US Futures steady, watch TSLA, AAPL, LEVI, ALL


The S&P 500 Futures are around flat, after another historical high reached by the Nasdaq 100 yesterday.


The S&P 500 Futures are around flat, after another historical high reached by the Nasdaq 100 during Tuesday trading session.

Today, U.S. Federal Reserve will report May consumer credit.

European indices are easing. No major economic data have been released. British Prime Minister Boris Johnson reiterated his commitment to reaching an early trade deal with the European Union while U.K. chief negotiator David Frost met his European Union counterpart Michel Barnier on Tuesday evening, and investors were hopeful ahead of the trade talks scheduled later today.

Asian indices ended mixed with the China Mainland CSI 300 adding 1.62% extending a 7-day rally. The index is now up 16.54% year to date while the Nasdaq 100 is up 20.51%. Also, Hong Kong HSI gained 0.59% while on the flipside Australian ASX 200 dropped 1.54% and the Japanese Nikkei eased 0.78%. The Reserve Bank of Australia kept its benchmark rate unchanged at 0.25% as expected. The RBA said "the nature and speed of the economic recovery remains highly uncertain" and "this accommodative approach will be maintained as long as it is required."

WTI Crude Oil futures are flat. The American Petroleum Institute (API) reported that U.S. crude oil stockpile rose by 2M barrels for week ended July 3. The U.S. Energy Information Administration (EIA) raised 2020 U.S. oil demand to 18.34M b/d from 18.06M b/d in the previous estimation, while crude oil output forecast added to 11.63M b/d from 11.56m b/d previously, according to EIA's short term energy outlook. Besides, EIA also raised 2020 WTI forecast average price to $37.55/bbl, comparing to $35.14/bbl previously. Later today, EIA will release crude oil inventories data for last week.

Gold hold gains, close to a 2011 high, on COVID-19 concerns and as a new stimulus measures from the Fed are anticipated. 

Gold rose 6.36 dollars (+0.35%) to 1801.21 dollars.

The US dollar steadies as risk sentiment is damped by economic fears. 

EUR/USD rose 6pips to 1.128 while GBP/USD fell 1pip to 1.2541.

US Equity Snapshot

Tesla's (TSLA), the electric-vehicle maker, Model 3 sales in China jumped 35% month on month in June to 14,954 units.

Apple's (AAPL) price target was raised to 400 dollars from 380 dollars at Deutsche Bank.

Levi Strauss (LEVI), a designer and seller of a variety of clothing products, reported second quarter adjusted LPS of 0.48 dollar, slightly missing estimates, vs an EPS of 0.17 dollar a year ago, on net sales of 500.0 million dollars, below the consensus, down from 1.3 billion dollars in the previous year. The Co also stated that it will be cutting its workforce by 15%.

Allstate (ALL), an insurance group, announced that it has agreed to acquire general insurance company National General (NGHC) for 4 billion dollars in cash, or 34.50 dollars per share, a 69% premium over National General July 7 closing price.

KKR (KKR), an investment firm, signed a deal to buy Global Atlantic, a leading retirement and life insurance company. "As of March 31, 2020, Global Atlantic’s Book Value was approximately 4.4 billion dollars."

American Express (AXP), a globally integrated payments company, was downgraded to "neutral" from "buy" at Citi.

Source: TradingVIEW, Gain Capital

Build your confidence risk free

More from Equities

Join our live webinars for the latest analysis and trading ideas. Register now

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.

For further details see our full non-independent research disclaimer and quarterly summary.