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US Pre Market Open: Despite Frightful Month, Wall Street Eyes Gains For The Final Session

Market Analysis /
31 Oct 2018

There’s little around that seems likely to spook equity markets as we head into the month end. Despite cautionary notes from the Bank of Japan over its attempts to stoke inflation, the Nikkei lead markets across Asia higher overnight and US index futures suggest we’re on course to see a strong start to the session on Wall Street too. Economic data is relatively thin on the ground, but one reading that could throw a proverbial spanner in the works will be the release of the US employment cost index. Anything that suggests costs are rising too quickly could fuel inflation fears and raise the spectre of an even more hawkish Federal Reserve into 2019.

There’s another slew of US earnings releases due across the session, including the likes of Kellogg, Yum Brands and the telecoms group Sprint, so there’s plenty of potential to get a steer over the appetite of US consumers. There’s no escaping the fact that with almost a 2,000 point decline on the DOW, October may have given many investors something of a fright, but at least for now the markets are steering away from correction territory.

Ahead of the open we’re calling the DOW up 95 at 24970 and the S&P up 13 at 2696.

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