4:20 pm: [BRIEFING.COM] Investors methodically pushed the major averages to record highs on Wednesday, with the Dow climbing past the 20k milestone along the way. All indices finished the day solidly higher, collectively signaling that the post-election rally isn't dead just yet. The S&P 500 closed up 0.8%.
The benchmark index jumped out of the gate this morning, as a handful of blue-chip companies reported positive earnings results between yesterday's close and today's open. Seagate Technology (STX 42.67, +5.23) spiked 14.0% after topping earnings and revenue estimates in addition to issuing upbeat guidance. Norfolk Southern (NSC 120.53, +3.91) also finished higher, increasing 3.4% to an all-time high after beating earnings per share estimates.
As far as Dow components, Boeing (BA 167.36, +6.81) also had an upbeat showing while United Technologies (UTX 110.96, -0.65) finished lower as the company's in-line earnings report was met with a sell-the-news response following a large fourth quarter gain.
However, the stock market didn't stop there, moving slowly but deliberately into the afternoon amid positive signals from the political front. President Trump signed two executive orders on Wednesday, one to build a physical barrier along the U.S.-Mexico border and another to strip federal grant money from states and cities that shelter illegal immigrants. And while these reports weren't unexpected, as border control was a staple of Mr. Trump's presidential campaign, they do serve as a reminder of said campaign and the pro-growth hopes attached to it.
Strong sector leadership was also an important factor in today's session as the financials (+1.7%) moved into the top spot on today's leaderboard early, building on a positive showing on Tuesday. With two solid wins under its belt, the financial sector is back near its high from early December, overcoming the sell-the-news response that was invited by earnings from the sector's top components.
The financial sector was followed by industrials (+1.0%) and technology (+1.1%) with the latter benefiting from a 1.5% increase in the PHLX Semiconductor Index. Chipmakers received a nice bump from Texas Instruments (TXN 78.58, +1.50) as the stock jumped 2.0% in reaction to above-consensus earnings.
Energy (+0.6%) underperformed its cyclical peers, as crude oil finished 0.7% lower at $52.76/bbl. The energy component had a somewhat volatile session, reacting to a downtick in the U.S. Dollar Index (99.94, -0.34) and an Energy Information Administration report that showed a build of 2.8 million barrels of crude and a big build in gasoline inventories.
On the countercyclical side, real estate (-0.6%), telecom services (-0.2%), and utilities (unch) all finished in the red, while health care (+0.9%) bucked the trend. The health care space remains slightly lower for the week after today's gain, showing a week-to-date loss of 0.2%.
U.S. Treasuries return to negative territory for the week after Wednesday's risk-on attitude resulted in selling pressure. The 10-yr yield finished five basis points higher at 2.52%.
Today's economic data included FHFA Housing Price Index and MBA Mortgage Index:
The FHFA Housing Price Index for November rose 0.5%, which followed a revised increase of 0.3% in October (from 0.4%).
The weekly MBA Mortgage Index rose 4.0% to follow last week's 0.8% increase
Tomorrow's economic data will include Advance International Trade in Goods (Briefing.com consensus -$65.0 million) and Initial Claims (Briefing.com consensus 246,000) at 8:30 am ET, while Leading Indicators (Briefing.com consensus 0.5%) and New Home Sales (Briefing.com consensus 589,000) will cross the wires at 10:00 am ET.
Russell 2000 +1.9% YTD
Dow Jones Industrial Average +1.6% YTD
S&P 500 +2.7% YTD
Nasdaq Composite +5.1% YTD
3:30 pm: [BRIEFING.COM]
Crude oil ended a volatile pit trading session near its initial post-EIA low, erased all of yesterday's gain
Mar 2017 crude oil futures fell $0.39 (-0.7%) to $52.76/barrel
Baker Hughes rig count data will be released Friday at 1 pm ET.
Natural gas rallied for the 3rd consecutive session on updated colder weather forecasts ahead of tomorrow's EIA data release
Mar 2017 natural gas closed $0.05 higher (+1.5%) at $3.35/MMBtu
Natural gas futures have switched their front months to Mar from Feb, as indicated by the active amount of volume in the contracts
Weekly EIA natural gas inventory data is due tomorrow at 10:30 am ET.
