1. U.K. election jitters: The British pound was under pressure Wednesday after a new election projection showed that Prime Minister Theresa May could lose her majority in parliament. Investors had been counting on a big win for May in the June 8 election, but the YouGov projection suggests that her party could lose a sizable number of seats. The result might be political gridlock.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -6.00 | | +7.00 | | +0.75 | | -0.03% | | +0.12% | | +0.03% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -27.28 | | +7.12 | | +15.99 | | 19,650.57 | | 3,117.18 | | 7,542.50 | | -0.14% | | +0.23% | | +0.21% | | | |
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| Key Stats | Latest | Today's Change | | | Oil | $48.84 | -0.82 / -1.65% | | | Gold | $1,264.00 | +1.90 / +0.15% | | | 10-yr | 2.22% | -0.03 / -1.47% | | | Euro | $1.12 | +0.00 / +0.22% | | | |
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| News: What you need to know about the markets | | | | | | | U.K. election jitters; Exxon climate vote; Futures flat | By Ivana Kottasová
Wednesday, May 31st, 5:24am | | | | 1. U.K. election jitters: The British pound was under pressure Wednesday after a new election projection showed that Prime Minister Theresa May could lose her majority in parliament. | | | | Investors had been counting on a big win for May in the June 8 election, but the YouGov projection suggests that her party could lose a sizable number of seats. The result might be political gridlock. | | | | Kallum Pickering, an economist at Berenberg Bank, said that unreliable polling data and an uncertain political landscape make the election result especially difficult to predict. | | | | "To put it one way, we would not be very surprised if there was surprise!" he said. | | | | The pound was trading 0.5% lower on Wednesday at just below $1.28. The currency has fallen 14% since the day of the Brexit referendum. | | | | 2. ExxonMobil meeting: Exxon will hold its annual shareholder meeting on Wednesday, and climate change will top the agenda. | | | | The event will feature a vote on a proposal that requires for Exxon to stress test its assets for risks posed by curbs on carbon emissions and new technology like electric cars. | | | | The vote is seen as ground zero for efforts to get fossil fuel companies to acknowledge the ground is shifting beneath them. | | | | 3. Global market overview: U.S. stock futures were flat early on Wednesday. | | | | European markets were mixed in early trading. Asian markets ended the session mixed. | | | | The Dow Jones industrial average shed 0.2% on Tuesday, while the S&P 500 and Nasdaq declined 0.1%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 4. Earnings and economics: Fashion retailers Michael Kors and Vera Bradley are set to release earnings before the open, while Hewlett Packard Enterprise will follow after the close. | | | | Investors will get closer look at the U.S. housing market on Wednesday. Data on mortgage applications will be released at 7 a.m. ET, with a home sales report following at 10:00 a.m. | | | | Download CNN MoneyStream for up-to-the-minute market data and news | | | | America's closest neighbors will also publish reports on their economies. Canada's GDP data is expected at 8:30 a.m. At 1:30 p.m., Mexico's central bank will release its inflation report. | | | | India will release its first quarter GDP growth data at 8 a.m. on Wednesday. Economists believe India's economy maintained its impressive 7% GDP growth pace, keeping it atop the list of the world's fastest growing major economies. | | | | Chinese manufacturing data showed a slight rebound in May. | | | | | | | |
| | | | | | Wednesday - ExxonMobil shareholders meeting; Michael Kors and Vera Bradley earnings; U.S. housing mortgage applications and home sales data; Canadian GDP report; Chinese manufacturing data
Thursday - Lululemon and Express earnings; U.S. crude inventories; Institute for Supply Management manufacturing index;
Friday - Jobs report | | | | | | | |
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