By Nagendra Padala: Subscribe to Nagendra's RSS feed
July 29, 2010 10:29 AM EDT
Futures on major U.S. indices point to a higher opening as improved economic outlook from Europe overshadowed disappointing U.S. economic data.
Futures on the S&P 500 are up 0.54 percent, futures on the Dow Jones Industrial Average are up 0.47 percent and Nasdaq100 futures are up 0.40 percent.
Euro zone economic sentiment indicator rose to 101.3 in July from an upwardly revised 99 in June, led by a strong rise in Germany. The economists estimated a rise to 99.0 from an initial June reading of 98.7.
Investors are cautious ahead of key weekly U.S. jobs data from the government. The economists had forecast initial jobless claims to be 459,000 for the week ended July 24 against 464,000 of previous week. Any data that is weaker than expected will weigh on market sentiments.
String of companies including Exxon Mobil, Motorola, Automatic Data Processing, Ball Corp., Chicago Mercantile Exchange Holdings Inc., CONSOL Energy and DENTSPLY, EQT Corp. are due to report their earnings today.
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On Wednesday, US stock markets ended lower as subdued Fed Beige Book and an unexpected decline in June durable goods orders dampened market sentiments.
Before market opens:
• European shares gained on Thursday on back of encouraging earnings and economic data including German unemployment.
• European markets are currently trading higher with FTSE 100 trading up by 35.27 points, DAX30 trading up by 33.34 points and CAC 40 trading up by 16.27 points.
• Britain's second-biggest drug maker AstraZeneca‘s second quarter net profit rose 22 percent to $2.1 billion, while revenue increased 2.8 percent to $8.18 billion. The company increased its full-year core earnings per share target to between $6.35 and $6.65.
• On the economic front, the seasonally-adjusted number of unemployed German workers fell by 20,000 in July and the unemployment rate declined to 7.6 percent from 7.7 percent of the previous month.
• UK’s Nationwide Housing Price Index, which measures the monthly change in the average price for a house with mortgage, recorded first monthly decline in July since February. The index declined 0.5 percent by taking the average house price to £169,347 and the annual rate of house price inflation to 6.6 per cent.
• The euro advanced 0.69 percent to 1.3084 against the dollar and the yen advanced 0.45 percent against the greenback.
• Crude oil futures advanced 0.30 percent and copper futures gained 1.14 percent. In precious metal sector, gold futures advanced 0.51 percent and silver futures advanced 1.08 percent.
During Asian Market hours:
• Asian stock markets were mixed Thursday after downbeat economic signs from the United States sent investors for the exits. Japanese Nikkei declined 0.59 percent and Korean Seoul composited fell 0.15 percent.
• Chinese Shanghai Composite gained 0.55 percent after the central bank said it will keep a moderately loose monetary policy and Hong Kong’s Hang Seng index advanced 0.01 percent.
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