Thursday October 27th

27-10-2016

US futures rises as Street eyes big day of earnings, data

U.S. stock index futures pointed to a higher open on Thursday as traders eyed a host of big earnings and the release of several pieces of data. Thursday represents the biggest day of earnings season. Alphabet, Amazon.com, LinkedIn and Baidu are among companies set to report after the bell. Colgate-Palmolive, Bristol-Meyers Squibb, Ford and UPS all reported before the bell. Earlier on Thursday Deutsche Bank, the troubled German lender, announced better-than-expected revenue and income for its third quarter on Thursday, helping to alleviate concerns over its litigation issues and its current capital position. The embattled bank – an important part of the global financial system – announced third-quarter net income of 278 million euros ($303 million), which compares favorably to a 6 billion euro loss for the same period a year ago. The number also beat market expectations, as did revenues, which came in at 7.49 billion euros ($8.17 billion). On the data front, initial jobless claims fell 3,000 to 258,000, while durable goods for September unexpectedly fell. Pending home sales and housing vacancies are also set to come out at 10 a.m ET. Back in Europe, the pan-European Stoxx-600 index was up by around 0.03 percent Thursday. In Asia, Japan's Nikkei closed 0.32 percent lower. The Shanghai Composite in China closed 0.13 percent lower. In oil markets, Brent crude traded at $50.17 a barrel on Thursday, up 0.42 percent, while U.S. crude held near $49.22 a barrel, up 0.08 percent. Physical demand ahead of the festival season in India helped gold prices stay afloat on Thursday amid a firm dollar, while markets awaited more direction on a rate hike from the U.S. Federal Reserve. Spot gold was up 0.2 percent at $1,268.90 an ounce by 0729 GMT. U.S. gold futures were up about 0.2 percent at $1,269.60 per ounce. "While the Indian physical buying is supporting prices, the liquidation of longs last week has put some break on the upside movement and gold prices will stay within $1,260-$1,280 range for the time being," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. "The dollar is a bit stronger and there is no sign of gold going above $1,300 and we are seeing some liquidations in the ETFs," Leung said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.49 percent to 942.59 tonnes on Wednesday.