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Wall Street Aims To Bounce Back


Housing starts and permits report is the major economic release for the day. Earlier signs from the U.S. Futures market suggest that Wall Street might shrug off fear factors and bounce back to open in a positive note. Asian shares closed broadly higher, while European shares are trading higher.

As of 6.45 am ET, the Dow futures were adding 17 points, the S&P 500 futures were climbing 2.75 points and the Nasdaq 100 futures were gaining 8.25 points.

U.S. stocks closed mostly lower but off worst levels on Thursday. The Dow edged down 14.66 points or 0.1 percent to 21,359.90, the Nasdaq fell 29.39 points or 0.5 percent to 6,165.50 and the S&P 500 dipped 5.46 points or 0.2 percent to 2,432.46.

On the economic front, the housing starts data from U.S. Census Bureau, U.S. Department of Commerce and U.S. Department of Housing & Urban Development for May will be released at 8.30 am ET. The economists are looking for growth consensus of 1.223 million, up from 1.172 million in the prior year. Permits is projected to be almost steady at 1.249 million.

Atlanta Fed Business Inflation Expectations for June will be published by 10. 00 am ET. In the previous period, the business inflation expectations were 2.0 percent.

The Institute for Social Research of the University of Michigan's Consumer Sentiment data for June will be revealed at 10.00 am ET. The consensus is for an unchanged 97.1 from prior period.

Dallas Federal Reserve Bank President Robert Kaplan will speak at a moderated Q&A held by Park Cities Rotary Club in Dallas, with audience and media Q&A at 12.45 pm ET.

Baker Hughes Rig Count, that tracks weekly changes in the number of active operating oil & gas rigs, for the week will be released at 1.00 pm ET. The prior year North American rig count was 1059 and U.S. rig count was 927.

In the corporate segment, US power producer EDF Renewable Energy, affiliated to French electric utility EDF, announced that it has signed an agreement to sell 50 percent of Great Western Wind Project to Alliant Energy Corp. Completion of the transaction is subject to regulatory approval and customary conditions precedent.

Indosuez Wealth Management said that it has entered into exclusive discussions with Credit Industriel et Commercial "CIC" to acquire its private banking activities in Singapore and Hong Kong. The acquisition would further enhance Indosuez Wealth Management's footprint and position in Asia and would be in line with its strategic priorities to accelerate growth in key markets,

Asian stocks closed broadly higher on Friday as the yen weakened and oil prices steadied after two day of losses on supply concerns. Chinese stocks fell on concerns about the country's rising debt, slowing growth and policy tightening. The benchmark Shanghai Composite index dropped 9.32 points or 0.30 percent to 3,123.17. Hong Kong's Hang Seng index finished 61.15 points or 0.24 percent up at 25,626.49.

Japanese shares hit one-week high. The Nikkei average climbed 111.44 points or 0.56 percent to 19,943.26, its highest level since June 9, but ended down 0.4 percent for the week. The broader Topix index ended the session half a percent higher at 1,596.04.

Australian shares pared early gains but posted their strongest weekly advance in two months. The benchmark S&P/ASX 200 index rose 10.80 points or 0.19 percent to 5,774, taking its weekly gain to 1.7 percent. The broader All Ordinaries index closed up 11.30 points or 0.19 percent at 5,808, taking its weekly advance to 1.6 percent.

European shares are trading higher. CAC 40 of France is up 37.87 points to 0.73 percent. DAX of Germany is up 36.04 points or 0.28 percent. FTSE 100 of England is up 48.89 points or 0.66 percent. Swiss Market Index is adding 92.28 points or 1.04 percent.

Euro Stoxx 50, that provide a Blue-Chip representation of supersector leaders in the Eurozone, is gaining 0.32 percent.

by RTTNews Staff Writer

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