UBS ‘David Lefkowitz joins’ Varney & Co.’ ‘and weighs in today’s markets.
US stock futures traded higher ahead of Wednesday’s session on Wall Street.
The major futures indices indicate a 0.1% gain when trading begins.
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The Department of Commerce will release the US Trade Balance for February. The monthly shortage of goods and services is expected to peak at a record high of $ 70.5 billion, surpassing the previous record of $ 69 billion in November.
Optimism about a global economic downturn of the pandemic is growing.
President Biden has said he will increase his coronavirus vaccine deadline for states by two weeks, until April 19, to take all adults in the U.S. into account for shots, which is reflected in the constant progress in the U.S.
The International Monetary Fund said it expects global economic growth to accelerate this year as vaccine distribution increases and the world recovers. The lending agency of 190 countries said it expects the world economy to expand by 6% in 2021, compared to the 5.5% it predicted in January. This is the fastest expansion of IMF records dating back to 1980.
G20 FINANCIAL OFFICERS MEETING ON PANDEMIC MEASURES, US GENERAL TAX PLAN
On Wednesday, financial officials from the group of 20 major economies are ready to support a $ 650 billion boost in the IMF’s emergency reserves and expand a freeze on debt payments as part of an effort to help developing countries that are still struggling to combat the COVID-19 pandemic. .
The G20 summit also gives US Treasury Secretary Janet Yellen the chance to push for a global minimum tax on corporate profits.
The Department of Commerce will release the US Trade Balance for February. The monthly shortage of goods and services is expected to peak at a record high of $ 70.5 billion, surpassing the previous record of $ 69 billion in November.
In Europe, the London FTSE added 0.7%, the German DAX less than 0.1% and the French CAC up 0.1%.
Asian stocks were mixed on Wednesday after Wall Street took a breather, with key indices lower.
The Japanese benchmark Nikkei added 0.1%, Hong Kong’s Hang Seng fell 0.9% and China’s Shanghai Composite Index fell 0.1%.
The trade in Toshiba Corp. shares were discontinued after the Tokyo Technological Conglomerate confirmed it had received a preliminary acquisition offer.
TOSHIBA RECEIVES TAKEOVER OFFER FROM PRIVATE EQUITY FIRM CVC
Toshiba Corp. said it would seek more details on the proposal and “consider it carefully” and “make an announcement in due course.” The Japanese financial newspaper Nikkei reports that CVC Capital Partners wants to acquire the company for 2 billion yen ($ 18 billion).
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| Ek: DJI | DOW JONES AVERAGE | 33430.24 | -96.95 | -0.29% |
| SP500 | S&P 500 | 4073.94 | -3.97 | -0.10% |
| I: COMP | after | after | after | after |
On Wall Street, equities ended slightly lower, pulling the market back from overall highs reached a day earlier. Technology and healthcare supplies accounted for most of the decline.
The S&P 500 achieved a three-day winning streak, up 0.1% to 4,073.94, after fluctuating between small gains and losses. The Dow Jones industrial average fell 0.3% to 33,430.24. Both indices peaked on Monday. The technically heavy Nasdaq composition slipped 0.1% to 13,698.38.
The U.S. Department of Labor reported that jobs in February reached the highest level, a harbinger of healthy employment and a hopeful sign for those looking for work. This optimistic report follows encouraging reports over the past week on job growth and improvements in the services sector, which is one of the worst affected pandemic areas in the economy.
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In energy trading, standard U.S. crude added 45 cents to $ 59.79 a barrel in electronic trading on the New York Mercantile Exchange. It rose 68 cents to $ 59.33 a barrel on Tuesday. Brent crude, the international standard, rose 57 cents to $ 63.31 a barrel.
The Associated Press contributed to this report.