Shares, stocks and corporate news: What you need to know before the US open

US markets are expected to open lower, with equities heading for a weekly loss.

Concerns about a disruption in oil supplies have grown as Iraq descended further into violence following the fall of Mosil and Tikrit to Sunni Islamic insurgents.

The International Energy Agency said the situation was particularly worrying since Iraq is forecast to account for 60 per cent of OPEC's output growth for the rest of the decade.

Yesterday, President Obama warned that military action could be taken to stop the sure of the Islamic State of Iraq.

Corporate news

Intel climbed higher in early trading after announcing second quarter sales would reach $13.7bn, compared to $13bn the year before. The company said demand for personal computers was stronger than expected.

Express also performed strongly after Sycamore Partners informed the company's board it wanted to carry out due diligence to determine an offer price. 

This was a far cry from Finisar, which fell sharply after forecasting adjusted earnings of $0.30 to $0.34 a share for the first quarter through July, well below analysts forecasts of $0.41.

Data in focus

  • 2:45pm: US June Reuters/Michigan consumer sentiment 

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