US Stock Futures Flat, Markets Await Another Portion Of Data
The US futures are flat ahead of the open on Wall Street, as markets are focused on US housing sector data. Investors aim to gauge the strength of the world's largest economy and how it will impact monetary policy in the months ahead. The Commerce Department is expected to report building permits fell 2.3% from a month earlier to 1.347 million units, while housing starts are forecast to fall 0.7% to 1.310 million units.
Data on the US retail sales released yesterday broadly met expectations while prior months’ results were revised higher. The US Commerce Department reported that retail sales increased by 0.3% in April. The report indicated that the US consumer spending will likely bounce back in the second quarter after a tepid start to the year. This boosted US bond yields, with 10-year Treasury yields surging to a seven-year peak of 3.095%.
The US Energy Information Administration (EIA) will release its official weekly oil supplies report for the week ended May 11. Analysts forecast a fall of 1.4 million barrels for gasoline stockpiles, while distillate inventories are expected to drop by 2.1 million barrels. Meanwhile, the OPEC has published figures showing inventories in OECD countries had fallen to nine million barrels above the five-year average from 340 million at the start of last year.