(News Bulletin 247) – Futures on equity indices are on the rise on the New York Stock Exchange (+0.2% on the S&P500 and on the Nasdaq-100), after an economic indicator likely to plead for a more accommodating attitude of the Federal Reserve on its monetary policy.
Indeed, manufacturing activity in the New York region fell heavily into contraction zone in May, given the Empire State index which came out at -31.8, compared to +10.8 in April, deterioration much greater than that feared by the consensus.
Many other statistics are expected this week, such as industrial production, retail sales and the Conference Board’s leading indicators for April, as well as several interventions by Fed members, including Jerome Powell.
The next few days should also be dominated by the issue of the US public debt ceiling, as discussions between Joe Biden and his Republican opposition still seem to be deadlocked.
‘Janet Yellen still sees June 1 as the date on which the United States will no longer be able to finance the functioning of the State, if the debt ceiling is not raised,’ recalls Vincent Boy, market analyst at IG France.
In terms of corporate publications, the week will mainly see those of several big names in distribution such as Walmart and Home Depot, as well as those of the giant of network technologies Cisco and the agricultural equipment manufacturer Deere.
Meanwhile, in securities news, conglomerate 3M has announced that Michael Vale, chief business and country officer, has been fired for ‘inappropriate personal conduct unrelated to the group’s operations and financial performance’ .
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