Color on the 3-day rally in natural gas:
U.S. natural gas futures have been trading higher the past 3 sessions on forecasts for colder-than-normal weather and higher heating demand expected to last into the second week of Feb.
This increase came despite a warmer-than-normal outlook through Jan 27 and for much of the rest of Feb and Mar.
In precious metals, gold extended yesterday's losses despite continued weakness in the dollar index as stocks saw a notable rally
Feb 2017 gold ended today's session down $12.80 (-1.1%) to $1,198.00/oz
Mar 2017 silver closed today's session $0.20 lower (-1.2%) at $16.98/oz
The dollar index was -0.4% around the 99.97 level, did not appear to support precious metals
Commodities, as measured by the Bloomberg Commodity Index, were -0.4% around the 88.37 level
3:00 pm:
[BRIEFING.COM] Today's session has been decidedly bullish as equity indices have slowly added to their opening gains. The three major averages are in a tight race, with the Nasdaq (+0.9%) a nose ahead of its peers going into the final stretch.
Synchronized in a risk-on tone, cyclical sectors are up, Treasuries are down, and gold finished its trading day 1.1% lower at $1,198.00/ozt. The financial sector (+1.6%) remains today's clear leader, with industrials (+1.0%) and technology (+0.9%) following from a distance. Together, the three outperformers represent nearly half of the broader market by weight.
Lightly-weighted defensive sectors fill the bottom of the leaderboard with real estate (-0.6%), telecom services (-0.3%), and utilities (-0.3%) posting losses for the day. The heaviest non-cyclical sector, health care (+0.8%), trades just behind the benchmark index.
2:25 pm:
[BRIEFING.COM] The S&P 500 (+0.8%) and the Dow (+0.8%) have hit fresh session highs in recent action, but still find themselves behind the Nasdaq, which is sporting a gain of 0.9%.
President Donald Trump signed two executive orders earlier today, one to build a physical barrier along the U.S.-Mexico border and another to strip federal grant money from states and cities that shelter illegal immigrants. Investors will be watching industrial and material names closely as the border protection plan moves towards fruition.
The executive orders weren't unexpected as stepped-up border control was a staple of Mr. Trump's presidential campaign. However, the recent moves are a promising sign that President Trump plans to keep his pre-election commitments, including his proposed pro-growth policies.
2:00 pm:
[BRIEFING.COM] Equity indices have ticked up as of late and currently sit just below their session highs. The Nasdaq has led today's advance, and is currently up 0.9%.
The Nasdaq has benefited from the technology sector's (+1.0%) outperformance, with the sector's heaviest component, Apple (AAPL 121.89, +1.92), climbing 1.6%. The tech space has also benefited from chipmakers, who are currently riding higher on Texas Instruments' (TXN 78.36, +1.28) upbeat earnings report. The stock has climbed 1.7% after the company reported better than expected top and bottom lines and issued upside guidance.
In addition to technology, the financial (+1.5%) and industrial (+1.0%) sectors top the benchmark index. Conversely, at the bottom of today's leaderboard is the real estate sector (-0.8%), preceded by telecom services (-0.8%) as Verizon (VZ 49.80, -0.32) shows continued weakness following yesterday's downbeat response to the company's earnings report.
1:35 pm:
[BRIEFING.COM] The major U.S. indices have moved back higher since our last update as investors cheer earnings reports, finally pushing the Dow Jones Industrial Average about the 20k level.
A look inside the Dow shows that Boeing (BA 168.35, +7.80), Caterpillar (CAT 98.47, +2.23), & JP Morgan (JPM 85.95, +1.23) are outperforming. Boeing is the Dow's top gainer after reporting strong fourth quarter results, beating on both the top and bottom line, while JPM is leading its financial peers after being selected by BlackRock (BLK 387.40, +6.02) to provide custody and fund services for over $1 tln of its clients' assets
Conversely, United Technologies (UTX 110.34, -1.27) is the worst-performing Dow component after reporting its Q4 results. UTX reported mostly in-line results and offered 2017 guidance that met analyst expectations.
