(INDEXNIKKEI:NI225) climbed 2.96% on the day. The UK
(INDEXFTSE:UKX) soared 1.26%. German employment figures for June
saw the unemployment rate decline to 6.8% from 6.9% and Spanish
retail sales fell at a slower-than-expected rate.
US initial jobless claims came in just above expectations. Initial
weekly claims were 346K, after seeing 355K last week. Personal
income saw month-over-month change of 0.5%, better than the
expected 0.2%. Consumer spending rose 0.3% versus the expected 0.4%
increase. US pending home sales topped expectations, rising 6.7%
versus the consensus 1%. Homebuilders (
) rallied on the day, finishing up 2.3%.
Chairman of the New York Federal Reserve William Dudley pushed
equity prices higher when he announced that the Fed will continue
to purchase assets, and even increase purchases, if there is a lack
of strong supporting data. The
(INDEXSP:.INX) jumped for the third straight day, finishing up
0.8%. Gold tumbled again, dipping below $1,200 per ounce, and
finished the day down 2.3%. The 10-year yield dropped 6 bps,
closing at 2.48%.
ConAgra Foods, Inc.
) both posted better-than-expected earnings reports before market
open. Shares of ConAgra traded up more than 5% on its earnings
release. KB Home was slightly down on the day.
) reported earnings after the close, showing better earnings growth
for the past quarter and gross margins ahead of estimates. However,
sales in China remained flat for the quarter, which was the one
negative for the company's report.
Tomorrow's Financial Outlook
French PPI will be released a 2:45 a.m. EDT tomorrow morning.
Italian CPI and PPI will be released at 5:00 a.m. EDT. The Canadian
monthly GDP report will be released at 8:30 a.m. EDT.
The Chicago PMI report will be released at 9:45 a.m. EDT. The index
is expected to report a reading of 55 after unexpectedly jumping to
58.7 in May. The monthly University of Michigan consumer sentiment
index will be released at 9:55 a.m. EDT. The consensus is to see a
reading of 83, after seeing 82.7 in May.
Research In Motion Ltd
) is set to release earnings tomorrow before the opening bell. The
mobile phone company is expected to report EPS of $0.06 and revenue
of $3.35 billion.