Fed speeches, politics set to take focus on Wall Street

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U.S. stock index futures pointed to a strong higher open on Monday, as investors awaited remarks from leading Federal Reserve officials, while keeping a close eye on news coming out of the political sphere.

With little economic data due out on Monday, market-watchers will be on the lookout for any key statements made by two Fed presidents, just days after the central bank decided to raise rates for the second time this year.

In the morning, New York Fed President William Dudley is set to meet with local business leaders at a roundtable breakfast meeting in Plattsburgh, while Chicago Fed President Charles Evans will be at the Money Marketeers of New York University on Monday evening, where he is expected to talk about current economic conditions and monetary policy.

Elsewhere, U.K. Brexit Secretary David Davis will be in Brussels on Monday, where he is expected to help set out a structure for the negotiations going forward, when it comes to the U.K. exiting the European Union.

The Brexit talks come less than two weeks after Prime Minister Theresa May and her Conservative Party lost their parliamentary majority, and put the future of British politics into greater doubt. Consequently, traders will be paying close attention to sterling (GBP=) during Monday’s trade, as it reacts to news out of Brussels.

Investors will also be on the lookout for any news out of the White House, as the U.S. President meets with the President of Panama, Juan Carlos Varela.

On the data front, no major economic releases or earnings are due out on Monday, however two bond auctions will be taking place.

Meanwhile in commodities, oil prices fluctuatedon Monday, with gains capped as a steady rise in U.S. production weighed on sentiment.

At 5.30 a.m. ET on Monday, U.S. crude was slightly up, hovering around $44.78, while Brent stood around $47.42 per barrel.

In Europe, bourses were posting solid gains in morning trade, while Asia-Pacific markets finished trade on a positive note.

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Source: einnews.com