Global markets rallied overnight on last week's solid US job report, and Apple Inc.
(NASDAQ:AAPL) is getting ready to debut a slew of new products.
After Friday's big gains, Dow
(INDEXDJX:.DJI) futures were up 0.30% at 15,253 this morning before the opening bell. S&P 500
(INDEXSP:.INX) futures also rose 0.41% to 1,645.30 and contracts on the Nasdaq
(INDEXNASDAQ:.IXIC) index climbed 0.37% to 2,991.50. No major US economic announcements are due out today.
Asian stocks rose over the weekend. China released a slew of economic data that suggested slower growth. Retail sales were up 12.9% year-over-year in May, beating estimates slightly. Industrial production slowed to 9.2%, missing estimates. Producer prices declined faster than in April, falling 2.9%. Consumer inflation was also subdued at 2.1%, down from 2.4% in April. Chinese exports rose 1% last month, down from 14.7% growth in April when financial product movements distorted the picture. Imports fell 0.3%, missing expectations of a 5% gain.
Japan had another massive trading session where the Nikkei
(INDEXNIKKEI:.NI225) rallied almost 5% in reaction to the US jobs report and a positive revision of the country's GDP report. The revised report shows that Japan grew by 4.1% year-over-year in the first quarter, versus 3.5% in the first estimate. The country's trade surplus was 750 billion yen in April, more than double estimates. Tonight, the Bank of Japan is scheduled to make an announcement on rates. It is likely to stay the course with benchmark rates of 0-0.1%. Yesterday, Prime Minister Abe announced various tax breaks for capital investment in infrastructure.
European stocks are mixed. Reports today showed that Italian industrial production fell 4.6% year-over-year in April and GDP declined 2.4% in the first quarter, 0.1% worse than feared. French industrial production rose 2.2% monthly in April, beating forecasts of a 0.3% rise.
The big news in tech today will be Apple's World Wide Developer Conference. The gadget company is likely to announce a refresh of the iPhone and iPad's operating systems. These software changes are the first under hardware design guru Jony Ive. Also in the rumor mill, new Mac laptops and possibly a cheaper version of the iPhone, which could help Apple steal more smartphone market share, especially in developing countries. An iTunes streaming Internet radio service, directly aimed at Pandora Media Inc.
(NYSE:P), is also a possibility.
(NASDAQ:GOOG) has reportedly closed a deal to acquire Waze, an Israeli mobile mapping and traffic information startup that was the subject of a Silicon Valley bidding war. Facebook Inc.
(NASDAQ:FB) was also interested in acquiring the company. The deal will still have to be approved by regulators, but it could decisively shore up Google's dominance in mobile maps.
No positions in stocks mentioned.
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