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Wall Street Sees Red At The Opening

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The market is waiting for the price data after the post hurricane period. Hence, the Producer Price Index to be published on Wednesday is of importance. The initial trends from the U.S. Futures Index point to a broadly lower opening for Wall Street. Asian shares closed mixed, while European shares are down.

As of 6:15 am ET, the Dow futures are slipping 19 points, the S&P 500 futures are shedding 3.50 points and the Nasdaq 100 futures are slipping 12 points.

U.S. stocks rose on Tuesday. All three major indexes rose about 0.3 percent.

On the economic front, The Mortgage Bankers' Association's mortgage applications for the week will be issued at 7.00 am ET. In the previous year, the composite index rose 3.3 percent and purchase index grew 1.0 percent.

The Producer Price Index of the Bureau of Labor Statistics for August will be published at8.30 am ET. The economists are looking for growth consensus of 0.3 percent, while it declined 0.1 percent in the prior period.

The Energy Information Administration's Petroleum status report for the week will be released at 10.30 am ET. In the prior week, the Crude Oil Inventories were up 4.6 million barrels.

30-year Treasury Bond Auctions will be held at 1.00 pm ET. The Treasury Budget for August will be published at 2.00 pm ET. The forecasters are looking for consensus of a deficit of $115.0 billion, compared to a deficit of $42.9 billion in the previous week.

In the corporate sector, Manulife Financial Corp. announced several structural and leadership changes to drive better alignment with its strategic priorities. Steve Roder, Manulife's Chief Financial Officer, has decided to retire for personal reasons, effective December 31, 2017. Philip Witherington, currently the interim President and CEO of Manulife Asia, has been appointed Manulife's Chief Financial Officer, effective January 1, 2018, subject to immigration approvals.

Asian stocks ended mixed on Wednesday. The Chinese shares posted modest gains to finish near 20-month highs. The benchmark Shanghai Composite index inched up 4.66 points or 0.14 percent to 3,384.15 while Hong Kong's Hang Seng index closed 78.16 points or 0.28 percent lower at 27,894.08.

Japanese shares rose for a third consecutive session. The Nikkei average rose 89.20 points or 0.45 percent to 19,865.82, while the broader Topix index closed up 0.61 percent at 1,637.33.
Australian shares closed marginally lower after two straight days of gains.

European shares are broadly down. Among the major indices, CAC 40 of France is declining 0.49 points or 0.01 percent. DAX of Germany is declining 2.10 points or 0.02 percent. FTSE 100 of England is sliding 41.81 points or 0.56 percent. Swiss Market Index is down 16.00 points or 0.18 percent.

Euro Stoxx 50, Europe's leading Blue-chip index for the Eurozone, is currently up 0.10 percent.

by RTT Staff Writer

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