Friday November 25th

25-11-2016

Wall Street points to higher open on subdued trading

U.S. stock index futures pointed to a higher open on Friday as traders eyed economic data amid what is likely to be subdued trading due to the Thanksgiving holiday. Stocks were also on pace to hit new record highs at the open. On the data front, U.S. trade deficit totaled $62 billion in October. The November read on the IHS Markit non-manufacturing index is also due at 9:45 a.m. ET. NYSE markets are set to close early Friday — the day after Thanksgiving — at 1 p.m. ET. In Europe, the pan-European Stoxx-600 index was around 0.02 percent higher on Friday. In Asia, the Shanghai Composite in China closed 0.61 percent higher while the Nikkei in Japan closed 0.26 percent higher. Oil prices slid on Friday, dragged by a strong dollar and uncertainty over whether OPEC will agree to cut production at the group's meeting next week. Still, benchmark contracts were on track to close the week with gains close to 4 percent. Overall activity was thin after the U.S. Thanksgiving holiday and ahead of the weekend. Brent crude oil futures were trading at $48.51, down 49 cents, or 1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 43 cents,or 0.9 percent, at $47.53 per barrel. Gold prices tumbled to 9-1/2 month lows on Friday, heading for a for a third consecutive weekly decline as investors sold on factors including expectations of a U.S. interest rate rise. Spot gold was up 0.3 percent at $1,187.20 an ounce at 8:35 a.m EDT as funds took profits on short positions, from an earlier $1,171.21, its lowest since Feb. 8. The precious metal has fallen about seven percent so far in November, leaving it on track for its largest monthly fall since June 2013. U.S. gold futures were down 0.2 percent at $1,186.50 an ounce, after dipping to their lowest since Feb. 5 at $1,170.30.