Wall Street Might Aim To Open Broadly Up; OECD Projects Challenging Years Ahead
Paris-based Organization for Economic Cooperation and Development or OECD expects the world economy to eke out modest gains this year and in 2023 it is expected to expand even more tepidly. The current projection is for an increase of 3.1 percent in 2022, while it was up 5.9 percent last year. For the next year, the projection is only 2.2 percent. The OECD further said it is not predicting a global recession; however, the year will be very challenging.
Trading activity on Tuesday might be low-key. There are no major corporate announcements today.
Early cues from the U.S. Futures Index suggest that Wall Street might open broadly higher.
Asian shares were mostly higher, while European shares are on a negative trend.
As of 7.05 am ET, the Dow futures were up 49.00 points, the S&P 500 futures were adding 5.50 points and the Nasdaq 100 futures were declining 2.50 points.
The U.S. major averages all finished Monday in negative territory. The Dow posted a relatively modest loss, edging down 45.41 points or 0.1 percent to 33,700.28. The Nasdaq tumbled 121.55 points or 1.1 percent at 11,024.51 and the S&P 500 slid 15.40 points or 0.4 percent to 3,949.94.
On the economic front, the Richmond Fed Manufacturing Index for November will be issued at 10.00 am ET. The consensus is for a decline of 1, while it was down 10 in the prior month.
A two-year Floating Rate Note or FRN auction will be held at 11.30 am ET. Seven-year Treasury Note auction will be held at 1.00 pm ET.
The Fed Money Supply for October will be released at 1.00 pm ET. In the prior month, the M2 money supply was down $129 billion.
Cleveland Federal Reserve Bank President Loretta Mester will give welcome remarks before the virtual event, Cleveland Fed Conversations on Central Banking: Wages and Inflation at 11.00 am ET.
Asian stocks finished mixed on Tuesday. China’s Shanghai Composite index finished 0.13 percent higher at 3,088.94. Hong Kong’s Hang Seng index fell 1.31 percent to 17,424.41.
Japanese shares were notably up. The Nikkei average climbed 0.61 percent to 28,115.74 while the broader Topix index ended 1.12 percent higher at 1,994.75.
Australian markets rose today. The benchmark S&P/ASX 200 index gained 0.59 percent to settle at 7,181.30, while the broader All Ordinaries index closed 0.56 percent higher at 7,376.40.
European shares are trading mostly higher. CAC 40 of France is down 6.74 points or 0.10 percent. DAX of Germany is adding 24.01 points or 0.17 percent. FTSE 100 of England is progressing 41.14 points or 0.56 percent. The Swiss Market Index is sliding 23.59 points or 0.21 percent.
Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.089 percent.
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