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US Open Preview – European equities broadly in the green; Wall Street looks set to open higher
February 12, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: Stocks remain in focus; US Federal Budget balance and OPEC monthly report due
Equities are gathering the lion’s share of attention during Monday’s trading, following last week’s unrest that saw US stocks recording their worst weekly performance in around two years. The absence of significant releases out of major economies as well as the earnings season which remains underway, are additional factors keeping investor focus in stock markets.
The US’s Federal Budget balance for the month of January is due at 1900 GMT. A budget surplus of $51 billion is anticipated during the month after a $23bn deficit in December. Discussions on the budget balance and debt sustainability are receiving renewed interest in the world’s largest economy, especially after the Trump administration ratified a package of tax cuts that will add $1.4 trillion over 10 years to the national debt which currently stands around $20tr. According to some forecasters, general gross government debt to GDP is estimated to stand around 120% in 2018.
Policymakers’ appearances as the day unfolds include Bank of England Monetary Policy Committee (MPC) member Ian McCafferty, who is scheduled to speak at 1630 GMT, and Reserve Bank of Australia Assistant Governor Luci Ellis who will be giving a speech at a forecasting conference at 2150 GMT.
In energy markets, OPEC’s monthly report due later on Monday could attract some interest. The release covers major issues affecting international oil markets, looking at key developments as well as supply and demand considerations, and providing an outlook for the coming year. The report lacks a fixed time of release.
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