North American markets look going to a lesser open today after last week’s rally in oil prices lost steam.
Crude prices resumed their slide following a strong two-day rally as output from Iraq reached record highs.U.S. stocks logged their first positive week of the year a week ago, with the three indexes closing up 2 percent on Friday.All eyes will be around the U.S. Federal Reserve’s next move ahead interest rates once the Federal Open Market Committee meets on Jan. 26-27.Investors, already rattled through the volatile begin to the entire year along with a persistent decline in oil prices, now turn to quarterly corporate results with lowered expectations.Quarterly profits at S&P 500 companies are expected to fall 4.3 percent, based on Thomson Reuters data. Excluding energy companies, earnings are estimated to develop by 1.7 per cent.McDonald’s Corp reported better-than-expected quarterly same-restaurant sales, helped through the launch of all-day breakfasts in the usa and recovering demand in China. Global same-restaurant sales rose Five percent, above the 3.2 per cent growth expected by analysts polled by research firm Consensus Metrix.Eldorado Gold Corp said it expects to write down the need for its assets in Greece by US$1.2 billion-US$1.6 billion, following the Canadian miner suspended majority of mine construction and rise in the ecu country.Valeant’s ailing leader Micheal Pearson who had been hospitalized with pneumonia in December said he was on the path to recovery, but was uncertain about as he would return from medical leave.Tyco International’s shares soared 14.4 per cent to $27.71 premarket after Johnson Controls Inc said it would merge using the Ireland-based fire protection and home security systems maker.Twitter was down 5.5 per cent at $16.85 after Chief Executive Jack Dorsey said four senior executives would leave the social networking company.Caterpillar was down 2.6 percent at $59.40 after Goldman Sachs cut its rating on the stock to “sell.”
? Thomson Reuters 2016