Trading was quiet with markets in Europe closed for Easter Monday.
United States
Stocks rebounded from last week’s decline as focus moved from geopolitical tensions in Turkey, France and North Korea to earnings. The Dow Jones industrials, S&P and Nasdaq were all up 0.9 percent.
The financial and industrials sectors led the gains. Banks — which are among the first quarterly reporters — advanced. M&T Bank gained after the bank’s earnings topped analysts’ estimates and higher interest rates helped boost lending margins. Arconic was higher after its chairman and chief executive Klaus Kleinfeld stepped down earlier in the day. Amazon, McDonald’s and Boeing advanced on broker upgrades. Eli Lilly declined after the FDA rejected its drug to treat rheumatoid arthritis due to safety concerns.
Snyder’s-Lance dropped after it lowered its yearly revenue guidance and replaced its chief executive. Netflix and United Continental Holdings both were higher — they were scheduled to report earnings after the markets closed. Netflix revenue rose to $2.63 billion from $1.96 billion a year ago. Net income rose to $178.2 million or 40 cents per share from $27.7 million or 6 cents per share, a year ago. The company added 4.95 million members in the first three months of the year, fewer than the 5.2 million it had forecast. Additions were slower than expected in both the US and internationally.
United Continental beat market estimates to report earnings per share excluding special items of $0.41 per share for the first quarter of 2017. The carrier reported first quarter net income of $129 million, excluding special items, down from the year earlier period’s $435 million.
On Friday, retail sales fell for a second straight month in March and consumer prices dropped for the first time in just over a year, pointing to a loss of economic growth momentum in the first quarter. April Empire State manufacturing general conditions index reading 5.2 after recording unsustainably strong levels of 16.4 and 18.7 in March and February. The National Association of Home Builders said the NAHB/Wells Fargo Housing Market Index dropped to 68 in April after jumping to 71 in March — the highest level since June 2005.
zThese data reflect observations at 4:00 PM US ET. The London Bullion Market was closed for holiday. Copper futures were up 1.0 percent to US$2.60. WTI spot crude was down 50 US cents to US$52.68. Dated Brent spot crude was down 46 US cents to US$55.43. The US dollar was down against the euro, pound, and the Canadian and Australian dollars. The currency declined against the yen and was virtually unchanged against the Swiss franc. The Dollar Index was up 0.4 percent. The yield on US Treasury 30 year bond was up 2 basis points to 2.91 percent while the yield on the 10 year note was up 1 basis point to 2.25 percent.
Europe
Markets here were closed for Easter Monday.
Asia Pacific
Asian stocks were mixed Monday as worries over tensions on the Korean Peninsula and concerns about the upcoming French election offset positive growth data from China. Trading volumes were light with markets in Australia, Hong Kong and New Zealand closed for Easter Monday.
Investors reacted to Friday’s US March retail sales with the US dollar slipping to a five month low against the yen and US bond yields declined. The US said it is working with China and other allies on a range of responses to North Korea’s failed missile launch over the weekend.
The Shanghai Composite was down 0.7 percent even though economic data improved in March, painting a positive picture of the economy. China’s first quarter gross domestic product was up 6.9 percent when compared with the same quarter a year ago. Growth was aided by government infrastructure spending and a frenzied housing market. March industrial production expanded 7.6 percent annually and retail sales surged an annual 10.0 percent. Fixed asset investment grew 9.2 percent from a year ago during the first three months of the year.
The Nikkei edged up 0.1 percent and the Topix added 0.5 percent in thin trade even though the yen benefited from soft US data and rising risk aversion in the wake of mounting geopolitical tensions. Tepco, Mitsui Fudosan, Chubu Electric Power and Kansai Electric Power climbed. Alps Electric and Sumco retreated.
The Kospi added 0.5 percent after the semi-annual US Treasury currency report released Friday did not label any country as a currency manipulator while at the same time maintained six countries for close monitoring — China, Japan, Korea, Taiwan, Germany and Switzerland. The Sensex slipped 0.2 percent after the wholesale price index eased to 5.70 percent in March from a more than three-year high of 6.55 percent in February. Heightened worries over tensions on the Korean Peninsula and concerns about the upcoming French election also weighed on markets here.
Looking Forward
 

Central Bank activities

April 18

Australia

Reserve Bank of Australia Minutes

April 19

United States

Federal Reserve Beige Book Published

The following indicators will be released this week…

Europe

April 19

Eurozone

Merchandise Trade (February)

Harmonized Index of Consumer Prices (March final)

April 20

Eurozone

EC Consumer Confidence (April flash)

April 21

Eurozone

Composite, Manufacturing & Services PMI (April flash)

Germany

Composite, Manufacturing & Services PMI (April flash)

France

Composite, Manufacturing & Services PMI (April flash)

UK

Retail Sales (March)

Asia Pacific

April 17

China

Gross Domestic Product (Q1.2017)

Industrial Production (March)

Retail Sales (March)

April 20

Japan

Merchandise Trade Balance (March)

April 21

Manufacturing PMI (April flash)

Americas

April 18

United States

Housing Starts (March)

Industrial Production (March)

April 20

United States

Initial Unemployment Claims (week ending prior Saturday)

Philadelphia Fed Survey (April)

April 21

United States

Manufacturing PMI (April flash)

Existing Home Sales (March)

Canada

Consumer Price Index (March)

 
Global Stock Markets

*Note — all releases are listed in local time.

Source: Fidelity

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