The start of the US trading session has been positive for traders of Tesla and Microsoft.
American futures go up notwithstanding political uncertainty
On Wednesday, American futures managed to gain because market participants generally neglected political uncertainty and also looked ahead to economic reports.
The S&P 500 futures acquired 0.29% being worth 2,780.75, Dow futures inched up 0.36% hitting 25,139.0. Additionally, tech heavy Nasdaq 100 futures rallied 0.45% reaching 7,115.25.
Donald Trump is all geared up towards imposing duties on Chinese imports. The given duties would be mostly dealing with telecommunications and technology sectors.
The news showed up a week after the US President imposed shocking duties on aluminum and steel. However, Mexico and Canada have appeared to be an exception because the Trump administration would like to have a trade deal negotiated. More duties could potentially enhance worries of a global trade conflict and also put pressure on investor appetite for risky assets.
Market participants are still digesting information that on Tuesday Trump fired Secretary of State Rex Tillerson in favor of CIA Director Mike Pompeo. On Tuesday, financial markets concluded in the negative in the face of the political instability.
Ford Motor Company turned to be amidst the top notch gainers in pre-market trade, earning 4.08%. At the same time Apple tacked on 0.51%, semiconductor Micron Technology Inc gained 1.77%. Besides this Insurance company Prudential Financial stepped up 5.69% in the face of news that it was dividing into two businesses, with one focusing on Great Britain and Europe as well as the other on the United States, Asia and Africa.
General Electric went down 0.55%, Frontier Communications lost 10.46%, China Lodging Group Limited headed south 7.11%.
In the European Union equities tacked on. In Germany DAX went up 0.29%, France’s CAC 40 managed to grow 0.30%. The FTSE 100 rallied 0.25% in London. The pan-European Euro Stoxx 50 soared 0.36%, Spain’s IBEX 35 inched up 0.03%.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
During the Asian trading session, the White House economic adviser Larry Kudlow announced the positive progress in phase one trade deal with China.
The Bank of Mexico is expected to cut its interest rate from 7.75% to 7.5% today at 21:00 MT time
Today, the oil prices may move on the release of crude oil inventories at 18:00 MT time.