What you need to know before the US open
US stock futures rose this morning, as investors bet on expectations of rate cuts from the European Central Bank.
World shares have risen to a near all-time high, too, as the central lender continues to point towards continuing global liquidity.
Meanwhile, durable goods rose unexpectedly, by 0.8 per cent, suggesting a stronger rebound than expected. Analysts had been expecting a drop of 0.7 per cent, following March’s 3.6 per cent increase.
And we've still got more data out this afternoon for analysts to digest, with Markit's services PMI and consumer confidence coming up.
The Case-Shiller house price index for March increased more than expected, up 12.4 per cent from a year earlier, figures have just shown. Analysts had been expecting a slowdown to 11.8 per cent, from February's 12.9 per cent rise.
Corporate news
Chicken nugget maker Pilgrim’s Pride has offered $4.6bn for Hillshire Brands, which makes Sara Lee frozen puddings and Jimmy Dean Sausages.
Less than a month ago, the latter signed a $6.6bn deal to acquire Pinnacle Foods, which makes Birds Eye.
Data in focus
- 2.45pm: US May Markit services PMI
- 3.00pm: US May consumer confidence
- 3.30pm: US May Dallas Fed manufacturing business index