| | The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to move to the upside in early trading after ending the previous session roughly flat.
The markets are likely to benefit from optimism about trade following recent reports the U.S. is proposing a new round of trade talks with China in the near future.
U.S. Treasury Secretary Steven Mnuchin has reportedly sent an invitation for talks to senior Chinese officials, proposing a meeting in the next few weeks.
Stocks showed a lack of direction over the course of the trading session on Wednesday before ending the day roughly flat. The choppy trading on the day came on the heels of the strength seen in the previous session.
The major averages eventually ended the session mixed. While the Nasdaq dipped 18.25 points or 0.2 percent to 7,954.23, the Dow inched up 27.86 points or 0.1 percent to 25,998.92 and the S&P 500 crept up 1.03 points or less than a tenth of a percent to 2,888.92.
Traders seemed reluctant to make significant moves amid lingering uncertainty about the trade dispute between the U.S. and China.
Reports the U.S. is proposing a new round of trade talks with China in the near future generated some buying interest, although traders remained skeptical.
On the U.S. economic front, the Labor Department released a report unexpectedly showing a modest drop in producer prices in the month of August.
The Labor Department said its producer price index for final demand edged down by 0.1 percent in August after coming in unchanged in July. Economists had expected prices to rise by 0.2 percent.
Excluding food and energy prices, core producer prices still edged down by 0.1 percent in August following a 0.1 percent uptick in July. Core prices had been expected to increase by 0.2 percent.
Meanwhile, the Federal Reserve's Beige Book said the U.S. economy expanded at a moderate pace through the end of August.
The Fed's Beige Book is a compilation of anecdotal evidence on economic conditions in the twelve Fed districts released shortly before the central bank makes its decision on monetary policy.
Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.
Financial stocks saw considerable weakness, however, with the KBW Bank Index and the NYSE Arca Broker/Dealer Index falling by 1.5 percent and 1.4 percent, respectively.
Significant weakness was also visible among semiconductor stocks, as reflected by the 1.2 percent drop by the Philadelphia Semiconductor Index.
Micron Technology (MU) led the semiconductor sector lower after Goldman Sachs downgraded its rating on the chipmaker's stock to Neutral from Buy.
On the other hand, gold stocks showed a substantial move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 3.6 percent.
The rally by gold stocks came amid a notable increase by the price of the precious metal, with gold for December delivery climbing $8.70 to $1,208.20 an ounce.
Steel and telecom stocks also saw notable strength, while energy stocks also moved higher along with the price of crude oil.
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First-time claims for U.S. unemployment benefits unexpectedly edged slightly lower in the week ended September 8th, according to a report released by the Labor Department.
The report said initial jobless claims dipped to 204,000, a decrease of 1,000 from the previous week?s revised level of 205,000.
Economists had expected jobless claims to rise to 210,000 from the 203,000 originally reported for the previous week.
With the unexpected decrease, jobless claims fell to their lowest level since hitting 202,000 in December of 1969.
A separate report released by the Labor Department showed a modest increase in U.S. consumer prices in the month of August.
The Labor Department said its consumer price index rose by 0.2 percent in August, matching the increase seen in July. Economists had expected prices to climb by 0.3 percent.
Excluding food and energy prices, core consumer prices inched up by 0.1 percent in August after rising by 0.2 percent for three straight months. Core prices had been expected to show another 0.2 percent increase.
At 10 am ET, Federal Reserve Vice Chairman Randal Quarles is due to deliver testimony on ?Implementation of the Economic Growth Regulatory Relief and Consumer Protection Act? to the Senate Banking Committee in Washington, D.C.
Atlanta Fed President Raphael Bostic is scheduled to give a speech on the ?Economic outlook & monetary policy? to the Mississippi Council of Economic Education in Jackson, Mississippi, at 12:30 pm ET.
At 1 pm ET, the Treasury Department is due to announce the results of its auction of $15 billion worth of thirty-year bonds. | | | |
European stocks are turning in a mixed performance during trading on Thursday after the European Central Bank and the Bank of England both left interest rates unchanged.
