US market recap October 13, 2016

DJIA 18,098.94 -45.26points (-0.25%)
S&P 500 2,132.55 -6.63 points (-0.31%)
Nasdaq 5,213.33 -25.69 points (-0.49%)

The drop of U.S indices continues on Wednesday. Initially, the indices dropped 185 points from 18,144 to 17959, but recovered and closed with only -48points at 18,098. The downward movement produces a hopeful reversal candlestick pattern which might lead to a rally in all three major indices.

Crude oil futures gained despite surpluses in oil inventories. The reading shows 4.9M surpluses compared to 0.4M estimate. Companies in the USA will kick off the earnings season with several big names on the couch.

Asian Session

China rejoices on positive PPI data after alarming trade balance data Yesterday. PPI data rose to positive the first time at 0.1%, and the result boosted stock indices in Asian stock market. Nikkei up 82.13 points (+0.49%), Shang Hai Composite up 2.39 points (0.08%), and Australia ASX 200 down 1.51 points (-0.03%).

Thailand stock exchange rallied 64.79 (4.59%) points on potential hope that succession of the throne will proceed smoothly following the death of King Bhumibol Adulyadej.

Tencent Holdings Ltd signed $3.5 billion loans as a reserve to use in bidding for majority stakes in Finish mobiles games market Supercell.

Other Market

European market joins the rally sparked in the Asian session. UK FTSE up 0.82%, DAX up 1.63%, and Euro STOXX 600 up 1.39%.

Earnings report, Merger-Acquisition, Shares report

Amazon (AMZN) signed a partnership deal with VMware. The deal will let both companies run computing operations in their data center.

HP Inc. (HPQ) announced full year outlook which inlines with analyst estimate but the company plan to layoff 3,000 – 4,000 employees in three years. HPQ expect earnings per shares of $1.55 – $1.65 and revenue between $2.8 – $3.1 billion in 2017.

Advanced Micro Devices Inc (AMD) closed a deal with Alibaba (BABA) to provide cloud computing services through chips based on its graphics semiconductors.