck & Company (MRK), Biogen Idec (BIIB), General Growth Properties (GGP), Loews Corporation (L) and Seagate Technology (STX) are scheduled to report their results later today.
In the after hours trading session on Friday, JPMorgan Chase (JPM) closed almost flat. The company indicated that it has agreed to pay USD 5.1 billion to settle claims with the regulator of Fannie Mae and Freddie Mac related to home loans and mortgage-backed securities. Zogenix (ZGNX), Lattice Semiconductor (LSCC) and Dendreon Corporation (DNDN) soared 6.9 percent, 6.7 percent and 6.3 percent, respectively. On the other hand, Equifax (EFX), American Superconductor (AMSC) and RPC Inc. (RES) reversed their regular session gains and retreated 2.7 percent, 2.2 percent and 2.1 percent, respectively.
On Friday, the S&P 500 index advanced 0.4 percent in the regular trading session tracking mostly upbeat US corporate earnings reports. Additionally, downbeat US consumer confidence data in October fuelled speculation that the US central bank might continue with its monthly bond purchases programme in the near term. Flowserve (FLS), Alexion Pharmaceuticals (ALXN) and Microsoft (MSFT) soared 12.2 percent, 7.3 percent and six percent, respectively, after they posted better-than-expected quarterly results. Additionally, Alexion Pharmaceuticals upwardly revised its full-year sales and adjusted its earnings outlook. Amazon.com (AMZN) jumped 9.4 percent following upbeat third-quarter revenue and after it posted a narrower loss. National Oilwell Varco (NOV) and United Parcel Service (UPS) added 4.5 percent and 1.2 percent, respectively, after they posted a marginally better-than-anticipated third-quarter earnings report. On the flip side, Apple (AAPL) lost 1.1 percent ahead of its fourth-quarter results scheduled later today. Yahoo! (YHOO) dropped 2.5 percent after Yahoo! Japan offered a bleak full-year financial guidance. Moody's (MCO) declined 2.2 percent following a weak third-quarter revenue and after it narrowed its full-year earnings outlook. Eastman Chemical (EMN) slumped 5.2 percent after it offered a dismal full-year earnings forecast.
Europe Stocks: Likely to open in positive territory
Source: Bloomberg
The DAX and the CAC are expected to open 43 to 44 points and 11 points firmer, respectively.
Italian Business Confidence Index is the key economic indicator slated for release today.
Bankia SA (BKIA), Ferrovial SA (FER), Distribuidora Internacional de Alimentacion SA (DIA), TNT Express NV (TNTE) and Natra SA (NAT) are scheduled to announce their results later today.
In an interview with a German magazine, Euro am Sonntag, Werner Brandt, the chief financial officer of SAP AG (SAP), has indicated that the company is not interested in bidding for BlackBerry.
The French investment newsletter, Agefi, has reported that Electricite de France SA (EDF) and Veolia Environnement SA (VIE) are near to finalising a deal on the asset sharing of their Dalkia energy services venture.
The Wall Street Journal Deutschland has reported that ThyssenKrupp AG (TKA) could search for a partner to set up steel processing in Brazil, if the company fails to sell its steel mill in Brazil.
In an interview with Trend, an Austrian magazine, Wolfgang Eder, the chief executive officer of Voestalpine AG (VOE), has indicated that the company plans to set up 15 new plants in China by 2020.
Macro Update
Japan's deputy governor reiterates central bank commitment
Kikuo Iwata, the deputy governor of the Bank of Japan, has reiterated that the central bank is open to taking further monetary action, if it suspects difficulty in achieving its two percent inflation target over the longer term.
House prices in the UK rise, indicates Hometrack
According to the Hometrack housing survey, on a monthly basis, house prices in the UK have climbed 0.5 percent in October compared to a similar increase recorded in September.
Industrial profits in China rise
On an annual basis, profits earned by industrial companies in China have climbed 13.5 percent in the first nine months of 2013 compared to a 12.8 percent rise reported in the first eight months of 2013.