On the heels of today's rally, the DJIA is now up more than 1.5% to start 2017.
Elsewhere, at the top of the hour, the Treasury's $34 bln 5-year auction drew a high-yield of 1.988% on a bid-to-cover of 2.38.
1:00 pm:
[BRIEFING.COM] The Dow Jones Industrial Average hit the elusive 20,000 mark this morning, rallying on positive earnings reports and positive signs from the Trump administration. Dow's peers also trade near their fresh record highs, with the S&P 500 higher by 0.6%.
While President Trump is still ways off from delivering on any of his pre-election promises, his administration has made some gradual progress towards fulfilling some of its commitments; namely, Mr. Trump reaffirmed his desire to lower taxes and cut regulations along with issuing an executive order to move forward with the Keystone and Dakota pipelines.
These moves were expected, but they are still a positive sign for investors who are looking for something to justify the stock market's post-election rally. Only time will tell if the new administration can actually deliver, but the signs have been enough to push the stock market out of its recent sideways trend today.
Moving away from the speculation component of today's advance, a handful blue chip companies provided positive earnings reports between yesterday's close and today's opening bell, including Boeing (BA 168.16, +7.61), Texas Instruments (TXN 78.00, +0.92), Seagate Technology (STX 44.31, +6.88), and Norfolk Southern (NSC 120.77, +4.08). Seagate Technology has enjoyed the biggest gain, spiking 18.5%, after topping earnings/revenue estimates and raising its guidance.
In terms of sector standings, the financial sector (+1.3%) has provided sturdy leadership throughout today's session, with its cyclical peers following closely. Energy performs in line with the benchmark index as crude oil trades near its flat line. The commodity is down 0.2%, trading at $53.11/bbl.
On the countercyclical side, four out of five sectors underperform. Real estate (-0.6%) shows the largest loss while the telecom services sector (-0.4%) trades a bit ahead. Health care (+0.8%) has been a diamond in the rough, profiting from a 1.0% jump in the iShares Nasdaq Biotechnology ETF (ITB 272.76, +2.75).
Treasures remain under selling pressure at midday, hitting fresh session lows not long ago. The benchmark 10-yr yield is up five basis points at 2.51%.
Reviewing today's economic data:
The FHFA Housing Price Index for November rose 0.5%, which followed a revised increase of 0.3% in October (from 0.4%).
The weekly MBA Mortgage Index rose 4.0% to follow last week's 0.8% increase
12:30 pm:
[BRIEFING.COM] The S&P 500 (+0.6%) has not changed since the last update, trading in a six point range since posting the majority of its gain after the opening bell.
The financial sector (+1.1%) has provided strong sector leadership thus far, with nearly all of its components trading in the green. Not too far behind is the industrial sector (+0.7%), advancing on momentum from this morning's earnings reports.
Boeing (BA 167.78, +7.24) has moved to a new all-time high, adding 4.5%, after solidly beating earnings estimates. Similarly, Norfolk Southern (NSC 120.80, +4.18) also hit a new all-time high, adding 3.6%, after reporting better than expected earnings. Railroad peer CSX (CSX 47.41, +1.01) also rallied on the report, adding 2.2%. The Dow Jones Transportation Average is higher by 0.9%.
12:00 pm:
[BRIEFING.COM] Equity indices have ticked down from their session highs in recent action, with the S&P 500 sporting a 0.6% gain.
Four out of five non-cyclical sectors underperform, while health care (+0.9%) outpaces the benchmark index. The sector has received a bump from the biotechnology industry, as Amgen (AMGN 154.44, +2.59), Gilead Sciences (GILD 72.03, +1.78), and a handful of others have sent the iShares Nasdaq Biotechnology ETF (ITB 29.55, +0.53) higher by 1.8%.
Crude oil has climbed into the green after spending the most of the morning in the red. The most recent EIA inventory report showed a build of 2.8 million barrels, which was close to expectations. WTI crude is up 0.1% at $53.24/bbl while the energy sector sector (+0.6%) trades in line with the broader market.
