US Futures rise, watch AAL, WMT, AXP
Jean-Christophe Rolland June 22, 2020 1:02 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
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.