The S&P 500 Futures are slightly up after they slipped for a third session yesterday. U.S. official data showed that Initial Jobless Claims unexpectedly jumped to 898,000 (825,000 expected), at the same time the government and Congress still failed to agree on a economic stimulus deal.
Later today, September retail sales (+0.8% on month expected) and August business inventories (+0.4% on month expected). The Federal Reserve will release September industrial production (+0.6% on month expected). The University of Michigan will publish its Consumer Sentiment Index for October (80.5 expected).
European indices are on the upside. Brexit talks made no progress as European Union negotiators called on the U.K. side to negotiate further. European leaders consider U.K. Prime Minister Boris Johnson threat to abandon Brexit talks today is a bluff. The European Commission has posted final readings of September CPI at -0.3% on year, as expected, and August trade balance at 21.9 billion euros surplus (vs 18 billion euros surplus expected).
Asian indices closed in the red except the Hong Kong HSI.
WTI Crude Oil futures are turning down. The U.S. Energy Information Administration Crude reported that crude stockpiles fell by 3.8 million barrels last week, more than a reduction of 2.8 million barrels expected. Besides, U.S. crude oil production dropped to 10.5 million barrels per day from 11.0 million barrels per day. Later today, Baker Hughes will report the total number of rig counts for the U.S. and Canada.
The dollar index fell 0.16pt to 93.698.
Gold and U.S dollar consolidate on uncertainty over U.S stimulus.
Gold rose 0.7 dollar (+0.04%) to 1909.41.
The dollar index fell 0.16pt to 93.698.
U.S. Equity Snapshot
Boeing (BA), the aircraft maker, is expected to gain ground after Bloomberg reported that the European Union Aviation Safety Agency said that the 737 MAX is "safe" and could return to service before the end of 2020.
Source: TradingView, GAIN CapitalPfizer (PFE), the pharma, said it could apply for US emergency use approval regarding its COVID-19 vaccine by late November.
Caterpillar (CAT), the manufacturer of heavy equipment for multiple industries, was upgraded to "overweight" from "equal-weight" at Wells Fargo.
Intuitive Surgical (ISRG), a developer of robotic systems for the medical industry, slipped after hours after saying that "due to the continued uncertainty around the scope and duration of the pandemic and the timing of global recovery and economic normalization, we cannot, at this time, reliably estimate the future impact on our operations and financial results." Separately, the company posted third quarter earnings that beat estimates.
Schlumberger (SLB), the supplier of oil and gas products and services, is losing ground before hours after reporting third quarter sales that missed estimates.
Hewlett Packard Enterprise (HPE), an enterprise IT company, gained some ground in extended after unveiling it expects full year 2021 adjusted EPS of 1.56-1.76 dollar, exceeding estimates. The company confirmed its current year outlook.
GAIN Capital UK Limited (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.