Day Traders Diary


U.S. equity futures trade lower amid cautious overseas trade. The S&P 500 futures are off by 0.1%.

Looking at overnight developments:

Asian markets ended with modest losses as Hong Kong's Hang Seng shed 0.1%, China's Shanghai Composite declined 0.6%, and Japan's Nikkei lost 0.7%.

In regional economic data:

The Bank of Korea cut its key interest rate 25 basis points to 2.50% (2.75% expected).

China's CPI rose 2.4% year-over-year (2.3% expected) while the month-over-month reading increased 0.2% (0.1% consensus). Also of note, PPI slipped 2.6% (-2.3% forecast).

In New Zealand, employment change came in at better-than-expected 1.7% (0.8% forecast) resulting in a 60 basis point decline in the unemployment rate to 6.2% (6.8% expected).

Australia also reported better-than-expected employment change of 50.1K (12.0K expected). This helped the unemployment rate decline to 5.5% (5.6% forecast).

Japan's Leading Index was reported at 97.6 (97.7 forecast).

Looking at news:

The Chinese press expects the country's government to prepare plans aimed at curbing production overcapacity.

In South Korea, the KOSPI outperformed other regional indices with a gain of 1.2% after the country's central bank cut its interest rate.

European indices trade generally lower. France's CAC is down 0.8%, Germany's DAX is off by 0.1%, and the United Kingdom's FTSE is flat. On the periphery, Italy's MIB is lower by 1.1%.

Looking at economic data of note:

The Bank of England kept its key interest rate and purchasing program unchanged at their respective 0.50% and GBP375 billion. In addition, the country's industrial production rose 0.7% month-over-month (0.2% forecast) while the year-over-year reading declined 1.4% (-1.6% forecast). Lastly, manufacturing production rose 1.1% month-over-month (0.3% consensus).

Spanish industrial production declined 0.6% year-over-year (-5.5% consensus).

In news:

The European Central Bank has released its Monthly Report, which reiterated statements made by Mario Draghi at the recent press conference. The report commented on the downside risks and pointed to weak global demand as one of the factors which could delay recovery.

The Italian appeals court upheld Silvio Berlusconi's conviction in the Mediaset tax fraud case. Mr. Berlusconi was sentenced to a prison term of four years and received a five-year ban from public office.

In U.S. corporate news:

Barnes & Noble (BKS 23.40, +5.63) is higher by 31.4% amid speculation Microsoft (MSFT 32.85, -0.14) may bid for JV Nook Media.

Green Mountain Coffee Roasters (GMCR 69.70, +10.22) is jumping 17.2% after reporting a bottom-line beat. In addition, the company guided third quarter and full-year earnings above consensus.

Monster Beverage (MNST 50.05, -6.92) is down 12.2% after missing on earnings and revenue.

Rackspace Hosting (RAX 41.00, -11.24) is lower by 21.5% following its miss on earnings and revenue.

Sony (SNE 17.88, -0.06) is off by 0.3% despite beating on earnings and revenue.

Weekly initial claims and March wholesale inventories will be reported at 8:30 ET and 10:00 ET, respectively.

The U.S. Treasury will auction $24 billion in 30-yr bonds.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.