Business News

Stock futures point to Wall St rise; Wal-Mart, data eyed



2008-08-14 04:55:54

LONDON (Reuters) –

Stock futures point to a higher opening

on Wall Street on Thursday, reversing some of the previous

session’s losses while investors await for key inflation data,

as well as earnings from Wal-Mart Stores (WMT.N), the world’s

biggest retailer.

By 0905 GMT, S&P 500 futures were up 0.24 percent, the Dow

Jones futures were up 0.29 percent and the Nasdaq 100 futures

were up 0.19 percent.

Economic indicators on tap for Thursday include weekly

jobless claims and Consumer Price Index data, due at 1230 GMT.

Analysts expect the CPI to show a still-steep rise of 0.4

percent in July after a 1.1 percent jump in June, according to

the median forecast of 83 economists polled by Reuters.

Earnings reports on Thursday include JC Penney Co (JCP.N),

Kohl’s Corp (KSS.N) and Wal-Mart Stores (WMT.N). The results

will provide another indication of how consumers used their tax

rebate checks. Wal-Mart is expected to report a higher

second-quarter profit as cash-strapped shoppers have been

flocking to the retailer in search of discounts on food,

household items and electronics.

Steelmakers will be in the spotlight after Germany’s

ThyssenKrupp (TKAG.DE) and Salzgitter (SZGG.DE) raised their

profit forecasts on Thursday as they cashed in on growth in

developing economies such as China, India and Russia.

Brewer InBev (INTB.BR) hopes to sign senior banks into the

$45 billion loan backing its acquisition of Anheuser-Busch

(BUD.N) next week, its chief executive said on Thursday.

Barnes & Noble Inc (BKS.N), the largest U.S. specialty

bookseller, is unlikely to make a bid for rival Borders Group

Inc (BGP.N), The Wall Street Journal said, citing people

familiar with the situation.

Federal Reserve Bank of Minneapolis President Gary Stern

speaks on “Repercussions from the Financial Shock” at the

annual meeting of the Federal Reserve Bank of Minneapolis,

Helena Branch, in Three Forks, Montana 1830 GMT.

(Reporting by Blaise Robinson; Editing by David Cowell)

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