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Aug 7, 2019

Dow I Before The Bell: Dow futures cautiously edge higher amid trade war jitters

Sam Meredith



U.S. stock index futures were slightly higher Wednesday morning, amid simmering trade tensions between the world’s two largest economies.
At around 6:10 a.m. ET, Dow futures indicated a positive open of more than 45 points. Futures on the S&P and Nasdaq were slightly higher.
Signs that China is stepping in to steady the yuan appeared to help soothe investor concerns of a global currency war on Wednesday. It comes after a period of heavy selling pressure at the start of the week.
The People’s Bank of China (PBOC) set the official midpoint reference for yuan at 6.9996 on Wednesday, just a hair away from the psychologically important 7-per-dollar level. The latest yuan fixing was slightly weaker-than-expected, keeping markets nervous about its intentions.
Beijing let the yuan breach that 7-per-dollar level for the first time in 11 years on Monday, shortly after President Donald Trump threatened to impose more tariffs.
On Tuesday, the PBOC warned the U.S. that designating it as a currency manipulator would have severe consequences for the global financial order.
On the U.S. data front, weekly mortgage applications are expected at 7 a.m. ET, while consumer credit figures for June will be released at 3 p.m.
In corporate news, CenterPoint, NRG Energy, and Teva Pharma are among some of the major companies set to report their latest quarterly earnings before the opening bell.
Booking Holdings, Fox Corp, and AIG are scheduled to report their latest figures after market close.
—Reuters contributed to this report.

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