11:25 am:
[BRIEFING.COM] The major averages have ticked up slightly in recent action, with all three pushing to new record highs. The S&P 500 is higher by 0.7%.
Consumer discretionary has bounced back after dipping into the red following the opening bell. Homebuilders have undoubtedly contributed to the sector's advance, increasing the iShares U.S. Home Construction ETF (ITB 29.65, +0.62) by 2.1%. Also of note, the sector's heaviest component, Amazon (AMZN 834.15, +11.68), has climbed 1.4% amid a Wall Street Journal report that the online retail giant has turned in-house for shipment of goods by ocean.
U.S. Treasuries have ticked down in recent action, extending their losses for the day. The benchmark 10-yr yield is four basis points higher at 2.51%.
11:00 am:
[BRIEFING.COM] The S&P 500 (+0.6%) is largely unchanged from its opening level, while the Nasdaq continues pushing forward, increasing its gain to 0.8% in recent action.
While President Trump is a ways off from delivering on any of his pre-election promises, his administration has made some gradual progress towards fulfilling some of its commitments. In his first few days in the White House, Mr. Trump has met with business leaders to reaffirm his desire to lower taxes and cut regulations, and issued an executive order to move forward with the Keystone and Dakota pipelines. Reports have also indicated that President Trump is expected to issue executive orders pertaining to immigration restrictions and building a wall along the U.S.-Mexico border.
While none of these actions were unexpected, they are a reassuring sign to investors who pushed the stock market up nearly 7.0% in a post-election rally built on the new administration's pro-growth policies. Only time will tell if the new administration can actually deliver, but the signs have been enough to push the stock market up from its recent sideways trend.
10:30 am: [BRIEFING.COM]
Crude oil turned positive despite EIA reporting builds above Consensus for gasoline stocks & a build in-line with expecations for crude inventories
Mar 2017 crude oil futures were up $0.30 (+0.5%) around the $52.86/barrel level
Baker Hughes rig count data will be released Friday at 1 pm ET.
EIA highlights:
Crude oil inventories had a build of +2.8 mln barrels (consensus called for a build of about +2.815 mln barrels).
Gasoline inventories had a build of +6.8 mln barrels (consensus called for a build of +0.498 mln barrels).
Distillate inventories were virtually unchanged.
Natural gas rallied for the third consecutive trading session ahead of tomorrow's EIA data
Mar 2017 natural gas futures were up about $0.05 (+1.8%) around the $3.34/MMBtu level
Natural gas futures have switched their front month to Mar from Feb, as indicated by the active amount of volume in the contracts.
Weekly EIA natural gas data will be released tomorrow at 10:30 am ET.
In precious metals, gold extended yesterday's losses as the Dow Jones marched to fresh new all-time highs
Feb 2017 gold futures were down about $13.90 (-1.2%) around the $1,196.90/oz level
Mar 2017 silver futures were down about $0.30 (-1.8%) $16.89/oz level
The dollar index was -0.2% around the 100.06 level, did not appear to boost precious metals
Commodities, as measured by the Bloomberg Commodity Index, were -0.2% around the 88.56 level
10:00 am:
[BRIEFING.COM] The major averages hold their early gains as they hover near their opening levels. The S&P 500 is up 0.5%.
Financials (+1.1%) have led the equity market's advance thus far, with big gains from the sector's top components. For instance, JPMorgan Chase (JPM 85.47, +0.75), Wells Fargo (WFC 56.12, +1.40), Bank of America (BAC 23.33, +0.39), and Citigroup (C 57.42, +0.66) are all up between 0.9% and 2.6%.
The energy sector is also up, sporting a 0.5% gain, despite crude oil's downtick. The commodity is 0.8% lower, trading at $52.76/bbl.
9:45 am:
[BRIEFING.COM] The stock market opened Wednesday's session higher with the Dow finally crossing the elusive 20,000 milestone. The index performs in line with its peers, up 0.5%.
