What you need to know before the US open
US stock futures have crept higher today, on speculation that the continuing weak Chinese data – this time in the form of manufacturing numbers – will prompt the government to introduce further stimulus to help deal with the slowdown.
Friday saw the S&P 500 hit an intraday record, though it closed lower.
European markets are in the red today: Escalating tension in Ukraine – Russian troops have now seized another naval base in Crimea – are continuing to wobble investors to some extent.
And it’s a quiet day for economic data, although we have had the Chicago Fed national activity index in for February – it’s up 0.14 from -0.45 in January.
Later, there will be some indication of how US manufacturing growth’s doing this year, in the form of Markit’s manufacturing PMI. Markets are expecting a reading of 56.5, which would suggest strong growth.
Corporate news
Herbalife’s seen its shares rally in premarket trading, jumping nine per cent on the news that Carl Icahn’s getting three more representatives on the board.
And the Wall Street Journal’s reported that Apple’s in talks with Comcast about entering a deal for a streaming television service.
Earlier, Nokia and Microsoft said that expect to close the delayed sale of the former’s phone business to the latter by next month. US shares of Nokia rose three cents in premarket trading.
Data in focus
- 1.38pm: US March manufacturing PMI