Market Overview

US Stock Futures Up Ahead Of GDP, Jobless Claims

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Pre-open movers

US stock futures gained in early pre-market trade, ahead of economic data. Data on GDP growth for the second quarter and weekly jobless claims will be released at 8:30 a.m. ET. Futures for the Dow Jones Industrial Average surged 20 points to 14,826.00, while the Standard & Poor's 500 index futures rose 2.40 points to 1,634.60. Futures for the Nasdaq 100 index gained 9 points to 3,077.25.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index dropping 0.02%, London's FTSE 100 index rising 0.55% and STOXX Europe 600 Index gaining 0.43%. German DAX 30 index rose 0.13% and French CAC 40 Index surged 0.36%. German jobless claims increased by 7,000 on the month in August. However, economists were expecting a fall of 5,000.

Asian markets ended mostly higher today. Japan's retail sales dropped 0.3% y/y in July. China's Shanghai Composite fell 0.19%, while Japan's Nikkei Stock Average climbed 0.91%. Australia's ASX/S&P500 gained 0.10%, Hong Kong's Hang Seng Index surged 0.84% and India's Sensex jumped 2.25%.

Broker Recommendation

Analysts at Deutsche Bank downgraded AutoNavi Holdings (NASDAQ: AMAP) from “buy” to “hold.” The target price for AutoNavi Holdings has been lowered from $15.10 to $11.90.

AutoNavi's shares closed at $12.54 yesterday.

Breaking news

  • CIBC (NYSE: CM) today announced that it intends to commence a new normal course issuer bid, subject to the approval of the Toronto Stock Exchange (TSX). To read the full news, click here.
  • JA Solar Holdings Co (NASDAQ: JASO) reported a narrower loss in the second quarter. JA Solar posted a quarterly net loss of $21.6 million, or $0.58 per American depositary share (ADS), versus a year-ago profit of $72.1 million, or $1.91 per ADS. To read the full news, click here.
  • Alvarion (NASDAQ: ALVR) announced today that Mr. Yoav Kfir, the court-appointed Receiver, submitted an urgent motion to the District Court of Tel Aviv – Yaffo requesting the Court to approve a revised proposal from Valley Telecom Ltd. to acquire the Company and its assets. To read the full news, click here.
  • Royal Bank of Canada (NYSE: RY) reported a rise in its third-quarter profit. The bank lifted its quarterly dividend by 6% to 67 Canadian cents per share. To read the full news, click here.

Posted-In: Deutsche Bank US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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