Day Traders Diary
5/5/14U.S. equity futures trade near their lows amid cautious action overseas. The S&P 500 futures hover eight points below fair value.
Reviewing overnight developments:
Asian markets ended mixed. China's Shanghai Composite +0.1%, Hong Kong's Hang Seng -1.3%, and Japan's Nikkei was closed for Children's Day.
In economic data:
China's HSBC Manufacturing PMI fell to 48.1 from 48.3 (expected 48.4). Separately, Non-Manufacturing PMI ticked up to 54.8 from 54.5.
Australia's Building Approvals fell 3.5% month-over-month (consensus 1.0%, previous -5.4%), while ANZ Job Advertisements increased 2.2% (prior 1.4%). Separately, MI Inflation Gauge ticked up 0.4% month-over-month (previous 0.2%).
Indonesia's GDP rose 0.95% quarter-over-quarter (expected 1.26%, prior -1.42%), while the year-over-year reading increased 5.21% (consensus 5.60%, previous 5.72%).
China Securities Regulatory Commission has announced that 25 new companies will come to market, pushing the total number of recent IPOs past 200.
Major European indices trade lower across the board. Germany's DAX -1.3%, France's CAC -1.1%, and Great Britain's FTSE is closed for an Early May Bank Holiday. Elsewhere, Italy's MIB -1.3% and Spain's IBEX -0.8%.
Economic data was limited:
Eurozone PPI fell 0.2% month-over-month, as expected, while the year-over-year reading declined 1.6% (consensus -1.7%, prior -1.7%). Separately, Sentix Investor Confidence fell to 12.8 from 14.1 (expected 14.2).
Among news of note:
The European Commission has lowered its GDP and inflation forecast for the eurozone. The Commission now expects 2014 inflation to come in at 0.8%, while next year's inflation is expected to increase 1.2%. The 2015 GDP forecast was also revised lower, to 1.7% from 1.8%.
In U.S. corporate news:
JPMorgan Chase (JPM 54.10, -1.48): -2.7% after lowering its guidance. The bank said it expects second quarter markets revenue to come in about 20.0% below last year's results.
Pfizer (PFE 30.50, -0.25): -0.8% following its bottom-line beat on below-consensus revenue.
Tyson Foods (TSN 43.10, +0.45): +1.1% after missing earnings estimates on above-consensus revenue.
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