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The
markets are awaiting the release of the minutes from the Federal
Reserve's July meeting on Wednesday that would provide clues on
when it would be able to raise interest rates and its take on
the health of the economy.
Traders remain largely skeptical of a rate hike in the near
term, with inflation running below the Fed's 2 percent target,
mixed economic data and central banks worldwide unleashing
stimulus programs to support their economies.
Traders have priced in a mere 9 percent chance of a rate hike in
September and a 37.4 percent chance in December, according to
CME Group's FedWatch tool.
The dollar index <.DXY> slipped to its lowest level this month
after San Francisco Fed President John William said central
banks might have to raise inflation targets, focus more on
growth and back much looser fiscal policy in future.
The Labor Department's consumer price index, expected to be
published at 8:30 a.m. ET (1230 GMT), is likely to have remained
unchanged in July after rising 0.2 percent in June.
The Commerce Department will release its report on housing
starts, which likely slipped to 1.18 million-unit rate last
month from 1.19 million-unit in June. The data is also due at
8:30 a.m. ET. A report on industrial production is expected at
9:15 a.m. ET.
Wall Street closed at record highs on Monday as commodity stocks
rose on the back of a weak dollar.
Oil prices continued to trade at 5-week highs on Tuesday, fueled
by talk of producers taking action to prop up the market. [O/R]
Dow component Home Depot's <HD.N> shares fell 0.41 percent in
premarket trading after its quarterly sales narrowly missed
analysts' estimates. Shares of rival Lowe's <LOW.N> were down
marginally at $81.50.
Hain Celestial <HAIN.O> plunged nearly 24 percent to $40.70
after the company said it would delay the release of its
fourth-quarter results.
Specialty chemicals distributor Univar <UNVR.N> fell 7.3 percent
after the company announced the sale of about 21 million shares.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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