Ahead Of The U.S. Open
Benzinga | Apr 26, 2013 08:23AM ET
U.S. equity futures traded lower in early pre-market trade ahead of the key U.S. first quarter GDP report due out at 8:30 am eastern. Economists surveyed by Bloomberg are expecting a growth rate of 3.1 percent in the first quarter with the range of estimates between 2.3-3.3 percent. This would be a staunch improvement from the fourth quarter's 0.4 percent growth.
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In other news around the markets:
- The Bank of Japan released its updated economic forecasts at its interest rate meeting overnight, estimating 2.9 percent growth for fiscal year 2013 and 2014 vs. 2.3 percent previously and sees the BoJ achieving 1.9 percent inflation by 2015 or 2016.
- The China MNI Business Sentiment Index rose to 58.6 in April from 58.2 in March, showing that businesses and managers are still rather optimistic about the Chinese economy despite recent weak data.
- Archer Daniels Midland (WY ) is expected to report first quarter EPS of $0.22 vs. $0.02 a year ago.
On the economics calendar Friday, the first look at U.S. first quarter GDP is expected as well as consumer sentiment data later.
BY Matthew Kanterman
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