Bank of Japan Fails to Live up to Investor Expectations
Today's financial recap and tomorrow's financial outlook.
US assets were in the red as well. The S&P 500 (INDEXSP:.INX) dropped 17 handles on the day. The 10-year treasury was down 2.27 bps to 2.188%. Crude oil slipped almost 1% to just over $95 per barrel. The Treasury auctioned $32 billion of 3-year notes with the lowest demand ratio in nearly three years.
The NFIB Small Business Optimism Index surpassed expectations, coming in at 94.4 against the 92.3 prediction. However, the ICSC-Goldman Store Sales Index unexpectedly dropped 2.7% last week. Wall Street expected to see a 1.9% increase. US wholesale trade came in line with expectations, rising 0.2% month over month.
Google Inc. (NASDAQ:GOOG) announced that it is acquiring Israeli mapping company Waze for $1.1 billion; shares traded down 1% on the day.
Chairman and CEO of Dole Food Company Inc. (NYSE:DOLE), David Murdock, announced a $12 per share tender offer for the rest of the outstanding common stock. Shares of the fresh food and vegetable producer traded up more than 20% on the news to a close of $12.45.
After the disappointing news from the Bank of Japan last night, the Street will be following the release of Japanese PPI and industrial orders at 7:50 p.m. ET tonight.
Tomorrow's Financial Outlook
Tomorrow morning, the Italian consumer price index (CPI) will be released at 4:00 a.m. ET. Economists are looking for year-over-year growth of 1.2%. Additionally, Germany and France are releasing their CPIs. The German index is expected to have risen 1.7% year over year and the French index is expected to have risen 0.9% over the same time period.
The Great Britain labor market report will be released at 4:30 a.m. ET tomorrow. The anticipated ILO unemployment rate is 7.8%.
European Union industrial production will be released at 5:00 a.m. ET. The Street is looking for month-over-month growth of 0.3% and year-to-year growth of -0.7%.
The weekly EIA petroleum status report will be released at 10:00 a.m. ET. Later in the day, the US Treasury budget will be released at 2:00 p.m. ET. The consensus budget is -$110 billion.
The Men's Wearhouse, Inc. (NYSE:MW) and H&R Block (NYSE:HRB) are both releasing earnings tomorrow.
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