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Wall Street To Bounce Back


Early signs from U.S. Futures Index show that the market is in a recovery mode and Wall Street might open higher. The investors might be feeling lucky as a second time shut down was ended quickly. However, concerns of inflation are looming over across the globe.

Asian shares finished in red, while European shares are trading mostly lower.

As of 6.30 am ET, the Dow futures were slipping 51 points, the S&P 500 futures were shedding 6.50 points and the Nasdaq 100 futures were slipping 11 points.

U.S. stocks closed lower on Wednesday. The Dow shed 1,032 points, or 4.2%, to 23,860, and is down more than 10% from all-time highs set late January. The S&P 500 index closed off 3.8% at 2,581, while the Nasdaq Composite Index was down 274 points, or 3.9%, at 6,777.

On the economic front, the Commerce Department's Wholesale Trade for December will be issued at 10.00 am ET. The consensus is for 0.2 percent, down from 0.8 percent in November.

Baker-Hughes Rig Count for the week is expected at 1.00 pm ET. The North American Rig Count in the previous week was 1288, while U.S.

In the corporate sector, Newmark Group Inc. announced an increase in fourth quarter net profit to $69.21 million or $0.36 per share, from $56.20 million or $0.31 per share last year.

The company said revenue for the quarter rose 18.8 percent to $460.60 million, from $387.59 million a year ago.

A.P. Møller - Mærsk A/S reported that its loss for fiscal year 2017 narrowed to $1.21 billion or $58 per share from $1.94 billion or $93 per share in the prior year. The underlying profit of $356 million, compared to loss of $496 million in the prior year. The result was positively impacted by an improvement in Maersk Line excluding Hamburg Süd of $905 million compared to 2016, in the low end of the latest guidance, which stated an improvement of around US$1 billion. Revenue for the year grew to $30.95 billion from last year's $27.27 billion.

Asian stocks closed sharply lower. Chinese shares led regional losses as liquidity conditions tightened before the Chinese New Year break starting next week. The benchmark Shanghai Composite index plummeted 132.20 points or 4.05 percent to finish at 3,129.85 while Hong Kong's Hang Seng index finished down 943.85 points or 3.10 percent.

Japanese shares tumbled as crude prices slumped. The Nikkei average fell 508.24 points or 2.32 percent to 21,382.62, taking its weekly loss to 8 percent. The broader Topix index closed 1.91 percent lower at 1,731.97, down about 7 percent for the week.

Australian shares lost ground following weak cues from Wall Street and other regional markets. The benchmark S&P/ASX 200 dropped 52.70 points or 0.89 percent to 5,838 amid across the board selling. The broader All Ordinaries index fell 57.70 points or 0.96 percent to 5,937.50 as oil and metal prices slid to their lowest in several weeks.

Australian's jobless rate is forecast to fall to 5.25 percent for the year ending June 2018, instead of 5.5 percent estimated three months ago, the Reserve Bank of Australia said in its Statement on Monetary Policy today.
European shares are trading mostly down. Among the major indexes in the region, the CAC 40 Index of France is down 26.46 points or 0.51 percent, the German DAX is losing 43.28 points or 0.34 percent, the U.K. FTSE 100 Index is slipping 16.40 points or 0.26 percent and the Swiss Market Index is gaining 6.18 points or 0.06 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.58 percent.

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