(RTTNews.com) - Wall Street is looking at snapping its 3-day losing streak, as reflected by the trading in the U.S. index futures, which points to a higher opening on Friday. Earlier in the global trading day, Asian stocks ended mixed, while the European markets are also seeing mixed sentiment. Although the recent losses could lead to some bargain hunting, a revival is seriously in doubt, as there aren't any meaningful catalysts to influence the markets in a big way. The November producer price inflation report is due ahead of the markets open. The ratification of the budget deal by the House removes some of the overhang surrounding the fiscal situation, which ironically could intensify monetary policy worries.
At 6:15 am ET, the Dow futures are rising 40 points, the S&P 500 futures are advancing 7 points and the Nasdaq 100 futures are up 13.50 points.
U.S. stocks retreated yet again on Thursday amid the release of some mixed data, which accentuated the monetary policy uncertainty further.
On the economic front, the Labor Department is scheduled to release its producer price inflation report for November at 8:30 am ET. Economists expect producer price index to have edged down 0.1 percent month-over-month, while excluding food and energy, producer prices may have risen 0.1 percent.
In corporate news, Adobe Systems ( ADBE ) reported fourth quarter non-GAAP earnings of 32 cents per share on revenues of $1.04 billion. The earnings were in line and the revenues beat estimates. For 2014, the company expects non-GAAP earnings of 1.10 per share on flat revenues. The guidance was negative.
Quiksilver ( ZQK ) reported a fourth quarter pro forma loss from continuing operations of 4 cents per share compared to pro forma income from continuing operations of 5 cents per share on net revenues of $476 million. The results trailed expectations.
Quest Diagnostics ( DGX ) tightened its full year adjusted earnings per share guidance to $3.90-$3.95 per share from $3.85 to $3.95 per share, while it maintained its revenue guidance for a 3.5 percent drop from the year-ago period. The company indicated that it continues to see challenges in the operating environment. The earnings guidance is positive.
United Technologies (UTX) said its CEO Louis Chenevert said in a meeting with investors and analysts that it expects 2013 earnings to be at $6.15 per share, at the high end of its previous forecast of $6.10-$6.15 per share. The company said it continues to expect sales of $63 billion. For 2014, the company expects earnings of $6.55-$6.85 per share on sales of about $64 billion. The 2013 guidance was in line, while the 2014 guidance was below expectations.
Cooper Companies ( COO ) said its board has authorized the repurchase of up to $200 million of its common stock under its existing authorization, taking total authorized limit to $500 million of its common stock.
Jacobs (JCE) announced the completion of its proposed acquisition of professional services firm Sinclair Knight Merz for A$1.3 billion in cash.
Edison (EIX) announced an increase in its annual dividend to $1.42 per share from $1.35 per share. Rent-A-Center ( RCII ) also announced that its board approved a 10 percent increase in its quarterly cash dividend to 23 cents per share.
The Asian markets closed mixed as recent losses generated some bargain hunting-related buying. The Japanese, Australian, Hong Kong, Malaysian, New Zealand and Taiwanese markets advanced, while the South Korean, Chinese, Indonesian and Indian markets moved to the downside.
The Japanese market benefited from the yen's weakness amid expectations that the Federal Reserve will soon begin paring back its stimulus. After seeing some volatility in the morning, the Nikkei 225 average retreated in late morning trading only to rebound immediately after. Subsequently, the index advanced steadily until late afternoon trading before moving sideways. The index ended up 61.29 points or 0.40 percent at 15,403. Export stocks moved to the upside, while utility, insurance, telecom, construction and financial stocks came under selling pressure.
Australia's All Ordinaries moved back and forth across the unchanged line in a nervous manner till the mid-session. Thereafter, the index advanced steadily before closing up 32.30 points or 0.64 percent at 5,102, with the weakness of the aussie responsible for some of the strength. Most sectors advanced, with energy, financial, healthcare and material stocks leading the gains.
Hong Kong's Hang Seng Index closed at 23,246, up 27.84 points or 0.12 percent, while China's Shanghai Composite Index fell 6.72 points or 0.31 percent before closing at 2,196.
On the economic front, revised estimates released by Japan'sMinistry of Economy, Trade and Industry showed that Japanese industrial production growth for October was upwardly revised to 1 percent from the 0.5 percent growth estimated initially. The growth in shipments was also upwardly revised to 2.3 percent from 1.8 percent.
European stocks have started lower and have since then moved higher. The French CAC 40 Index, the German DAX Index and the U.K.'s FTSE 100 Index all are currently trading in positive territory.
On the economic front, the German Federal Statistical Office reported that German wholesale prices fell 2.2 percent year-over-year in November following the 2.7 percent drop in October. On a month-over-month basis, prices were down 0.2 percent.
U.K. construction output recovered in October, boosting hopes of strong recovery in the fourth quarter. Construction output gained 2.2 percent from the previous month after declining 0.5 percent in September, the Office for National Statistics said.
Employment in the euro area stayed unchanged for the second successive quarter in the three months to September, data released by statistical office Eurostat revealed. On an annual basis, employment decreased by 0.8 percent.
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