Thursday, June 29, 2017

Data In The Spotlight On Wall Street, Central Banks Eyed

By Alexandra Gibbs
June 29, 2017

U.S. stock index futures pointed to a slightly higher open on Thursday, as investors geared up for a slew of data announcements during trade, while keeping an eye on the central banking sphere.

In data news, real Gross Domestic Product (GDP) data is due out at 8.30 a.m. ET, along with jobless claims. Meanwhile, investors will likely be keeping a close eye on yields in the bond market, as yields move higher.

Sticking with financial news, Walgreens Boots Alliance, Nike, Conagra, Constellation Brands and American Outdoor Brands are set to report earnings.

Central bank-wise, investors are expected to be keeping an eye on central banks in Europe and the U.S., as well as moves in the currency space.

On Wednesday, the European Central Bank said it saw the market as misinterpreting President Mario Draghi's remarks from Tuesday according to Reuters, in which he said "the threat of deflation is gone and reflationary forces are at play."

Meanwhile, Bank of England Mark Carney said on Wednesday the central bank was likely to need to increase interest rates, adding that it would debate this "in the coming months".

Looking to the Federal Reserve, St Louis. Fed President James Bullard will be at an OMFIF City lecture in London, speaking about the U.S. economy and monetary policy.

Oil futures were higher in morning trade, supported by news of a decline in U.S. crude output however glut concerns continue to stick around.

At 5.20 a.m. ET on Thursday, U.S. crude was trading around $45.09, while Brent hovered around $47.61.

In the political sphere, U.S. President Donald Trump will be meeting South Korean President Moon Jae-in at the White House, where they are expected to talk about cooperation on economic and global issues, as well as working together on North Korea-related issues.

In Europe, bourses showed a mixed picture during early trade, while Asia-Pacific markets finished trade on a positive note. In the previous session, U.S. equities finished in the black.

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