Wall St surges on optimism for Greek deal but hopes lower Thursday
Wednesday saw some strong closing results for the major indexes on the New York Stock Exchange with the Dow closing up by triple-digits and the Nasdaq hitting a new record. Hopes that Greece will finally reach an agreement over its colossal debt and avoid a default on repayments boosted sentiment in Europe and the US, while the growth in the dollar and bonds markets eased. Thursday’s trading in Asia has been fairly downbeat, despite the higher lead from Wall Street, with concern over margin financing restrictions stunting growth on the Shanghai index and other markets across the region closing mixed. European markets are so far lower as a Greek deal looks less likely. Only London is gaining.
US stock futures are trending lower. Oil is trending higher (Brent $62.36, WTI $57.75 at 6.10am ET). Gold is trending lower.
Jobless claims at 8.30am ET
Bloomberg consumer comfort at 9.45am ET
Pending home sales at 10am ET
EIA petroleum status report at 11am ET
Abercrombie & Fitch, Envivio and Top Ships are among the companies reporting earnings today.
Fed’s Williams forecasts better growth for the rest of 2015
The president of the San Francisco Fed says he expects above-trend growth for the US economy during the rest of this year. Speaking in Singapore John Williams told reporters that factors including the weather had led to the “anomaly” of lower growth for the first quarter but that the US economy should see 2 per cent for the year and unemployment down below 5 per cent. He also said that he expected an interest rate rise by the end of this year and then more normal rates in the coming years.
Millennial females take the lead on wealth
Wealthy millennial women are more likely to earn more than their husbands or partners according to a new survey. The US Trust surveyed individuals with at least $3 million in investible assets and discovered that 30 per cent of wealthy millennial women were the primary earners while another 21 per cent matched their partner’s income. In Gen X couples only 11 per cent of women earned more with 15 per cent in baby boomer couples. The report also found that an increasing number of millennial men were the primary carers for their children.
423k Ford vehicles recalled
Ford is recalling 423,000 vehicles due to steering problem. NBC reports that certain Ford Flex and Taurus vehicles, the Lincoln MKS and MKT from 2011 through 2013, the Ford Fusion and Lincoln MKZ from 2011 through 2012 and some 2011 Mercury Milans are all affected by the recall. The issue surrounds an electrical fault in some vehicles that causes the power steering to stop operating.