The financial sector (+1.0%) has taken the early lead, with its cyclical peers following closely. Technology, industrials, materials, and energy hold gains between 0.2% and 0.7%, while the consumer discretionary sector sits just below its flat line.
On the countercyclical side, consumer staples (+0.2%) and health care (+0.2%) sport modest gains, while the remaining sectors post modest losses.
Treasuries have slipped past their overnight lows, with the 10-yr yield up three basis points at 2.50%.
9:14 am: [BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +26.90.
The equity market is on track to begin Wednesday's session higher as the S&P 500 futures trade nine points (0.4%) above fair value.
Earnings have been this morning's focal point as a bundle of companies have reported quarterly results between yesterday's close and today's open. Boeing (BA 163.00, +2.45), Novartis AG (NVS 71.19, +1.16), Texas Instruments (TXN 77.57, +0.49), Seagate Technology (STX 42.70, +5.26), and Alcoa (AA 38.35, +0.85) have been some of the most notable pre-market advancers, while United Technologies (UTX 111.00, -0.61) and Textron (TXT 45.25, -4.13) have retreated after reporting disappointing results.
The Treasury market is under some selling pressure early this morning, with the 10-yr yield up two basis points at 2.49%. For the week, Treasuries sit just below their flat lines after Tuesday's big loss erased Monday's sizable gain.
Similarly, crude oil has ticked down, losing 0.6% despite a 0.2% retreat in the U.S. Dollar Index (100.06, -0.21). The energy component trades at $52.82/bbl.
Released earlier this morning, the FHFA Housing Price Index for November rose 0.5%, which followed a revised increase of 0.3% in October (from 0.4%).
8:50 am: [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +27.10.
The S&P 500 futures trade ten points (0.4%) above fair value.
Equity indices across the Asia-Pacific region ended the midweek session on a higher note, taking a cue from Tuesday's Wall Street rally. Australia's 'AAA' rating was affirmed by Moody's and the rating agency expects Australia's GDP will grow between 2.5% and 3.0% in 2017. The Australian dollar is down 0.4% at 0.7550 against the US dollar after cooler than expected Australian inflation data was released overnight.
In economic data:
Japan's December trade surplus narrowed to JPY360 billion from JPY470 billion (expected surplus of JPY220 billion). December Imports -2.6% year-over-year (consensus -0.8%; last -8.8%) and December Exports +5.4% (expected 1.2%; last -0.4%)
South Korea's Q4 GDP +0.4% quarter-over-quarter (expected 0.3%; last 0.6%); +2.3% year-over-year (consensus 2.2%; last 2.6%)
Australia's Q4 CPI +0.5% quarter-over-quarter (expected 0.7%; previous 0.7%); +1.5% year-over-year (consensus 1.6%; last 1.3%). Q4 Trimmed Mean CPI +0.4% quarter-over-quarter (expected 0.5%; last 0.4%). MI Leading Index +0.4% (last 0.0%)
New Zealand's Credit Card Spending +8.5% year-over-year (last 4.1%)
---Equity Markets---
Japan's Nikkei climbed 1.4%, snapping a two-day skid. Yen weakness boosted exporters with Alps Electric, Fanuc, Komatsu, Honda, and Nikon climbing between 2.2% and 6.5%. Toshiba continued its recent woes, falling 2.3%.
Hong Kong's Hang Seng added 0.4%, returning near its January high. Gaming names and financials outperformed with Galaxy Entertainment, Tencent Holdings, HSBC, Sands China, and Hang Seng Bank posted gains between 0.6% and 2.5%.
China's Shanghai Composite ticked up 0.2%. Tianjin Global Magnetic Card, Aluminum Corp of China, Gemdale, Giti Tire, Henan Oriental Silver Star Investment, and Insigma Technology rallied between 3.3% and 4.1%.
India's Sensex jumped 1.2% to levels not seen since early November. Financials had a good showing with Housing Development Finance, AXIS Bank, HDFC Bank, and ICICI Bank rising between 1.0% and 4.3%. Wipro lost 1.6% ahead of its quarterly report.
