08 09 US PRE OPEN
US Futures under pressure - Watch TSLA, ETSY, PCG, BA, AZN
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."
From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.
City Index is a trading name of StoneX Financial Pty Ltd.
The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.
While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.
StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets.
It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.cityindex.com/en-au/terms-and-policies/.
StoneX Financial Pty Ltd, Suite 28.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.
© City Index 2024