U.S. stock index futures little changed to higher Thursday ahead of Fed speak, data.
- The Dow futures added 0.04% at 06:15 ET, while the S&P 500 futures shed 0.03%.
- The tech-heavy Nasdaq futures was off 0.01%.
- Fed Chair Yellen, FOMC members Powell, Lockhart to speak as U.S. rate debate continues.
- Final revision of Q2 GDP, weekly jobless claims, pending home sales due out.
- Oil slips as doubts emerge about implementation of OPEC supply cut deal.
1.Oil prices turn lower amid doubts over OPEC deal
Oil prices retreated on Thursday, after surging by as much as 6% a day earlier, as the initial euphoria over a preliminary agreement on oil output faded amid doubts over how OPEC would implement such a plan.Brent shed 37 cents, or 0.75%, to $48.87 a barrel during morning hours in New York, while U.S. crude was down 24 cents, or 0.5%, to $46.84 a barrel.Crude soared on Wednesday after OPEC members surprised the market by agreeing to cut oil output in the first such deal since 2008 in talks held on the sidelines of an energy conference in Algeria. The 14-member bloc, however, deferred the task of finalizing a plan to make those cuts until November.
2. Global stocks rally on OPEC deal
Asian shares ended mostly higher, as investors cheered a decision by the Organization of the Petroleum Exporting Countries to reduce oil production. In Tokyo, the Nikkei 225 closed up 1.4%, boosted by a weaker yen.Meanwhile, European and U.K. stocks were broadly higher in mid-morning trade, boosted by the surprise decision by the Organization of the Petroleum Exporting to work toward cutting oil production.However, U.S. stock index futures pointed to a flat open on Thursday morning, as the market grew more skeptical of the OPEC deal amid a lack of concrete details.
3. More U.S. data, Fedspeak ahead
Market players looked ahead to more U.S. economic data for clues on the likelihood of a December rate hike.Data due on Thursday includes weekly jobless claims, the final look at second-quarter GDP and the trade deficit, all at 8:30AM ET (12:30GMT). Pending home sales are reported at 10:00AM ET (14:00GMT).A handful of Fed policymakers are also due to make public appearances on Thursday that may offer insight into how divided they are about raising rates.Atlanta Fed President Dennis Lockhart, Fed Governor Jerome Powell, Minneapolis Fed President Neel Kashkari and Kansas City Fed President Esther George are all scheduled to speak during the day.There is also an appearance by Fed Chair Janet Yellen, who is due to speak via videoconference at the Minority Bankers Forum in Kansas City at 4:00PM ET (20:00GMT).
4. Dollar extends rebound against the yen
The dollar climbed 0.75% to 101.43 against the yen, extending its rebound from one-month low of 100.06 touched last week, as investors moved into riskier assets following an OPEC deal to cut oil output.The U.S. dollar index, which measures the greenback’s value against a basket of six major currencies, was up 0.2% at 95.50 early Thursday, helped by fresh hopes of a U.S. rate hike before the end of the year.Markets are currently pricing in around a 57% chance of a rate hike at December’s meeting, according to Investing.com’s Fed Rate Monitor Tool.
5. Commerzbank to cut almost 10,000 jobs, suspend dividend
Commerzbank AG (DE:CBKG) on Thursday said it plans a wide-ranging overhaul that includes laying off 9,600 jobs, or roughly 20% of its workforce, and scrapping its dividend for this year, as the German lender attempts to shore up profitability.The bank will take costs of about €1.1 billion to restructure businesses and it will book a €700 million loss in the third quarter, it said in a statement on Thursday. It added that it would therefore scrap dividend payments for “the time being.”Shares of Germany’s second biggest bank turned south in volatile trade in Frankfurt after spending most of the morning session in the green.
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