North American markets look going to a higher open today as oil prices recover slightly and investors digest a brand new batch of U.S. economic data, together with a report on job development in the private sector.
U.S. home improvement retailer Lowe’s Cos Inc said it would buy Rona Inc in a deal worth $3.2 billion to go in Canada’s Quebec province, where Rona is the market leader.Oil prices pared some losses after Russia reiterated its openness to speaking with OPEC about output cuts, which helped revive hope among investors that the world’s largest producers could act to boost prices.Shares of oil majors Exxon and Chevron were up about 0.4 per cent in premarket trading.
Oil prices have fallen about 70 per cent previously 18 months, hit by a growing glut and cooling economic growth in China along with other emerging markets.Investors are also keeping experience on U.S. economic data for clues concerning the pace of future rate hikes by the Fed. Fed fund futures are pricing in only one hike this season, underneath the projection through the Fed’s policy board members that rates could be increased four times.Payrolls processor ADP showed that private employers added 205,000 jobs in January, higher than the 195,000 expected by economists polled by Reuters. The information comes in front of the more comprehensive employment report through the U.S. government on Friday.At 10 a.m. ET on Wednesday, the ISM is expected to report that its non-manufacturing sector index slipped to 55.1 in January from 55.3 in December.Vehicle Co rode sales of SUVs and pickups in The united states to some record profit in 2015, and reaffirmed its forecast to do better this season despite signs that vehicle sales are hitting an optimum.Chipotle Mexican Grill was down 6.5 per cent at $445, a day following the burrito chain said a criminal probe associated with a food-safety incident in a California restaurant has widened into a national investigation.Yahoo was down 2.3 per cent at $28.40 following the company said it would consider “strategic alternatives” because of its core Internet business and cut about 15 per cent of their workforce.
? Thomson Reuters 2016