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Wall Street Leans Slips Pre-Bell; Futures Red, Europe Muted, Asia Unevenly Higher

01/13/2021 | 06:07am
(MT Newswires) -- Wall Street is slipping pre-bell Wednesday with broad-market futures off 0.2% from Tuesday's close, as traders await more details of incoming Biden Administration deficit-spending plans, and results from various COVID-19 vaccine rollouts.

General Motors (GM) is up 3.5% pre-bell, padding a 6.2% Tuesday gain, after the motor-giant revealed plans to launch an all-electric van offering this year, with Federal Express (FDX) as an early and large customer.

European bourses are slightly lower, while Asian exchanges closed unevenly, but with Tokyo and Taiwan finishing with solid gains.

Bitcoin trades at $34,733, West Texas Intermediate crude oil trades higher at $53.32 and 10-year US Treasuries offer 1.14%. Gold trades near $1,856 an ounce.

On the economic calendar is the weekly MBA mortgage applications bulletin at 7 am, followed by the Consumer Price index report for December at 8:30 am, with analysts positing a 1.7% CPI core year-over-year result. The Atlanta Fed Business Inflation Expectations release follows at 10 am, and then the EIA domestic oil inventories bulletin at 10:30 am.

For Federal Reserve-watchers, St Louis President James Bullard speaks at 9:30 am, Governor Lael Brainard at 1 pm, Philadelphia President Patrick Harker at 2 pm and Vice Chair Richard Clarida at 3 pm.

Also at 2 pm the Fed will release its Beige Book, a compilation of economic reports from the 12 branches.

IHS Markit (INFO) and Shaw Communications (SJR) report earnings pre-bell, among others.

In the futures, the S&P 500 is down 0.2%, the Nasdaq is down 0.1% and the Dow Jones is down 0.1%

In Europe, the British FTSE 100 is down 0.1%, the French CAC is down 0.1%, and the German DAX is off 0.3%.

Asian stock markets finished unevenly higher Wednesday, as traders mulled positive overnight Wall Street cues but also the COVID-19 pandemic, as well as reports of virus outbreaks in mainland China. Hong Kong and Shanghai fell back, but Tokyo posted a strong gain, as did broad stock indices in Taiwan.

In Japan, the Nikkei 225 finished up 1.0% on New York signals and an afternoon softening of the yen against the US dollar, the latter regarded as a positive in export-oriented Japan. The Nikkei 225 had to overcome a downdraft in real estate stocks, with the Tokyo Stock Exchange REIT Index declining by 1.1%

The property-issue weakness and the nation's ongoing COVID-19 spike were shrugged off by exchange traders, even as government officials reported plans for anti-virus emergency declarations for seven additional prefectures, on top of the existing declarations for the prefectures that comprise the greater Tokyo region.

The benchmark Nikkei 225 rose 292.25 to 28,456.59, as gaining issues outnumbered losers 143 to 72.

The Hong Kong Hang Seng Index opened with gains but slipped in afternoon action to close down 0.15%, as traders booked profits from recent rallies, and eyed the COVID-19 pandemic and recent outbreaks in mainland China. Tech issues declined, with the Hang Seng TECH Index retreating 0.7%, while oil stocks showed strength.

The broad gauge Hang Seng fell 41.15 to 28,235.60, as gaining and losing issues were matched at 25 each.

On the mainland, the Shanghai Composite fell 0.3% to 3,598.65.

On other regional exchanges, the S. Korean Kospi rose 0.7%; the Taiwan TWSE inclined 1.7%; the Australian ASX 200 inclined 0.1%; the Singapore Straits Times Index was flat, and the Thai Set inclined 0.5%. In late trading in Mumbai, the Sensex was off 0.2%.

© MT Newswires 2021
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