Monday April 24th

24-04-2017

Wall Street expected to open higher on French election relief; Dow set for triple-digit gains

U.S. stock index futures pointed to a higher open on Monday with the Dow Jones industrial average poised for triple-digit gains as the market's favored candidate progressed through to the second round of the French election and sparked a significant unwinding of safe-haven trades. Centrist Emmanuel Macron took a big step toward the French presidency on Sunday as he secured the most votes in the first round of the two-stage contest and qualified alongside far-right leader Marine Le Pen for the run-off vote on May 7. On the data front, Monday will see Dallas Fed manufacturing for April released at around 10 a.m ET. On the earnings front, Alcoa, Express Scripts, and Whirlpool are among the major companies due to report after the market close. In Europe, the pan-European Stoxx-600 index was around 2 percent higher on Monday. In Asia, the Shanghai Composite in China closed 1.37 percent lower, while the Nikkei in Japan closed 1.37 percent higher. In oil markets, Brent crude traded at around $52.28 a barrel on Monday, up 0.62 percent, while U.S. crude was around $49.93 a barrel, up 0.62 percent. Oil prices pared some of their losses from the previous trading week as investors anticipate OPEC to extend a pledge to cut output through to the end of 2017. Gold fell by more than 1 percent on Monday, marking its biggest tumble in over a month, after the market's favored French presidential candidate won the first round of the country's election, easing concerns about a potential political shock. Spot gold was down over 1 percent to $1,270.04 per ounce, after falling to a near two-week low of $1,265.90 earlier in the session. U.S. gold futures were down 1.34 percent at $1,271.80 an ounce.