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Wall Street shares seen nudging higher as UK awaits new PM

Last updated: 22:50 13 Jul 2016 AEST, First published: 17:50 13 Jul 2016 AEST

Wall Street shares seen nudging higher as UK awaits new PM

Wall Street shares are seen opening a bit higher on Wedensday as traders pause for breath after the record highs reached yesterday.

The Dow Jones gained 117 points, 0.64%, to 18,344 by the closing bell.

The S&P 500 meanwhile rose around 15 points, 0.7%, to 2,152 - a record high closing marker - and the Nasdaq added 0.69% to 5,023.

Today, futures trading show the Dow Jones ten points higher, the S&P500 up 2.25 and the tech heavy Nasdaq exchange almost eight points higher.

A return to some kind of stability in the UK is easing investor worries and new Prime Minister Theresa May will be installed by the end of today as David Cameron bids farewell after the historic Brexit vote.

Traders will pay close attention to her initial comments on what her new administration plans to do regarding Brexit in the next few weeks.

Also in focus is the Bank of England policy committee meet tomorrow, where the question is what will they do with interest rates, which will certainly be closely watched here by the US Fed.

There isn't much on the earnings front today, so focus is also on  the Fed's Beige Book survey of current economic conditions which is due at 2pm.

Overnight in Asia, equities performed quite well, with the Nikkei 225 up 0.85% and the Shanghai Composite index 0.37% higher. In the UK, FTSE 100 is now up 0.08% to 6,685.

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