Wall Street To Open Up Ahead Of Beige Book Release

Wall Street To Open Up Ahead Of Beige Book Release

The Beige Book to be published this afternoon will give a clear picture about the economic scenario, especially the raise rate hike expectations.

Asian shares closed mostly higher, while Europeans shares are trading up.

Initial signs from the U.S. Futures Index suggest that Wall Street might open higher.

As of 7.30 am ET, the Dow futures were gaining 89.00 points, the S&P 500 futures were adding 10.75 points and the Nasdaq 100 futures were up 25.50 points.

U.S. stocks closed firmly positive on Tuesday. The Dow climbed 213.59 points or 0.9 percent to 24,786.63, the Nasdaq surged up 124.81 points or 1.7 percent to 7,281.10 and the S&P 500 jumped 28.55 points or 1.1 percent to 2,706.39.

On the corporate front, Beige Book for March will be published at 2.00 pm ET. It could raise rate-hike expectations.
New York Federal Reserve Bank President William Dudley will deliver the opening remarks at the “Navigating Future Risks for Community Banks” event at the Community Bankers Conference in New York at 8.30 am ET.

The Energy Information Administration or EIA’s Petroleum Status Report for the week will be published at 10.30 am ET. The prior week’s Crude oil inventories were up 3.3 million barrels. Gasoline inventories were 0.5 million barrels.

New York Federal Reserve Bank President William Dudley will speak about the U.S. economic outlook and the implications for monetary policy at a “Conversation with New York Fed President Bill Dudley on the State of the Economy” event at Lehman College, CUNY, in New York, with audience Q&A at 3.15 pm ET.

Federal Reserve Vice Chairman for Supervision Governor Randal Quarles will speak on “Navigating New Opportunities: Transatlantic Regulatory Reform” at the Bretton Woods Committee 2018 Annual Meeting in Washington, with moderated Q&A at 4.15 pm ET.

In the corporate sector, Morgan Stanley reported first-quarter net income applicable to company of $2.7 billion or $1.45 per share, compared to net income of $1.9 billion, or $1.00 per share, a year ago. Earnings per share excluding intermittent net discrete tax provision/benefit was $1.45 compared to $1.01, last year. First-quarter income from continuing operations before tax increased 22% year-over-year to $3.42 billion. First-quarter net revenues were $11.1 billion, compared to $9.7 billion, a year ago.

Asian stocks ended mostly higher on Wednesday. China’s Shanghai Composite index ended up 24.60 points or 0.80 percent at 3,091.40 after the People’s Bank of China lowered the reserve requirement ratio for most commercial banks in a bid to free up funds for lending and improve liquidity.

In another development, China said it would allow full foreign ownership of automakers in five years, ending restrictions that helped to fuel its dispute with Washington. Hong Kong’s Hang Seng index climbed 221.50 points or 0.74 percent to close at 30,284.25.

Japanese shares rallied as the yen weakened. The Nikkei average climbed 310.61 points or 1.42 percent to 22,158.20, while the broader Topix index closed up 1.14 percent at 1 749.67.

Japan posted a merchandise trade surplus of 797.3 billion yen in March, the Ministry of Finance said – up 32.1 percent on year. That exceeded expectations for 499.2 billion yen and was up sharply from 3.4 billion yen in February.

Australian shares eked out modest gains. The benchmark S&P/ASX 200 index rose 19.90 points or 0.34 percent at 5,861.40 while the broader All Ordinaries index ended up 22 points or 0.37 percent at 5,956.30.

European shares are trading mostly positive. The CAC 40 Index of France is climbing 17.46 points or 0.33 percent. The German DAX is loosing 1.74 points or 0.02 percent, the U.K. FTSE 100 Index is adding 61.27 points or 0.85 percent. The Swiss Market Index is climbing 22.20 points or 0.25 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.28 percent.

by RTTNews Staff Writer

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