What you need to know before the US open
As investors wait to see how US and EU powers continue to respond to the referendum in Crimea yesterday, S&P 500 stocks futures suggest US markets will open slightly higher today.
European markets have extended the early gains they made today, keeping their nerve, despite rising tensions over the Ukrainian crisis and weak EU inflation numbers.
EU leaders have imposed travel bans and asset freezes on 21 Russian and Ukrainian officials.
Crimea’s parliament has now formally declared independence from Ukraine and asked to join Russia. Kiev has said yesterday’s results won’t be recognised. Meanwhile, President Putin’s told President Obama that the referendum is legal.
Worries over slowing Chinese growth are likely to influence markets this week too. On Saturday, China’s central bank announced it’s widening the renminbi’s daily trading band to two per cent from one per cent.
On the data front, the Empire State Manufacturing Survey climbed to 5.61 in February, from 4.48. Analysts were expecting the better reading of 6.5.
Corporate news
Yahoo shares jumped six per cent in pre-market trading on the news that Alibaba, the Chinese giant in which it has a 24 per cent stake, is going to float.
Anf the operator of US television network CBS has said it’ll sell shares for between $26 and $28, according to the Securities and Exchange Commission.
Data in focus
• 1.00pm: US Jan total net TIC flows
• 1.15pm: US Feb industrial production