The S&P 500 Futures remain under pressure after they sank further yesterday. Pessimistic sentiment grew after U.S. Treasury Secretary Steven Mnuchin indicated that a deal for further fiscal stimulus is unlikely before the November election.
Later today, the U.S. Labor Department will release initial jobless claims in the week ending October 10 (0.82 million expected) and September import price index (+0.3% on month expected). The New York Federal Reserve will publish October Empire Manufacturing Index (14.0 expected). The Philadelphia Federal Reserve will report its Business Outlook Index for October (14.3 expected).
European indices are on the downside. France's INSEE has posted final readings of September CPI at +0.0% (vs +0.1% on year expected).
Asian indices closed in the red except the Australian ASX. The Australian economy shed 29,500 jobs in September (-40,000 jobs expected) and jobless rate edged up to 6.9% (7.0% expected) from 6.8% in August.
WTI Crude Oil futures are bullish. OPEC+ nations implemented 102% of agreed supply cuts in September. The American Petroleum Institute (API) reported that U.S. crude oil inventories dropped 5.4M barrels in the week ending October 9. Later today, the EIA will release official crude oil inventories data for the same period.
Gold loses some ground while the U.S dollar rebounds on fading U.S stimulus hopes.
Gold fell 7.73 dollars (-0.41%) to 1893.79 dollars.
The dollar index rose 0.31pt to 93.689.
U.S. Equity Snapshot
Morgan Stanley (MS), the banking group,posted third quarter net sales up 16% to 11.66 billion dollars, above estimates. Adjusted EPS increased to 1.59 dollar from 1.21 dollar.
Walgreens Boots Alliance (WBA), a global leader in retail and wholesale pharmacy, is surging before hours after posting fourth quarter adjusted EPS of 1.02 dollar, above estimates, vs 1.43 dollar a year earlier. Sales increased 2.3% to 34.75 billion dollars, beating expectations. Regarding current fiscal year, the company expects strong second half adjusted EPS growth.
Source: TradingView, GAIN Capital
United Airlines (UAL), the transportation company, reported third quarter adjusted LPS of 8.16 dollars, worse than anticipated, down from an EPS of 4.07 dollars a year ago, on revenue of 2.5 billion dollars, as expected, down from 11.4 billion dollars a year earlier.
Alcoa (AA), one of the largest American aluminum producers, dived after hours after saying it "expects flat sequential quarterly results in the Bauxite segment" in the fourth quarter. Separately, the company reported third quarter earnings that beat estimates.
Regeneron Pharmaceuticals (REGN), a biotech, "announced that the U.S. FDA approved Inmazeb for the treatment of infection caused by Zaire ebolavirus".
Roku (ROKU), the video streaming platform, was downgraded to "sector weight" from "overweight" at KeyBanc.
Viacom (VIAC), the media company, was upgraded to "overweight" from "equalweight" at Barclays, with a 36 dollars share price target.
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 cityindex.com.sg for the complete Risk Disclosure Statement.