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Nov 28, 2016

U.S. Stock Market Future Indications on November 28, 2016: U.S. Stocks Poised to Open Lower as Hopes of an OPEC Deal Fade


Sam Meredith

Spencer Platt | Getty Images
U.S. stock index futures pointed to a lower open on Monday morning amid increasing levels of investor angst that OPEC will be not able to agree to a production cut this week.
In oil markets, Brent crude traded at around $46.84 a barrel on Monday morning, down 0.8 percent, while U.S. crude was around $45.71 a barrel, down 0.8 percent. OPEC members are holding bilateral meetings as they try to reach an agreement at a general meeting on Wednesday.
Libya's National Oil Corporation (NOC) said on Sunday it would not take part in any OPEC production cuts for the "foreseeable future", according to Reuters, and the Saudi Arabian Energy Minister Khalid al-Falih also said that he believed the oil market would balance itself next year even if producers did not intervene.
On the earnings front Monday, ZTO Express is due to report after the bell in its first report since its initial public offering (IPO). Shoe Carnival, 21Vianet and Thor Industries are also set to report earnings after the market close.
On the data front, Monday will see Dallas Fed survey data released at 10.30 a.m. ET. In Europe, the pan-European Stoxx-600 index was around 0.89 percent lower on Monday morning. Investors in Europe are also becoming increasingly worried over the upcoming referendum in Italy that could potentially lead to the fall of the government and raise concerns over the recapitalization of the banking system.
In Asia, the Shanghai Composite in China closed 0.46 percent higher, while the Nikkei in Japan closed 0.13 percent lower.