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Futures Suggest Wall Street To Open Mostly Higher


Investors are looking ahead to the release of the Beige book and the Labor Department's monthly job report this week. Monday is comparatively a lean day of economic announcements. The trade scenario based on President Trumps new policies are getting more attention these days. The market is closely monitoring the political developments across the globe, especially the hung parliament situation in Italy, and the face-to-face meeting of South and North Korean leaders. China is looking ahead to a softer economic growth target of 6.5 percent,down from its previous year growth of 6.9 percent.

Asian shares finished mostly up, while European shares are trading on a positive note.

Early signs from the Futures market suggest that Wall Street might open mostly higher.

As of 6.30 am ET, the Dow futures were slipping 26 points, the S&P 500 futures were shedding 3.75 points and the Nasdaq 100 futures were gaining 9.75 points.

U.S. stocks closed mixed on Friday. The Dow fell 70.92 points or 0.3 percent to 24,538.06, the Nasdaq jumped 77.31 points or 1.1 percent to 7,257.87 and the S&P 500 climbed 13.58 points or 0.5 percent to 2,691.25.
On the economic front, Markit Economics' PMI Services Index for February will be issued at 9.45 am ET. The consensus is for 55.9, up from 53.3 in January.

Institute of Supply Management's Non-Manufacturing Index for February will be published at 10.00 am ET. The market analysts are looking for consensus of 58.8, down from 59.9 a year ago.

TD Ameritrade's Investor Movement Index or IMX for February is scheduled at 12.30 pm ET. The prior month's level was 7.79.

Federal Reserve Vice Chairman Randal Quarles will discuss foreign bank regulation at the "Institute of International Bankers Annual Washington Conference" in Washington, DC, with audience Q&A at 1.15 pm.

In the corporate sector, Axa SA announced an agreement to acquire U.S. based insurer XL Group Ltd for $15.3 billion or 12.4 billion euros in cash. Axa expects the deal to be cash accretive with more than 80 percent remittance ratio from XL Group.

Best Buy Co Inc. (BBY) reportedly will close its 257 remaining stand-alone mobile stores in the U.S. effective May 31.

Asian stocks ended mostly lower on Monday. Chinese shares ended largely unchanged. The Caixin services PMI dropped to 54.2 from 54.7 in January. The benchmark Shanghai Composite index closed marginally higher at 3,256.93 while Hong Kong's Hang Seng index finished down 697.06 points or 2.28 percent at 29,886.39. Hong Kong's private sector growth accelerated in February, the latest survey from Nikkei revealed a PMI score of 51.7, up from 51.1 in January.

Japanese shares hit a near five-month low. The Nikkei average dropped 139.55 points or 0.66 percent to 21,042.09, the lowest level since mid-October. The broader Topix index closed 13.55 points or 0.79 percent lower at 1,694.79.
Australian shares joined a global slide, with material companies and financials leading the decliners. The benchmark S&P/ASX 200 index fell 33.90 points or 0.57 percent to 5,895, while the broader All Ordinaries index ended down 32 points or 0.53 percent at 5,996.40.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is up 19.19 points or 0.37 percent, the German DAX is losing 192.22 points or 1.58 percent, the U.K. FTSE 100 Index is gaining 19.61 points or 0.28 percent and the Swiss Market Index is climbing 70.24 points or 0.82 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.52 percent.

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