US STOCKS-Wall Street set to open slightly higher on positive trade moves

Reuters

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    * Futures up: Dow 0.15%, S&P 500 0.12%, Nasdaq 0.20% 

 (Updates prices, adds comments)
    By Uday Sampath Kumar
    Sept 11 (Reuters) - Wall Street was set to open marginally
higher on Wednesday as China's move to ease tensions with the
United States assuaged some concerns about the ongoing trade war
between the world's two largest economies.
    Earlier in the day, China's finance ministry said 16 types
of U.S. goods would be exempted from additional retaliatory
tariffs, ahead of a planned meeting between trade negotiators.
 urn:newsml:reuters.com:*:nL3N2621DV
    While the move is seen as a friendly gesture to thaw
relations with the United States, analysts are skeptical about
how much it will move the needle in resolving a trade war that
has hurt the global economy.
    "The exemption could be seen as a gesture of sincerity
towards the US ahead of negotiations in October, but is probably
more a means of supporting the (Chinese) economy," Iris Pang, a
Greater China economist with ING, wrote in a note.
    Comments from a senior White House adviser on Tuesday urging
investors to be patient about resolving the dispute further
downplayed expectations that a trade deal would be agreed this
year.  urn:newsml:reuters.com:*:nL2N2611SF
    Markets are now looking for stimulus measures from central
banks to stem a global slowdown, with the U.S. Federal Reserve
and the European Central Bank expected to cut interest rates at
their policy meetings over the next two weeks.
    U.S. President Donald Trump on Wednesday renewed his attacks
on Fed Chairman Jerome Powell, saying that the central bank
should get interest rates down to "ZERO, or less."
    "People will be interested to hear what is going to be said
(by the Fed) next week, so until then, barring something
unexpected, things will be quiet," said Andre Bakhos, managing
director at Janlyn Capital LLC in Bernardsville, New Jersey.
    Trading in U.S. markets has been subdued this week, with
investors readjusting their portfolios and shifting profits from
outperforming sectors such as technology to those that have
underperformed, like energy and financials.
    Among stocks, shares of Micron Technology Inc  MU.O  rose
1.5% premarket after Longbow Research upgraded its rating to
"buy". Shares of other chipmakers also ticked higher in thin
volumes.  urn:newsml:reuters.com:*:nL3N2622HJ
    Apple Inc  AAPL.O  was marginally higher after the company
unveiled its latest iPhones on Tuesday and rolled out a
streaming TV service at a price that undercuts Disney  DIS.N 
and Netflix  NFLX.O .  urn:newsml:reuters.com:*:nL2N2610X7
    At 9:05 a.m. ET, Dow e-minis  1YMcv1  were up 41 points, or
0.15%. S&P 500 e-minis  EScv1  were up 3.5 points, or 0.12% and
Nasdaq 100 e-minis  NQcv1  were up 15.75 points, or 0.2%.
    Futures pared gains slightly after data showed U.S. producer
prices unexpectedly rose in August.  urn:newsml:reuters.com:*:nLNSBKEFA6

 (Reporting by Uday Sampath in Bengaluru
Editing by Saumyadeb Chakrabarty and Arun Koyyur)
 ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: @sampath_uday; Reuters Messaging:
UdaySampath.Kumar.thomsonreuters.com@reuters.net))

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