Premarket: 7 things to know before the bell

premarket thursday
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1. Trump on OPEC: US investors may have taken a break for the 4th of July, but President Donald Trump was using his Twitter feed to pile pressure on OPEC.

“The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $ ‘s,” Trump tweeted.

“This must be a two way street. REDUCE PRICING NOW!” he added.

The cartel agreed last month with other major producers to increase supplies, but it’s still not clear how much extra oil will be hitting global markets. US crude futures fell Thursday to trade near $ 74.00.

2. Downgrade for Germany: The International Monetary Fund has downgraded its growth expectations for Germany’s economy to 2.2% this year. That’s down from a growth forecast of 2.5% in April.

The IMF said Europe’s largest economy is particularly vulnerable to increased protectionism and risks associated with Brexit because it is open and driven by exports.

3. Glencore buyback: Shares in Glencore (GLCNF) jumped 3.2% after the firm announced $ 1 billion share buyback program.

The mining and commodities company said Tuesday that it had received a subpoena from the US Department of Justice seeking documents related to its compliance with money laundering and anti-corruption laws.

4. Brexit warning: Jaguar Land Rover, which is owned by India’s Tata Motors (TTM), is the latest big company to warn about the consequences of a bad Brexit.

The company said that if the United Kingdom leaves the European Union without maintaining a smooth trading relationship with the bloc, it would wipe out more than £1.2 billion ($ 1.6 billion) of its profit a year.

Nissan (NSANF), Airbus (EADSF) and BMW (BMWYY) have also warned of negative consequences of a messy Brexit.

British Prime Minister Theresa May will host the top government officials on Friday to discuss plan for how customs should work after Brexit. Her government remains deeply divided over the issue.

The British Retail Consortium warned Thursday that dropping out of the European Union without a deal could lead to “food rotting at ports, reducing choice and quality for UK consumers.”

5. Global market overview: US stock futures were poised to open higher.

European markets opened with gains, while stocks in Asia ended mixed.

The Dow and the S&P 500 closed 0.5% lower after a shortened trading day on Tuesday. The Nasdaq shed 0.9%.

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6. Earnings and economics: PriceSmart (PSMT) will release earnings after the close.

The US Federal Reserve will release minutes from its Board of Governors meeting at 2:00 p.m. ET.

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7. Coming this week:

Thursday — US Federal Reserve reports its Board of Governors meeting minutes
Friday — US jobs report; tariffs on the first $ 34 billion of Chinese goods go into effect

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Latest stock market news from Wall Street – CNNMoney.com

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