Here are the top five things you need to know in financial markets on Wednesday, July 20:
1. Global stocks mixed on light calendar day
Shares in Asia were mixed on a light data day Wednesday following what was also a mixed close on Wall Street.
European stocks opened higher on Wednesday in a session that marked the first day of the European Central Bank’s (ECB) policy meeting with the announcement to be released on Thursday.
Tuesday saw the Dow hit its longest winning streak in three years, while the S&P 500 declined slightly in one of the lowest volume sessions of the year. U.S. futures also pointed to a lower open on Friday, as investors locked in profits after another record close in the prior session. At 9:5AM GMT, or 5:55AM ET, the blue-chip Dow futures gained 75 points, or 0.40%, S&P 500 futures rose 8 points, or 0.36%, and the Nasdaq 100 futures traded up 18 points, or 0.39%.
2. Morgan Stanley up to bat as earnings dump continues
Morgan Stanley (NYSE:MS) (NYSE:MS) was set to be the last of the six largest U.S. banks to report second quarter earnings before the bell on Wednesday.
Consensus forecast the bank to pocket earnings-per-share of $0.89 on revenue of $8.48 billion.
American Express (NYSE:AXP), Intel (NASDAQ:INTC) and eBay were among companies set to report earnings after the market close on Wednesday.
3. PIMCO puts former Goldman Sachs banker at helm
Pacific Investment Management Co (PIMCO) has hired Emmanuel 'Manny' Roman, the chief executive of the world's biggest listed hedge fund Man Group plc (L:EMG), as it tries to reverse a slump in fortunes since co-founder Bill Gross left in 2014.
Roman, a former Goldman Sachs banker, will take over asset manager PIMCO on Nov. 1, Man Group said on Wednesday, replacing the incumbent Douglas Hodge.
4. Oil up ahead of U.S. stockpiles
Crude oil gained ground in choppy trade on Wednesday as market participants continue to weigh possible supply disruptions in the Middle East and looked ahead to official government figures on U.S. crude inventories.
The U.S. Energy Information Administration will release its weekly report on oil supplies at 14:30GMT, or 10:30AM ET, Wednesday amid expectations for a drop of 2.1 million barrels.
On Tuesday, the American Petroleum Institute’s report showed a draw of 2.3 million barrels, compared to the expected decline of 2 million.
5. Nintendo shares fall for first time since Pokemon release
Shares of Nintendo Ltd (T:7974) fell for the first time since the July 6 release of Pokemon Go on reports that the company could delay the game’s launch in Japan.
Shares were still up almost 90% since the game was released as the company doubled its market capitalization.
Japan’s McDonald’s Holdings Company (Japan) Ltd (MU:2702) also jumped 10% on separate news that the fast-food chain would sponsor the game, according to TechCrunch.