Wall Street Aims To Open Positive

(RTTNews) - The New Home Sales for January might be the major economic announcement on Wednesday.

Asian shares finished mostly up, while European shares are trading higher.

President Donald Trump's move to boost U.S. production of Copper and review the current import tariff is closely watched by investors.

In the Asian trading session, oil bounced off two-month lows after the American Petroleum Institute reported U.S. crude stockpiles fell last week..

It is expected that EIA might mark the first decline in U.S. crude oil inventories today, since mid-January.

As of 7.40 am ET, the Dow futures were up 115.00 points, the S&P 500 futures were adding 28.75 points and the Nasdaq 100 futures were progressing 147.00 points.

The U.S. major averages finished lower on Tuesday. The Nasdaq plunged 260.54 points or 1.4 percent to a three-month closing low of 19,026.39 and the S&P 500 slid 28.00 points or 0.5 percent to a one-month closing low of 5,955.25, although the narrower Dow bucked the downtrend and climbed 159.95 points or 0.4 percent to 43,621.16.

On the economic front, the New Home Sales for January will be issued at 10.00 am ET. The consensus is for an increase of 680K, while it was up 698K in the prior month.

The Energy Information Administration or EIA's Petroleum Status Report for the week will be issued at 10.30 am ET. In the prior week, the crude oil inventories were up 4.6 million barrels and the gasoline inventories were down 0.2 million barrels.

The Survey of Business Uncertainty for January is scheduled at 11.00 am ET. In the prior month the sales growth was up 3.83 percent.

Two-year Floating Rate Note or FRN auction will be held at 11.30 am ET. Seven-year Treasury Note auction will be held at 1.00 pm ET.

Richmond Fed President Thomas Barkin will speak on 'Inflation Then and Now' before the Northern Virginia Chamber of Commerce at 8.30 am ET.

Atlanta Fed President Raphael Bostic will participates in conversation on the economic outlook and housing before the Urban Land Institute's annual Housing Opportunity Conference at 12.00 pm ET.

Asian markets ended mixed on Wednesday. China's Shanghai Composite index rallied 1.02 percent to 3,380.21.

Hong Kong's Hang Seng index surged 3.27 percent to 23,787.93.

Japanese markets ended modestly lower. The Nikkei average fell to 38,142.37.

Australian markets ended slightly lower. The benchmark S&P/ASX 200 slipped 0.14 percent to 8,240.70 while the broader All Ordinaries index settled 0.24 percent lower at 8,477.30.

European shares are trading higher. CAC 40 of France is adding 110.67 points or 1.37 percent. DAX of Germany is gaining 353.49 points or 1.58 percent. FTSE 100 of England is progressing 50.54 points or 0.58 percent. The Swiss Market Index is up 44.68 points or 0.34 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is up 1.35 percent.