|09-04-2014, 04:31 PM||#1|
Wall Street buoyant ahead of ECB, labor data
A busy day is ahead of us and investors are setting positions as they wait a number of major market movers, including the European Central Bank’s policy decision, followed by data on U.S. labor and non-manufacturing activity.
Most of the focus is on the ECB, which will release its latest monetary policy decisions at 07:45 a.m. ET, before a news conference at 08:30 a.m. ET by President Mario Draghi.
Mario Draghi hinted recently that the ECB is thinking of launching a Fed-style quantitative easing program to supported Europe’s weakening recovery and drive off deflation.
Market consensus is that the announcement won’t come today, but the central bank might start its newly accommodative stance using other measures such as a symbolic cut to record low interest rates, or a limited asset-back securities purchasing program.
U.S. stock futures were slightly higher than Wednesday’s closing levels ahead of the ECB announcement. Any notable moves in Europe could echo across global markets.
-Futures on the Dow Jones Industrial Average gained 0.217% to 17110
-Futures on the S&P 500 index gained 0.280% to 2004.40
-Futures on the NASDAQ 100 gained 0.215% to 4080.25 . As of 07:05 a.m. ET
The previous session in the U.S. was relatively uninspiring. U.S. stocks were mixed as investors realized that a Ukraine-Russia ceasefire may still be far off. The NASDAQ lost about 0.6% and the S&P 500 slid by 0.8%. But the Dow gained nearly 11 points.
European markets were looking slightly buoyant in early trade. Asian shares ended mostly lower.
The Bank of England decided to keep its monetary stance unchanged this month, with policy makers awaiting further signs of sustained growth to start tightening.
IN the U.S., updates on weekly jobless claims and private sector employment should give investors something to ponder ahead of Friday’s all-important non-farm payrolls report. Tomorrow’s figures are expected to firm the labor market’s momentum, after adding 200,000-plus jobs for the past six months.
The U.S. dollar was up 0.18% against the Euro and near its highest levels in a year. 10-year Treasury yields gained 2.7 basis points to 2.423%.
Shares of Yum! Brands are to take a spill when markets open. The company fell nearly 4% in extended trading after saying it expects a 13% fall in same-store quarterly sales.
Apple Inc. shares were down around 1% in premarket, after falling 4.2% on Wednesday.
Motorola is expected to unveil a Moto 360 Smartwatch ahead of Apple’s own iWatch.
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