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Equity indices in the Asia-Pacific region began the week on a higher note, seeing some carryover strength from Friday's rally on Wall Street. China's January Caixin Services PMI (53.1; expected 53.6) disappointed, representing the first month-over-month decline in four months. Employment in the manufacturing sector declined while the pace of hiring increased for the service sector.
Major European indices trade in mixed fashion with Italy's MIB (-1.3%) showing relative weakness. Bank stocks have paced the decline in Italy and the country's bonds have also faced some selling. Italy's 10-yr yield is higher by six basis points at 2.32% while Germany's 10-yr yield is down four basis points at 0.38%. In France, presidential candidate Francois Fillon is expected to speak today amid growing calls for his resignation from the race.
Treasuries Rally as Eurozone Economic Sentiment Jumps
Equity futures are edging lower this morning amid mixed trade in Europe and following some catch-up gains in Asia after Friday's strong performance on Wall Street. The S&P 500 futures trade two points below fair value.
U.S. Treasuries have seen an uptick in buying interest after finishing Friday's session flat. The benchmark 10-yr yield is down two basis points at 2.44%.
Crude oil also trades in the green despite a 0.2% uptick in the U.S. Dollar Index (99.92, +0.23). The energy component is currently up 0.3% at $53.98/bbl.
Investors will not receive any economic data on Monday.
In U.S. corporate news:
Reviewing overnight developments:
Co announced that the planned pivotal study of AVXS-101 in spinal muscular atrophy Type 1 in the EU will reflect a single-arm design, using natural history of the disease as a comparator, and will enroll ~30 patients.
In connection with the 2017 North American Veterinary Conference in Orlando, Florida, on February 6, 2017, Aratana Therapeutics provided certain business updates.
OAT/Bund Spread Moves to 4-Year High
In reaction to strong earnings/guidance:
Select metals/mining stocks trading higher:
In reaction to disappointing earnings/guidance:
Select financial related names showing weakness:
The stock market is on track for a lower opening as the S&P 500 futures trade four points below fair value.
Earnings will remain in focus this week as around 70 S&P 500 constituents are due to report quarterly results throughout the week.
Tyson Foods (TSN 66.80, +1.41) and Newell Brands (NWL 45.50, -1.39) kicked off today's earnings with mixed results. Shares of TSN are up 1.2% in pre-market trade after the company reported better than expected results and issued positive guidance. Meanwhile, NWL has slipped 3.0% after missing revenue estimates and issuing mixed guidance.
Hasbro (HAS 92.25, +9.62) also reported earnings this morning. The company has spiked 10.8% after beating top and bottom line estimates in addition to raising its quarterly dividend. The impressive showing flew in the face of the disappointing results reported by competitor Mattel (MAT 26.20, +0.38) at the end of January.
The S&P 500 futures trade five points below fair value.
Major European indices trade lower with Italy's MIB (-1.7%) showing relative weakness. Bank stocks have paced the decline in Italy and the country's bonds have also faced some selling. Italy's 10-yr yield is higher by eight basis points at 2.34% while Germany's 10-yr yield is down five basis points at 0.36%. In France, presidential candidate Francois Fillon is expected to speak today amid growing calls for his resignation from the race.