Wall Street To Open Broadly In The Red

Early trading of U.S. Future Index suggest that Wall Street would open in a strong negative note, in response to commodity price impact and regional and global political cues. On a day of relatively weak economic activities, the focus is on oil prices that struggle to keep near $50, while oil inventories are showing a deficit. Asian shares finished broadly in the red, while European shares are falling.

As of 6.45 am ET, the Dow futures were slipping 85 points, the S&P 500 futures were shedding 10.25 points and the Nasdaq 100 futures were slipping 19.50 points.

U.S. stocks closed mixed, while Nasdaq reached new record high. The Nasdaq climbed 20.20 points or 0.3 percent to 6,169.87, the Dow edged down 2.19 points or less than a tenth of a percent to 20,979.75 and the S&P 500 dipped 1.65 points or 0.1 percent to 2,400.67.

On the economic front, the Mortgage Bankers’ Association’s mortgage applications for the week will be published at 7.00 am ET. In the prior month, the composite index grew 2.4 percent, while the purchase index was up 2.0 percent.

The Energy Information Administration or EIA’s petroleum status report for the week will be issued at 10.30 am ET. In the previous period, the crude oil inventories recorded a deficit of 5.2 million barrels, while gasoline were negative 0.2 million barrels.

In the corporate segment, Mitchells & Butlers Plc reported that its profit before tax for the 28 weeks ended April 8 declined to 75 million pounds from 83 million pounds last year. Profit for the period was 57 million pounds or 13.7 pence per share. Adjusted earnings per share was 15.2 pence. The Group’s total revenues of 1.123 billion pounds were 2.5 percent higher than the first half last year, with growth in like-for-like sales supported by new site openings.

ABN AMRO reported that its first-quarter net profit climbed 30 percent to 615 million euros from 475 million euros a year ago. Operating result climbed 37 percent to 893 million euros from 651 million euros last year. Operating income was up 14 percent to 2.25 billion euros from 1.97 billion euros a year ago. Net interest income increased 3 percent on the back of continued loan growth, while fees and commissions were stable.

G1 Therapeutics, Inc., a clinical-stage oncology company, announced the pricing of its initial public offering of 7 million shares of common stock at a public offering price of $15 per share for aggregate gross proceeds of $105 million.

Asian stocks succumbed to selling pressure on Wednesday. Chinese shares snapped a four-day winning streak as concerns over regulatory crackdown lingered. The benchmark Shanghai Composite index dropped 8.52 points or 0.27 percent to 3,104.44. Hong Kong’s Hang Seng index closed down 42.31 points or 0.17 percent at 25,293.63 in late trade.

Japanese shares retreated as the dollar weakened. The Nikkei average fell 104.94 points or 0.53 percent to 19,814.88, while the broader Topix index shed 0.53 percent to end at 1,575.82.

Australian shares…

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