U.S Futures still up - Watch IBM, C, REGN, LLY


The S&P 500 Futures remain on the upside after they rebounded nearly 2% yesterday

Stocks (2)

The S&P 500 Futures remain on the upside after they rebounded nearly 2% yesterday. U.S President Donald Trump reversed an earlier stance and said he could sign partial fiscal stimulus bills from Congress. This helped to boost market sentiment.

Later today, the U.S. Labor Department will release initial jobless claims in the week ending October 3 (0.82 million expected).

European indices remain bullish. The German Federal Statistical Office has posted August trade balance at 12.8 billion euros surplus (vs 16 billion euros surplus expected). The Bank of France has released Industry Sentiment Indicator for September at 101 (vs 105 expected).

Asian indices closed in the green except the Hong Kong HSI.

WTI Crude Oil futures continue to rebound. Gulf of Mexico operators have shut down 80% of oil production ahead of Hurricane Delta.

Gold steadies as the U.S dollar consolidates on U.S stimulus hopes.

Gold rose 4.09 dollars (+0.22%) to 1891.51 dollars while the dollar index was almost flat at 93.678.

U.S. Equity Snapshot

IBM (IBM), an IT company, is surging before hours after saying it "will separate its Managed Infrastructure Services unit of its Global Technology Services division into a new public company." Separately, the company expects third quarter sales and adjusted EPS in-line with current consensus.

Source: TradingView, GAIN Capital

Citigroup (C), a banking group, was fined 400 million dollars by the Office of the U.S. Comptroller of the Currency, related to deficiencies in risk controls. The regulator said the order requires the bank to seek its non-objection before making significant new acquisitions and could implement additional business restrictions or require changes in senior management if the bank does not make sufficient progress in complying with the order. Separately, the stock was downgraded to "neutral" from "overweight" at JPMorgan

Regeneron (REGN) and Eli Lilly (LLY), the biotechs, are gaining ground before hours as the Cos asked the FDA to authorize their treatment against COVID-19 for emergency use after Donald Trump mentioned then in a video.

Tesla (TSLA), the electric-vehicle maker, was upgraded to "buy" from "neutral" at New Street.

Roku (ROKU)'s, the video streaming platform, target price was raised to 255 dollars from 190 dollars at Needham.

DTE Energy (DTE), an energy company, is considering selling or spinning off its natural gas pipelines and other non-utility operations, reported Bloomberg citing people familiar with the matter.

More from Equities


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.

Important Notice:

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.