What you need to know before the US open
US stock futures moved lower today; the S&P 500 fell back from a winning streak, as investors turn attention to the imminent ECB policy meeting next week.
Spending in the US fell for the first time in a year last month, increasing 0.9 per cent after March’s one per cent rise.
There’s also the indication that inflation is inching up. A price index for consumer spending rose 0.2 per cent in April, having gone up by the same in March.
Corporate news
BNP Paribas shares have hit their lowest level in over eight months, after reports that the bank could face a $10bn fine – double that previously thought.
The chief executive of Target has responded critically to the advice ISS gave its shareholders to vote for seven directors to be removed.
And Siemens has confirmed it’s cutting nearly 12,000 jobs, as it carries on its restructuring drive aimed at cutting costs and making it more competitive.
Data in focus
- 2.45pm: US May Chicago purchasing managers’ index
- 2.55pm: YS May Reuters/Michigan consumer sentiment index
- 7.00pm: US Fed’s Lacker speech
- 10.00pm: US FOMC member Williams speech