Futures edge higher ahead of inflation data

Pedestrians walk in front of an electronics stock indicator showing share prices of the Tokyo Stock Exchange. – AFP

Pedestrians walk in front of an electronics stock indicator showing share prices of the Tokyo Stock Exchange. – AFP

USA stock index futures were slightlyhigher on Tuesday ahead of the consumer prices data, which willprovide the last crucial reading on inflation in the run up to anear-certain interest rate hike by the Federal Reserve nextweek. The dollar and Treasury yields held declines.

Futures on the S&P 500 Index gained 0.2 percent to the highest in nearly six weeks.

In currencies, the Japanese yen fell over half a per cent to a two-week low against the dollar, pressured by a political scandal engulfing Japanese Prime Minister Shinzo Abe's government.

China data on industrial production, retail sales and fixed-asset investment all out on Wednesday are likely to point to slower growth, according to Bloomberg Economics.

All eyes will be on the USA inflation data as traders try to second-guess the path of monetary tightening in the world's biggest economy.

Politics also remain in focus after President Donald Trump issued an executive order blocking Broadcom Ltd. from acquiring Qualcomm Inc., scuttling a $117 billion hostile takeover that had been subject of scrutiny over the deal's threat to USA national security.

U. S. crude futures were down 0.2 percent to $61.27 per barrel.

The mix of brisk US economic growth and restrained inflation was a positive one for most commodities, with industrial metals and oil performing well.

Raising its global growth forecasts, the Organisation for Economic Cooperation and Development (OECD) said the Fed would probably have to raise interest rates four times this year as inflation picks up. Headline inflation may have edged up to 2.2% in February from 2.1%, though consensus before Tuesday's report is for core inflation to remain at 1.8%.

In commodities, crude oil prices staged a recovery after sliding on concerns over rising USA output.

Friday's second inflation report for February may touch 1.2% from 1.1% the previous month.

El primer ministro palestino sobrevive un intento de asesinato en Gaza
El objetivo es crear un Gobierno de unidad nacional en Cisjordania y la Franja de Gaza , pero el proceso avanza muy lentamente. El Banco Mundial, la Unión Europea y otros gobiernos europeos aportaron casi 75 millones de dólares para el proyecto.

Also this week, Germany's Angela Merkel is inaugurated to a fourth term, EU27 government officials discuss the European Union's Brexit position, and U.K. Chancellor of the Exchequer Philip Hammond issues his spring statement.

Japan's Topix index slid 0.1 percent as of 10:41 a.m.in Tokyo.

The MSCI All-Country World index of stocks, which tracks shares in 47 countries was up less than 0.1 per cent. Brent LCOcv1 was last at $64.96, down 0.81 percent on the day.

Hong Kong ended marginally higher while Shanghai finished 0.5 percent lower.

S&P 500 Index futures were little changed.

The pan-European STOXX 600 fell 0.1 percent, trimming earlier gains.

The Bloomberg Dollar Spot Index held on to Monday's 0.3% drop.

The euro decreased less than 0.05 percent to $1.2331.

The British pound dipped 0.1 percent to $1.3898. The U.S. 10-year yield held at 2.87 percent after Monday's Treasury auction was broadly in line with expectations. Australia's 10-year yield was steady at 2.81%.

West Texas Intermediate crude held onto losses after decreasing 1.1 percent, to trade at $61.20 a barrel. Gold rose 0.1% to $1 321.32 an ounce.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.24.com encourages commentary submitted via MyNews24. "You can consider that a good thing, given this year will see more and more Treasuries issued".

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