1. Oil under pressure: U.S. crude futures slipped early Wednesday as Gulf Coast refineries braced for a fresh hit from Harvey. The storm has taken 11 refineries offline and flooding has knocked off 18% of U.S. refining capacity, according to S&P Global Platts.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | +20.00 | | +5.75 | | +0.75 | | +0.09% | | +0.10% | | +0.03% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | +143.99 | | -1.60 | | +17.22 | | 19,506.54 | | 3,363.63 | | 7,354.65 | | +0.74% | | -0.05% | | +0.23% | | | |
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| Key Stats | Latest | Today's Change | | | Oil | $46.18 | -0.26 / -0.56% | | | Gold | $1,316.30 | -2.60 / -0.20% | | | 10-yr | 2.14% | -0.02 / -1.07% | | | Euro | $1.19 | -0.00 / -0.24% | | | |
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| News: What you need to know about the markets | | | | | | | Oil under pressure; May in Japan; Markets rebound | By Ivana Kottasová
Wednesday, August 30th, 4:56am | | | | 1. Oil under pressure: U.S. crude futures slipped early Wednesday as Gulf Coast refineries braced for a fresh hit from Harvey. | | | | The storm has taken 11 refineries offline and flooding has knocked off 18% of U.S. refining capacity, according to S&P Global Platts. | | | | Oil was trading 0.7% lower at $46.10 per barrel. That's more than 3% lower than before the storm. | | | | Wholesale gasoline prices have spiked as the storm made a landfall, but analysts say impact on prices at the pump should be limited. U.S. stockpiles of gas remain high. | | | | Harvey is now moving back toward southeastern Texas and southwestern Louisiana, bringing six to 12 additional inches of rainfall with it, according to the National Weather Service. | | | | 2. Japan - U.K. talks: U.K. Prime Minister Theresa May is meeting her Japanese counterpart Shinzo Abe on Wednesday. | | | | May is hoping to lay groundwork for a post-Brexit trade agreement with Japan, which is close to completing a separate agreement with the EU. | | | | Meanwhile, the third round of Brexit divorce talks will continue in Brussels on Wednesday. | | | | The talks started on a negative note, with EU chief negotiator Michel Barnier warning that the U.K. must start "negotiating seriously." | | | | 3. Markets rebound: Global markets bounced back on Wednesday, with gains across Europe and Asia. | | | | U.S. stock futures pointed to a higher open on Wall Street. | | | | The Dow Jones industrial average closed 0.3% higher on Tuesday, while the S&P 500 and Nasdaq gained 0.1%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 4. Earnings and economics: Barnes & Noble is set to release earnings before the opening bell. | | | | The U.S. Bureau of Economic Analysis will publish data on second quarter GDP at 8:30 a.m. ET. It's the second growth estimate for the period. | | | | Weekly U.S. crude inventories data will be published at 10:30 a.m. | | | | German inflation data is expected at 8 a.m. Mexico's central bank will release its inflation report at 1:30 p.m. | | | | Download CNN MoneyStream for up-to-the-minute market data and news | | | | | | | |
| | | | | | Wednesday -- Second quarter U.S. GDP report (second estimate); Barnes & Noble earnings; U.S. crude inventories report
Thursday -- Campbell Soup, lululemon athletica earnings; Personal income & spending report; Chinese manufacturing PMI; Eurozone unemployment and inflation reports; Canada GDP data; BRICS summit in China begins; India GDP; IFA electronics show
Friday -- Jobs report; NAFTA talks; The University of Michigan sentiment report | | | | | | | |
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