Protesters in Hong Kong extended their blockade on Tuesday and prepared for the return of riot police as Chinese National Day approached. Over the weekend, police attempted to clear the protesters using pepper spray and tear gas before withdrawing on Monday. The government asked protesters to disperse peacefully, but instead the tens of thousands of people began to stockpile supplies and create more barricades, proving that their fight for full democracy was far from over.
In other news around the markets:
- Consumer spending data out on Monday suggested that the US economy is set to grow steadily in the third quarter. The report showed that US household spending increased by 0.5 percent from July to August, and that spending was up 4.1 percent from last year’s figures. The figures fall inline with most economists expectations for solid US GDP growth in the third quarter.
- The ceasefire in Ukraine faced more challenges after the Ukrainian military announced that separatist rebels’ fire in Donetsk killed seven soldiers. The fighting took place near the Donetsk airport, the only part of the city still held by nationalist forces, and served as a reminder that the Ukrainian conflict is far from over.
- AB Acquisition LLC announced that customer data from some of its Albertsons supermarkets may have been compromised due to a hacking incident. Now, investigators are looking into the issues for more detail about the depth of the attack, but the incident is believed to have taken place between late August and early September.
- The US-led coalition continued its airstrikes in Syria on Monday, taking out several key targets, but also injuring and killing civilians. The strikes have caused ISIS groups to disperse in order to make themselves more difficult targets, but they have continued their push towards the Turkish border. On Sunday and Monday, shelling near the border prompted Turkey to send more tanks and armored vehicles to protect its border.
Asian Markets
Asian markets were mostly lower, the NIKKEI was down 0.84 percent, the KOSPI fell 0.32 percent and the Hang Seng index was down 1.28 percent. China’s Shanghai composite and Shenzhen composite were exceptions, gaining 0.26 percent an 0.54 percent respectively.
European Markets
Europe’s markets were mostly higher with the exception of the FTSE, which fell 0.05 percent. The STOXX 600 was up 0.21 percent, the DAX rose 0.07 percent, the CAC 40 was up 0.45 percent and the MIB gained 0.50 percent.
Energy futures made modest gains; Brent futures rose 0.23 percent and WTI futures were up 0.08 percent. Gold and silver were up 0.16 percent and 0.38 percent respectively while industrial metals were mixed. Copper fell 0.07 percent and tin was down 0.61 percent, but aluminum rose 0.77 percent and zinc gained 1.06 percent.
The euro remained under pressure on Tuesday and traded at $1.268. The common currency also lost 0.12 percent against the yen and 0.18 percent against the pound. The dollar also lost to the pound, down 0.14 percent, and fell 0.37 percent against the Australian dollar but gained 0.05 percent against the yen.
Earnings
Notable earnings released on Monday included:
- Synnex Corporation SNX reported third quarter EPS of $1.59 on revenue of $3.54 billion, compared to last year’s EPS of $1.24 on revenue of $2.73 billion.
- Cintas Corporation CTS reported first quarter EPS of $0.78 on revenue of $1.10 billion, compared to last year’s EPS of $0.63 on revenue of $1.12 billion.
Stocks moving in the Premarket included:
- Chevron Corp CVX gained 1.20 percent in premarket trade after falling 2.38 percent over the past five days.
- Apple Inc. AAPL was up 0.24 percent in premarket trade after losing 0.64 percent on Monday.
- McDonald’s Corp MCD was down 0.16 percent in premarket trade after rising 1.61 percent on Monday.Earnings
Notable earnings expected on Tuesday include:
- Walgreen Co WAG is expected to report fourth quarter EPS of $0.74 on revenue of $19.02 billion, compared to last year’s EPS of $0.73 on revenue of $27.94 billion.
- CarMax Inc KMX is expected to report second quarter EPS of $0.67 on revenue of $3.57 billion, compared to last year’s EPS of $0.62 on revenue of $3.25 billion.
Economics
European data will steal the spotlight again on Tuesday’s economic calendar wit releases including Italian CPI, British GDP, German unemployment data, French PPI and French consumer spending. Other notable releases will include Canadian GDP, US consumer confidence and the US redbook.
For a recap of Monday’s market action, click here.
<p>Tune into Benzinga’s pre-market info show with Dennis Dick and Joel Elconin <a> http://optionshouse.benzinga.com/pre-market-show/ />here</a>.</p>
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