The S&P 500 Futures are up again after they closed mixed yesterday. Nasdaq 100 hit a fresh record high while the Dow Jones Industrial Average dropped 223 points (-0.8%) and the S&P 500 fell 7 points (+0.2%) to 3500.
Later today, the U.S. Commerce Department will report July construction spending (+1.1% on month expected). The Institute for Supply Management will post August Manufacturing PMI (54.5 expected). Research firm Markit will publish final readings of August Manufacturing PMI (53.6 expected).
European indices have rebounded at the open before facing a consolidation. German Government has revised its 2020 GDP forecast to -5.8%, vs -6.3% previously. It also revised its 2021 GDP forecast to +4.4%, vs +5.2%. Research firm Markit has published final readings of August Manufacturing PMI for the eurozone at 51.7 (as expected), for Germany at 52.2 (vs 53.0 expected), for France at 49.8 (vs 49.0 expected) and for the U.K. at 55.2 (vs 55.3 expected). The European Commission has posted August CPI at -0.2% (vs +0.2% on year expected) and July jobless rate at 7.9% (vs 8.0% expected). The German Federal Statistical Office has reported August jobless rate at 6.4%, as expected. The Bank of England has released the number of mortgage approvals for July at 66,300 (vs 55,500 expected).
Asian indices closed slightly on the upside except the Australian ASX. The Reserve Bank of Australia held its rates unchanged, as expected. Data released earlier today showed that China's Caixin Manufacturing PMI rose to 53.1 in August (52.5 expected), the highest level since January 2011.
WTI Crude Oil futures are rebounding. Abu Dhabi, the biggest oil producer in the United Arab Emirates, said it will reduce exports in that month by 30% below contracted amounts for buyers with long-term agreements. Later today, American Petroleum Institute (API) would release the change of U.S. oil stockpile data for August 28.
Gold is well oriented, trading at two-week high, while the US dollar declines on low rates outlook.
Gold rose 21.56 dollars (+1.1%) to 1989.37 dollars.
The dollar index fell 0.32pt to 91.826.
U.S. Equity Snapshot
Zoom Video Communications (ZM), the leader in modern enterprise video communications, soared in extended trading after reporting second quarter adjusted EPS of 0.92 dollar, significantly beating estimates, up from 0.02 dollar last year, on revenue of 663.5 million dollars, also exceeding forecasts, up from 145.8 million dollars a year earlier. The Co raised its third quarter and full year adjusted EPS and revenue forecast.
Source: TradingView, GAIN Capital
Apple (AAPL): according to Bloomberg, the tech giant would ship 75 million 5G IPhones for late year.
QUALCOMM (QCOM), a maker of digital wireless communications equipment, is gaining ground before hours as the stock was upgraded to "equal weight" from "underweight" at Wells Fargo.
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.
GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital 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), GAIN Capital Singapore 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 GAIN Capital Singapore 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 GAIN Capital Singapore 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.
GAIN Capital Singapore 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 cityindex.com.sg for the complete Risk Disclosure Statement.
Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.