Feb 26 2024: Futures Indicate Lower Open:
U.S. futures signal a lower start on Monday as investors anticipate a week filled with significant economic data releases and corporate earnings reports. Warren Buffett’s reassurances about Berkshire Hathaway’s resilience and remembrance of Charlie Munger, alongside Ant Group’s bid for Credit Suisse’s China unit, are in focus.
Economic Data and Earnings:
Investors are keenly awaiting U.S. inflation data, particularly Thursday’s release of January’s personal consumption expenditures price data. Recent economic figures suggest persistent price gains, potentially delaying Federal Reserve interest rate cuts. Additionally, the week features various economic reports including durable goods orders, ISM manufacturing PMI, and housing data, alongside earnings reports from Lowe’s, Salesforce, and Dell Technologies.
Buffett’s Reassurances:
Warren Buffett emphasizes Berkshire Hathaway’s enduring strength, though noting limited potential for “eye-popping” share price performances due to its size. Buffett also honors Charlie Munger’s legacy, calling him the “architect” of Berkshire.
Ant Group Outbids Citadel:
Jack Ma’s Ant Group reportedly outbids Citadel Securities for Credit Suisse’s China unit, intending to develop a securities business. Regulatory scrutiny is expected, with authorities favoring a foreign buyer for the unit. This move poses challenges for UBS Group AG, which acquired Credit Suisse last year.
Oil Prices Decline:
Oil prices extend losses from the previous session amidst demand uncertainty and hawkish signals from the Federal Reserve. Brent oil futures for April fall to $81.23 a barrel, while West Texas Intermediate crude futures drop to $75.70 per barrel.
