Market Watch: Housing Starts Data in Focus as President Biden Addresses UN

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Market Watch: Housing Starts Data in Focus as President Biden Addresses UN
Market Watch: Housing Starts Data in Focus as President Biden Addresses UN

In the world of trading, Tuesday is set to be a relatively quiet day, with investors turning their attention to the Housing Starts data. Early indications from the U.S. Futures Index suggest that Wall Street may open slightly higher, while Asian markets saw mixed results, and European shares are predominantly in the green.

Over at the United Nations, President Joe Biden is scheduled to deliver his third speech at the General Assembly today, with the address set for 10:00 AM ET. Following this, Biden will have a meeting with U.N. Secretary-General António Guterres at 11:30 AM ET and will host the C5+1 Presidential Summit.

The President’s busy agenda also includes discussions with Brazilian President Luiz Inacio Lula da Silva and Israeli Prime Minister Netanyahu.

As of 7:44 AM ET, the futures market showed positive signs, with the Dow futures up by 14.00 points, the S&P 500 futures adding 2.75 points, and the Nasdaq 100 futures progressing by 9.25 points.

In Monday’s trading session, the major U.S. indices closed with slight gains. The S&P 500 edged up 3.21 points or 0.1 percent to 4,453.53, the Dow inched up 6.06 points or less than a tenth of a percent to 34,624.30, and the Nasdaq crept up 1.90 points or less than a tenth of a percent to 13,710.24.

On the economic front, attention is on the Housing Starts and Permits for August, set to be published at 8:30 AM ET. The consensus estimate for Housing Starts is 1.435 million, slightly down from the previous month’s 1.452 million. For Permits, the consensus is 1.440 million, compared to July’s 1.442 million.

Additionally, there will be a Twenty-year Treasury Bond Auction at 1:00 PM ET and an Eight-week Treasury Bill auction at 11:00 AM ET.

In Asian markets, losses continued on Tuesday. China’s Shanghai Composite Index slipped 0.03 percent to close at 3,124.96, while the Shenzhen Component Index dropped 0.73 percent to 10,125.73. On the positive side, the Hang Seng Index of the Hong Kong Stock Exchange gained 0.37 percent to close at 17,997.17. Japan’s Nikkei 225 also saw losses, ending trading down 0.87 percent at 33,242.59. Australia’s S&P/ASX200 closed at 7,196.60, down 0.47 percent, and remained 4.90 percent below its 52-week high.

In Europe, shares are mostly trading in the green. France’s CAC 40 gained 0.19 percent, Germany’s DAX declined 0.17 percent, and England’s FTSE 100 progressed by 0.06 percent. The Swiss Market Index dropped 0.20 percent, while the Euro Stoxx 50, representing supersector leaders in the Eurozone, edged up by 0.17 percent.

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