Nov 1, 2013
U.S. Stock Market Future Indications by MarketWatch November 1, 2013: Futures rebound ahead of ISM data, Fed speakers.
By Sara Sjolin, MarketWatch
LONDON (MarketWatch) — U.S. stock futures pointed to a higher open on Wall Street on Friday, ahead of manufacturing data and Fed speakers that could provide some more clarity on how the economy fared during the government shutdown in October.
Futures for the Dow Jones Industrial Average DJZ3 +0.20% rose 34 points, or 0.2%, to 15,511, while those for the S&P 500 index SPZ3 +0.09% picked up 2.50 points, or 0.1%, to 1,753.50.
Futures for the Nasdaq 100 index NDZ3 +0.22% climbed 8.25 points, or 0.2%, to 3,377.25.
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Causeway CEO Sarah Ketterer steers clear of countries with big current account deficits, but looks for stocks of companies that sell to the growing ranks of consumers.
The gains came on the back of losses Thursday, when investors digested the possibility that the Federal Reserve may taper bond buys sooner than expected after a less-dovish-than-expected statement from the central bank’s policy meeting.
In the light of the tapering discussion, investors on Friday will be looking closely at economic data to gauge if they weaken or strengthen the case for a reduction in asset purchases. At 10 a.m. Eastern Time, the report on manufacturing from the Institute for Supply Management is out, expected to fall to 55% in October from 56.2% in September, according to economists polled by MarketWatch. A reading above 50 indicates expansion.
“With the Fed clearly mindful of ongoing economic weakness, traders will again be looking for clues in this number to predict just when that tapering will get underway,” analysts at Monex Capital said in a note.
A separate manufacturing reading, Markit’s “final” manufacturing purchases managers index for October, comes out at 9 a.m.
The week has offered a host of manufacturing data. On Thursday. the Chicago purchasing managers index jumped to 65.9 in October, its highest level since March 2011. Earlier in the week, the Fed said manufacturing production lost some steam, inching up 0.1% in September after advancing 0.5% in August.
Speeches from Federal Reserve members were likely to be watched closely on Friday for hints on their views on the outlook for the economy and monetary policy.
St. Louis Fed President James Bullard, a supporter of the Fed’s asset purchase program, is speaking in St. Louis at 9:10 a.m.
Richmond Fed President Jeffrey Lacker, who has opposed the Fed’s quantitative easing, will speak at noon Eastern.
The earnings calendar isn’t as heavy as earlier in the week. Ahead of the open, Chevron Corp. CVX +0.73% is projected to report third-quarter earnings of $2.69 a share, according to a consensus survey by FactSet.
Madison Square Garden Co. MSG +4.10% is forecast to post fiscal first-quarter earnings of 21 cents a share.
Auto makers were also likely to see active trade on Friday, as the big manufacturers were slated to release October sales figures. General Motors Co. GM -0.49% sales are projected to rise 10% to 215,274 vehicles and Ford Motor Co. F +0.41% sales are estimated to jump 15.5% to 193,988 units, Edmunds.com said in a recent report. Overall car sales are forecast to climb to 15.4 million in October from 15.2 million in September, according to a MarketWatch poll.
American International Group Inc. AIG -3.37% lost 2.7% in premarket trade after reporting third-quarter earnings late Thursday.
In other financial markets, Asian stocks closed mixed, after an official gauge of Chinese factory activity last month showed signs of weakness for smaller manufacturers. Europe stock indexes were mostly lower.
Oil prices were slightly lower, while metals futures were mixed. The dollar DXY +0.28% trended higher.
Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.
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Friday, November 1, 2013
By JOSEPH GOLDSTEIN
A federal appellate panel says Judge Shira A. Scheindlin, who has been overseeing litigation on the tactic, violated a judicial code of conduct.
By KATIE THOMAS and REED ABELSON
Now that new insurance marketplaces are opening under the Affordable Care Act, insurance companies are canceling millions of individual plans that fail to meet minimum standards.
By JONATHAN WEISMAN
President Obama now faces broad and mounting Democratic concerns that the troubled start of the insurance program will impact Democratic candidates in next year's midterm elections.
Asian Markets at Close Report by MarketWatch November 1, 2013: Asian Stocks Fall After China PMI Shows Weakness.
By Mia Lamar
Stocks in Asia were mostly lower Friday after an official gauge of Chinese factory activity last month showed signs of weakness.
China’s manufacturing Purchasing Managers Index rose to 51.4 in October from 51.1 in September, indicating expansion and edging ahead of economist expectations.
A closer look at the data, however, showed a sizeable gap between large and small manufacturers, with the latter reporting a contraction in activity for the month.
“Although the PMI rose in October for the fourth consecutive month, the momentum driving the increase is unbalanced,” said Zhao Qinghe, a spokesman for China’s National Bureau of Statistics.
Pressure is rising on China to show it can maintain a recent stabilization of economic growth after a worrying slowdown in the first half of the year.
