Overseas Strength May Carry Over Onto Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Wednesday, 01 March 2023 08:52:37 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a slightly higher open on Wednesday, with stocks likely to move back to the upside after ending yesterday?s lackluster session mostly lower. Overseas strength may carry over onto Wall Street following the release of data showing Chinese factory activity expanded at its fastest pace in more than a decade in February. The official manufacturing purchasing managers' index (PMI) rose to 52.6 from 50.1 in January, according to the National Bureau of Statistics. The official non-manufacturing PMI, measuring business sentiment in the services and construction sectors, also rose to 56.3 from 54.4 in January. Traders may also make another attempt at bargain hunting, as the drop seen on Tuesday dragged the Dow down to its lowest closing level in well over three months. After ending Monday?s trading modestly higher, stocks showed a lack of direction over the course of the trading day on Tuesday. The major averages bounced back and forth across the unchanged line before eventually closing in negative territory. The Dow slid 232.39 points or 0.7 percent to 32,656.70, ending the session at its lowest closing level in well over three months. The S&P 500 fell 12.09 points or 0.3 percent to 3,970.15, while the Nasdaq edged down 11.44 points or 0.1 percent to 11,455.54. The lackluster performance on Wall Street came as traders seemed reluctant to make more significant moves amid ongoing concerns about the outlook for interest rates. In the coming days, traders are likely to keep an eye on reports on weekly jobless claims and manufacturing and service sector activity. The data could shed additional light on the strength of the economy and provide further clues about how much the Federal Reserve is likely to raise interest rates. In U.S. economic news, MNI Indicators released a report showing Chicago-area business activity unexpectedly contracted at a slightly faster rate in the month of February. MNI Indicators said its Chicago business barometer edged down to 43.6 in February from 44.3 in January, with a reading below 50 indicating a contraction. Economists had expected the Chicago business barometer to inch up to 45.0. A separate report released by the Conference Board showed U.S. consumer confidence unexpectedly decreased for the second consecutive month in February. The Conference Board said its consumer confidence index slid to 102.9 in February from a downwardly revised 106.0 in January. The continued decrease surprised economists, who had expected the consumer confidence index to inch up to 108.5 from the 107.1 originally reported for the previous month. "The decrease reflected large drops in confidence for households aged 35 to 54 and for households earning $35,000 or more," said Ataman Ozyildirim, Senior Director, Economics at The Conference Board. Oil stocks showed a significant move to the downside on the day, dragging the NYSE Arca Oil Index down by 1.8 percent. The weakness in the sector came despite a sharp increase by the price of crude oil, as crude for April delivery surged $1.37 or 1.8 percent to $77.05 a barrel. Interest rate-sensitive utilities stocks also came under pressure, with the Dow Jones Utility Average falling by 1.7 percent to its lowest closing level in over three months. Natural gas and pharmaceutical stocks also saw notable weakness, while steel and gold stocks moved to the upside on the day. --------------------------------------------------------------- Read the latest breaking news stories about the hottest companies. [Click here to Find Out More.]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Institute for Supply Management is scheduled to release its report on activity in the manufacturing sector in the month of February at 10 am ET. The ISM?s manufacturing PMI is expected to inch up to 48.0 in February from 47.4 in January, but a reading below 50 would still indicate a contraction. Also at 10 am ET, the Commerce Department is due to release its report on construction spending in the month of January. Construction is expected to edge up by 0.2 percent. The Energy Information Administration is scheduled to release its report on oil inventories in the week ended February 24th at 10:30 am ET. Crude oil inventories are expected to creep up by 0.4 million barrels after jumping by 7.6 million barrels in the previous week. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of Novavax (NVAX) are plummeting in pre-market trading after the vaccine developer said there is ?substantial doubt? regarding the company?s ability to continue as a going concern through the next year. Electric vehicle maker Rivian (RIVN) may also come under pressure after reporting a narrower than expected fourth quarter loss but weaker than expected revenues. On the other hand, shares of HP Inc. (HPQ) are likely to see initial strength after the computer and printer maker reported fiscal first quarter earnings that exceeded analyst estimates. