The S&P 500 Futures remain under pressure after a first acrimonious presidential debate between Donald Trump and Joe Biden.
Later today, final readings of 2Q annualized GDP will be expected at -31.7% on quarter. The Automatic Data Processing (ADP) will post private jobs for September (+648,000 jobs expected). The Market News International will report Chicago PMI for September (52.0 expected). The National Association of Realtors will release August pending home sales (+3.2% on month expected).
European indices are on the downside. The German Federal Statistical Office has reported September jobless rate at 6.3% (vs 6.5% expected) and August retail sales at +3.1% (vs +0.4% on month expected). France's INSEE has posted CPI for September at +0.1% (vs +0.2% on year expected). The U.K. Office for National Statistics has released final readings of 2Q GDP at -19.8% (vs -20.4% on quarter expected). The Nationwide Building Society has posted its House Price Index for September at +0.9% (vs +0.5% on month expected).
Asian indices closed on a strong down move except the Hong Kong HSI which ended in the green. China's official Manufacturing PMI rose to a 6-month high of 51.5 in September (51.3 expected) from 51.0 in August and Non-manufacturing PMI climbed to the highest level since November 2013 at 55.9 (54.7 expected) from 55.2. On the other hand, China's Caixin Manufacturing PMI slipped to 53.0 in September (53.1 expected) from 53.1 in August. Japan's industrial production grew 1.7% on month in August (+1.4% expected) and retail sales rose 4.6% (+2.0% expected).
WTI Crude Oil futures remain bearish. The American Petroleum Institute (API) reported that U.S. crude-oil inventories fell 831,000 barrels in the week ending September 25. Later today, the U.S. Energy Information Administration (EIA) will release official crude oil inventories data for the same period.
Gold lost ground as the U.S dollar strengthens on COVID-19 fears
Gold fell 12.54 dollars (-0.66%) to 1885.54 dollars.
The dollar index rose 0.2pt to 94.091.
U.S. Equity Snapshot
Walt Disney (DIS), the entertainment and media giant, plans to lay off 28,000 employees in its theme parks, amid COVID-19 restrictions.
Source: TradingView, GAIN Capital
Micron Technology (MU), a manufacturer of memory chips, lost ground after hours as current quarter sales forecast missed estimates.Alphabet (GOOGL): according to Reuters, China may launch antitrust probe into Google.
Regeneron Pharmaceuticals (REGN), a biotech, announced "the first data from a descriptive analysis of a seamless Phase 1/2/3 trial of its investigational antibody cocktail REGN-COV2 showing it reduced viral load and the time to alleviate symptoms in non-hospitalized patients with COVID-19."
Starbucks (SBUX), the global specialty coffee chain, was upgraded to "outperform" from "market perform" at Cowen.
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.