Oil heads for biggest drop in weeks: What you need to know before markets open

  • About: 2 months ago
Oil heads for biggest drop in weeks: What you need to know before markets open - World News

North American stocks are headed for a lower to flat open as investors react to falling oil prices and await the first round of the French election that is too close to call.

  • Oil prices edged lower, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market.

  • Major U.S. indexes have fallen for two straight weeks as worries about President Donald Trump’s ability to deliver on his pro-growth promises raised some concern about stretched stock valuations. However, treasury Secretary Steven Mnuchin said an overhaul of the tax code will be unveiled very soon.

     Mounting tensions between North Korea and the United States have also kept investors cautious.

  • On the economic front, Canada will release inflation data at 8:30 a.m.

    U.S. data is expected to show March existing home sales expanded slightly to 5.6 million from 5.48 million in February. The data is expected at 10 a.m. ET.

     Markit’s PMI flash data for April is expected to show a slightly higher reading.

  • Shares of Dow component Visa were up 2.6 per cent at $93.50 in premarket trading after the payments network operator’s quarterly results beat expectations.

  • Mattel fell 4.8 per cent to US$23.99 after the toymaker reported a far bigger-than-expected quarterly loss and drop in sales.

  • General Electric was little changed at US$30.25 after the company reported a 1 per cent decline in quarterly revenue.

    © Thomson Reuters 2017



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