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Street Optimistic Ahead Of Yellen' Testimony


All eyes are on Fed Chair Janet Yellen's semi-annual monetary policy testimony before the House Financial Services Committee. The market is anxiously waiting whether there will be any hints of a start of a tapering. Asian shares closed mixed while European shares are trading higher.

As of 6:30 am ET, the Dow futures were adding 25 points, the S&P 500 futures were climbing 3.00 points and the Nasdaq 100 futures were progressing 10.75 points.

U.S. stocks closed mixed on Tuesday. The S&P 500 edged down 1.90 points or 0.1 percent to 2,425.53, the Dow inched up 0.55 points or less than a tenth of a percent to 21,409.07 and the Nasdaq rose 16.91 points or 0.3 percent to 6,193.30.

On the economic front, Federal Reserve Chair Janet Yellen's opening statement for her testimony to the House Financial Services Committee will be released in Washington at 8.30 am ET. Janet Yellen will give her semiannual monetary policy testimony before the House Financial Services Committee at 10.00 am.

Atlanta Fed Business Inflation expectations for July will be issued at 10.00 am ET. The business inflation expectations in the previous week was 2.0 percent.

The Mortgage Bankers' Association's Mortgage applications for the week will be published at 7.00 am ET. In the prior week, the composite index was 1.4 percent.

The Energy Information Administration or EIA's Petroleum status report for the week will be revealed at 10.30 am ET. The prior week crude oil inventories were down 6.3 million barrels. Gasoline inventories recorded a deficit of 3.7 million barrels.

10-year Treasury Note acution will be held at 1.00 pm ET.

Beige Book, produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee, will be released at 2.00 pm ET.

Kansas City Federal Reserve Bank President Esther George will deliver a speech on the economic outlook and the Federal Reserve's balance sheet in Denver, with audience Q&A at 2.15 pm ET.

In the corporate sector, UK's Competition and Markets Authority has referred the proposed merger between Tesco plc and Booker Group plc for an in-depth, phase 2 investigation.

Wells Fargo & Co. (WFC) announced that it has entered into an agreement to sell its Shareowner Services business to Equiniti Group plc in UK for $227 million. The deal is expected to close by the end of first quarter in 2018.

Asian stocks closed mixed on Wednesday. Chinese shares finished lower. The benchmark Shanghai Composite index shed 5.49 points or 0.17 percent to end at 3,197.54 while Hong Kong's Hang Seng index climbed up 170.28 points or 0.66 percent at 26,047.92.

Japanese shares fell in thin trading. The Nikkei average slid 97.10 points or 0.48 percent to 20,098.38.

Australian shares tumbled, dragged down by banks. The benchmark S&P/ASX 200 index fell 55.10 points or 0.96 percent to 5,673.80 while the broader All Ordinaries index dropped 50.80 points or 0.88 percent to 5,717.70.

European shares are trading higher. The CAC 40 Index of France is up 46.47 points or 0.90 percent, the German DAX is climbing 79.77 points or 0.65 percent, the U.K. FTSE 100 Index is progressing 66.47 points or 0.91 percent and the Swiss Market Index is expanding 64.06 points or 0.71 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.73 percent.

by RTTNews Staff Writer

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