26 October 2012 08:17

Market Preview - 26 October 2012; US GDP on tap

Investing Big

Forex Overnight: USD trading mixed 
The USD is trading mixed against the major currencies this morning. Investors await the preliminary US Gross Domestic Product (GDP) data scheduled later today which is expected to show an improvement in the third quarter. Additionally, investors are keeping a tap on an Italian bond auction and Spanish unemployment data slated later in the day. At 5 am GMT, the EUR has strengthened marginally against the USD to trade at USD 1.2938 while the GBP has weakened marginally against the USD to trade at USD 1.6116.

The JPY has strengthened 0.3 percent each against the USD and the EUR. Data indicated that consumer prices in Japan continued to decline in September.

The AUD and the CAD are trading 0.4 percent and 0.1 percent lower versus the USD.

UK Stocks: Likely to open weak
The FTSE 100 is expected to open 34 to 40 points in the red.

No key economic indicators are slated for release today.

African Barrick Gold is scheduled to report its results today.

BP has stated that it has cancelled plans to build an ethanol plant in Florida in order to focus on more attractive projects.

According to Reuters, a three-month-long strike at Colombia's La Jagua coal mine, owned by  Glencore International's Prodeco unit, has ended after the government called both the sides to an arbitration tribunal. 

US Stocks: Futures trading in the red
At 5 am GMT, S&P 500 futures are trading 10.2 points weaker.

GDP, Personal Consumption Expenditure and Thomson Reuters/University of Michigan Consumer Confidence Index are the key economic indicators scheduled for release today.

Merck & Company Comcast Ventas Aon Plc Weyerhaeuser KKR & Company Moody's Digital Realty Trust Rockwell Collins and  Newell Rubbermaid are scheduled to announce their results today.

Apple ended marginally higher in the after hours trading session yesterday. The company reported lower-than-expected fourth quarter profit and issued a downbeat first quarter forecast.  Expedia rallied 15.1 percent on upbeat third quarter results.  Synaptics soared 16.0 percent after it posted better-than-forecast first quarter results and provided a second quarter revenue outlook in line with market estimates. On the downside, downbeat third quarter results and a lower-than-anticipated fourth quarter revenue outlook led  Amazon.com to decline 1.0 percent.Coinstar retreated 8.6 percent after it posted dismal third quarter earnings and cut its revenue and earnings outlook for the full year. Lower-than-forecast third quarter revenue and a cut to its full year guidance led  Deckers Outdoor to plunge 14.6 percent.

Yesterday, the S&P 500 index advanced 0.3 percent in the regular trading session after data indicated that US durable goods orders climbed more-than-forecast in September.  Procter & Gamble advanced 2.9 percent after its first quarter earnings surpassed market consensus and it reiterated its full year outlook.  Teradyne surged 8.2 percent on the back of upbeat third quarter results.  Ford Motor rose 2.2 percent after it announced plans to close two of its UK manufacturing plants and trim 1,400 jobs to reduce losses from its European business. On the contrary,  F5 Networks plunged 11.1 percent after it reported lower-than-expected fourth quarter results and offered a downbeat first quarter outlook. Dismal third quarter results led  Cliffs Natural Resources to slump 10.5 percent.  Colgate-Palmolive declined 1.8 percent after it announced restructuring plans which includes cutting its workforce by 6.0 percent over the next four years.

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