Wall Street To Start On A Positive Note

21.03.17 12:50

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Though it is a quiet day for economic activities, there are several Fed speeches worth watching.

Early trading in U.S. Future Index suggest that Wall Street will open higher on Tuesday. Asian shares closed mixed, while European shares are trading higher.

As of 6.30 am ET, the Dow futures were up 18 points, the S&P 500 futures were adding 4.25 points and the Nasdaq 100 futures were climbing 10.75 points.

U.S. stocks showed a lack of direction on Monday and closed the day little changed. The Nasdaq inched up 0.53 points or less than 0.1 percent to 5,901.53; the Dow edged down 8.76 points or less than 0.1 percent to 20,905.86; and the S&P 500 dipped 4.78 points or 0.2 percent to 2,373.47.

On the economic front, New York Federal Reserve Bank President William Dudley will speak at two events today.

The Commerce Department's Current Account data for the fourth quarter will be released at 8.30 am ET. Economists are looking for a consensus deficit of $129 billion.

The Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be published at 8.55 am ET. In the previous week, store sales were up 1.3 percent.

Kansas City Federal Reserve Bank President Esther George will speak on the U.S. economy and the Fed at a Women in Housing and Finance event in Washington, D.C., followed by Q&A at 12.00 pm ET.

Federal Reserve Bank of Cleveland President Loretta Mester will talk on outlook and communications at the University of Richmond in Richmond, Va., followed by Q&A at 6.00 pm ET.

Boston Federal Reserve Bank President Eric Rosengren will addresses the Twelfth Asia-Pacific High Level Meeting on Banking Supervision in Bali, Indonesia at 9.45 pm ET.

In the corporate segment, 888 Holdings Plc announced 82 percent surge in pre-tax profit to $59.2 million from $32.5 million last year. Basic earnings per share increased 74 percent to 14.4 cents from 8.3 cents a year ago. Adjusted EBITDA, a key earnings metric, grew 12 percent to $90.2 million.

Revenue increased 13 percent to $520.8 million from $462.1 million last year. On a constant currency basis, revenue increased 18 percent.

BMW Group reported an increase in fiscal 2016 net profit to shareholders to 6.86 billion euros from 6.37 billion euros in the prior year. Earnings per share was 10.45 euros compared to 9.70 euros. Revenues for the fiscal climbed 2.2 percent to 94.16 billion euros from 92.17 billion euros last year. Automotive revenues increased 1 percent to 86.42 billion euros.

Porsche Automobil Holding SE on Tuesday reported fiscal 2016 group profit of 1.37 billion euros, including the profit from the investments accounted for at equity of 1.45 billion euros. Looking ahead to the fiscal year 2017, the company expects a group profit of between 2.1 billion euros and 3.1 billion euros.

Wal-Mart Stores Inc. (WMT) said that it would launch a Silicon Valley-based innovation center to identify future trends in retail and commerce. The standalone incubator, known as Store No. 8, will invest in and work with venture capitalists, entrepreneurs, early-stage startups and academics, focusing on fields including robotics, augmented reality, machine learning and artificial intelligence.

Asian stock markets closed mixed. The Shanghai Composite Index climbed 10.80 points or 0.33 percent at 3,261.61. Hong Kong's Hang Seng was up 91.13 points or 0.37 percent to 24,593.12.

The Australian market is modestly lower. The benchmark S&P/ASX 200 Index closed 4.291 points or 0.07 percent lower to 5,774.616. The broader All Ordinaries Index is down 1.00 points or 0.02 percent to 5,819.50.

The Japanese market, which was closed on Monday for a public holiday, was on the decline. The benchmark Nikkei 225 Index finished 65.71 points or 0.34 percent lower at 19,455.88.

European shares are trading modestly higher. CAC 40 of France is adding 13.53 points or 0.27 percent. DAX of Germany is progressing 11.27 points or 0.09 percent. FTSE 100 of U.K. is down 11.84 points or 0.16 percent. Swiss Market Index is declining 4.45 points or 0.05 percent.

Euro Stoxx 50, a Blue-chip representation of supersector leaders in the Eurozone, is climbing 0.38 percent.

Copyright RTT News/dpa-AFX


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