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Futures Suggests Wall Street To Open Firmly In Positive Territory


The market is enthusiastic about the approaching earnings season. Consumer Price Index and Retail Sales for December are projected to decline. Business Inventories are expected to move to a positive territory. Earlier trends from the U.S. Futures Index suggest that Wall Street might open higher.

Asian shares finished mostly higher, while European shares are all in the greener zone.

As of 6.30 am ET, the Dow futures were adding 109 points, the S&P 500 futures were gaining 6.25 points and the Nasdaq 100 futures were progressing 7.25 points.

U.S. stocks closed higher on Thursday. The Dow jumped 205.60 points or 0.8 percent to 25,574.73, the Nasdaq advanced 58.21 points or 0.8 percent to 7,211.78 and the S&P 500 climbed 19.33 points or 0.7 percent to 2,767.56.

On the economic front, the Labor Department's Consumer Price Index or CPI for December will be published at 8.30 am ET. The economic analysts are looking for consensus of 0.1 percent, down from 0.4 percent in the prior month.

The Commerce Department's Retail Sales for December will be released at 8.30 am ET. The consensus is for 0.5 percent, while it was 0.8 percent in November.

The Business Inventories for November, compiled by the Commerce Department, is expected to grow 0.3 percent, compared to decline of 0.1 percent in the prior month. The report will be published at 10.00 am ET.

The Baker Hughes North American rig count that tracks weekly changes in the number of active operating oil & gas rigs will be released at 1.00 pm ET. In the prior week North American Rig Count was 1098, and U.S. rig count was 924.

Philadelphia Federal Reserve Bank President Patrick Harker will speak at the Central Bucks Chamber of Commerce Economic Luncheon in Ivyland, Pennsylvania, with audience Q&A at 12.30 pm.

Boston Federal Reserve Bank President Eric Rosengren is scheduled to give keynote address at the Global Interdependence Center and University of California, San Diego Conference on Money, Models, and Digital Innovation in La Jolla, California.

In the corporate sector, Infosys Ltd said it expects fiscal 2018 revenues to grow 6.5%-7.5% in US dollar terms based on the exchange rates as of December 31, 2017. The company named Salil Parekh as the CEO and Managing Director for a period of 5 years as its President Rajesh Murthy resigned.

Asian stocks closed mostly higher on Friday. Chinese shares closed higher for the eleventh straight session. The benchmark Shanghai Composite index rose 3.60 points or 0.10 percent to 3,428.94 while Hong Kong's Hang Seng index finished up 292.15 points or 0.94 percent at 31,412.54.

Official data showed that China's exports and imports growth slowed in December in a sign of weaker global and domestic demand. While, December exports grew an annual 10.9 percent, beating forecasts but down from a robust 12.3 percent gain in November. Imports grew an even slower pace of 4.5 percent.

Japanese shares ended lower. The Nikkei average dropped 56.61 points or 0.24 percent to 23,653.82, while the broader Topix index closed 0.63 percent lower at 1,876.24.

Australian shares finished marginally higher. Australian All Ordinaries edged up 0.60 points or 0.01 percent to 6,176.80.

European shares are trading higher. CAC 40 of France is adding 16.88 points or 0.31 percent. DAX of Germany is up 29.51 points or 0.23 percent. FTSE 100 of England is climbing 17.18 points or 0.22 percent. Swiss Market Index is gaining 22.91 points or 0.24 percent.

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