US Futures red, watch SHOP, MMM, AXP, INTC
Jean-Christophe Rolland June 15, 2020 10:00 PM
The S&P 500 Futures are turning down again after they rebounded on Friday as investors fear a second coronavirus wave is incoming.
The S&P 500 Futures are turning down again after they rebounded on Friday as investors fear a second coronavirus wave is incoming. In China, capital city Beijing was forced to lock down residential buildings and a large market amid newly-confirmed coronavirus cases.
Due later today is the Empire Manufacturing Index for June (a rise to -30.0 expected).
European indices are under pressure. The European Commission has reported April trade balance at 1.2 billion euros surplus (vs 25.5 billion euros surplus in March).
Asian indices all closed in the red. This morning, official data showed that China's industrial production grew 4.4% on year in May (vs +5.0% expected) while retail sales fell 2.8% (vs -2.3% expected).
WTI Crude Oil Futures are on the downside. The number of U.S. oil rigs fell to 199 as of June 12 from 206 a week ago, while oil rigs in Canada remained at 7, according to Baker Hughes.
Gold is consolidating after the safe-haven asset posted its best week since April. Gold fell 20.62 dollars (-1.19%) to 1710.14 dollars.
Risk currencies weaken
on fears of a second wave of coronavirus. EUR/USD declined 9pips to 1.1247 while GBP/USD fell 23pips to 1.2517.
US Equity Snapshot
Shopify (SHOP) is gaining ground before hours after a Walmart (MWT) executive said that the retailer partners with the e-commerce giant to expand its marketplace site. Separately, Shopify was upgraded to "overweight" from" neutral" by Piper Sandler.
3M (MMM), a diversified multinational conglomerate, posted May sales down 20% to 2.2 billion dollars.
American Express (AXP), a financial services corporation, has obtained a network clearing license to start bank card clearing services in China, according to the China's central bank.
Intel (INTC), a global provider of advertising services, was upgraded to "overweight" from "sector weight" at KeyBanc.
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.