Monday January 23rd

23-01-2017

Futures point to lower open on Wall Street; earnings in focus

U.S. stock index futures pointed to a lower open on Monday as traders paused for breath after the inauguration of President Donald Trump. Trump is expected to sign an executive order as early as Monday that will put in motion the renegotiation of the North America Free Trade Agreement (NAFTA). President Trump is also expected to sign an executive order announcing his intention to withdraw from the Trans-Pacific Partnership (TPP), a trade agreement among 11 other Pacific Rim countries. On the earnings front, McDonald's is set to report before the bell. Yahoo and ResMed are both due to report after the market close. Halliburton reported mixed quarterly results before the bell, sending the stock slightly lower. There are no major U.S. economic data reports scheduled to be released on Monday. In Europe, the pan-European Stoxx-600 index was around 0.2 percent lower on Monday. In Asia, the Shanghai Composite in China closed 0.43 percent higher, while the Nikkei in Japan closed 1.29 percent lower. In oil markets, Brent crude traded at around $54.95 a barrel on Monday, down 0.95 percent, while U.S. crude was around $52.54 a barrel, down 1.28 percent. Oil prices eased on Monday as the likelihood of rising U.S. production weighed on the market. Energy companies in the U.S. added the most rigs drilling for new production in nearly four years. Gold rose on Monday, touching its highest in two months as unease over the economic policies of U.S. President Donald Trump pushed investors towards safer assets while the dollar and U.S. bond yields fell. Spot gold was up 0.3 percent at $1,213.06 an ounce. It earlier touched $1,219.43, its highest since Nov. 22. U.S. gold futures were up 0.6 percent at $1,212.4.