US pre-open: Stocks seen touch higher ahead of manufacturing data

US futures pointed to a marginally higher open on Wall Street ahead of reports on manufacturing and the housing market.

At 1120 BST, Dow Jones Industrial Average and Nasdaq futures were up 0.2%, while S&P futures were 0.1% stronger.

At the same time, oil prices were a little firmer. West Texas Intermediate was up 0.3% at $44.69 a barrel and Brent crude was 0.3% higher at $47.09.

Oanda’s Craig Erlam said: “As far as today is concerned, it’s looking a little quiet from an economic data standpoint, with US Empire State manufacturing index the only standout release.”

Investors were digesting data released earlier showing Japan’s economy hardly grew in the April to June quarter, weighed by exports and business investment.

The economy grew 0.2% on an annualised basis, down from 2% in the first three months of the year and missing expectations of 0.7% growth. Meanwhile, private consumption nudged up just 0.2%, down from 0.6% growth the quarter before.

Mike van Dulken, head of research at Accendo Markets, said: A poor Japanese GDP print adds to disappointing US and China data last week and to concerns about global growth. It also piles pressure on the Bank of Japan to deliver the goods next month to compound Tokyo's chunky fiscal pledge.”

In corporate news, Apple was likely to be in focus following a press report over the weekend that it isn’t likely to repatriate overseas assets.

On the macroeconomic calendar, Empire State manufacturing is at 1330 BST and the NAHB housing market index is at 1500 BST.

Deutsche Bank said the manufacturing survey was expected to come in at +2.00 for August versus +0.55 the month before. Meanwhile, the NAHB housing market index is forecast to print at 60 versus 59 in July.