What you need to know before the US open
US stock futures have edged slightly lower on the back of inflation and manufacturing data.
US inflation inched up in March by 0.2 per cent, meaning an annual rate of 1.5 per cent.
But the New York Empire State Manufacturing index showed business conditions in the city to be disappointing in April. The index came in at 1.29, after expectations of 8.00 and March’s 5.61 reading.
Prior to the data release, futures were suggesting a slightly higher open, despite investors keeping at least one eye on the unfolding events in Ukraine.
Meanwhile, Fed chair Janet Yellen has said today that she sees room for more stringent capital rules for large banks.
Corporate news
Coca-Cola’s revealed an eight per cent fall in first quarter profits, as volumes in Europe dwindle and following the company’s selling off of its Brazilian bottling operations.
Johnson & Johnson’s gained two per cent in pre-market trading, after raising its profit forecast to $5.90 per share from $5.80 per share. Profits rose to $4.7bn from $3.5bn in the three months from the start of the year.
Yahoo and broker Charles Schwab are due to report later today. The former rose 1.7 per cent in pre-market trading after Macquarie upped its stock rating from neutral to outperform.
Data in focus
• 2.00pm: US Feb TIC flows
• 3.00pm: US April NAHB housing market index