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Futures Points To Higher Opening For Wall Street


Consumer Price Index, Retails Sales report and Mortgage Application data are the major announcement on Wednesday.

The market is expected to keep up the momentum after a strong close on Tuesday. Initial trading trends on U.S. Futures Index suggest that Wall Street might open higher.

Asian shares closed mixed, while European shares are trending up.

As of 6.30 am ET, the Dow futures were adding 126 points, the S&P 500 futures were climbing 11 points and the Nasdaq 100 futures were progressing 31.75 points.

U.S. stocks closed firmly in positive on Tuesday. The Dow edged up 39.18 points or 0.2 percent to 24,640.45, the Nasdaq advanced 31.55 points or 0.5 percent to 7,013.51 and the S&P 500 rose 6.94 points or 0.3 percent to 2,662.94.

On the economic front, The Mortgage Bankers' Association's Mortgage Applications for the week will be released at 7.00 am ET. The prior week's Composite Index was 0.7 percent.

The Labor Department's Consumer Price Index for January is expected at 8.30 am ET. The economic analysts are looking for consensus of 0.3 percent, up from from 0.1 percent in the prior month.

The Commerce Department's Retail Sales for January will be published at 8.30 am ET. The retail sales consensus is 0.3 percent, compared to 0.4 percent in December.

Atlanta Fed Business Inflation Expectations for February will be released at 10.00 am ET. In January Business Inflation Expectations were 2.0 percent.

The Commerce Department's Business Inventories for December is expected at 10.00 am ET. The forecasters are looking for consensus of 0.3 percent, compared to 0.4 percent in the previous month.

The Energy Information Administration or EIA's Petroleum Status Report, a weekly information on petroleum inventories in the U.S., whether produced here or abroad, will be published at 10.30 am ET. The prior week's consensus for Crude oil Inventories was 1.9 million barrels. Gasoline inventories were 3.4 million barrels.

In the corporate sector, German industrial conglomerate Thyssenkrupp AG reported first-quarter net income of 91 million euros, compared to net loss of 6 million euros in the year-ago period. The latest quarter's results include a one-time negative effect of 87 million euros on net income from the U.S. tax reform enacted in the reporting period. Earnings per share were 0.12 euros, compared to loss of 0.02 euros per share last year. The Group's adjusted EBIT increased 52 percent to 444 million euros from 291 million euros in the prior-year quarter.

Looking ahead to fiscal 2017/18, Thyssenkrupp affirmed its outlook for adjusted EBIT to increase to a range of 1.8 billion euros to 2.0 billion euros

Asian stocks ended mixed on Wednesday. Chinese stocks eked out modest gains in thin trade. The benchmark Shanghai Composite index rose 14.20 points or 0.45 percent to 3,199.16. Hong Kong's Hang Seng index finished up 676.07 points or 2.27 percent.

Japanese shares hit a four-month low. The Nikkei average dropped 90.51 points or 0.43 percent to 21,154.17, the lowest closing level since Oct. 12. The broader Topix index closed 0.82 percent lower at 1,702.72 amid across-the-board selling.

Australian shares ended lower, dragged down by financials on concerns over possible interest rate hikes by major central banks. Disappointing consumer sentiment figures also weighed on markets. The benchmark S&P/ASX200 index slid 14.70 points or 0.25 percent to 5,841.20 while the broader All Ordinaries index ended down 17 points or 0.29 percent at 5,940.

European shares are trading higher. The CAC 40 of France is climbing 28.95 points or 0.57 percent. DAX of Germany is gaining 81.61points or 0.67 percent. FTSE 100 of England is up 39.34 points or percent. Swiss Market Index is progressing 0.93 points or 0.02 percent.

Euro Stoxx 50, that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.48 percent.

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