Wall Street futures pointed to a flat to lower open on Friday after a strong finish in the prior session that turned the Dow and S&P positive for the month with the Nasdaq hitting a second record high close, while investors looked ahead to data on activity in the U.S. manufacturing sector and a series of appearances by members of the Federal Reserve.
On the economic front, market participants waited for the lone publication of Markit’s preliminary manufacturing purchasing managers’ index
Markets are currently pricing in just a 10.3% chance of a rate hike at the Fed’s next meeting in November, according to Investing.com’s Fed Rate Monitor Tool. For December, odds stood at 53.1%.
OPEC discussions on a freeze broke down as Saudi Arabia insisted that Iran needed to join in the action and Tehran refused until it reached pre-sanction levels of output.
U.S. crude futures fell 0.45% to $46.11 by 6:56AM ET (10:56AM GMT), while Brent oil rose 0.17% to $47.73.
European stocks moved lower as the euro zone and German business activity fell more than expected and the French economy unexpectedly contracted. The reading for the euro area composite PMI registered its weakest rate of expansion since the beginning of 2015.
Asian stocks closed mostly lower on Friday, but held near 14-month highs in a week that saw stocks surge on the back of policy decisions from both the Bank of Japan and the Federal Reserve (Fed) .
Oil slips for first time this week ahead of OPEC informal talks
U.S. crude prices fell for the first time this week, but was still on track for weekly gains of almost 6% as investors took profits ahead of informal talks among OPEC members next week to discuss the possibility of a production freeze.Meanwhile, Iran and Saudi Arabia were reportedly holding private talks over the possibility of reaching a deal ahead of the group meeting. Earlier this year, output freeze discussions broke down when Saudi Arabia decided that Iran should join in the freeze, despite the fact that Tehran had said it wouldn’t consider the possibility until reaching pre-sanction levels of production.Investors looked ahead to the Baker Hughes rig count data later in the day. The prior week saw the number of U.S. rigs drilling for oil increase for the 11th time in 12 weeks.
Global stocks take a breather
Asian stocks closed mostly lower on Friday, but held near 14-month highs in a week that saw stocks surge on the back of policy decisions from both the Bank of Japan and the Federal Reserve (Fed) .European also retreated on Friday as both the euro zone and German business activity fell more than expected and the French economy unexpectedly contracted.U.S. futures pointed to a session of profit-taking after the Dow Jones and S&P 500 turned positive for the month, while the Nasdaq composite hit a new all-time high and posted a second consecutive record close. At 6:09AM ET (10:09AM GMT), the blue-chip Dow futures slipped 17 points, or 0.09%, S&P 500 futures dropped 3 points, or 0.14%, and the Nasdaq 100 futures lost 6 points, or 0.13%.
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