Wall Street Might Open Lower

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Initial signs from the U.S. Futures Index suggest that Wall Street might open in the red.

Asian shares finished mostly higher, while European shares are trading in the red.

Flash Composite PMI as well as New Home Sales report are the major focus in economic front.

Investors are keeping an eye on the latest developments in U.S. -Chinese trade discussions.

Theresa May bid farewell as Prime Minister of U.K and newly elect Boris Johnson will be her successor.

As of 7.55 am ET, the Dow futures were losing 91.00 points, the S&P 500 futures were down 7.75 points and the Nasdaq 100 futures were declining 33.25 points.

The U.S. stocks closed higher on Tuesday. The Dow climbed 177.29 points or 0.7 percent to 27,349.19, the Nasdaq rose 47.27 points or 0.6 percent to 8,251.40 and the S&P 500 advanced 20.44 points or 0.7 percent to 3,005.47.

On the economic front, Markit Economics' the flash Composite Purchasing Managers' Index or PMI for July will be published at 9.45 am ET. The consensus is for 51.7, up from 50.6 in the prior month.

Commerce and Housing & Urban Development Departments New Home Sales for June will be issued at 10.00 am ET. The consensus is for 660K, higher than 626K in the previous month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be released at 10.30 am ET. In the prior week, the crude oil inventories were down 3.1 million barrels, while gasoline inventories were up 3.6 million barrels.

Two year Floating Rate Treasury Note auction will be held at 11.30 am ET. The Five year Note auction will be held at 1.00 pm ET.

In the corporate sector, Snapchat parent Snap Inc., Chipotle Mexican Grill, and Visa are among the companies releasing their quarterly results after the close of today's trading.

Asian stocks rose broadly on Wednesday. Chinese stocks rose. The benchmark Shanghai Composite Index ended up 23.33 points or 0.8 percent at 2,923.28, while Hong Kong's Hang Seng Index rose 57.56 points or 0.2 percent to 28,524.04.

Japanese shares hit a 2-1/2-week high. The Nikkei 225 Index climbed 88.69 points or 0.4 percent to 21,709.57, its highest closing level since July 5. The broader Topix closed 0.4 percent higher at 1,575.09.

Australian markets advanced notably. The benchmark S&P/ASX 200 Index climbed 52.10 points or 0.8 percent to 6,776.60, a more than 11-1/2-year high. The broader All Ordinaries Index ended up 49.90 points or 0.7 percent at 6,862.40.

European shares are trading mostly in the red. The CAC 40 Index of France is declining 22.20 points or 0.40 percent. The German DAX is adding 36.70 points or 0.29 percent, the U.K. FTSE 100 Index is losing 73.29 points or 0.97 percent. The Swiss Market Index is falling 42.80 points or 0.43 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.10 percent.

Copyright RTT News/dpa-AFX