While the U.K.?s FTSE 100 Index is down by 0.1 percent, the French CAC 40 Index and the German DAX Index are up by 0.5 percent and 0.6 percent, respectively.
According to data released by Destatis, Germany's consumer price inflation remained stable at 2 percent in August, in line with the estimate published on August 30. The rate reached the 2 percent mark for the fourth consecutive
month. Excluding food and energy, inflation was 1.3 percent in August.
The harmonized index of consumer prices for Germany, which is calculated for European purposes, climbed 1.9 percent annually, slower than July's 2.1 percent rise, the statistical office confirmed the confirmed the preliminary
estimate.
On a monthly basis, the consumer price index edged up 0.1 percent in August, slower than July's 0.3 percent increase. Meanwhile, the harmonized index of consumer prices remained flat. Both CPI and HICP figures matched preliminary estimate.
French consumer prices grew at a steady pace in August, final data from the statistical office Insee showed.
According to a report from the statistical office, consumer price inflation in France came in at 2.3 percent for August, the same rate as registered in July, and in line with the preliminary estimate published on August 31.
Inflation, based on the harmonized index of consumer prices, remained unchanged at 2.6 percent in August, as estimated.
Meanwhile, U.K. house price balance dropped in August largely due to the weakness in London, the Royal Institute of Chartered Surveyors reportedly said.
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After plunging to multi-month lows on Wednesday, Asian markets bounced back to end on a firm note on Thursday, with investors picking up stocks on reports that a fresh round of trade talks between the U.S. and China is likely in the near future.
U.S. Treasury Secretary Steven Mnuchin has sent an invitation for talks to senior Chinese officials, proposing a meeting in the next few weeks. The news raised hopes that trade tensions between the world's two largest economies will ease.
Only last week, the U.S. President Donald Trump threatened to impose tariffs on all $500 billion worth of imports from China.
Following Trump's remarks, China was reported to be seeking World Trade Organization permission to impose trade sanctions on Washington.
The Chinese market ended on a firm note, with the Shanghai Composite Index jumping 30.47 points or 1.2 percent to 2,686.58, bouncing back from a 32-month low. Hong Kong's Hang Seng Index surged up 669.45 points or 2.5 percent to 27,014.49.
The Japanese stock market ended with the benchmark Nikkei 225 Index advancing 216.71 points or 1 percent to 22,821.32.
In Japanese economic news, the Cabinet Office said core machine orders in Japan were up a seasonally adjusted 11.0 percent in July, coming in at 918.6 billion yen. That beat expectations for a gain of 5.5 percent following the 8.8 percent slide in June.
The Bank of Japan said that producer prices in Japan were flat in August compared to expectations for an increase of 0.1 percent following the downwardly revised 0.4 percent gain in July.
Among other markets in the Asia-Pacific region, New Zealand, Indonesia and Malaysia settled with modest gains, while Singapore, Taiwan and South Korea edged up marginally.
Meanwhile, Australian stocks ended notably lower. The benchmark S&P/ASX 200 Index declined 47.20 points or 0.8 percent to 6,128.70, while the broader All Ordinaries Index fell by 0.7 percent. Shares from the healthcare, consumer staples and utilities sectors moved mostly lower.
In economic news, the Australian Bureau of Statistics said the unemployment rate in Australia came in at a seasonally adjusted 5.3 percent in August. That was in line with expectations and unchanged from the previous month.
The Australian economy added 44,000 jobs in August, beating forecasts for an increase of 18,000 following the loss of 3,900 jobs in July.
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Crude oil futures are sliding $0.80 to $69.57 a barrel after jumping $1.12 to $70.37 a barrel on Wednesday. Meanwhile, an ounce of gold is trading at $1,213.90, up $3 compared to the previous session?s close of $1,210.90. On Wednesday, gold climbed $8.70.
On the currency front, the U.S. dollar is trading at 111.41 yen compared to the 111.26 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.1673 compared to yesterday?s $1.1626.
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