Major European indices trade higher across the board with Spain's IBEX (+1.8%) showing relative strength. Regional indices have shrugged off comments from European Central Bank member Sabine Lautenschlaeger, who said the central bank may soon start discussing a reduction in stimulus. Elsewhere, Germany's Economic Ministry updated its GDP forecast, but the overall outlook was little changed, calling for 1.4% growth in 2017. The Federation of German Industry expects growth of 1.5% in 2017.
In economic data:
Germany's January Ifo Business Climate 109.8 (expected 111.3; last 111.0). January Business Expectations 103.2 (consensus 105.8; last 105.5) and January Current Assessment 116.9, as expected (last 116.7)
Italy's November Industrial New Orders +1.5% month-over-month (last 1.0%) and Industrial Sales +2.4% month-over-month (last 0.8%)
French Business Survey held at 106, as expected
Spain's PPI +2.8% year-over-year (last 0.6%)
Swiss December Consumption Indicator 1.50 (last 1.45) and February ZEW Expectations 18.5 (last 12.9)
---Equity Markets---
UK's FTSE is higher by 0.5% as the index looks to avoid its fifth consecutive decline. Financials have contributed to the advance with RBS, Standard Chartered, Old Mutual, Lloyds Banking, Prudential, Barclays, and Standard Life rising between 1.1% and 2.7%. Miners Randgold Resources, Rio Tinto, BHP Billiton, and Anglo American are down between 0.5% and 1.8%.
France's CAC has risen 1.1%, tracking its second consecutive gain. Financials and growth-sensitive names outperform with Societe Generale, AXA, BNP Paribas, and Credit Agricole gaining between 1.8% and 3.7% while LafargeHolcim, TechnipFMC, Legrand, and Schneider Electric are up between 1.4% and 3.6%.
Germany's DAX is higher by 1.6% with all but two components trading in the green. Deutsche Bank leads, spiking 3.9%, while exporters Continental, BMW, Daimler, and Volkswagen are up between 1.7% and 2.2%.
Spain's IBEX trades higher by 1.8%. Financials have fueled today's outperformance with Caixabank, Banco Sabadell, Santander, BBVA, Bankia, and Bankinter showing gains between 1.5% and 4.5%.
8:30 am: [BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +23.40.
The stock market is on track to extend yesterday's gain as the S&P 500 futures trade eight points above fair value.
There have been a batch of earnings reports between yesterday's close and this morning's open with Seagate Technology (STX 42.00, +4.56) and Textron (TXT 46.25, -3.13) being the most notable pre-market movers. Seagate Technology has spiked 12.2% after reporting better than expected top and bottom lines and issuing upbeat guidance, while Textron has slipped 8.0% after missing earnings and revenue estimates and providing disappointing guidance.
Also of note on the earnings front, Dow components Boeing (BA 161.66, +1.11) and United Technologies (UTX 111.00, -0.61) also reported earnings earlier this morning. Boeing has added 1.7% after beating earnings per share estimates. On the other hand, United Technologies has fallen 0.6% despite reporting in-line results and guidance as it appears that investors may be taking a sell-the-news response after the company's big post-election run.
8:03 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +25.60.
U.S. equity futures are extending yesterday's gains this morning amid broad-based strength overseas and some positive earnings reports. The S&P 500 futures trade nine points above fair value.
Crude oil has slipped 0.9% to $52.69/bbl despite a weaker U.S. dollar. The U.S. Dollar Index (99.95, -0.32) is down 0.3%, residing at its lowest level in over two months. The greenback is under pressure from both the euro (1.0754) and the Japanese yen (113.25) as the two currencies climb 0.2% and 0.5%, respectively, against the dollar.
After squandering all of Monday's huge gain on Tuesday, U.S. Treasuries sit just below their flat lines early this morning. The benchmark 10-yr yield is up one basis point at 2.48%.
Today's economic data will be limited to the November FHFA Housing Price Index. The report will cross the wires at 9:00 am ET.
In U.S. corporate news:
Boeing (BA 162.30, +1.75): +1.1% after beating earnings per share estimates and issuing mixed guidance.