South Korea's consumer sentiment improves
The consumer confidence index in South Korea has risen to a 17-month high reading of 106.0 in October compared to a reading of 102.0 reported in the previous month.
Economic Calendar
| Country | GMT | Economic Indicator | Relevance | Consensus/
*Actual | Previous | Frequency |
| UK | 0:01 | Hometrack Housing Survey (YoY) (Oct) | Low | 3.10%* | 2.40% | Monthly |
| UK | 0:01 | Hometrack Housing Survey (MoM) (Oct) | Low | 0.50%* | 0.50% | Monthly |
| Italy | 9:00 | Business Confidence (Oct) | Low | 97.30 | 96.60 | Monthly |
| Eurozone | 10:40 | Bundesbank's Lautenschlaeger speaks in Frankfurt | Low | - | - | - |
| UK | 11:00 | CBI Distributive Trades Survey - Realised (Oct) | Low | 32.00% | 34.00% | Monthly |
| Spain | 11:30 | Bank of Spain Governor Linde Speaks in Jerez | Low | - | - | - |
| Spain | 11:45 | Bank of Spain Deputy Governor Speaks in Oviedo | Low | - | - | - |
| US | 13:15 | Manufacturing (SIC) Production (MoM) (Sep) | Medium | 0.30% | 0.70% | Monthly |
| US | 13:15 | Capacity Utilisation (Sep) | Low | 78.00% | 77.80% | Monthly |
| US | 13:15 | Industrial Production (MoM) (Sep) | Medium | 0.40% | 0.40% | Monthly |
| US | 14:00 | Pending Home Sales (MoM) (Sep) | Medium | 0.00% | -1.60% | Monthly |
| US | 14:00 | Pending Home Sales (YoY) (Sep) | Medium | 3.50% | 5.80% | Monthly |
| US | 14:30 | Dallas Fed Manufacturing Business Index (Oct) | Low | 9.00 | 12.80 | Monthly |
| Japan | 23:30 | Household Spending (YoY) (Sep) | Medium | 0.50% | -1.60% | Monthly |
| Japan | 23:30 | Job-To-Applicant Ratio (Sep) | Low | 0.96 | 0.95 | Monthly |
| Japan | 23:30 | Unemployment Rate (Sep) | High | 4.00% | 4.10% | Monthly |
| Japan | 23:50 | Retail Trade (YoY) (Sep) | High | 1.80% | 1.10% | Monthly |
| Japan | 23:50 | Retail Trade s.a (MoM) (Sep) | High | 0.50% | 0.90% | Monthly |
| Japan | 23:50 | Large Retailer's Sales (Sep) | High | 0.70% | -0.10% | Monthly |
| China | - | Leading Index (Sep) | Low | - | 99.86 | Monthly |
See today's events updated in real-time in our Financial Calendar on TradingFloor.com
Corporate Calendar
| Country | Company Name | Index | Announcement |
| UK | Aggreko Plc | FTSE All Share | Trading |
| US | Apple Inc. | S&P 500 | Q4 Earnings Release |
| US | Biogen Idec Inc. | S&P 500 | Q3 Earnings Release |
| US | Edwards Lifesciences Corp. | S&P 500 | Q3 Earnings Release |
| US | FMC Corp. | S&P 500 | Q3 Earnings Release |
| US | Hartford Financial Services Group Inc. | S&P 500 | Q3 Earnings Release |
| US | Loews Corp. | S&P 500 | Q3 Earnings Release |
| US | Macerich Co. | S&P 500 | Q3 Earnings Release |
| US | Masco Corp. | S&P 500 | Q3 Earnings Release |
| US | Merck & Co. Inc. | S&P 500 | Q3 Earnings Release |
| US | Plum Creek Timber Company Inc. | S&P 500 | Q3 Earnings Release |
| US | Roper Industries Inc. | S&P 500 | Q3 Earnings Release |
| US | Seagate Technology Plc | S&P 500 | Q1 Earnings Release |
—Edited by Yvette Roper
http://www.tradingfloor.com/posts/market-preview-us-industrial-production-pending-sales-884489097
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