Wednesday, April 26, 2017

Wednesday, April 26, Morning Global Market Roundup: Wall Street Set For Mixed Open As Investors Await Trump's Tax Plan

By Sam Meredith
April 26, 2017

U.S. stock index futures pointed to a mixed open on Wednesday morning as traders await a much-anticipated tax plan from the White House.

There were no major economic data reports scheduled yet U.S. President Donald Trump is due to release what he has described as a "massive" tax plan on Wednesday. U.S. stocks had surged in the previous session as Congress appeared on track to release its budget in time to avoid a government shutdown later in the week.

On the earnings front, Boeing, Daimler, Fiat Chrysler, GlaxoSmithKline, PepsiCo, Procter & Gamble and United Technologies were among the major companies scheduled to report before the bell. Amgen, PayPal, F5 Networks and Tractor Supply are all due to report after the market close.

In Europe, the pan-European Stoxx-600 index was hovering around the flatline on Wednesday morning. In Asia, the Shanghai Composite in China closed 0.2 percent higher, while the Nikkei in Japan closed 1.1 percent higher.

In oil markets, Brent crude traded at around $51.97 a barrel on Wednesday morning, down 0.23 percent, while U.S. crude was around $49.42 a barrel, down 0.28 percent.

Oil prices extended losses from the previous session as the combination of increased crude supplies in the U.S. and record supplies in the rest of the world cast further doubt over OPEC's ability to sufficiently reduce a global overhang.

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