China data, steadying yuan lift futures

[August 08, 2019]  By Medha Singh

(Reuters) - U.S. stock index futures inched higher on Thursday as better-than-expected Chinese trade data and a steadying of its currency offered some comfort to investors rattled by an escalation in trade tensions and signals pointing to a recession.

The yuan regained some ground even as China's central bank set its official midpoint below the seven to the dollar threshold. Exports from the world's second-largest economy posted a surprise rise, while imports fell less than forecast. [CNY/]

The latest data soothed some nerves after the S&P 500 on Monday posted its steepest percentage fall this year as the yuan slumped to its lowest in a decade.

Signals from the bond market were ominous as well, with a closely watched U.S. recession indicator reaching its highest level since March 2007 on Tuesday.

While the benchmark index has enjoyed a slight relief in the past two days, it still stands about 5% away from its record closing high hit last month.

At 6:53 a.m. ET, Dow e-minis <1YMcv1> were up 32 points, or 0.12% and S&P 500 e-minis <EScv1> were up 6.75 points, or 0.23%.

Nasdaq 100 e-minis <NQcv1> were up 31 points, or 0.41%.

Shares of Symantec Corp <SYMC.O> and Advanced Micro Devices Inc <AMD.O> bolstered futures for Nasdaq 100. Symantec jumped 12.3% after sources said chipmaker Broadcom Inc <AVGO.O> is in advanced talks to buy the cybersecurity company's enterprise business.

 Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., August 6, 2019. REUTERS/Brendan McDermid

AMD gained 5% after the chipmaker released the second generation of its processor chip for data centers and said that it had landed Alphabet Inc' <GOOGL.O> Google and Twitter Inc <TWTR.N> as customers.

Lyft Inc <LYFT.O> advanced 5.4% after the ride hailing service raised its outlook for the year and forecast a faster path to profitability.

Rival Uber Technologies Inc <UBER.N>, due to report quarterly results after the bell, rose 4%.

Shares of Walt Disney Co <DIS.N> rose 1.1% after Credit Suisse upgraded its shares to "outperform" on positive investor sentiment as its video streaming service Disney+ closes in on its U.S. launch.

Shares of CenturyLink Inc <CTL.N> fell 5.7% after the telecommunications services provider missed second-quarter revenue estimates.

(Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)

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