US pre-open: Stock futures fall on disappointing data
US stocks are expected to open lower after weekly jobless claims unexpectedly rose and weaker-than-forecast Chinese and Eurozone manufacturing data.
Initial jobless claims in the US rose to 295,000 in the week to 18 April from 294,000 the previous week, compared to analysts’ estimates of 287,000.
“Overall jobless claims remain at low levels, and relative to the reference week for the March establishment survey, the month-to-date progress in continuing unemployment claims suggests labour market conditions remain solid,” said Barclays Research.
A report at 14:45 BST is expected to show the US manufacturing purchasing managers’ index (PMI) remained at 55.7 in April.
It follows disappointing PMIs earlier from China and the Eurozone amid concerns surrounding the health of both economies.
On another negative note for markets, UK retail sales figures unexpectedly fell in March.
Back in the States, a report at 15:00 BST is estimated to reveal new home sales fell 4.5% in March compared to a 7.8% drop a month earlier.
Company-wise, Facebook dropped in pre-market trading a day after posting quarterly revenue that fell short of analysts’ predictions.
Qualcomm declined after the company forecast quarterly revenue and profit below market guidance.
EBay rallied after it posted quarterly earnings that beat forecasts.
West Texas Intermediate crude gained 0.51% to $56.45 per barrel at 14:04 BST and Brent crude rose 1.13% to $63.45, according to the ICE.