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Top 5 Things to Know in The Market on Tuesday

EconomyNov 13, 2018 10:55
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© Reuters. Top 5 things to know today in financial markets - Here are the top five things you need to know in financial markets on Tuesday, November 13:

1. U.S.-China Trade Optimism Lifts Sentiment

Market sentiment was lifted by hopes that lingering trade tensions between the U.S. and China would ease following reports that China's top trade negotiator was preparing to visit the U.S. ahead of a meeting between the two countries' leaders later this month.

The South China Morning Post reported, citing sources from both sides, that Liu He may visit Washington as part of the preparations for the talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the upcoming G20 summit in Argentina.

A separate report that China's Vice Premier Liu He and U.S. Treasury Secretary Steven Mnuchin spoke by phone for the first time in months about a possible deal that would ease trade tensions also aided sentiment.

The U.S. has slapped tariffs on more than half of over $500 billion in Chinese imports, for which China has retaliated, after several rounds of negotiations failed to resolve U.S. complaints over Chinese industrial policies, lack of market access in China and a $375 billion U.S. trade deficit.

2. U.S. Futures Point to Higher Open After Monday's Selloff

U.S. stock futures pointed to a higher open, as the major indices looked set to rebound from the previous day's sharp selloff.

At 5:30AM ET (1030GMT), the blue-chip Dow futures were up 58 points, or about 0.2%, the S&P 500 futures tacked on 8 points, or around 0.3%, while the tech-heavy Nasdaq 100 futures indicated a gain of 33 points, or roughly 0.5%.

U.S. stocks ended sharply lower on Monday, with the Dow suffering a drop of about 600 points, led by a selloff in Apple (NASDAQ:AAPL).

Elsewhere, European stocks traded higher, with most major bourses and sectors in positive territory. Telecoms were among the best performers, with Vodafone (LON:VOD) rallying following the release of upbeat earnings.

Earlier, stocks in Asia ended mixed. Japan's Nikkei dived over 2%, while Chinese shares reversed earlier losses to settle 1% higher.

3. Home Depot Reports Earnings

As earnings season draws to a close, Home Depot (NYSE:HD) is one of the last notable names slated to report third-quarter financial results before U.S. markets open.

The home improvement retailer is expected to report earnings of $2.27 per share on revenue of $26.25 billion, according to estimates.

Comparable-store sales are expected to rise 4.7% during the quarter.

Investors will be closely watching the results for comments on the health of the U.S. housing markets and a view of general consumer confidence in the economy.

Home Depot kicks off a busy week of retail earnings; results from Macy's (NYSE:M) are on the agenda for Wednesday; while Walmart (NYSE:WMT), the world’s largest retailer, is due to report results on Thursday.

Marijuana-related stocks Tilray (NASDAQ:TLRY) and Cronos Group (NASDAQ:CRON) are also set to report today. Canopy Growth (NYSE:CGC) reports Wednesday, rounding out the week's earnings from cannabis companies.

4. Dollar Stays Near 17-Month High

Away from equities, the dollar held near the highest levels of the year, amid expectations for higher U.S. interest rates.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was a shade higher at 97.43, within striking distance of Monday’s 17-month highs of 97.53.

Meantime, in the bond market, U.S. Treasury prices edged higher, pushing yields lower across the curve, with the benchmark 10-year yield falling to 3.16%.

On the data front, the latest Federal budget balance report is due at 2:00PM ET (1900GMT).

Elsewhere in the currency market, the British pound and the euro were slightly higher as investors continued to watch developments surrounding Brexit talks and Italy's budget crisis.

5. Oil's Longest Losing Streak on Record Continues

In commodities, oil prices were under pressure again, extending a series of declines that has U.S. West Texas Intermediate (WTI) crude in the grips of its longest losing streak on record.

U.S. WTI oil futures were down $1.46, or 2.4%, at $58.47 per barrel, their lowest level in nine months.

The U.S. benchmark has posted declines for 11 consecutive sessions. Another down day will mark the longest run of losses since WTI started trading in 1983, according to Dow Jones Market Data.

Meanwhile, international benchmark Brent crude oil futures were at $68.47 per barrel, down $1.65, or 2.3%, from their last close.

A tweet by President Donald Trump on Monday added to oil’s woes, as he voiced disapproval over a potential production cut by Saudi Arabia and OPEC, and said prices “should be much lower based on supply!”

Top 5 Things to Know in The Market on Tuesday

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