U.S. stock futures were lower this morning as investors awaited December retail sales figures -- the bulk of the holiday season. The turmoil in, and hence the growing concern about, the financial sector continued as a day after Citigroup's sale of a majority stake in Smith Barney to Morgan Stanley, Deutsche Bank issued a profit -- or rather a loss -- warning.Overseas, Asian markets gained Wednesday on Federal Reserve Chairman Ben Bernanke's remarks Tuesday that a fiscal package could help revitalize the ailing U.S. economy and the U.S. government may have to pump more money into the banks. European stock markets, however, fell sharply Wednesday on renewed concerns about the banking system and ahead of U.S. retail sales figures.
Meanwhile, oil prices rose to near $39 a barrel Wednesday on Bernanke's comments and as projections of lower output by Saudi Arabia - OPEC's main producer - also lifted prices.
In economic news, December retail sales are due at 8:30 a.m. EST and are expected to have dropped 1.2-1.7%
in December (according to different sources), following a decline of 1.8% in November.
Also at that time, December import and exported prices will be released.
At 10:00 a.m. EST, November business inventory data is due out and shortly after, weekly crude inventories.
Finally, at 2:00 p.m. EST, the Fed will released its Beige Book of economic anecdotes.
Also at that time, December import and exported prices will be released.
At 10:00 a.m. EST, November business inventory data is due out and shortly after, weekly crude inventories.
Finally, at 2:00 p.m. EST, the Fed will released its Beige Book of economic anecdotes.
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