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Dollar seesaw, earnings to grab limelight on Wall Street

CNBC CNBC 4/05/2016 Katy Barnato
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U.S. stock index futures declined early on Wednesday, ahead of a bevy of big-name earnings.

Time Warner (TWX) and Delphi Automotive (DLPH) will report first quarter results early in the day, with numbers due from Kraft Heinz (KHC), Tesla Motors (TSLA) and 21st Century Fox (FOXA) after the markets close.

In Europe, Royal Dutch Shell (RDSA-GB) posted a sharp fall in earnings for the first three months of 2016, in its first earnings report since its purchase of BG Group.

The day will be a busy one for economic data, with the ADP employment report for April of interest ahead of non-farm payrolls on Friday. There will also be data on factory orders, productivity and the ISM services index. 

Economists at Capital Economics forecast the trade deficit narrowed in March due to a decline in imports and the ISM non-manufacturing index rose in April.

According to Reuters, Pfizer (PFE) has expressed interest in bidding for U.S. cancer drug maker Medivation (MDVN). This raises the possibility of a bid to rival Sanofi (SAN-FR)'s $52.50 per share cash offer.

The U.S. dollar index (.DXY) rose slightly against a basket of major currencies early on Wednesday, building on Tuesday's slight recovery.

This weighed marginally on the prices of commodities, which are largely denominated in U.S. dollars. Crude oil futures traded flat to lower overnight.

WTI crude futures (@CL.1) may gain direction on Tuesday from the publication of the American Petroleum Institute's weekly crude inventories report at 4:30 p.m. ET.

Donald Trump took a step closer to being the Republican presidential nominee on Tuesday, with a victory in Indiana's primary. Rival Ted Cruz suspended his campaign following the vote.

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