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Wall Street Set For An Initial Drop

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The weekly Jobless claim is the major highlight of the day. The market is also alert on Federal Reserve Chair Janet Yellen's speech at the 32nd Annual G30 International Banking Seminar in Washington at 9.00 am on Saturday. People's Bank of China's Governor Zhou Xiaochuan, Bank of Japan Governor Haruhiko Kuroda, and European Central Bank Vice-President Vitor Constancio will also join her for the seminar. U.S future's early trading points that Wall Street might open lower on Thursday. Asian shares closed mostly higher, while Europeans shares are trading down.


As of 7.15 am ET, the Dow futures were slipping 29 points, the S&P 500 futures were shedding 5.25 points and the Nasdaq 100 futures were slipping 5.75 points.

U.S. stocks closed modestly higher on Wednesday. The Dow edged up 42.21 points or 0.2 percent to 22,872.89, the Nasdaq rose 16.30 points or 0.3 percent to 6,603.55 and the S&P 500 crept up 4.60 points or 0.2 percent to 2,555.24.

On the economic front, the Labor Department's new unemployment claims report for the week will be issued at 8.30 am ET. The economists are looking for consensus of 252K, compared to 260K last week.

The Labor Statistics' Producer Price Index for September will be published at 8.30 am ET. The Final Demand-Intermediate Demand consensus is for growth of 0.4 percent, up from 0.2 percent in the previous month.

The Energy Information Administration or EIA's Natural Gas Report for the week is expected at 10.30 am ET. In the prior week, the change was 42 bcf.

Federal Reserve Governor Lael Brainard will participate in Panel on Monetary Policy at the Conference on Rethinking Macroeconomic Policy in Washington, with audience Q&A at 10.30 am ET.

Federal Reserve Governor Jerome Powell will deliver Keynote address on Emerging Markets at 2017 IIF Annual Membership Meeting, in Washington at 10.30 am ET.

The auction of Treasury's inflation-indexed securities or TIPS will be held at 11.00 am ET. The auction of 30- year bonds will be held at 1.00 pm ET.

The Treasury Department's Budget will be released at 2.00 pm ET. The forecasters are looking for consensus of a surplus of $3.0 billion, while it recorded a deficit of $107.7 billion last month.

The Fed Balance sheet for the week is expected at 4.30 pm ET. The level in the prior week was $4.460 trillion.

The Money Supply data also will be released at 4.30 pm ET. The M2 weekly change was $15.4 billion.

Atlanta Federal Reserve Bank President Raphael Bostic will deliver a speech on "Balance Sheet Normalization in the United States" at the conference on "Unconventional Monetary Policy: Lessons Learned" in Hong Kong, with audience Q&A at 9.15 pm ET.

In the corporate segment,JP Morgan Chase reported third quarter net income of $6.74 billion, up from $6.286 billion last year. On a per share basis, earnings climbed to $1.76 from $1.82 in the prior year. Revenue for the quarter increased to $26.20 billion from $25.51 billion a year ago.

Amazon said it hire more than 1,20,000 people in the U.S. for the holiday season. Tullow Oil plc said that it has acquired 90 percent stakes in four onshore blocks in Côte d'Ivoire. Petroci, the national oil company of Côte d'Ivoire, holds the remaining 10 percent.

Asian stocks finished mostly higher on Thursday. Chinese shares ended little changed. Shanghai Composite Index lost 2.18 points or 0.06 percent. Hong Kong's Hang Seng index finished up 69.46 points or 0.24 percent at 28,459.03.
Japanese shares closed at a more than two-decade high. The Nikkei average gained 73.45 points or 0.35 percent to finish at 20,954.72 while the broader Topix index closed 0.20 percent higher at 1,700.13.

Australian shares eked out modest gains. The benchmark S&P/ASX 200 index rose 22.40 points or 0.39 percent to 5,794.50 while the broader All Ordinaries index ended 23.30 points or 0.40 percent higher at 5,864.10.

European shares are trading mixed. Among the major indexes in the region, the CAC 40 Index of France is down 12.65 points or 0.24 percent. The German DAX is losing 8.99 points or 0.07 percent. The U.K. FTSE 100 Index is adding 27.67 points or 0.35 percent and the Swiss Market Index is gaining 6.96 points or 0.08 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.20 percent.

by RTT Staff Writer

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