The S&P 500 Futures are facing a consolidation after they were closed yesterday in observance of Labor Day.
The National Federation of Independent Business has posted its Small Business Optimism Index for August at 100.2 (vs 99.0 expected). Later today, The Federal Reserve will report July consumer credit (+12.9 billion dollars expected).
European indices are under pressure. The European Commission has reported final readings of 2Q GDP at -11.8% (vs -12.1% on quarter expected). The German Federal Statistical Office has posted July trade balance at 19.2 billion euros surplus (vs 16 billion euros surplus expected). France's INSEE has released July trade balance at 6.99 billion euros deficit, vs 4.8 billion euros deficit expected.
Asian indices all closed in the green. This morning, government data showed that Japan's final readings of 2Q annualized GDP was confirmed at -28.1% on quarter (-28.5% expected), while household spending declined 7.6% on year in July (-3.7% expected).
WTI Crude Oil futures remain on the downside. Russia's compliance with the OPEC+ oil output deal was close to 100% in August, reported Tass citing Energy Minister Alexander Novak. Societe Generale projected that Oil demands would continue to rise to normal level as economies recover. The Bank projected that Brent oil would reach $50 at the end of 2021.
Gold declined 6.73$ (-0.35%) to 1926.91, following U.S. dollar rebound.
GBP/USD fell 57pips to 1.3109 the day's range was 1.3109 - 1.3173 compared to 1.3141 - 1.3280 the previous session after British Prime Minister Boris Johnson said he planned to overturn Northern Irish border deal. He added that the country is ready to walk away if no agreement is struck by October 15.
U.S. Equity Snapshot
Tesla (TSLA), the electric-vehicle maker, stock dropped more than 10% Tuesday before the opening as investors were disappointed the stock not being chosen for inclusion at the latest S&P 500 reshuffle. In addition, the Co confirmed the completion of a previously announced $5 billion share sale.
Source: GAIN Capital, TradingView
Etsy (ETSY), a retailer of handmade goods, vintage items, and crafted goods, Teradyne (TER), an equipment manufacturer and Catalent (CTLT), a drug manufacturing company will be joining the S&P 500 index, effective Sept. 21.
PG&E (PCG), an energy company, said the public safety power shutoff starting Monday, due to a potential strong and dry offshore wind event, could impact approximately 172,000 customers in portions of 22 counties.
Boeing (BA), the commercial airplane company, is losing ground before the opening as the The Federal Aviation Administration said it was investigating manufacturing flaws involving some Boeing 787 Dreamliners but said it was too early to say if new inspections would be needed.
AstraZeneca (AZN), BioNTech SE (BNTX), GlaxoSmithKline plc (GSK), Johnson & Johnson (JNJ), Merck (MRK), Moderna, Inc. (MRNA), Novavax, Inc. (NVAX), Pfizer Inc. (PFE), and Sanofi (SNY) announced their CEOs signed a pledge "outlining a united commitment to uphold the integrity of the scientific process as they work towards potential global regulatory filings and approvals of the first COVID-19 vaccines". The Cos expect "this pledge will help ensure public confidence in the rigorous scientific and regulatory process by which COVID-19 vaccines are evaluated and may ultimately be approved."
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.