Market News & Analysis
US Futures consolidating, watch TSLA, UAL, MAR, UAA, AXP, COTY, M
Jean-Christophe Rolland May 11, 2020 9:54 PM
No major economic data is expected today in Europe and America.European indices are on the downside. U.K.'s FTSE 100 reopened today after being closed for a bank holiday on Friday.
Asian indices closed in the green. In China, the PBOC said it will resort to "more powerful" policies to counter the effects of the crisis.
WTI Crude Oil Futures are facing a consolidation. Traders keep expecting a recovery in oil demand.
Gold fell 5.19 dollars (-0.3%) to 1697.52 dollars as the US dollar gains ground on economic worries. EUR/USD fell 25pips to 1.0814 and the GBP/USD dropped 106pips to 1.2304.
US Equity Snapshot
Tesla (TSLA), the electric vehicle maker, has filed a lawsuit against Aladema County in California in order to reopen Fremont factory. CEO Elon Musk threatened to move headquarters and future programs out of the State. In other news, the company's Model 3 sales in China tanked 64% in April.
United Airlines (UAL), the airline group, has terminated a 2.25 billion dollars bonds sale as it was not satisfied with the terms, reported Bloomberg.
Marriott (MAR), the global hotel operator and franchiser, reported first quarter adjusted EPS down to 0.26 dollar, below estimates, from 1.41 dollar a year earlier, on sales down 6.6% to 4.68 billion dollars. Marriott "expects that COVID-19 will continue to be material to the company's results."
Under Armour (UAA), the athletic apparel company, posted first quarter LPS of 0.34 dollar vs an EPS of 0.05 dollar a year earlier, on sales down 23% to 930 million dollars. Those figures were below estimates.
American Express (AXP), the financial services group, has failed to reach an agreement with Carlyle Group (CG) and Singapore sovereign-wealth fund GIC, who were planning to acquire a 20% stake in its 5 billion dollars American Express Global Business Travel business, reported Bloomberg.
Coty (COTY), the global beauty company, jumped before hours after announcing it will get a 750 million dollars equity investment from KKR (KKR).
Macy's (M): Vesa Equity disclosed a 5% stake in the department store chain, saying it has strategic plans.
Source : TradingVIEW, Gain Capital
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.