U.S. equity markets are poised for a muted open as investors await U.S. Federal Reserve chair Jay Powell’s testimony before congress.
You’re looking at a generally flat showing on the futures of all three major indices ahead of Powell, who begins his two day testimony at about 10 a.m. EDT today. We’re looking for a number of things from Powell, most notably how he underscores the Fed’s resolve to tamp down inflation with another 50 basis points worth of hikes by year end, as indicated in the most recent dot plot from the central bank.
The company is selling those holdings to Japan’s KDDI Corp for $1.35 billion, pretty much in line with what it said the unit was worth back in January. Allied is earmarking about $1 billion worth of the proceeds to pay down debt, with the remainder helping to fund upgrades to existing holdings and its development plans. Allied also says that as a result of the sale , it plans to pay an as-yet unspecified special distribution to unit holders at year-end.
Shares of FedEx are drifting lower in the premarket – down the better part of three per cent – after the company delivered a weaker-than-expected profit forecast due to a slowdown in package demand. We’ve got another sign of just how sticky price pressures are proving to be out of England, after inflation came in at 8.7 per cent in May – the same as the month before, and well above the consensus estimate of 8.4 per cent. Notable earnings: AGF Management, Algoma Steel Group, KB Home, Winnebago Industries1330: Bank of Canada Summary of Deliberations for the June 7 policy decision
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