Week Ahead Market Report: 8/30/2010
Monday, August 30, 10:49 AM ET

Good morning, I’m Sayoko Murase, with the “Week Ahead Market Report” for August 30, 2010.

Asian markets are higher today. Hong Kong’s Hang Seng index edged up 0.7 percent. Japan’s Nikkei 225 rose 1.8 percent and China’s Shanghai Shenzen jumped higher by 2.0 percent.

European shares were mixed this morning, with the German DAX falling 0.3 percent. Britain’s Footsie 100 was higher by 0.9 percent in mid-day trading.

U.S. S&P 500 index futures were flat in pre-market action.

Crude oil is down on Monday morning, trading just under $75 a barrel.

Spot gold was flat in Monday morning trading, hovering around $1,236 an ounce.

On the economic front, the Commerce Department says consumer spending rose 0.4 percent in July, the fastest rate in four months. Personal incomes were up 0.2 percent in July, lower than expectations of 0.3 percent.

The Case Schiller home price index for July will be released on Tuesday and is expected to show housing prices were unchanged in June.

Also on Tuesday, the Consumer Confidence index is scheduled to be released. Forecasters expect the index to come in at 51.3 in August, up slightly from 50.4 for July.

The ISM manufacturing index will be released on Wednesday. Forecasters expect a 53.3 index level in August, down from 55.5 in July. Any number above 50 indicated manufacturing activity is expanding.

On Friday, the employment report for July will be released. Total payrolls are expected to fall by 120,000 workers following on a drop of 131,000 in July.

Genzyme (NASDAQ:GENZ) rejected the Sanofi-Adventis buyout offer of $18.5 billion or $69 per share, opening the door for a hostile takeover bid. The bid was 38 percent higher than Genzyme’s July 1st price of roughly $50 a share. Genzyme shares closed at $67.62 a share on Friday.

On the earnings front, Dollar General (NYSE:DG) will post second quarter profits on Tuesday before the market opens, with a consensus estimate of 38 cents per share.

Seadrill Limited (NYSE:SDRL) will also report results on Tuesday before the market opens. Analysts are expecting 66 cents per share in earnings.

Mining supplier Joy Global (NASDAQ:JOYG) reports before the market opens on Wednesday, with forecasters expecting $1.02 profit per share.

Also on Wednesday, Heinz (NYSE:HNZ) will post profits before the market opens. Analysts are expecting earnings per share of 73 cents.

And on Friday morning, Campbell Soup (NYSE:CPB) posts profits, with analysts expecting 30 cents per share.

Join us on Friday for the “Weekly Market Wrap” and have a wonderful week.