Friday January 27th

27-01-2017

US futures mixed after economic data; Trump's meeting with UK's May in focus

U.S. stock index futures pointed to a mixed open on Friday as traders digested several pieces of data and awaited President Donald Trump's meeting with U.K. Prime Minister Theresa May. Traders will be keeping a close watch on Trump's meeting with May and any comments they make on a potential trade deal and Brexit. In economic news, the U.S. economy lost momentum in the final three months of 2016, closing out a year in which growth turned in the weakest performance in five years. The Commerce Department says the gross domestic product grew at an annual rate of just 1.9 percent in the October-December period. Durable goods orders, meanwhile, fell 0.4 percent. Consumer sentiment data for January are set to come out at 10 a.m. ET. On the earnings front, Colgate-Palmolive, American Airlines Group, AbbVie and General Dynamics all reported before the bell. Chevron, a Dow component, also posted results, missing analyst expectations. In Europe, the pan European Stoxx 600 Index was 0.38 percent lower on Friday. Asian markets were mostly higher after Japan's inflation data showed improvement and markets stateside clocked new record highs, even as threats of a trade war with Mexico brew. Japan's Nikkei 225 closed up 0.34 percent or 65.01 points at 19,467.4, after data showed that Japan's December core consumer prices fell 0.2 percent year-on-year, at its slowest pace since February. The Australian benchmark index closed up 0.75 percent or 42.49 points at 5,714, supported by strong gains in its financials sub-index, which was up 1.3 percent and its staples sub-index, up 1.56 percent. Hong Kong's Hang Seng which was trading for just half a day, was nearly flat, down 0.06 percent at 23,360.78. China, Vietnam, Taiwan and South Korea will be shut for public holidays today, while Singapore, Malaysia and Hong Kong will have a half-day bank holiday. China is starting a week-long holiday on Friday that extends through Feb. 2 next week. Oil prices slipped on Friday, giving up gains from earlier in the day, as market shifted its focus towards production increases in the United States from efforts by OPEC and other producers to support prices by cutting supplies. Brent crude futures, the international benchmark for oil prices, were trading at $55.70 per barrel at 8:23 a.m. ET (1323 GMT), down 54 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.48 a barrel, down 30 cents. U.S. crude is poised to gain nearly 2 percent on the week. Gold fell half a percent on Friday and headed for its first weekly loss of the year, as a two-day rise in the dollar prompted some investors to cash in gains after the metal hit its highest since mid November earlier this week. That pulled gold down from Tuesday's high of $1,219.59 an ounce, and set it on track to end a four-week winning streak with a 2 percent weekly loss. Spot gold was down 0.4 percent at $1,182.86 an ounce, while U.S. gold futures for February delivery were down at $1,182.2.