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Wall Street Might Open Slightly Positive


Beige Book, to be released Wednesday afternoon, is the main focus. Housing Starts data also might get attention. Investors are keenly following the developments in U.S. - China trade tariff discussions in view of latest comment by President Trump.

Asian shares finished broadly lower, while European shares are trading mostly down.

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

As of 7.47 am ET, the Dow futures were up 1.00 points, the S&P 500 futures were adding 0.50 points and the Nasdaq 100 futures were progressing 6.00 points.

U.S. stocks finished lower on Tuesday. The Dow ended the day down 23.53 points or 0.1 percent at 27,335.63. The tech-heavy Nasdaq also slid 35.39 points or 0.4 percent to 8,222.80, while the S&P 500 fell 10.26 points or 0.3 percent to 3,004.04

On the economic front, the Housing and Urban Development Departments Housing Starts data for June will be published at 8.30 am ET. The consensus for starts is 1.260 million, while it was 1.269 million in the prior month. Permits for the month is expected to be 1.300 million, up from 1.294 million in May.

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 down 9.5 million barrels and Gasoline Inventories were down 1.5 million barrels.

Kansas City Federal Reserve Bank President Esther George will deliver speech on economic outlook at the 2019 Agricultural Symposium in Kansas City, Missouri at 12.30 pm ET.

Beige Book, produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee, will be released at 2.00 pm ET.

In the corporate sector, Bank of America reported 17 percent increase in second-quarter earnings per share from the year-ago quarter, aided in part by the repurchase of seven percent of the company's shares in the past twelve months. Revenue, net of interest expense, increased 2 percent, for the quarter, but missed analysts' projection.

Asian stocks fell broadly on Wednesday. Chinese shares edged lower in thin trade. The benchmark Shanghai Composite index slipped 5.92 points or 0.20 percent to 2,931.69 while Hong Kong's Hang Seng index ended down 26.45 points at 28,593.17.

Japanese shares ended lower. The Nikkei average ended down 66.07 points or 0.31 percent at 21,469.18, while the broader Topix index finished marginally lower at 1,567.41.

Australian markets advanced. The benchmark S&P/ASX 200 index rose 32.30 points or 0.49 percent to 6,673.30 while the broader All Ordinaries index ended up 28.20 points or 0.42 percent at 6,764.

European shares are trading broadly lower. France's CAC 40 is slipping 11.20 points or 0.20 percent. Germany's DAX is declining 27.61 points or 0.22 percent. FTSE 100 of U.K. is down 21.39 points or 0.28 percent. Swiss Market Index is progressing 106.08 points or 1.08 percent.

Eurozone's leading Blue Chip index,Euro Stoxx 50, is down 0.08 percent.

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