What you need to know before the US open
US stock futures have edged higher as investors concentrate on the fortunes of tech companies, following some strong results.
Better-than-expectated manufacturing data have continued boosted confidence across European and Asian markets, particularly after China’s equivalent results were weaker than forecast.
Focus is on existing home sales, which are expected to have fallen slightly in January, impacted by the extreme weather the US has been seeing, along with the Fed’s announcement of further tapering plans.
Two Fed officials – Fisher and Bullard – are speaking this afternoon about the US economy.
Corporate news
Groupon shed 14 per cent in premarket trading after issuing a surprise forecast of a quarterly loss.
Express Scripts Holding, the world's largest pharmacy benefit management company, got buoyed by an optimistic forecast, estimating long-term earnings growth of up to 20 per cent per year.
Tesla continues to be watched after chief executive Elon Musk told Bloomberg TV that there had been “conversations” with Apple, after speculation that the latter had expressed an interest in the former. He added, however, that it’s “very unlikely” Tesla would be bought by another company.
In Europe
Vodafone gained 1.7 per cent ahead of it sealing the deal in selling its stake in Verizon Wireless to Verizon.
Aegon, the Dutch insurer, rose four per cent after getting an upgrade to “strong by” from Raymond James.
And despite reports of a deal between the Ukrainian government and opposition forces, the hryvnia continues to slide, hitting a six-year low of 9.25 per cent against the US dollar.
This morning, S&P cut the country’s rating to CCC, saying it’s likely to default.
Data in focus
3.00pm: US Jan existing home sales