Novartis AG (NVS 71.15, +1.12): +1.6% after reporting better than expected earnings per share. The company also initiated a $5 billion share buyback.
Textron (TXT 49.00, -0.38): -0.8% after missing on the top and bottom lines and issuing disappointing guidance.
Texas Instruments (TXN 77.45, +0.37): +0.5% after beating top and bottom line estimates and issuing upbeat guidance.
Seagate Technology (STX 41.72, +4.28): +11.4% after topping earnings estimates, reporting better than expected revenues, and raising guidance.
Alcoa (AA 39.12, +1.62): +4.3% after beating on revenues and projecting an uptick in aluminum demand for 2017. The company's stock was also upgraded to 'Buy' from 'Neutral' at Citigroup.
Bob Evans (BOBE 55.50, +7.55): +15.8% after announcing that the company will sell Bob Evans Restaurants and will acquire Pineland Farms Potato Company.
Reviewing overnight developments:
Equity indices across the Asia-Pacific region ended the midweek session on a higher note, taking a cue from Tuesday's Wall Street rally. Japan's Nikkei +1.4%, Hong Kong's Hang Seng +0.4%, China's Shanghai Composite +0.2%, India's Sensex +1.2%.
In economic data:
Japan's December trade surplus narrowed to JPY360 billion from JPY470 billion (expected surplus of JPY220 billion). December Imports -2.6% year-over-year (consensus -0.8%; last -8.8%) and December Exports +5.4% (expected 1.2%; last -0.4%)
South Korea's Q4 GDP +0.4% quarter-over-quarter (expected 0.3%; last 0.6%); +2.3% year-over-year (consensus 2.2%; last 2.6%)
Australia's Q4 CPI +0.5% quarter-over-quarter (expected 0.7%; previous 0.7%); +1.5% year-over-year (consensus 1.6%; last 1.3%). Q4 Trimmed Mean CPI +0.4% quarter-over-quarter (expected 0.5%; last 0.4%). MI Leading Index +0.4% (last 0.0%)
New Zealand's Credit Card Spending +8.5% year-over-year (last 4.1%)
In news:
Australia's 'AAA' rating was affirmed by Moody's and the rating agency expects Australia's GDP will grow between 2.5% and 3.0% in 2017.
The Australian dollar is down 0.4% at 0.7550 against the US dollar after cooler than expected Australian inflation data was released overnight.
Major European indices trade higher across the board with Spain's IBEX showing relative strength. UK's FTSE +0.3%, France's CAC +1.0%, Germany's DAX +1.4%, Spain's IBEX +1.6%.
In economic data:
Germany's January Ifo Business Climate 109.8 (expected 111.3; last 111.0). January Business Expectations 103.2 (consensus 105.8; last 105.5) and January Current Assessment 116.9, as expected (last 116.7)
Italy's November Industrial New Orders +1.5% month-over-month (last 1.0%) and Industrial Sales +2.4% month-over-month (last 0.8%)
French Business Survey held at 106, as expected
Spain's PPI +2.8% year-over-year (last 0.6%)
Swiss December Consumption Indicator 1.50 (last 1.45) and February ZEW Expectations 18.5 (last 12.9)
In news:
Regional indices have shrugged off comments from European Central Bank member Sabine Lautenschlaeger, who said the central bank may soon start discussing a reduction in stimulus.
Germany's Economic Ministry updated its GDP forecast, but the overall outlook was little changed, calling for 1.4% growth in 2017. The Federation of German Industry expects growth of 1.5% in 2017.
5:57 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +19.40.
5:57 am: [BRIEFING.COM] Nikkei...19057.50...+269.50...+1.40%. Hang Seng...23049.12...+99.30...+0.40%.
5:57 am: [BRIEFING.COM] FTSE...7168.95...+18.60...+0.30%. DAX...11740.73...+145.80...+1.30%.
Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. 
Best Regards,
M.A. Perry
Trader and Founder of
WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader 
@ http://stocktwits.com/wrbtraderhttp://www.thestrategylab.com Phone: +1 708 572-4885
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