Day Traders Diary
6/26/14U.S. equity futures hold slim losses amid quiet action overseas. The S&P 500 futures hover two points below fair value.
Reviewing overnight developments:
Asian markets ended higher. Japan's Nikkei +0.3%, China's Shanghai Composite +0.7%, and Hong Kong's Hang Seng +1.5%.
In economic data:
Hong Kong's trade deficit narrowed to HKD42.40 billion from HKD55.30 billion (expected deficit of HKD49.80 billion) as imports rose 3.7% month-over-month (expected 2.5%, previous 2.4%) and exports grew 4.9% month-over-month (consensus 2.0%, prior -1.6%)
Singapore's Industrial Production fell 5.7% month-over-month (consensus -0.2%, previous -4.0%), while the year-over-year reading fell 2.5% (expected 2.6%, prior 5.3%)
Beijing has announced the start of infrastructure projects in central and western China as part of its targeted stimulus.
Major European indices trade little changed. Great Britain's FTSE and Germany's DAX are flat, while France's CAC +0.1%. Elsewhere, Spain's IBEX +0.4% and Italy's MIB +0.2%.
Economic data was limited:
French Consumer Confidence ticked up to 86 from 85 (expected 85)
Norway's Unemployment Rate held steady at 3.3% (consensus 3.4%)
Among news of note:
The Bank of England took steps to cool the British housing market by introducing a cap on loans and implementing tougher lending standards.
In U.S. corporate news:
Accenture (ACN 83.00, -0.06): -0.1% despite beating earnings and revenue expectations.
Alcoa (AA 14.85, +0.30): +2.1% after agreeing to acquire Firth Rixson for $2.85 billion in cash and stock.
Bed Bath & Beyond (BBBY 56.88, -4.23): -6.9% after missing estimates and guiding lower.
Iron Mountain (IRM 37.00, +7.23): +24.3% after the company converted to a real estate investment trust.
Lennar (LEN 42.24, +0.72): +1.7% following its better than expected earnings and revenue.
Weekly initial claims (Briefing.com consensus 310K), May Personal Income (consensus 0.4%), Personal Spending (consensus 0.4%), and Core PCE Prices (consensus 0.2%) will all be announced at 8:30 ET.
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