Overnight, international markets took a beating across the
board. The global sell-off was triggered by the Bank of Japan's
lack of action regarding its expansion of purchases in Japanese
and REITs. Investors were looking for some change in monetary
policy in order to cope with the extremely volatile market in both
stocks and bonds. Most notably, Greece tumbled nearly 5% for the
second straight day after a failed sale of a government utility
US assets were in the red as well. The
(INDEXSP:.INX) dropped 17 handles on the day. The 10-year treasury
was down 2.27 bps to 2.188%. Crude oil slipped almost 1% to just
over $95 per barrel. The Treasury auctioned $32 billion of 3-year
notes with the lowest demand ratio in nearly three years.
The NFIB Small Business Optimism Index surpassed expectations,
coming in at 94.4 against the 92.3 prediction. However, the
ICSC-Goldman Store Sales Index unexpectedly dropped 2.7% last week.
Wall Street expected to see a 1.9% increase. US wholesale trade
came in line with expectations, rising 0.2% month over month.
) announced that it is acquiring Israeli mapping company Waze for
$1.1 billion; shares traded down 1% on the day.
Chairman and CEO of
Dole Food Company Inc.
), David Murdock, announced a $12 per share tender offer for the
rest of the outstanding common stock. Shares of the fresh food and
vegetable producer traded up more than 20% on the news to a close
After the disappointing news from the Bank of Japan last night, the
Street will be following the release of Japanese PPI and industrial
orders at 7:50 p.m. ET tonight.
Tomorrow's Financial Outlook
Tomorrow morning, the Italian consumer price index (
) will be released at 4:00 a.m. ET. Economists are looking for
year-over-year growth of 1.2%. Additionally, Germany and France are
releasing their CPIs. The German index is expected to have risen
1.7% year over year and the French index is expected to have risen
0.9% over the same time period.
The Great Britain labor market report will be released at 4:30 a.m.
ET tomorrow. The anticipated ILO unemployment rate is 7.8%.
European Union industrial production will be released at 5:00 a.m.
ET. The Street is looking for month-over-month growth of 0.3% and
year-to-year growth of -0.7%.
The weekly EIA petroleum status report will be released at 10:00
a.m. ET. Later in the day, the US Treasury budget will be released
at 2:00 p.m. ET. The consensus budget is -$110 billion.
Men's Wearhouse, Inc.
) are both releasing earnings tomorrow.