TODAYS PRIMER
*CNBC.com
U.S stock index futures pointed to a higher open on Wall Street on Wednesday ahead of the release of housing and oil inventory data.
The U.S. Commerce Department will issue home sales data for August at 10 a.m. New York time, measuring sales of new, single-family houses. Economists polled by Briefing.com forecast sales rose by 380,000 in August. In July, sales rose 3.6 percent to a seasonally adjusted annual rate of 372,000.
The MBA Mortgage Index for last week is due out at 7 a.m. on Wednesday. In the prior week the index fell 0.2 percent.
Housing data out last Tuesday surprised to the upside, with the S&P/Case Shiller composite index of 20 metropolitan areas showing house prices edged higher for the sixth consecutive month in July. In addition, the Federal Housing Finance Agency's monthly home price index gained for the seventh straight month in July.
Non-housing data due on Wednesday include last week’s crude oil inventories, which will be released by the Energy Department at 10:30 a.m. Inventories rose by 8.53 million in the prior week.
The Treasury is set to auction $35 billion in 5-year notes on Wednesday, with the results available in the afternoon. Treasury yields fell late on Tuesday after the government auction $35 billion in 2-year notes at a high yield of 0.273 percent and a bid-to-cover ratio of 3.6.
No major U.S. companies are scheduled to report earnings during Wednesday’s trading session.
European shares fell in early trade on Wednesday with investors concerned about Spain’s continued reluctance to request a bailout, and by austerity strikes in the country which turned violent on Tuesday night. Meanwhile in Greece, two of the largest public and private unions are preparing to hold a 24-hour anti-austerity strike on Wednesday.
As in Europe, Asian shares were down early on Wednesday on Spain and broader euro zone debt concerns.
— By CNBC.com's Katy Barnato
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