Wall St. set to open higher on China data, bank earnings

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Source:   —  April 13, 2016, at 4:17 PM

Shares of JPMorgan (), which kicked off Wall Str bank earnings, were up two.3 % at $60.65 in premarket trading. Other bank stocks also rose, with Bank of America () rising 2.6 % and Citigroup () gaining 2 percent.

n">Wall Str was set to open higher on Wednesday, helped by powerful Chinese trade data and JPMorgan Chase & Co'south higher-than-expected quarterly profit.

Shares of JPMorgan (), which kicked off Wall Str bank earnings, were up two.3 % at $60.65 in premarket trading. Other bank stocks also rose, with Bank of America () rising 2.6 % and Citigroup () gaining 2 percent.

The results added to upbeat Chinese data, which showed March exports handily beat expectations, rising for the first time in nine months and raising hopes that the world'south second largest economy was on the road to recovery.

Global markets logged powerful gains following the data.

However, a report on Wednesday showed U. south. retail sales unexpectedly fell 0.3 % in March, lost the estimated 0.one % rise, more proof that economic growth stumbled in the first quarter.

"I think all of these factors could cause a very volatile session today, notwithstanding a powerful opening," said Peter Cardillo, chief market economist at First Standard Financial in New York.

At 8:32 a. m. ET, Dow e-minis 1YMc1 were up ninety-one points, or 0.52 percent, with 31.181 contracts changing hands. S&P five hundred e-minis ESc1 were up eleven points, or 0.54 percent, with 233.673 contracts traded. Nasdaq one hundred e-minis NQc1 were up 32.75 points, or 0.73 percent, on vol of 28.245 contracts.

Crude fell more than 1 % on Wednesday, reversing course from a powerful rally on Tuesday, on fears that a potential freeze in production may do tiny to curb a global glut.

U. S. stocks closed higher on Tuesday, helped by the surge in oil.

Valeant Pharmaceuticals () fell 2.8 % to $31.10 after the Canadian drugmaker said it received a notice of default from its bondholders.

(Reporting by Yashaswini Swamynathan and Abhiram Nandakumar in Bengaluru; Editing by Anil D'Silva)

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