1007US PRE OPEN
US Futures red, watch NFLX, AMZN, NVDA, BYND
Today, the U.S. Labor Department June Producer Price Index will be unveiled.
European indices are gaining some ground, rising around 0.5% on average without any major economic data release.
Asian indices ended significantly lower and even the China Mainland CSI 300 declined 1.81% ending an 8-day rally. Also, Hong Kong HSI dropped 1.84%, Australian ASX 200 lost 1.06% and the Japanese Nikkei eased 0.61%. China's Consumer Price Index grew 2.5% on year in June (as expected) while Producer Price Index (PPI) dropped 3.0% (-3.2% expected). Japan's PPI dropped 1.6% on year in June (-2.0% expected).
WTI Crude Oil futures are extending, Thursday retracement as caution grew about continued momentum of the economic recovery. India's oil products consumption fell 8% on year to 16.3M tons in June, according to the government. The EIA wrote: "the worst of the demand destruction was in the first half of the year when demand fell by 10.75 million barrels per day (mb/d)" but added "the strong growth of new Covid-19 cases that has seen the re-imposition of lockdowns in some regions, including North and Latin America, is casting a shadow over the outlook". Gold prices are trading around 1,810 dollars at their higher level since September 2011 on coronavirus fears while the US dollar remains weak on rallying equities.
Gold is set to post a fifth straight weekly gain on COVID-19 concerns.
Gold rose 5.35 dollars (+0.3%) to 1808.9 dollars.
The US Dollar consolidates after rebounding on Thursday on sliding equities.
The dollar index fell 0.03pt to 96.675.
US EQUITY SNAPSHOT
Netflix 's (NFLX), the video streaming service, price target was raised to 670 dollars from 540 dollars at Goldman Sachs.
Source: TradingVIEW, Gain Capital
Amazon's (AMZN), the e-commerce giant, price target was raised to 3,550 dollars from 2,700 dollars at Citi.
Nvidia's (NVDA), a leading designer of graphics processors, was raised to 500 dollars from 400 dollars at Rosenblatt.
Beyond Meat (BYND), a producer of plant-based meat substitutes, was rated "sell" in a new coverage at Citi, with a price target set at 123 dollars.
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