Chines President Xi Jinping’s announcement that vehicle imports tariffs will be reduced significantly this year seems to be a real boost for the market. The trade war scenario between U.S. and China have been a concern for the investors in the last few weeks.
In another development Facebook Chief Mark Zuckerberg will be testifying before the Senate Judiciary and Commerce Committees today.
Early signs from the U.S. Futures Index suggest that Wall Street will surge at opening.
Asian shares closed in the green, while European shares are trading higher.
As of 7.15 am ET, the Dow futures were gaining 287.00 points, the S&P 500 futures were adding 29.25 points and the Nasdaq 100 futures were up 95.25 points.
U.S. stocks closed higher on Monday. The Dow Jones Industrial Average rose 0.2%, or 47 points, to 23,980. The S&P 500 gained 9 points, or 0.3%, to 2,613. The Nasdaq Composite Index rose 35 points, or 0.5%, to 6,950.
On the economic front, Dallas Federal Reserve Bank President Robert Kaplan will participate in a moderated Q&A at the Tsinghua University School of Economics and Management in Beijing, with audience and media Q&A at 4.30 am ET.
The Labor Department’s Producer Price Index – Final Demand will be published at 8.30 am ET. The market analysts are looking for consensus of 0.1 percent, compared to 0.2 percent in the prior month.
Redbook Data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. The prior week’s store sales were 4.4 percent.
The Commerce Department’s Wholesale Trade data for February is expected at 10.00 am ET. The consensus is for increase of 1.1 percent up from 0.8 percent growth in January.
3-year Treasury Note auction will be held at 1.00 pm ET.
Atlanta Federal Reserve Bank President Raphael Bostic will speak at the John T. Dunlop lecture on “Fair Housing in the U.S.: Past, Present, and Future?” in Cambridge, Massachusetts with audience Q&A at 6.30 pm ET.
In the corporate sector, BNP Paribas Group and Raiffeisen Bank International said Tuesday that they have reached an agreement for the acquisition of the core banking operations of Raiffeisen Bank Polska to be combined with the subsidiary of BNP Paribas in Poland, BGZ BNP Paribas. The transaction price is set at PLN 3.25 billion or 775 million euros.
Boeing announced that Lion Air Group agreed to purchase 50 of new 737 MAX 10 airplane. The deal is valued at approximately $6.24 billion at list prices.
Asian stocks closed broadly higher on Tuesday after Chinese President Xi Jinping promised to lower import tariffs.
China’s Shanghai Composite index jumped 1.66 percent to close at 3,190.32. Hong Kong’s Hang Seng index finished up 52.03 points or 1.65 percent at 30,728.74.
Japanese shares surged. The Nikkei average rose 116.06 points or 0.54 percent to 21,794.32 while the broader Topix index ended up 0.35 percent at 1,731.94.
Australian shares rose sharply as higher base metal prices following positive remarks by Chinese President Xi Jinping.
European shares are trading higher. The CAC 40 Index of France is climbing 28.36 points or 0.54 percent. The German DAX is gaining 114.40 points or 0.93 percent, the U.K. FTSE 100 Index is up 43.95 points or 0.61 percent. The Swiss Market Index is adding 46.74 points or 0.54 percent.
The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is progressing 0.67 percent.
by RTTNews Staff Writer
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