Monday February 13th

13-02-2017

Wall Street expected to open higher as stocks look to build on record highs

U.S. stock index futures pointed to a higher open on Monday as traders eyed earnings and looked ahead to comments from the U.S. Federal Reserve later in the week. On the earnings front, Restaurant Brands International, Teva Pharma and First Data are among the companies that posted results before the bell. Arch Capital Group, Noble Energy, Vornado Realty and OneMain Holdings are all due to report after the market close. The three major stock indexes finished last week at record highs as the so-called Trump trade gained traction once again. There are no major economic data releases scheduled on Monday. In Europe, the pan-European Stoxx-600 index was around 0.63 percent higher on Monday. In Asia, the China's Shanghai Composite closed 0.64 percent higher, while the Nikkei in Japan closed 0.41 percent higher. In oil markets, prices were slightly lower on Monday after bloated inventories appeared to concern investors, however, losses were limited after encouraging signs that OPEC and other exporters would be able to adhere to their landmark deal and reduce global oversupply. Brent crude traded at around $56.22 a barrel on Monday, down 0.85 percent, while U.S. crude was around $53.45 a barrel, down 0.74 percent. Gold prices slipped on Monday as the dollar rose and equities climbed, but political and economic uncertainty in the United States and in Europe due to elections is expected to continue to give underlying support for now. The gold spot price was down 0.73 percent at $1,225.01 an ounce from last week's three-month high of $1,244,67. U.S. gold futures were down 0.75 percent at $1,226.60.