290620 US Pre OPen

US Futures rebounding, watch AAPL, GILD, BA

The S&P 500 Futures are rebounding after Friday sharp decline as indices were dragged down by financial stocks which were market leaders in the prior session. The Dow Jones Industrial Average plunged 730 points (-2.84%) to 25015, the S&P 500 sank 74 points (-2.42%) to 3009, and the Nasdaq 100 was down 252 points (-2.50%) to 9849.

Due later today are U.S. reports of the National Association of Realtors on pending home sales for May and The Federal Reserve Bank of Dallas Manufacturing Activity Index for June.

European indices are slightly up. On the statistical front, in the euro zone, June economic confidence index rose to 75.7 from 67.5 the previous month. It was expected to reach 80. In addition, the consumer confidence index was confirmed at -14.7 in June in a second reading compared to -18.8 in May. In the U.K., 9,300 home loans were granted in May against 25,000 expected and 15,900 (revised from 15,800) in April.

Asian indices ended lower. The Japanese Nikkei recorded the biggest decline with a 2.30% drop as official data showed that Japan's retail sales only rose 2.1% on month in May while +3.0% was expected. Over the weekend, government data showed that China's industrial profits grew 6.0% on year in May (-4.3% in April).

WTI Crude Oil futures are trading slightly higher despite a bearish opening and after a 0.6% decline last Friday, as sentiment was dragged down by the resurgence of coronavirus cases. Meanwhile, the total number of U.S. rigs slipped to 265 as of June 26 from 266 a week ago, and oil rigs in Canada fell to 13 from 17, according to Baker Hughes. The net long position of WTI crude oil increased 3.0% on week to 365,022 contracts as of June 23, reported the Commodities Futures Trading Commission.

Gold remains firm, close to a 8-year high while the US dollar consolidates as COVID-19 cases spike.

Gold rose 1.14 dollar (+0.06%) to 1772.44 dollars.

The EUR/USD rose 59pips to 1.1278.

US Equity Snapshot

Apple's (AAPL), app store rules that require app makers to use its payment system are being scrutinized by the U.S. Justice Department, reported Bloomberg.

Gilead Sciences (GILD), the biopharma, has set a price for remdesivir "for governments of developed countries of 390 dollars per vial. Based on current treatment patterns, the vast majority of patients are expected to receive a 5-day treatment course using 6 vials of remdesivir, which equates to 2,340 dollars per patient."

Boeing (BA), the aircraft maker, is gaining ground before hours as recertification flights for 737 MAX are beginning today.

Southwest Airlines (LUV) was upgraded to "buy" from "sell" at Goldman Sachs.

Beyond Meat (BYND), a producer of plant-based meat substitutes, was downgraded to "underweight" from "overweight" at Barclays.

Coty (COTY), the global beauty company, agreed to acquire a 20% stake in Kim Kardashian West's brand KKW for 200 million dollars, according to the Financial Times.

Source : TradingVIEW, Gain Capital

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.

ALL TRADING INVOLVES RISKS. LOSSES CAN EXCEED DEPOSITS.

City Index is a trading name of StoneX Financial Pte. Ltd. (“SFP”) for the offering of dealing services in Contracts for Differences (“CFD”). SFP holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore for Dealing in Exchange-Traded Derivatives Contracts, Over-the-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading. SFP is also both Derivatives Trading and Clearing member of the Singapore Exchange (“SGX”). SFP is a wholly-owned subsidiary of StoneX Group Inc.

The information provided herein is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to invest, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.

The information does not represent an offer of, or solicitation for, a transaction in any investment product. Any views and opinions expressed may be changed without an update. To understand the risks and costs involved, please visit the section captioned “Important Information” and the “Risk Disclosure Statement”.

The information herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

StoneX Financial Pte. Ltd. 1 Raffles Place, #18-61, One Raffles Place Tower 2, Singapore 048616. Tel: 6309 1000. Co. Reg. No.: 201130598R.

This advertisement has not been reviewed by the Monetary Authority of Singapore.