- Reuters/Jim Bourg
Here is what you need to know.
Comey testifies. Former FBI Director James Comey will testify before the Senate Intelligence Committee on Thursday. In his prepared remarks, which were released on Wednesday, Comey said he told President Trump that he was not under investigation and that Trump asked him for his “loyalty.”
The UK votes. The final polls showed Theresa May’s Conservative Party holds anywhere from a 4 to 13 percentage point lead over Jeremy Corbyn’s Labour Party. Exit polls will be published at 5 p.m. ET and the winner will be clear by 11 p.m. ET.
The ECB meets. The European Central Bank is expected maintain both its 2.3 trillion euro ($2.59 trillion) bond-buying program and sub-zero interest rate policy at Thursday’s meeting.
Europe’s growth tops estimates. The euro area grew at a 0.6% in the first quarter, ahead of the advanced reading of 0.5%.
China’s trade surplus widens. China’s trade surplus widened to $40.81 billion in May as exports jumped 8.7% year-over-year in US dollar terms and imports grew 14.8%, according to data released by the National Bureau of Statistics.
Oil is clawing back some of Wednesday’s losses. West Texas Intermediate crude oil trades up 0.8% at $46.10 a barrel. The energy component fell more than 4% on Wednesday after Energy Information Administration data showed US inventories swelled by 3.3 million barrels from the previous week when traders were expecting a draw of 3.137 million barrels.
Orange juice has moved more than any other commodity in 2017. Orange juice futures have fallen about 33% this year. On the flip side, lean hogs are atop the leaderboard with a 23% gain.
Traders are cranking up their bets against Snap. The put-to-call ratio in the stock has jumped to 1.7-to-1, the highest since March 17, which was the fifth day that Snap options were available to be traded.
Stock markets around the world are mostly higher. Hong Kong’s Hang Seng (+0.3%) led the gains in Asia and Germany’s DAX (+0.4%) is out front in Europe. The S&P 500 is set to open little changed near 2,432.
US economic data is light. Initial claims will cross the wires at 8:30 a.m. ET. The US 10-year yield is up 2 basis points at 2.20%.