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Week Ahead Market Report: 2/22/2010

U.S. stocks are up in the pre-market in anticipation of a big week for retail earnings. Japan and Hong Kong shares surge while Europe is flat.

Week Ahead Market Report: 2/22/2010

(MarketNewsVideo.com) -- Good morning, I'm Angela Salvucci, with the Week Ahead Market Report for February 22, 2010.

In overseas equity markets this morning, major Asian markets were mixed. Japan's Nikkei 225 index rose 2.7 percent today on improved export news while China's Shanghai Shenzen index dropped 0.6 percent. Hong Kong's Hang Seng was higher by 2.4 percent.

European equity markets were relatively flat on Monday. The German DAX index is flat. Britain's Footsie 100 index edged up 0.2 percent.

U.S. stock futures are higher by 0.5 percent in Monday's pre-market action.

Oil futures are flat this morning, with the March contract trading just over $80 a barrel this morning.

Spot gold is also flat, trading at just over $1,123 an ounce this morning.

On the economic front, durable goods orders for January will be released on Thursday. The consensus expectation is for a 1.5 percent jump in durable goods, up sharply from the 0.3 percent increase in December.

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The fourth quarter GDP number will be revised on Friday. No change is expected from the preliminary number with a consensus annualized growth rate of 5.7 percent.

Also on Friday, existing home sales for January will be released. Economists are estimating the annualized sales rate was 5.5 million last month.

Federal Reserve Chairman Ben Bernanke heads to Capitol Hill on Wednesday and Thursday to testify in his semi-annual report on the state of the economy and monetary policy. Given the boost in the discount rate last Thursday, everyone will be looking for clues on the Fed's exit strategy.

This week has a flurry of major retail earnings reports on the heels of a disappointing fourth quarter results from Wal-Mart (WMT) last week.

Nordstrom (JWN) is scheduled to report later today after the market closes with analysts expecting earnings per share of 79 cents per share.

Home Depot (HD) will report on Tuesday before the market opens with expectations of 17 cents per share. Also reporting earnings early on Tuesday are Macy's (M) with a per share target of $1.32, and Target (TGT) with expectations of per share profits of $1.16.

Kohl's (KSS) will report on Thursday before the market opens with earnings expectations of $1.37 per share.

Biotech company Human Genome (HGSI) is expected to report after the close on Thursday with consensus estimates of minus 11 cents per share.

On Friday before the market opens, Ship Finance (SFL) is expected to report earnings per share of 48 cents per share.

Frontline Limited (FRO) will also report on Friday with expectations of 11 cents per share.

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

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=201002WeeklyAhead101209&amp;mv=1.

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