WASHINGTON
(dpa-AFX) - Wall Street looks set to shrug off yesterday's negativity heading into Wednesday's session. The major
U.S.
index futures currently point towards a higher opening. Earlier in the global trading day, Asian stocks ended mixed. Meanwhile, stocks across the
Atlantic are seen recovering after two days of losses. Crude oil prices are higher, although most other commodities are lower. The dollar is mostly weaker, except against the euro. Traders in the domestic markets may look towards overseas optimism and keep a tab on crude oil prices and earnings from homebuilder
Hovnanian (HOV).
As of 6:15 am ET, the Dow futures are advancing 67 points, the S&P 500 futures are gaining 7 points and the Nasdaq 100 futures are moving up 17.25 points.
U.S.
stocks retreated on Wednesday, as weak Chinese trade data and stalling of the commodity rally generated weakness.
On the economic front, the Commerce Department is scheduled to release its wholesale inventories report for January at 10 am ET. Economists expect wholesale inventories to have edged down 0.1 percent month-over-month.
The Energy Information Administration is set to release its weekly petroleum status report for the week ended March 4th at 10:30 am ET. The Treasury will announce the results of its auction of its 10-year notes at 1 pm ET.
In corporate news, ABM Industries (ABM) reported first quarter adjusted earnings from continuing operations of 38 cents per share that bettered expectations. Revenues were also ahead of expectations. The company issued upbeat guidance for its full year 2016.
NCI Building Systems (NCS) reported above-consensus first quarter adjusted earnings per share and revenues. The company also said it expects higher gross margin and EBITDA for 2016.
Nasdaq announced that NetEase (NTES) will become a components of the NASDAQ-100 Index before the market open on March 16th, 2016.
The major Asian markets closed on a mixed note, with the lackluster close on Wall Street weighing down on stocks in the region.
With the yen remaining firm around the mid-112 yen level against the dollar, the Japanese market retreated for the third straight session. The Nikkei 225 average ended down 140.95 points or 0.84 percent at 16,642. However,
Australia's
All Ordinaries added 46.20 points or 0.89 percent before closing at 5,216.
Hong Kong's
Hang Seng Index ended at 19,996, down 15.32 points or 0.08 percent, and
China's
Shanghai Composite Index ended down 44.21 points or 1.52 percent at 2,857.
On the economic front, the results of a consumer confidence survey by the Westpac Bank and the Melbourne Institute showed that confidence among consumers in
Australia
receded in March. The corresponding index fell 2.2 percent to 99.1 following a 4.2 percentage point increase to 101.3.
A report released by the Australian Bureau of Statistics showed that total number of home loans issued in
Australia
fell 3.9 percent month-over-month in January, steeper than the 3 percent drop expected by economists. Investment lending fell 1.6 percent compared to the 0.1 percent dip in December.
European stocks opened on a mixed note after yesterday's steep declines but have since then turned uniformly higher, supported by some positive corporate results and expectations of stimulus ahead of Thursday's European Central Bank meeting.
In corporate news, Spanish retailer Inditex reported a strong increase in its full year profits and revenues. German utility E.ON reported a loss for its full year, stung by write-downs of assets at its power plants. Swiss staffing firm Adecco reported profit for the fourth quarter, fairly in line with estimates, and also announced an increase in its dividend. The company also announced a deal to buy
U.K.
HR firm Penna for 105.3 million pounds.
Deutsche Post reported 2015 EBIT that met expectations and announced plans to buy back $1 billion worth of shares.
On the economic front, the U.K. Office for National Statistics reported that
U.K.
industrial output rose 0.3 percent month-over-month in January, below the 0.4 percent growth expected by economists. However, manufacturing output rose a more than expected 0.7 percent. Annually, industrial output climbed 0.2 percent compared to the unchanged reading expected by economists.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer
