Markets are mostly higher in Europe.
Britain’s FTSE is down 0.1%.
France’s CAC 40 is up 0.1%.
Germany’s DAX is up 0.2%.
Spain’s IBEX is up 0.1%.
Italy’s FTSE MIB is up 0.6%.
Germany’s IFO Business Climate Index fell to a five-month low of 110.4 in May from 111.2 in April.
“The headline numbers from the IFO are still suggestive of robust expansion,” said Pantheon Macroeconomics’ Claus Vistesen. “The business climate and current assessments index both remain close to two-year highs which is positive for growth in the second quarter.”
Markets in Asia closed higher with Japan’s Nikkei up 0.8%, Hong Kong’s Hang Seng up 0.1%, and Australia’s S&P/ASX up 0.2%.
Today’s largely expected to be a quiet one as U.S. traders and investors prepare for the three-day Memorial Day weekend.
At 10:00 a.m. ET, we’ll get the latest monthly new home sales report. Economists estimate the pace of sales jumped 9.4% to 420,000 in April.
“Lagged effects from the weather and ongoing supply and affordability issues likely prompted the sharp drop in new home sales in March,” said Nomura economists. “Mortgage applications for home purchases increased in April, but the current sales of single family homes subindex within the survey declined in April, suggesting that there probably was little improvement in new home sales in April.”
U.S. futures are currently trading higher with Dow futures up 11 points and S&P 500 futures up 1.6 points.
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