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Traders Thread - Wednesday 6th March (TRAD)
Greystone
- 05 Mar 2013 16:52
menorca1 - 06 Mar 2013 12:46 - 4 of 5
U.S. Stock Futures Higher Before ADP, Beige Book
MADRID -- U.S. stock futures looked set to build on the prior day's record run, pushing higher as global markets picked up the baton. Investors will look to economic data for more stock support, with ADP employment, factory orders and the Federal Reserve's Beige Book all on tap.
Building slowly over the European morning, futures for the Dow industrials (DJH3) rose 52 points, or 0.4%, to 14285, while those for the Standard & Poor's 500 index (SPH3) rose 6.1 points to 1543.20.
Futures for the Nasdaq 100 index (NDH3) added 9.5 points to 2807.50.
"My view on today is that if the U.S. ADP data are OK, and given [that] the news of a new high in the Dow will suck in some buyers, we are more likely to go on edging higher," Kit Juckes, global head of FX strategy at Societe Generale, said in emailed comments.
On Tuesday, the Dow Jones Industrial Average (DJI) surpassed its closing high reached Oct. 9, 2007, just ahead of the global financial meltdown. The index rallied 125.95 points, or 0.9%, to finish at 14253.77, sailing past its all-time intraday high of 14198.10 set Oct. 11, 2007.
Paul Theron, chief executive officer of equities at the Johannesburg asset manager Vestact, said it really was a matter of time before 2007 highs were taken out for this market.
"We expect markets to go even higher as the memories of the economic wreckage of 2008-2009 fade away," he said
Investors will be paying close attention to employment data from payroll processor ADP, due at 8:15 a.m. EST, as a precursor to Friday's bigger. Economists polled by MarketWatch are calling for a gain of 175,000 private-payroll jobs in February versus the previous month's 192,000 advance.
"At present, we are projecting +125k for headline nonfarm payrolls (+135k private), which assumes roughly a -75k impact due to weather," said strategists at Deutsche Bank, in a note Wednesday. "The November ADP survey estimated an impact on employment due to Hurricane Sandy (roughly 86k), so we will watch to see if they may also provide an estimate of the weather impact in February."
Other data include January factory orders at 10 a.m. Eastern, a report that's likely to reflect a sharp drop. But as those details were out last week, economists don't see a big impact for markets. At 2 p.m. Eastern, the Fed's Beige Book is expected to show the economy limped along in early 2013.
Overseas markets largely took on Wall Street's positive vibe. The Stoxx Europe 600 index was up 0.2%, clinging to a 4 1/2-year record. The German DAX 30 index powered up 1%.
Stocks in Japan and Australia reached multiyear highs Wednesday, lifted by the Dow's record-setting day.
Oil prices pulled back from the prior-day Wall Street rise, which helped propel it above $91 a barrel. The April futures prices (CLJ3) fell 22 cents to $90.60 a barrel. Gold also slipped, with the April contract (GCJ3) down nearly $1 to $1573.90 an ounce.
The dollar firmed back up, which weighed on those commodities. The ICE dollar index (DXY) rose to 82.150 from 82.078 in late North American trading Tuesday.
MADRID -- U.S. stock futures looked set to build on the prior day's record run, pushing higher as global markets picked up the baton. Investors will look to economic data for more stock support, with ADP employment, factory orders and the Federal Reserve's Beige Book all on tap.
Building slowly over the European morning, futures for the Dow industrials (DJH3) rose 52 points, or 0.4%, to 14285, while those for the Standard & Poor's 500 index (SPH3) rose 6.1 points to 1543.20.
Futures for the Nasdaq 100 index (NDH3) added 9.5 points to 2807.50.
"My view on today is that if the U.S. ADP data are OK, and given [that] the news of a new high in the Dow will suck in some buyers, we are more likely to go on edging higher," Kit Juckes, global head of FX strategy at Societe Generale, said in emailed comments.
On Tuesday, the Dow Jones Industrial Average (DJI) surpassed its closing high reached Oct. 9, 2007, just ahead of the global financial meltdown. The index rallied 125.95 points, or 0.9%, to finish at 14253.77, sailing past its all-time intraday high of 14198.10 set Oct. 11, 2007.
Paul Theron, chief executive officer of equities at the Johannesburg asset manager Vestact, said it really was a matter of time before 2007 highs were taken out for this market.
"We expect markets to go even higher as the memories of the economic wreckage of 2008-2009 fade away," he said
Investors will be paying close attention to employment data from payroll processor ADP, due at 8:15 a.m. EST, as a precursor to Friday's bigger. Economists polled by MarketWatch are calling for a gain of 175,000 private-payroll jobs in February versus the previous month's 192,000 advance.
"At present, we are projecting +125k for headline nonfarm payrolls (+135k private), which assumes roughly a -75k impact due to weather," said strategists at Deutsche Bank, in a note Wednesday. "The November ADP survey estimated an impact on employment due to Hurricane Sandy (roughly 86k), so we will watch to see if they may also provide an estimate of the weather impact in February."
Other data include January factory orders at 10 a.m. Eastern, a report that's likely to reflect a sharp drop. But as those details were out last week, economists don't see a big impact for markets. At 2 p.m. Eastern, the Fed's Beige Book is expected to show the economy limped along in early 2013.
Overseas markets largely took on Wall Street's positive vibe. The Stoxx Europe 600 index was up 0.2%, clinging to a 4 1/2-year record. The German DAX 30 index powered up 1%.
Stocks in Japan and Australia reached multiyear highs Wednesday, lifted by the Dow's record-setting day.
Oil prices pulled back from the prior-day Wall Street rise, which helped propel it above $91 a barrel. The April futures prices (CLJ3) fell 22 cents to $90.60 a barrel. Gold also slipped, with the April contract (GCJ3) down nearly $1 to $1573.90 an ounce.
The dollar firmed back up, which weighed on those commodities. The ICE dollar index (DXY) rose to 82.150 from 82.078 in late North American trading Tuesday.
Greystone
- 06 Mar 2013 16:52
- 5 of 5
- Page:
- 1
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