US pre-open: Stocks looks set for strong open as US-Sino trade talks continue
By Iain Gilbert
Date: Friday 11 Oct 2019
(Sharecast News) - US futures had stocks opening higher for a third consecutive session on Friday following some positive comments from Donald Trump regarding US-Sino trade talks.
As of 1230 BST, Dow futures were ahead 0.92%, while S&P 500 and Nasdaq futures had the indices opening 0.91% and 1.06% firmer, respectively.
The Dow closed 150.66 points higher on Thursday as market participants kept a close eye on the status of high-level trade talks between Washington and Beijing.
Trump told reporters on Thursday that discussions between China and the US were going "really well". He will meet with Chinese Vice Premier Liu He in Washington later on Friday.
However, Trump has previously said that if no progress can be made in bilateral trade negotiations this week, the White House will increase tariffs on Chinese imports on 15 October.
Oanda analyst Craig Elam said: "We have huge meetings today that will convert optimism into euphoria or leave us feeling silly for getting carried away in the first place. No big deal.
"Trump welcomes Chinese Vice Premier Liu He to the White House after productive talks with his trade team on Thursday in what could be the first step towards de-escalating the trade war that has plagued the global economy for the last year."
Investors will also likely be paying attention to news from across the pond as the EU's chief Brexit negotiator, Michel Barnier, was due to meet UK Brexit Secretary Stephen Barclay for talks later in the day.
On the data front, import/export prices for September will be published at 1330 BST, while the October edition of the closely watched University of Michigan consumer sentiment index was set for release at 1500 BST.
In Fed speak, Neel Kashkari, Eric Rosengren and Robert Kaplan will all make speeches throughout the day.
In corporate news, Fastenal, Infosys and Star Alliance will all post their latest quarterly results on Friday.
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