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U.S. Futures Says Wall Street Might Gain At Open

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Reports on U.S. Trade Data, International Trade data and Beige Book will be getting much attention on Wednesday.

Earnings from major corporates such as Abbott Labs, Ericsson, Morgan Stanley and PepsiCo are keenly awaited by investors.

Asian shares finished mostly positive, while European shares are trading broadly higher.

Initial signs from the U.S. Futures Index point to a positive start for Wall Street.

As of 7.45 am ET, the Dow futures were adding 39 points, the S&P 500 futures were up 7.00 points and the Nasdaq 100 futures were gaining 27.75 points.

The Dow and the Nasdaq ended Tuesday's session at their best closing levels in over six months. The S&P 500 briefly dipped into negative territory in late-day trading but ended the session up 1.48 points or 0.1 percent to 2,907.06. The Dow climbed 67.89 points or 0.3 percent to 26,452.66 and the Nasdaq rose 24.21 points or 0.3 percent to 8,000.23.

On the economic front, International Trade data for February will be published at 8.30 am ET. The consensus is for a deficit of $53.6 billion, while it was a deficit of $51.1 billion in the prior month.

The Commerce Department's Wholesale Trade data for February will be issued at 10.00 am ET. The consensus is for increase of 0.3 percent versus 1.2 percent in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were up 7.0 million barrels and Gasoline inventories were down 7.7 million barrels.

St. Louis Federal Reserve Bank President James Bullard will deliver a presentation on the U.S. economy and monetary policy at the 28th Annual Hyman P. Minsky Conference at the Levy Economics Institute of Bard College, in Annandale-on-Hudson, New York, followed by audience Q&A at 12.30 pm ET.

Philadelphia Federal Reserve Bank President Patrick Harker will deliver a speech about the economic outlook at the Greater Vineland Chamber of Commerce Luncheon in Vineland, NJ, with audience Q&A at 12.30 pm ET.

Beige Book, a report on economic conditions is used at FOMC meetings, where the Fed sets interest rate policy, will be published at 2.00 pm ET.

Asian stocks ended mostly higher on Wednesday. The benchmark Shanghai Composite index gained 9.52 points or 0.29 percent to finish at 3,263.12. Hong Kong's Hang Seng index ended little changed at 30,124.68.

China's GDP grew an annual 6.4 percent in the first quarter of 2019 - unchanged from Q4 and beating forecasts for 6.3 percent.

Japanese shares rose for a fifth straight session. The Nikkei average rose 56.31 points or 0.25 percent to 22,277.97, while the broader Topix index closed 0.26 percent higher at 1,630.68.

Australian markets ended modestly lower. The benchmark S&P/ASX 200 dropped 21 points or 0.33 percent to 6,256.40 while the broader All Ordinaries index ended down 22 points or 0.35 percent at 6,350.30.

European shares are trading broadly higher. CAC 40 of France is gaining 15.30 points or 0.28 percent. DAX of Germany is progressing 33.74 points or 0.28 percent. FTSE 100 of England is losing 6.99 points or 0.09 percent. Swiss Market Index is up 12.53 points or 0.13 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.16 percent.

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