Tuesday March 28th

28-03-2017

US futures point to higher open on Wall Street; economic data in focus

U.S. stock index futures pointed to a slightly higher open on Tuesday as investor anxiety over U.S. President Donald Trump's surprise failure to deliver on health-care reform subsided for tentative hopes on planned stimulus policies. On the data front, Tuesday will see advance inventories and the S&P/Case Shiller 20-city home price index released before 9 a.m ET. Services PMIs (purchasing managers' index), consumer confidence and Richmond Fed survey data are all scheduled to be released before 10 a.m ET. Elsewhere, Federal Reserve Chair Janet Yellen is due to speak on "Addressing Workforce Development Challenges" in Washington at around 5.50 p.m ET. On the earnings front, Dave & Buster's, RH and Sonic are all due to report after the market close. In Europe, the pan-European Stoxx 600 index was around 0.2 percent higher on Tuesday. In Asia, the Shanghai composite in China closed 0.43 percent lower, while the Nikkei in Japan closed 1.14 percent higher. In oil markets, Brent crude traded at around $51.12 a barrel on Tuesday, up 0.75 percent, while U.S. crude was around $48.12 a barrel, up 0.82 percent. Oil prices increased with the support of a weaker U.S. dollar although a seemingly relentless rise in U.S. production, as well as persistent uncertainty surrounding the landmark OPEC deal capped further gains. Gold prices held steady near one-month highs on Tuesday, supported by political and economic uncertainty in the United States and expectations of a lower dollar. Spot gold was mostly unchanged at $1,254.41 per ounce, after touching its highest in a month at $1,261.03 the day before. U.S. gold futures inched down 0.12 percent to $1,254.20.