Stock markets around the world are rebounding a bit today, particularly in Europe where major continental indices are up in the 1.0%-1.5% range today. US indices also have been trading higher but gains have been smaller. Overnight, a rebound attempt by Chinese markets quickly fizzled out but indices did manage to stabilize, but for how long? Earnings may play a big role in today’s US trading action with better than expected reports and/or guidance improvements out of the automotive, transport, homebuilding and pharmaceutical sectors while Dupont disappointed on both backward and forward looking numbers. Crude oil and gold are holding steady while grains are on the rebound, clawing back some of yesterday’s losses. Last night’s weekly crop report suggested indicated growing conditions are tracking similar to last year not suddenly substantially better as had been suggested by yesterday’s big selloffs. Currency trading has been mixed today. USD and GBP are running in the middle of the pack as UK GDP met expectations and the FOMC kicks off a two day meeting. Resource currencies led by NZD and also including AUD and CAD are on the rebound with China pressure easing for now. SEK is underperforming after Swedish retail sales came in below expectations. Other continental currencies like EUR, NOK and CHF also find themselves in the lower half of the table as they give back some of yesterday’s gains in a normal trading correction. Twitter reports earnings after US markets close tonight, the shares fell to start the week and are trading just above their 52-week lows indicating that expectations are running very low about this quarter’s results which face a big comparable hurdle from last year’s World Cup related bubble in activity. Corporate News Ford $0.47 vs street $0.37 UPS $1.35 vs street $1.27 DuPont $1.18 vs street $1.21, cuts full year EPS guidance to $3.10 from $3.20, reduces negative forex impact expectations to $0.60 from $0.80 Merck $0.86 vs street $0.81, raises full year EPS guidance to $3.45-$3.55 from $3.35-$3.48 Pfizer $0.56 vs street $0.52 raises full year EPS guidance to $2.01-$2.07 from $1.95-$2.05 DR Horton $0.60 vs street $0.50 Husky Energy CFPS $1.20 vs street $0.96 Economic News Significant announcements released overnight include: Canada industrial prices 0.5% vs street 0.3% Canada raw material prices 0.0% vs street 1.0% UK GDP over quarter 0.7% as expected UK GDP over year 2.6% as expected Sweden retail sales 3.8% vs street 4.0% Upcoming significant announcements include: 9:45 am EDT US flash Service PMI street 55.0 10:00 am EDT US consumer confidence street 100.0 Two-day FOMC meeting starts, announcement at 2:00 pm EDT Wednesday Twitter and Citrix report earnings after the US close tonight CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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