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MARKET ANALYSIS: Wall Street To Bounce Back

Thu, 12th Jul 2018 14:17


BRUSSELS/FRANKFURT/PARIS (Alliance News) - Jobless Claims and Consumer Price Index are the major focus on Thursday. Initial signals from the US Futures suggest that Wall Street might open positive.

Asian shares finished higher, while European shares are all up.

President Donald Trump, attending the NATO, said US allies agreed to increase defense spending. He also noted that he could probably withdraw from the alliance without congressional approval.

Oil prices seems to be steady after a free fall.

As of 7.45 am ET, the Dow futures were gaining 187.00 points, the S&P 500 futures were adding 14.50 points and the Nasdaq 100 futures were climbing 37.00 points.

US stocks closed lower on Wednesday. The Dow slumped 219.21 points or 0.9% to 24,700.45, the Nasdaq fell 42.59 points or 0.6% to 7,716.61 and the S&P 500 slid 19.82 points or 0.7% to 2,774.02.

On the economic front, Jobless Claims for the week will be published at 8.30 am. The consensus is for 225K, down from 231K in the prior week.

The Labor Department's Consumer Price Index for June will be issued at 8.30 am ET. The consensus is for 0.2%, unchanged from the prior month.

The Energy Information Administration or EIA's Natural Gas Report for the week will be revealed at 10.30 am ET. In the prior week the change was 78 bcf.

10-year Treasury Inflation-Protected Securities or TIPS will be held at 11.00 am ET. 30-year Bond Auction will be held at 1.00 pm ET.

Philadelphia Federal Reserve Bank President Patrick Harker will participate in a conversation at the Global Interdependence Center, Tenth Annual Rocky Mountain Economic Summit in Victor, Idaho, with audience Q&A at 12.15 pm ET.

The Treasury Budget for June will be revealed at 2.00 pm ET. The consensus is for a deficit of USD91.0 billion, versus deficit of USD146.8 billion.

The Federal Balance Sheet for the week will be issued at 4.30 pm ET. The previous week's level was USD4.290 trillion. The Federal Money Supply for the week will be released at 4.30 pm ET. The M2 Weekly Change was USD14.9 billion.

In the corporate sector, Broadcom Inc. said it agreed to acquire CA Technologies. The all-cash transaction represents an equity value of about USD18.9 billion, and an enterprise value of about USD18.4 billion.

As per the terms of the agreement, CA's shareholders will receive USD44.50 per share in cash. This represents a premium of approximately 20% to the closing price of CA common stock on July 11, 2018, the last trading day prior to the transaction announcement.

L Brands, Inc. reported 6% increase in net sales to USD1.28 billion for the five weeks ended July 7, 2018, compared to net sales of USD1.21 billion for the five weeks ended July 1, 2017. Comparable sales increased 3% for the period.

Asian stocks closed higher Thursday. China's Shanghai Composite index climbed 59.89 points or 2.16% to 2,837.66.

Hong Kong's Hang Seng index rose 0.60% to finish at 28,480. Japanese shares recovered from sharp losses in the previous session. The Nikkei average rallied 255.75 points or 1.17% to 22,187.96, while the broader Topix index closed 0.46% higher at 1,709.68.

Australian shares rallied. The benchmark S&P/ASX 200 index ended the session up by 52.70 points or 0.85% at 6,268.30 while the broader All Ordinaries index climbed 49.60 points or 0.79% to 6,349.80.

European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is climbing 44.87 points or 0.82%. The German DAX is adding 69.44 points or 0.56%, the UK FTSE 100 Index is progressing 67.62 points or 0.89%. The Swiss Market Index is up 94.92 points or 1.10%.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.66%.

Copyright RTT News/dpa-AFX

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