Stocks on Hong Kong’s benchmark Hang Seng Index HK:HSI +0.19% and China’s Shanghai Composite CN:SHCOMP +0.37% were flat in midday trade. In Sydney, the S&P ASX 200 AU:XJO -0.27% fell 0.3%.
South Korea was a bright spot in the region after the country reported a stronger-than-expected 7.3% rise in exports last month. Economists polled by The Wall Street Journal on average expected a 4.5% rise. Imports rose 5.1%, also more than expected.
Investors have flocked to South Korean stocks since late summer, attracted by the country’s strong finances and stable currency. The benchmark Kospi index KR:SEU +0.46% rose 0.3% Friday.
In Japan, the Nikkei 225 index JP:NIK -0.88% reversed earlier gains, falling 1.1% as the yen firmed against the U.S. dollar. The Japanese currency USDJPY -0.10% recently was at ¥97.95 versus ¥98.36 late Thursday in New York.
Technology earnings were on the radar in Tokyo. Sony Corp. JP:6758 -11.14% SNE -11.04% shares slid 12% after the company reported a wider loss for the September quarter and slashed its profit forecast for the year by 40%.
Pointing in the other direction, SoftBank Corp. JP:9984 +3.43% SFTBF -0.42% shares rose 2% after the telecom company reported a 44% leap in quarterly profit, helped by strong demand for Apple Inc. AAPL +0.06% iPhones sold by its mobile unit in Japan.
“Clearly the earnings picture is a compelling one, but the lack of clarity in government policy, especially Prime Minister Abe’s “Third Arrow” of structural reforms seems to be an inhibitor to foreign investor interest,” said CLSA equity strategist Nicholas Smith.
Mining Sector Top Stories November 1, 2013: Decision to suspend Pascua-Lama construction only “temporary” - Barrick.
Top Stories | Friday , 01 Nov 2013
Silver Wheaton has amended and extended its Pascua-Lama silver streaming agreement with Barrick, stating the suspension of project construction will not impact the silver company. Friday , 01 Nov 2013
PanAust buys into the largest undeveloped gold-copper project in Asia Pacific, easing pressure on Highlands Pacific, whilst Indochine begins drilling at high grade Mt Kare. Friday , 01 Nov 2013
“Our efforts to improve costs and efficiencies are gaining momentum, and we have reduced consolidated spending by $700 million year-to-date,” said Newmont CEO Gary Goldberg. Friday , 01 Nov 2013
A massive financing could increase the number of Barrick shares to as many as 1.16 billion shares in order to raise as much as US$3.3 billion. Friday , 01 Nov 2013
An unscheduled column on junior exploration. Today, Savant's bid to find copper porphyries in a mega copper porphyry district in Arizona. Thursday , 31 Oct 2013
A flattening of Ernst & Young’s Mining Eye Index, which tracks LSE AIM listed junior miners and explorers, after several quarters of decline, could be a sign sentiment is improving. Thursday , 31 Oct 2013
Gold plated playing cards, 1000-rupee gold foil notes, silver coins are all the rage ahead of Diwali. Thursday , 31 Oct 2013
Five years ago, the threat of production cuts in South Africa was the primary force driving platinum prices to record highs at $2,290/oz. Friday , 01 Nov 2013
The Chilean copper producer has already increased the premium it charges European buyers by 32 percent. Friday , 01 Nov 2013
A wage strike is looming across South Africa’s platinum belt after AMCU members voted to down tools at Impala Platinum. Thursday , 31 Oct 2013
CEO Ian Atkinson says the company’s minority owners are unlikely to back any further reduction in the value of their investment in the Kyrgyz mine. Friday , 01 Nov 2013
Gold on the local market is now fetching a record premium of $130 an ounce to the global bullion price and that is expected to climb even higher because of coming festivals. Friday , 01 Nov 2013
A Canadian federal review panel said Thursday that the company’s revised plan for a mine in BC poses threats to the environment. Friday , 01 Nov 2013
The Reserve Bank of Australia’s index of commodity prices fell in October, dragged by drops in iron ore, gold and oil combined with a rising local currency. Friday , 01 Nov 2013
The diamond producer's long-serving head of sales, would be leaving the group at the end of January, De Beers said. Friday , 01 Nov 2013
Tin traded on Indonesia's only approved exchange rose to around 3,000 tonnes last month from 795 tonnes in September. Friday , 01 Nov 2013
Neal Froneman says workers disappointed by the performance of their labour unions are unlikely to strike over wages next week. Thursday , 31 Oct 2013
The government plans to review a proposal by Impala Platinum to sell control of its Zimplats unit to local black investors for $971 million. Thursday , 31 Oct 2013
The company is seeking an extra listing in South Africa, in addition to the London Stock Exchange and a secondary listing in Hong Kong. Thursday , 31 Oct 2013
The World Gold Council argues that gold is likely to grow in prominence as a balancing mechanism against the risks inherent in fiat currencies. Wednesday , 30 Oct 2013
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