S&P 500 futures trading slightly higher ahead of a check-up on the US consumer as the retail sales data will be released at 12:30GMT. Wall Street is heading into the weekend looking to access the coronavirus impact on the economy. The Hubei province in China reported another 4823 new cases of the coronavirus today, tragically, another 116 people died. Many analysts now express concerns about the data transparency from China, noting that the U.S. health officials have still not been allowed to enter into China.
Retail Sales will provide an idea about the health of the USA economy. Retail sales have disappointed 4 out of the 5 past times, but December data was a positive surprise and bulls are hoping that this is the start of a new trend as consumer confidence and low unemployment helps consumption. Analysts expect a 0.3% increase the same with the previous month. January’s industrial production is expected to have fallen for the fourth time in the past five months. The expectations are for -0.1% while the previous reading was -0.3%.
The Dow Jones futures are 0.10% higher at 29462. The Nasdaq futures are 0.24% higher at 9636 pointing to a positive opening for the cash market. The S&P 500 futures are 0.15% higher at 3382.
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European Stocks Mixed After GDP Data
European stocks turn higher in midday after The European Monetary Union Gross Domestic Product quarterly reading came in at 0.1% in line with expectations. The yearly Gross Domestic Product reading came in at 0.9% below the forecasts of 1%. The DAX Index is 0.27% higher at 13,782. The CAC 40 is 0.08% lower at 6,088 while the FTSE MIB is 0.05% higher at 24,904. The FTSE 100 is 0.23% higher at 7,468
Cryptocurrencies Recover Early Losses
Cryptocurrencies managed to reverse early losses and as of writing most of the digital currencies have turned positive. Bitcoin price is 0.38% higher at 10258. Ethereum (ETHUSD) price is 0.69% higher at 270.79 close to seven-month highs. Litecoin is 1.46% higher at 81.75 while Ripple (XRPUSD) is 0.51% lower at 0.3255.
Crude Oil Rebound Intact
Crude oil price trades recover yesterday’s losses. WTI crude oil is 1.40% higher at $52.14, while the Brent crude oil is 1.21% higher at $57.11. Gold price consolidates to recent highs at $1576.09 while silver price is 0.31% higher at $17.67.
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