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Europe European stocks are moving higher on Wednesday, as upbeat manufacturing and non-manufacturing data from China has helped offset investor concerns over stubborn inflation and fears of further U.S. interest rate hikes. Closer to home, the euro zone final manufacturing PMI for February came in at 48.5, matching the initial estimate. Separate data showed Germany's jobless rate held stable at low levels in February. While the U.K.?s FTSE 100 Index has advanced by 0.9 percent, the French CAC 40 Index and the German DAX Index are both up by 0.6 percent. Aston Martin Lagonda, a maker of luxury sports cars and grand tourers, has soared after it turned to a profit in the fourth quarter with strong sales. Euronext N.V. shares have also surged in Paris. The pan-European market infrastructure group said it has withdrawn its indicative offer for Allfunds Group PLC to buy its 100 percent share capital. Allfunds shares have slumped in Amsterdam. French luxury firms LVMH and Kering have also moved to the upside on hopes that China's recovery can offset a global slowdown. Nordex Group has also rallied after bagging two orders for a combined total of almost 110MW in Sweden and Finland from wpd. Vestas Wind Systems A/S has also advanced. The company has signed a conditional agreement for two wind power projects in Brazil with a combined capacity of 1.3 GW. Meanwhile, homebuilder Persimmon has plunged after reporting a fall in annual pre-tax profits and forecasting lower completions in 2023. Ricardo, an engineering and environmental consultancy, has also declined as it reported a loss for the first half of 2022, compared with a profit last year, amidst higher costs and expenses. BNP Paribas has also slumped after reports that Belgium was preparing the sale of a third of its 7.8 percent equity stake in the French bank. German sportswear maker PUMA has also tumbled after saying it expects cost pressure on margins to persist in 2023. Just Eat Takeaway.com N.V., Europe's largest meals delivery company, has also plummeted after widening its FY22 attributable loss. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stock rose broadly on Wednesday as strong manufacturing data from China helped offset investor concerns over stubborn inflation and fears of further U.S. interest rate hikes. India and Australia reported a slowdown in GDP growth in the quarter to December, while South Korea's exports fell in February for a fifth straight month, regional data showed. Chinese shares rose sharply after the release of upbeat data. The benchmark Shanghai Composite Index jumped 1.0 percent to 3,312.35, while Hong Kong's Hang Seng Index soared 4.2 percent to 20,619.71. Factory activity expanded at its fastest pace in more than a decade in February, and the services sector also continued its recovery last month after the removal of stringent coronavirus measures late last year, data showed. The official manufacturing purchasing managers' index (PMI) rose to 52.6 from 50.1 in January, according to the National Bureau of Statistics. The official non-manufacturing PMI, measuring business sentiment in the services and construction sectors, rose to 56.3 from 54.4 in January. The Caixin/S&P Global manufacturing PMI also rose to 51.6 from 49.2 in January, marking the first monthly expansion since July and the highest reading since June- Japanese shares ended slightly higher even as new data pointed to continually deteriorating activity in the country's manufacturing sector midway through the first quarter of 2023. The Nikkei 225 Index edged up 0.3 percent to 27,516.53, led by oil explorers such as Japan Petroleum and Inpex Corp. The broader Topix closed 0.2 percent higher at 1,997.81. Ajinomoto shares soared 9.3 percent after the processed food maker raised its fiscal-year net profit guidance. South Korean markets were closed for a national holiday. Australian markets finished marginally lower as investors reacted to softer-than-expected growth and inflation data. Financials tumbled, with the big four banks falling 1-2 percent ahead of the RBA's interest rate decision next week. Miners jumped, with BHP, Rio Tinto and Fortescue Metals Group rallying 2-3 percent. Energy stocks also ended broadly higher as oil prices extended gains for a second day running on improved China data. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It's a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are falling $0.56 to $76.49 a barrel after jumping $1.37 to $77.05 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,843.70, up $7 compared to the previous session?s close of $1,836.70. On Tuesday, gold climbed $11.80. On the currency front, the U.S. dollar is trading at 135.69 yen compared to the 136.17 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0676 compared to yesterday?s $1.0576. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49