Overnight, the Indian rupee continued its slide against the US
dollar, falling 3.6%. Indian stocks fared much better, however. The
(INDEXBOM:SENSEX) was up 0.16% for the day. UK and European
governments met with the UN to finalize a resolution that would
allow sanctioned military action in Syria in order to protect
(INDEXDB:DAX) finished down 1.03%, the worst performer in Europe,
(INDEXFTSE:FTSEMIB) was up 0.98%.
US equities opened the day slightly lower and bounced back 12
points toward the prior low close at S&P 500 (INDEXSP:INX)
1642. Stock strength stalled there to finish up 0.54%. Energy
stocks led the day's action, rising 1.84%, consistent with a
continued rise in crude oil prices. Telecom and materials stocks
finished in the red while copper and other basic materials were
Crude oil touched a 2-year high at 112.24 today despite a bearish
inventory report from the Department of Energy. Crude oil
inventories rose 3 million barrels from the prior week. Last
night's API inventory report showed a 2.47 million build in crude
inventories. Gold futures fell 0.31% amidst a decline in all
precious and industrial metals.
) reported earnings in the pre-market, beating for the current
quarter and reaffirming guidance for the year. However, CEO Mike
Sutherlin made very negative comments in the earnings release and
conference call, stating that forward revenue was in jeopardy.
Sutherlin believes that the current outlook makes it unlikely for
the company to support more than $4 billion in annual revenues. Joy
Global expects to have revenues of between $4.9 billion and $5
billion for 2013.
Tomorrow's Financial Outlook
The US will report the first revision of second-quarter GDP
tomorrow morning before the market opens. Economists estimate that
2Q GDP will increase to a 2.2% annualized rate from the advance
estimate of 1.7%. June's trade deficit narrowed to -$34.2 billion
from -$44.1 billion in May. The other economic datapoint for
tomorrow morning is initial jobless claims. Jobless claims are
estimated to fall to 330,000 from 336,000 in the week prior. The
4-week moving average of claims fell to the lowest point since
November 2007 last week at 330,500.
Market-moving economic data is due out from Japan overnight and
Germany early tomorrow morning. Japan will release retail sales
overnight and Japanese investors' purchases of foreign bonds and
stocks from the week prior. Germany will release its July
unemployment rate and consumer price index.
Earnings reports scheduled for tomorrow include