Premarket: 6 things to know before the bell
1. Harvey energy havoc: Harvey has knocked more Gulf Coast refineries offline, sending gasoline futures to around $ 2 a gallon.
Thirteen oil refineries have been shut down or are in the process of closing, while several others are operating at reduced rates. Altogether, the storm has knocked out about a fifth of America’s refining capacity, according to S&P Global Platts.
The Colonial Pipeline, which carries huge amounts of gasoline and other fuel between Houston and the East Coast, is also shutting down after Harvey, which is now considered a tropical depression, forced the closure of refineries and some of the pipeline’s own facilities.
2. Brexit talks round three: The third round of divorce talks between the U.K. and the EU is set to conclude on Thursday.
Negotiators are expected to give an update on the status of discussions.
Recent comments from EU officials suggest that little progress has been made because of disagreements over a financial settlement.
3. Uber’s new start: Incoming Uber CEO Dara Khosrowshahi met with the embattled startup’s employees for the first time on Wednesday.
“This company has to change,” Khosrowshahi told employees, according to the company. “What got us here is not what’s going to get us to the next level.”
The Expedia (EXPE) CEO said he will start at Uber on Tuesday.
4. Global market overview: U.S. stock futures were pointing higher on Thursday.
Major European markets gained in early trade, while Asian markets ended the session mixed.
The Dow Jones industrial average closed 0.1% higher on Wednesday, while the S&P 500 added 0.5% and the Nasdaq gained 1.2%.
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5. Earnings and economics: Lands’ End (LE) and Dollar General (DG) are set to release earnings before the open.
Campbell Soup(CPB) will also report before the bell. CEO Denise Morrison recently criticized President Trump’s response to the violence in Charlottesville, Virginia, and quit his business council.
Sports clothing retailer lululemon athletica (LULU) will publish results after the closing bell.
Shares in French supermarket chain Carrefour (CRERF) dropped 14% in Paris after it reported disappointing results.
The U.S. Bureau of Economic Analysis will release its personal income and spending report for July at 8:30 a.m. ET.
Government data showed Chinese manufacturing unexpectedly strengthened in August. However, the construction and service sectors appear to be losing momentum.
Eurozone inflation and unemployment data will be published at 5:00 a.m.
India’s latest GDP data will be published at 7:30 a.m. Canada will follow with its own GDP report at 8:30 a.m.
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6. Coming this week:
Thursday — Campbell Soup (CPB), lululemon athletica (LULU) earnings; Personal income & spending report; Chinese manufacturing PMI; Eurozone unemployment and inflation reports; Canada GDP data; BRICS summit in China begins; India GDP; IFA electronics show
Friday — Jobs report; NAFTA talks; The University of Michigan sentiment report
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