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Market To Open Mixed Ahead Of Beige Book Release

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The market is in a mixed mood and is trying to get out of sentiments created by the recent geo-political turbulence. The initial trading at the U.S. Futures Index suggest that Wall Street might open slightly up. The market is keenly waiting for the Beige Book to be released this afternoon, ahead of the FOMC meeting. European Central Bank will also meets today. Asian shares closed in the red, while European shares trading lower.

As of 7 am ET, the Dow futures were gaining 1.00 point, the S&P 500 futures were shedding 0.25 points and the Nasdaq 100 futures were up 6.25 points.

U.S. stocks closed sharply lower on Wednesday. The tech-heavy Nasdaq pulled back well off the record closing on Friday. The Dow plunged 234.25 points or 1.1 percent to 21,753.31, the Nasdaq tumbled 59.76 points or 0.9 percent to 6,375.57 and the S&P 500 slumped 18.70 points or 0.8 percent to 2,457.85.
On the economic front, the Mortgage Bankers' Association's Mortgage Applications for the week will be published at 7.00 am ET. The composite index was down 2.3 percent in the prior week.

The Commerce Department's International Trade for July will be released at 8.30 am ET. The economists were looking for consensus of a deficit of $44.6 billion, compared to a deficit of $43.6 billion a month ago.

The Redbook data for the week is expected at 8.55 am ET. The previous week store sales grew 4.3 percent.

Purchasing Managers' Index for August will be revealed at 9.45 am ET. The consensus was for 56.9, slightly up from 54.7 in the prior month.

The Institute For Supply Management's non-manufacturing index for August will be issued at 10.00 am ET. The forecasters are looking for consensus of 55.8, up from 53.9 in the previous month.

The Beige Book that usually released two week's prior to monetary policy meeting of the Federal Open Market Committee is expected at 2.00 pm ET today.
In the corporate sector, Merck & Co., Inc. (MRK) said that it will acquire Rigontec. Merck will make an upfront cash payment of 115 million euros to Rigontec's shareholders; based on the attainment of certain clinical, development, regulatory and commercial milestones, Merck may make additional contingent payments of up to 349 million euros.

Boeing (BA) now projects a demand for 7,240 new airplanes in in China over the next 20 years valued at nearly $1.1 trillion. Worldwide, Boeing projects the need for 41,030 new commercial airplanes over the next 20 years valued at $6.1 trillion.

Asian stocks closed mostly down on Wednesday. Chinese shares pared early losses to end little changed on expectations that Beijing will step up reform of state-owned enterprises. The benchmark Shanghai Composite finished marginally higher at 3,385.39 while Hong Kong's Hang Seng index finished 127.59 points or $0.46 percent to 27,613.76.

Japanese shares ended almost on a flat note. The Nikkei average slid 27.84 points or 0.14 percent to 19,357.97, while the broader Topix index reversed early losses to finish marginally higher at 1,592.

Australian shares retreated. The benchmark S&P/ASX 200 index dropped 16.50 points or 0.29 percent to finish at 5,689.70 while the broader All Ordinaries index ended down 14.90 points or 0.26 percent at 5,752.90.

European shares are trading down. Among the major indexes in the region, the CAC 40 Index of France is down 11.34 points or 0.22 percent, the German DAX is losing 7.32 points or 0.06 percent, the U.K. FTSE 100 Index is slipping 48.40 points or 0.66 percent and the Swiss Market Index is declining 47.51 points or 0.54 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.21 percent.

by RTT Staff Writer

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