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| | US Market |  | | NYSE | AMEX | Dow Jones | Nasdaq |  |  |  |  | | Please click on the images to view our interactive charts | | The major U.S. index futures are pointing to a higher opening on Wednesday, with stocks likely to add to the modest gains posted in the previous session.
The markets are likely to benefit from news that President Donald Trump?s plan to crack down on Chinese investments in the U.S. is less harsh than feared.
Administration officials told reporters Trump wants to strengthen the Committee on Foreign Investment in the U.S. to prevent foreign companies from violating intellectual-property rights of American companies.
Reports earlier this week suggested Trump intended to use the International Emergency Economic Powers Act of 1977 to limit Chinese investment in the U.S.
Following the sell-off seen on Monday, stocks saw modest strength during trading on Tuesday. The major averages all moved to the upside, although buying interest remained relatively subdued.
The major averages ended the day in positive territory but off their highs of the session. The Dow inched up 30.30 points or 0.1 percent to 24,283.11, the Nasdaq rose 29.62 points or 0.4 percent to 7,561.63 and the S&P 500 edged up 5.99 points or 0.2 percent to 2,723.06.
Bargain hunting contributed to the strength on Wall Street, but traders seemed reluctant to pick up stocks amid lingering trade war concerns.
On the U.S. economic front, the Conference Board released a report showing an unexpected decrease in consumer confidence in the month of June.
The Conference Board said its consumer confidence index fell to 126.4 in June from a revised 128.8 in May. Economists had expected the index to inch up to 128.1 from the 128.0 originally reported for the previous month.
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| | U.S. Economic Reports | | | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | |
A report released by the Commerce Department on Wednesday showed a smaller than expected decrease in new orders for U.S. manufactured durable goods in the month of May.
The Commerce Department said durable goods orders fell by 0.6 percent in May after tumbling by a revised 1.0 percent in April.
Economists had expected durable goods orders to drop by 1.0 percent compared to the 1.6 percent slump that had been reported for the previous month.
Excluding orders for transportation equipment, durable goods orders dipped by 0.3 percent in May after spiking by 1.9 percent in April. Ex-transportation orders had been expected to rise by 0.5 percent.
At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of May. Pending home sales are expected to climb by 0.5 percent in May after slumping by 1.3 percent in April.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
The Energy Information Administration is due to release its report on oil inventories in the week ended June 22nd at 10:30 am ET.
Crude oil inventories are expected to decrease by 2.6 million barrels after tumbling by 5.9 million barrels in the previous week.
At 11 am ET, Federal Reserve Vice Chairman Randal Quarles is scheduled to speak on "International Regulatory Participation and Cooperation" at the Utah Bankers Association 110th Annual Convention in Sun Valley, Idaho.
Boston Fed President Eric Rosengren is due to give the 2018 Annual O. John Olcay Lecture on Ethics and Economics at the Peterson Institute for International Economics in Boston at 12:15 pm ET.
At 1 pm ET, the Treasury Department is scheduled to announce the results of its auction of $36 billion worth of five-year notes. |
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| | Europe |
European stocks have turned higher over the course of the trading day on Wednesday after moving lower earlier in the session.
While the German DAX Index has climbed by 0.7 percent, the U.K.?s FTSE 100 Index is up by 0.8 percent and the French CAC 40 Index is up by 0.9 percent.
According to data from Nationwide Building Society, U.K. house prices grew 2 percent year-on-year in June following May's 2.4 percent increase. Nonetheless, the pace of growth was faster than the expected 1.7 percent.
Elsewhere, survey results from statistical office Insee showed that French consumer sentiment weakened in June to the lowest level in nearly a year. The consumer confidence index dropped to 97 from 99 in May, which was revised down from 100.
Costa Coffee owner Whitbread has rallied 2.2 percent after the company reported a 3.2 percent rise in first-quarter Group total sales.
Belgian biotechnology company ThromboGenics slumped 4.5 percent after the company announced its intention to change its name to "Oxurion NV".
Shares of Xaar plunged around 13 percent in London after the provider of industrial inkjet technology warned on its legacy ceramics business performance, saying that it is likely that full-year expectation of revenues in the ceramics market will not be achieved.
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| | Asia | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | |
Asian stocks fell broadly on Wednesday, with Chinese and Hong Kong markets pacing regional declines after the U.S. House of Representatives overwhelmingly passed a bill to tighten foreign investment rules and the Trump administration threatened sanctions on countries that continue to import oil from Iran.
Chinese stocks fell sharply and the yuan hit its lowest level against the greenback since December 2017 on concerns over an ongoing trade dispute with the United States.
The benchmark Shanghai Composite Index slumped 31.64 points or 1.1 percent to 2,812.87 after drifting into bear market territory the previous day. Hong Kong's Hang Seng Index plunged 525.14 points or 1.8 percent to close at 28,356.26.
Japanese shares edged lower, although markets ended off their day's lows on suspected ETF buying by the Bank of Japan. The Nikkei 225 Index slid 70.23 points or 0.3 percent to 22,271.77 as the dollar slipped against the yen on worries over U.S. protectionist policies.
The broader Topix index closed marginally higher at 1,731.45. Bridgestone, Canon and Japan Tobacco fell 3-4 percent on going ex-dividend. Automaker Honda Motor gave up 2.8 percent on tariff concerns.
Australian shares finished marginally lower as gains by mining and energy stocks were offset by weakness in the banking sector. Higher oil, copper and iron ore prices helped lift mining and energy stocks, with BHP Billiton, Woodside Petroleum and Oil Search climbing 1-2 percent.
Banks ended broadly lower on worries the tit-for-tat trade war may weigh on economic growth. Rail operator Aurizon Holdings tumbled 2.9 percent after saying its fiscal year 2019 year will be negatively impacted by several factors.
Seoul stocks fell amid rising trade tensions between the Unites States and other leading economies. The benchmark Kospi dropped 8.89 points or 0.4 percent to 2,342.03 despite foreign investors turning net buyers for the first time in three sessions.
Steelmaker Posco tumbled 3.2 percent and top chemical maker LG Chem lost 3.7 percent, while tech heavyweight Samsung Electronics advanced 2 percent.
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| | Commodities |
Crude oil futures are climbing $0.75 to $71.28 a barrel after soaring $2.45 to $70.53 a barrel on Tuesday. Meanwhile, after sliding $9 to $1,259.90 an ounce in the previous session, gold futures are slipping $2.60 to $1,257.30 an ounce.
On the currency front, the U.S. dollar is trading at 110.25 yen compared to the 110.06 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1597 compared to yesterday?s $1.1648.
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