Global Stock Markets
Wall Street indexes were set to climb at opening on Wednesday after
progress on a U.S. tax bill and talk of deregulation in the banking
sector pushed stocks to record levels.
Investors seemed to shrug off concerns over a missile test by North Korea that put the entire U.S. mainland within range of its nuclear weapons.
Allergan rose more than 3 percent in premarket trading after Morgan Stanley upgraded to “overweight” from “equal-weight”.
Wells Fargo slipped a third of a percent after the Wall Street Journal reported that a federal regulator has advised the lender’s board that it was weighing a formal action against the bank over improprieties in its auto-insurance and mortgage operations.
U.S. Senate Republicans on Tuesday rammed forward
the bill, which corporate America is hoping will slash business tax
rates, in an abrupt, partisan committee vote that set up a full vote by
the Senate as soon as Thursday.
Some details
remained unsettled and Democrats were left furious about a lack of
discussion on a bill that could add an estimated $1.4 trillion to the
$20 trillion national debt over 10 years.
Investors seemed to shrug off concerns over a missile test by North Korea that put the entire U.S. mainland within range of its nuclear weapons.
Fed
chair nominee Jerome Powell, in his Senate confirmation hearing on
Tuesday, said the case for a December rate hike was coming together and
also hinted at a lighter touch for bank regulation.
Current
Fed Chair Janet Yellen is set to testify on the economic outlook before
the Congressional
Joint Economic Committee, two weeks before the
central bank is widely expected to raise interest rates again for the
third time this year.
The second revision of
third-quarter gross domestic product is forecast to show growth
increasing to an annualized rate of 3.2 percent from the previously
reported 3 percent.
The Fed’s preferred gauge
of inflation, the personal consumption expenditures (PCE) price index
excluding food and energy, is expected to show a 1.4 percent rise in the
third quarter up from 1.3 percent in the previous quarter.
Both reports are due at 8:30 a.m. ET (1330 GMT).
The Fed is also due to issue its Beige Book, a compendium of anecdotes on the health of the economy, at 2:00 p.m. ET.
Allergan rose more than 3 percent in premarket trading after Morgan Stanley upgraded to “overweight” from “equal-weight”.
Wells Fargo slipped a third of a percent after the Wall Street Journal reported that a federal regulator has advised the lender’s board that it was weighing a formal action against the bank over improprieties in its auto-insurance and mortgage operations.
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