All Eyes On US-China Trade Talks, Wall Street To Open Positive

All Eyes On US-China Trade Talks, Wall Street To Open Positive

The trade talks in Beijing to avoid a probable trade war with U.S. is closely watched by investors. The Jobless Claims, the Challenger Job Cut report as well as International Trade report are the major economic announcement on Thursday.

Early signs from the U.S. Futures Index suggest that Wall Street is poised to open higher. Asian stocks finished mostly lower, while European shares are trading in negative.

As of 7.00 am ET, the Dow futures were adding 37.00 points, the S&P 500 futures were climbing 5.00 points and the Nasdaq 100 futures were improving 11.00 points.

U.S. stocks finished lower on Wednesday. The Dow slumped 174.07 points or 0.7 percent to 23,924.98, the Nasdaq fell 29.81 points or 0.4 percent to 7,100.90 and the S&P 500 slid 19.13 points or 0.7 percent to 2,635.67.
On the economic front, Challenger Job-Cut Report for April will be issued at 7.30 am ET. In the prior month, the announced layoffs were 60,357.

The Commerce Department’s International Trade report for March will be issued at 8.30 am ET. The market consensus is for a deficit of $49.9 billion, compared to deficit of $57.6 billion.

The U.S. Labor Department’s Jobless Claims for the week will be published at 8.30 am ET. The consensus is for 224K, up from 209K in the prior week.

Markit Economics’ PMI Services Index for April will be released at 9.45 am ET. The consensus is for 54.4, slight increase from 54.0 in the prior month.

The Commerce Department’s Factory Orders report for March will be issued 10.00 am ET. The consensus is for increase of 1.3 percent, compared to 1.2 percent a month ago.

Institute for Supply Management’s Non-Manufacturing Index for April will be published at 10.00 am ET. The consensus is for 58.4, slightly down from58.8 in February.

The Energy Information Administration or EIA’s Natural Gas Report for the week will b revealed at 10.30 am ET. In the prior week, the Natural Gas were down 18 bcf.

The Federal Balance Sheet for the week will be published at 4.30 pm ET. The prior week level was $4.373 trillion.

The Fed Money Supply for the week is expected at 4.30 pm ET. The M2 weekly change was $10.0 billion.

In the corporate sector, Cigna Corp. (CI) reported a surge in first quarter net income to $915 million, up from $598 million in the prior year. Revenue for the quarter increased to $11.380 billion from $10.474 billion a year ago.

Looking ahead, the company expects full year 2018 adjusted income from operation in a range of $3.17 billion to $3. 27 billion or $12.85 to $13.25 per share. Revenue for 2018 is projected to grow 7 to 8 percent.

Asian stocks finished mostly lower on Thursday. China’s Shanghai Composite index rose 0.64 percent to 3,100.86 ahead of U.S. and Chinese trade talks. Hong Kong’s Hang Seng index closed down 410.51 points or 1.34 percent at 30,313.37.

Australian shares gained ground. The benchmark S&P/ASX 200 index hit its highest level in nearly three months before finishing up 48.10 points or 0.80 percent at 6,098.30. The broader All Ordinaries index ended up 50.30 points or 0.82 percent at 6,187.

European shares are trading mostly down. France’s CAC 40 is declining 13.77 points or 0.25 percent. Germany’s DAX is losing 26.81 points or 0.21 percent. FTSE 100 of U.K. is dropping 6.78 points or 0.19 percent. Swiss Market Index is climbing 10.72 points or 0.12 percent.

Eurozone’s leading Blue Chip index,Euro Stoxx 50, is down 0.26 percent.

by RTTNews Staff Writer

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