US Futures rise, watch AAL, WMT, AXP
Jean-Christophe Rolland June 22, 2020 10:02 PM
The S&P 500 Futures are trading on the upside despite a bearish gap opening on Monday morning
The S&P 500 Futures are trading on the upside despite a bearish gap opening on Monday morning as investors digested Apple's announcement of closing some stores in Arizona, Florida, North Carolina and South Carolina due to resurgence in coronavirus cases.
Later today, the Federal Reserve Bank of Chicago will post May National Activity Index. The National Association of Realtors will report May existing home sales (4.1 million units expected).
European indices are trading in the red. No major economic data news were released except the U.K. Industrial Trends Survey factory orders posting a decline twice higher than expected in June at -58, but slightly better than the previous month historical low at -62. Later today, the Eurozone’s Consumer Confidence Index for June will be released (-15.0 expected).
Asian indices closed mixed. The Hong Kong HSI dropped 0.54% and the Japanese Nikkei lost 0.18% while the China Mainland CSI 300 added 0.08% and the Australian ASX 200 ended flat (+0.03%)
WTI Crude Oil Futures are gaining some ground, following Friday rally. The number of U.S. oil rigs as of June 19 dropped by 13 from a week ago to 266, and oil rigs in Canada fell by 4 to 17, according to Baker Hughes. The net long position of WTI crude oil slid 7.1% on week to 354,363 contracts as of June 16, reported the Commodities Futures Trading Commission.
Gold is gaining ground while the US dollar consolidates on rising COVID-19 cases.
Gold rose 3.89 dollars (+0.22%) to 1747.76 dollars.
EUR/USD rose 30pips to 1.1208 while GBP/USD gained 38pips to 1.2388.
US Equity Snapshot
American Airlines (AAL) plans to raise 3.5 billion dollars in shares and notes, to strengthen its balance sheet.
Walmart (WMT), the retailer, was upgraded to "buy" from "neutral" at UBS.
American Express (AXP), a globally integrated payments company, was downgraded to "sell" from "neutral" at UBS.
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.