The S&P 500 Futures are posting a rebound after they in the red again on Friday. Investors became cautious ahead of the Nov. 3 presidential election, and remained concerned over the record-breaking Covid-19 cases around the world.
Later today, the U.S. Commerce Department will report September construction spending (+1.0% on month expected). The Institute for Supply Management will post its Manufacturing Index for October (55.6 expected). Research firm Markit will publish final readings of October Manufacturing PMI for the U.S. (53.3 expected).
European indices are on the upside. British Prime Minister Boris Johnson has announced England will enter a second national lockdown from Thursday until December 2. Research firm Markit has published final readings of October Manufacturing PMI for the eurozone at 54.8 (vs 54.4 expected), for Germany at 58.2 (vs 58.0 expected), for France at 51.3 (vs 51.0 expected) and for the U.K. at 53.7 (vs 53.3 expected).
Asian indices closed in a strong up move.
WTI Crude Oil futures remain under pressure. The total number of rotary rigs in the U.S. rose to 296 as of October 30 from 287 in the prior week, and rigs in Canada increased to 86 from 83, according to Baker Hughes.
US indices closed down on Friday, pressured by the Technology Hardware & Equipment (-4.52%), Retailing (-3.7%) and Semiconductors & Semiconductor Equipment (-1.94%) sectors.
Approximately 60% of stocks in the S&P 500 Index were trading above their 200-day moving average and 16% were trading above their 20-day moving average. The VIX Index rose 0.59pt (+1.57%) to 38.18, while Gold gained $11.26 (+0.6%) to $1878.85, and WTI Crude Oil dropped $0.57 (-1.58%) to $35.6 at the close.
On the US economic data front, Personal Income rose 0.9% on month in September (+0.4% expected), compared to a revised -2.5% in August. Personal Spending increased 1.4% on month in September (+1.0% expected), compared to +1.0% August. Market News International's Chicago Business Barometer slipped to 61.1 on month in October (58.0 expected), from 62.4 in September. Finally, the University of Michigan's Consumer Sentiment Index advanced to 81.8 on month in the October final reading (81.2 expected), from 81.2 the October preliminary reading.
Gold slightly rebounds while the U.S dollar consolidates before U.S presidential election and as COVID-19 cases continue to surge.
Gold rose 12.66 dollars (+0.67%) to 1891.46 dollars.
The dollar index was flat at 94.032.
GBP/USD fell 20pips to 1.2927 on UK lockdown
U.S. Equity Snapshot
Apple (AAPL), a tech giant, was ordered to pay security software company VirnetX Holding Corp 503 million dollars in a security patent trial by the jury in Tyler, Texas, according to Bloomberg.Amazon.com (AMZN)'s, the e-commerce giant, price target was raised to 3,900 dollars from 3,800 dollars at Independent Research.
Source: TradingView, GAIN Capital
Wynn Resorts (WYNN), a luxury resort and casino company, was upgraded to "overweight" from "equalweight" at Morgan Stanley.Marathon Petroleum (MPC), one of the largest U.S. oil refiners, reported third quarter sales down 44% to 17.55 billion dollars, below estimates. LPS was 1.57 dollar, beating expectations, vs an EPS of 1.66 dollar a year earlier.
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.