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Wall Street Sees Red

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Jobless Claims is the major focus of the day. Economists expect a slight increase in new claims from the previous week. The market is closely watching the geo-political development around the globe and the political interactions of President Trump in his Asian tour. The Asian shares closed broadly higher, while the European shares are trading in the red. Earlier signs from the U.S. Futures Index suggest that Wall Street might open broadly lower.

As of 6.30 am ET, the Dow futures were slipping 72 points, the S&P 500 futures were shedding 9.25 points and the Nasdaq 100 futures were slipping 25.25 points.

U.S. stocks closed moderately up on Wednesday. The Dow inched up 6.13 points or less than a tenth of a percent to 23,563.36, the Nasdaq rose 21.34 points or 0.3 percent to 6,789.12 and the S&P 500 edged up 3.74 points or 0.1 percent to 2,594.38.

On the economic front, the Labor Department's Jobless Claims for the week will be issued at 8.30 am ET. The economists are looking for consensus of 232K, up from 229K in the previous week.

The Wholesale trade inventories for September will be released at 10.00 am ET. The consensus is for 0.3 percent, a decline from 0.9 percent in the previous month.

The Energy Information Administration or EIA's Natural Gas Report for the week will be revealed at 10.30 am ET. The change in the last week was 65 bcf.

10- year Treasury TIPS announcement will be at 11.00 am ET, while 30-year Bond Auction will be held at 1.00 pm ET.

The Fed Balance Sheet for the week will be published at 4.30 pm ET. The prior level was $4.456 trillion.

Money Supply for the week will be released at 4.30 pm ET. The M2 weekly change was $4.9 billion.

In the corporate sector, Phoenix Solar AG reported that its third-quarter net loss per share was 0.51 euro, compared to prior year's profit per share of 0.17 euro. Earnings before interest and tax came in at negative 2.3 million euros, compared to last year's positive 2.0 million) euros. Phoenix Solar generated revenues of 21.1 million euros over the period from July to September 2017, sharply lower than last year's 55.0 million euros. The gross profit margin of 8 percent in the third quarter, compared to last year's 10.9 percent, due to cost overruns in two projects.

Telus Corp (TU) said its board raised its quarterly dividend.

Asian stocks finished broadly higher on Thursday. Chinese shares ended at a fresh two-year high as encouraging inflation data pointed to a pickup in global demand. The benchmark Shanghai Composite index rose 12.33 points or 0.36 percent to 3,427.79 while Hong Kong's Hang Seng index finished up 228.97 points or 0.79 percent at 29,136.57.

Japanese stocks gave up strong early gains to end lower. The Nikkei average topped 23,000 earlier in the day for the first time since January 1992 before reversing direction to end down 0.20 percent at 22,868.71. The broader Topix index notched a 26-year high before closing 0.25 percent lower at 1,813.11.
Australian shares rose notably to close near 10-year high. The benchmark S&P/ASX 200 index and the broader All Ordinaries index both climbed about 0.55 percent to finish at 6,049.40 and 6,122.40, respectively.

European shares are trading mostly down. Among the major indexes in the region, the CAC 40 Index of France is down 17.26 points or 0.33 percent, the German DAX is losing 93.79 points or 0.69 percent, the U.K. FTSE 100 Index is slipping 10.45 points or 0.14 percent and the Swiss Market Index is declining 42.25 points or 0.46 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.48 percent.

by RTT Staff Writer

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