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Wall Street To Open Broadly Positive

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Personal Income and Outlays as well as the Labor Department's Jobless Claims for the week are the major highlights on Thursday. The Asian shares closed down, while European shares are trading in the green pasture. Early signs from U.S. Futures Index suggest that Wall Street might be surging at the opening session.

As of 6.30 am ET, the Dow futures were gaining 91 points, the S&P 500 futures were adding 8.25 points and the Nasdaq 100 futures were increasing 20.75 points.

U.S. stocks closed mixed on Wednesday. The Dow climbed 103.97 points or 0.4 percent to 23,940.68, the Nasdaq plunged 88.02 points or 1.3 percent to 6,824.34 and the S&P 500 edged down 0.97 points or less than a tenth of a percent to 2,626.07.

On the economic front, the U.S. Labor Department's Jobless Claims for the week will be issued at 8.30 am ET. The consensus is for 240K, compared to 239K in the prior year.

Personal Income and Outlays for October will be published at 8.30 am ET. The growth consensus for Personal Income is 0.3 percent, compared to 0.4 percent in the prior month.

Cleveland Federal Reserve Bank President Loretta Mester to moderate a panel discussion on "Financial Innovation and Macroprudential Policy" at the 2017 Financial Stability and Fintech Conference in Washington at 8.30 am ET.

Chicago-area PMI for November will be revealed at 9.45 am ET. The Consensus is for 63.5, slightly down from 66.2 in the previous month.

Dallas Federal Reserve Bank President Robert Kaplan to take part in a moderated Q&A session at the Real Estate Council Speaking Series in Dallas, with audience and media Q&A at 1.00 pm ET.

In the corporate sector, Sears Holdings Corp. (SHLD) reported that its third-quarter net loss attributable to shareholders was $558 million or $5.19 loss per share, narrower than last year's net loss of $748 million or $6.99 loss per share. Adjusted EBITDA improved $100 million to negative $275 million.
Total revenues of approximately $3.66 billion fell from revenues of $5.03 billion in the prior year, with store closures contributing to over half of the decline. Total comparable store sales declined 15.3 percent during the quarter. Kmart comparable store sales decreased 13.0 percent, while Sears comparable store sales declined 17.0 percent.

Asian stocks fell broadly on Thursday as weakness in tech stocks following the overnight pullback by the tech-heavy Nasdaq. Chinese stocks fell as investors booked some profits in recent outperformers. The benchmark Shanghai Composite index dropped 20.67 points or 0.62 percent to 3,317.19 while Hong Kong's Hang Seng index closed down 446.48 points or 1.51 percent.

Japanese shares hit a three-week high. The Nikkei average rose 127.76 points or 0.57 percent to finish at 22,724.96 while the broader Topix index closed 0.33 percent higher at 1,792.08.

Australian shares retreated, dragged down by banks. The benchmark S&P/ASX 200 index dropped 41.20 points or 0.69 percent to 5,969.90 while the broader All Ordinaries index ended down 38.90 points or 0.64 percent at 6,057.20.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is adding 26.54 points or 0.49 percent, the German DAX is climbing 106.35 points or 0.81 percent, the U.K. FTSE 100 Index is gaining 17.71 points or 0.23 percent and the Swiss Market Index is progressing 49.67 points or 0.53 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.61 percent.

by RTT Staff Writer

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