After the EU released a lackluster forecast for the future of
the eurozone, many are calling for the region's central bank to
step in and ease its policies.
The report said the region will grow only moderately and
unemployment rates will remain at record highs through 2015.
Government austerity and private sector debt cutting were cited as
reasons for suppressing the region's growth prospects.
With the European Central Bank's monthly policy meeting coming
up on Thursday, some are looking to the bank to lower interest
rates and help support the region's fragile recovery.
In other news around the markets:
With Microsoft CEO Steve Ballmer's retirement coming up this
summer, the company has narrowed its list of potential candidates.
Those being considered include Nokia's former CEO Stephen Elop and
former Skype CEO Tony Bates. The Organization for the Prohibition
of Chemical Weapons, the group responsible for destroying Syria's
chemical weapons supply, may not have enough money to continue
operating past November. The OPCW has raised nearly 10 million
euros, but will need a great deal more in order to move forward
with destroying over 1,000 tons of Syrian chemical weapons. The
bank of Japan released its October policy meeting minutes with few
surprises. The minutes showed that the bank had a favorable outlook
for the region's economy and prices, but that all members agreed on
the need for caution as US monetary policy rocks markets. John Chen
has been named as Blackberry's new CEO, where he faces an uphill
battle to breathe life into the company. Chen said he isn't
planning to do away with the company's handset division and
although he has been vague about his strategic plans, he has said
he thinks he can turn the company around in just six quarters.
Asian markets were mixed on Wednesday, the Japanese NIKKEI was
up 0.79 percent but China's Shanghai composite lost 0.78 percent
and the Shenzhen composite was down 1.13 percent. Hong Kong's Hang
Seng index gained 0.05 percent and Indonesia's JSX composite was up
European markets slid as poor inflation data and a weak EU
forecast painted a gloomy picture of the bloc's future. The UK's
FTSE was down 0.25 percent and the eurozone's STOXX 600 was flat.
Italy's MIB also fell, down 1.13 percent.
Energy futures climbed on Wednesday, Brent futures were up 0.59
percent and WTI futures gained 0.58 percent. Precious metals were
also higher with gold up 0.41 percent and silver up 0.43 percent.
Industrial metals were mixed with tin up 1.28 percent and aluminum
down 0.56 percent.
The euro treaded water ahead of the ECB meeting and traded at
$1.35 and the pound gained 0.22 percent against the dollar. The
dollar was higher against the yen and the Australian dollar, up
0.14 percent on both.
Notable earnings released on Tuesday included:
Tesla Motors, Inc. (NASDAQ:
) reported EPS of $0.12, compared to last year's loss of $0.92 per
share on revenue of $535.41 million. Agrium Inc (NYSE:
) reported EPS of $0.50 on revenue of $2.87 billion, compared to
last year's EPS of $1.34 on revenue of $2.96 billion.
) reported third quarter EPS of $1.28 on revenue of $7.88 billion,
compared to last year's EPS of $0.90 on revenue of $7.42 billion.
Mosaic Company (NYSE:
) reported third quarter EPS of $0.51 on revenue of $1.91 billion,
compared to expected EPS of $0.56 on revenue of $1.98 billion.
Stocks moving in the Premarket included:
Blackberry Limited (NASDAQ:
)gained 1.92 percent in premarket trade after the company's new CEO
announced that he planned to turn Blackberry around in just 6
quarters. Facebook, Inc. (NASDAQ:
) lost 0.93 percent after reports that the company's userbase was
Earnings reports expected on Wednesday include:
Humana Inc. (NYSE:
) is expected to report EPS of $2.14 on revenue of $10.27 billion,
compared to last year's EPS of $2.62 per share on revenue of $9.65
billion. Duke Energy Corporation (NYSE:
) is expected to report EPS of $1.53 on revenue of $7.38 billion,
compared to last year's EPS of $1.47 on revenue of $6.72 billion.
Time Warner Inc. (NYSE:
) is expected to report third quarter EPS of $0.89 on revenue of
$6.93 billion, compared to last year's EPS of $0.86 on revenue of
$6.84 billion. CenturyLink, Inc. (NYSE:
) is expected to report third quarter EPS of $0.63 on revenue of
$4.51 billion, compared to last year's EPS of $0.66 on revenue of
Wednesday's economic calendar will be dominated by data from
Europe including British industrial production and manufacturing
production, German factory orders, and eurozone retail sales and
services PMI. Investors will also be anticipating US crude oil
inventory data and Canadian building permits.
For a recap of Tuesday's market action, click .
Tune into Benzinga's pre-market info show with Dennis Dick and
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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