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Negative China Sentiment Continues to Weigh on Risk Assets
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Continued expansion in Chinese manufacturing over the weekend was not enough to lift its equity markets. Investors were more concerned about continued deterioration in the country's property markets, and a private lender survey that showed a considerable deceleration in capital expenditures by Chinese companies. The Hang Seng Index (INDEXHANGSENG:HSI) was down 1.68% overnight, with financial stocks among the worst performers.

The S&P 500 (INDEXSP:.INX) traded slightly negative for much of the day and finished down 0.01%. Small-cap stocks underperformed for the second straight day.

The preliminary manufacturing index for June showed a strong uptick in order activity and employment. The index rose to 57.5 from 56.4 last month, higher than the 56.0 expected. Industrials underperformed, however. May existing home sales climbed to an annual rate of 4.89 million from 4.66 million in the month prior, which was ahead of the 4.74 million expected. Homebuilder stocks outperformed much of the day, and were up 0.37%.

Google (NASDAQ:GOOG) rose 1.49% today. Friday after the close, its Nest Labs subsidiary announced the acquisition of security camera company DropCam. The move bolsters Google's presence in the 'Internet of Things' market. Software maker Micros Systems (NASDAQ:MCRS) was up 3.36% today, closing at $67.98, after the company received a $5.3 billion bid from Oracle (NASDAQ:ORCL). Micros rose sharply last week as rumors of the deal spread.

Tomorrow's Financial Outlook

More housing data will be released tomorrow. Scheduled to be reported are April federal and S&P/Case Shiller home prices, both of which are expected to show a deceleration in price growth from the prior month. May new home sales are also expected to be reported. Housing starts and permits from that month came in below expectations when they were reported last week. Lastly, the Conference Board's index of consumer confidence for June will be released.

The only major report due out tomorrow from the rest of the world is the German IFO survey of professional investor's thoughts on the current and future economic situation.

The two major earnings reports scheduled for tomorrow are from Walgreen (NYSE:WAG) and Carnival (NYSE:CCL).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Negative China Sentiment Continues to Weigh on Risk Assets
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Continued expansion in Chinese manufacturing over the weekend was not enough to lift its equity markets. Investors were more concerned about continued deterioration in the country's property markets, and a private lender survey that showed a considerable deceleration in capital expenditures by Chinese companies. The Hang Seng Index (INDEXHANGSENG:HSI) was down 1.68% overnight, with financial stocks among the worst performers.

The S&P 500 (INDEXSP:.INX) traded slightly negative for much of the day and finished down 0.01%. Small-cap stocks underperformed for the second straight day.

The preliminary manufacturing index for June showed a strong uptick in order activity and employment. The index rose to 57.5 from 56.4 last month, higher than the 56.0 expected. Industrials underperformed, however. May existing home sales climbed to an annual rate of 4.89 million from 4.66 million in the month prior, which was ahead of the 4.74 million expected. Homebuilder stocks outperformed much of the day, and were up 0.37%.

Google (NASDAQ:GOOG) rose 1.49% today. Friday after the close, its Nest Labs subsidiary announced the acquisition of security camera company DropCam. The move bolsters Google's presence in the 'Internet of Things' market. Software maker Micros Systems (NASDAQ:MCRS) was up 3.36% today, closing at $67.98, after the company received a $5.3 billion bid from Oracle (NASDAQ:ORCL). Micros rose sharply last week as rumors of the deal spread.

Tomorrow's Financial Outlook

More housing data will be released tomorrow. Scheduled to be reported are April federal and S&P/Case Shiller home prices, both of which are expected to show a deceleration in price growth from the prior month. May new home sales are also expected to be reported. Housing starts and permits from that month came in below expectations when they were reported last week. Lastly, the Conference Board's index of consumer confidence for June will be released.

The only major report due out tomorrow from the rest of the world is the German IFO survey of professional investor's thoughts on the current and future economic situation.

The two major earnings reports scheduled for tomorrow are from Walgreen (NYSE:WAG) and Carnival (NYSE:CCL).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

More From Minyanville Staff
Negative China Sentiment Continues to Weigh on Risk Assets
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Continued expansion in Chinese manufacturing over the weekend was not enough to lift its equity markets. Investors were more concerned about continued deterioration in the country's property markets, and a private lender survey that showed a considerable deceleration in capital expenditures by Chinese companies. The Hang Seng Index (INDEXHANGSENG:HSI) was down 1.68% overnight, with financial stocks among the worst performers.

The S&P 500 (INDEXSP:.INX) traded slightly negative for much of the day and finished down 0.01%. Small-cap stocks underperformed for the second straight day.

The preliminary manufacturing index for June showed a strong uptick in order activity and employment. The index rose to 57.5 from 56.4 last month, higher than the 56.0 expected. Industrials underperformed, however. May existing home sales climbed to an annual rate of 4.89 million from 4.66 million in the month prior, which was ahead of the 4.74 million expected. Homebuilder stocks outperformed much of the day, and were up 0.37%.

Google (NASDAQ:GOOG) rose 1.49% today. Friday after the close, its Nest Labs subsidiary announced the acquisition of security camera company DropCam. The move bolsters Google's presence in the 'Internet of Things' market. Software maker Micros Systems (NASDAQ:MCRS) was up 3.36% today, closing at $67.98, after the company received a $5.3 billion bid from Oracle (NASDAQ:ORCL). Micros rose sharply last week as rumors of the deal spread.

Tomorrow's Financial Outlook

More housing data will be released tomorrow. Scheduled to be reported are April federal and S&P/Case Shiller home prices, both of which are expected to show a deceleration in price growth from the prior month. May new home sales are also expected to be reported. Housing starts and permits from that month came in below expectations when they were reported last week. Lastly, the Conference Board's index of consumer confidence for June will be released.

The only major report due out tomorrow from the rest of the world is the German IFO survey of professional investor's thoughts on the current and future economic situation.

The two major earnings reports scheduled for tomorrow are from Walgreen (NYSE:WAG) and Carnival (NYSE:CCL).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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