US pre-open: JP Morgan´s trading losses increase 50 per cent

Date: Thursday 17 May 2012

The main US equity futures are now being called to open roughly 0.2 per cent lower. That on the back of reports that Moody´s is to downgrade several Spanish banks this afternoon, and ahead of important macro-economic data releases.

Foremost amongst the latter is the Federal Reserve Bank of Philadelphia´s monthly manufacturing sector survey.

On the company front, and according to a report in a New York Times blog, JP Morgan´s trading losses have recently increased by at least 50%.

Wal Mart is moving higher after reporting comfortably better than expected quarterly earnings.

Agilent Technologies is to buy Dako for $2bn.

Data releases on tap

Initial weekly unemployment claims remained unchanged last week, at 370,000 (Consensus: 365,000), while the previous week´s reading was revised slightly upwards.

The Federal Reserve Bank of Philadelphia will release the results of its manufacturing sector survey at 3PM.

The Conference Board is due to publish its leading economic indicators at that same hour.

Treasury yields plumb new lows

10 year US Treasury bonds are now 2/32 dollars lower, with their yields at 1.77%.

Front month West Texas crude futures are 0.32% higher at 93.11 dollars on the NYMEX.

AB

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