Written by Gary
Opening Market Commentary For 02 February 2015
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U.S. stocks opened slightly higher on Monday, following sharp weekly declines on major indexes, led by stocks in the energy sector as U.S. crude futures prices rose.
The Dow Jones industrial average (DJI) rose 43.15 points, or 0.25 percent, to 17,208.1, the S&P 500 (SPX) gained 6.52 points, or 0.33 percent, to 2,001.51 and the Nasdaq Composite (IXIC) added 6.99 points, or 0.15 percent, to 4,642.23. U.S. consumer spending recorded its biggest decline since late 2009 in December, with households appearing to save the extra cash from cheaper gasoline.
European stocks were higher on Monday, after upbeat Spanish manufacturing data although concerns over Greece's future in the euro zone persisted. During European morning trade, the EURO STOXX 50 rose 0.30%, France’s CAC 40 gained 0.38%, while Germany’s DAX 30 climbed 0.71%. Research group Markit said that Spain's manufacturing purchasing managers' index rose to 54.7 this month from 53.8 in December, beating expectations for a rise to 54.0. On Friday, concerns over the threat of deflation in the euro zone re-emerged after Eurostat said that the annual rate of inflation in the single currency bloc fell by 0.6% in January, after a 0.2% slip in December. Economists had expected an annual decline of 0.5%. Markets were also jittery as Greece's new government said it will not cooperate with the International Monetary Fund and the European Union and will not seek an extension to its bailout program, underlining fears over a clash with its international creditors.
Asian shares languished on Monday, after the latest gauge of China's factory sector activity raised concerns about the world's second-largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1 percent, while Japan's Nikkei stock average dropped 0.7 percent. The Shanghai Composite Index skidded 2.4 percent in the wake of the downbeat China figures. The final HSBC/Markit Purchasing Managers' Index (PMI) for January came in at 49.7 on a seasonally adjusted basis, just below the 50.0 level that separates growth from contraction. The figure released on Monday was slightly lower than a preliminary "flash" reading of 49.8.
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Written by Gary