The S&P 500 Futures remain on the upside after they ended higher yesterday, though pared gains throughout the session.
Later today, the Federal Reserve's interest rate decision will be due. It is widely expected that the central bank would stick to its accommodative monetary policy. The U.S. Commerce Department will report August retail sales (+1.0% on month expected) and July business inventories (-0.1% on month expected). The National Association of Home Builders will release Housing Market Index for September (78 expected).
European indices are on the upside. The European Commission has posted July trade balance at 20.3 billion euros surplus (vs 19.3 billion euros surplus expected). The U.K. Office for National Statistics has released August CPI at -0.4% on month (vs -0.6% expected). PPI were released at +0.0%, vs +0.2% expected. Moreover, OECD raised its 2020 Global economy forecast to -4.5% (vs -6.0% previously). U.S. GDP is expected at -3.8% (vs -7.3% previously) and Eurozone GDP is raised by 1.2% point to -7.9% (vs -9.1% previously).
Asian indices were under pressure except the Australian ASX which closed on the upside. This morning, government data showed that Japan recorded a trade surplus of 248.3 billion yen in August (15 billion yen deficit expected), where exports declined 14.8% on year (-16.1% expected) and imports slid 20.8% (-17.8% expected).
WTI Crude Oil futures remain on the upside as investors are worried that the approaching Hurricane Sally would disrupt oil and gas production in the northern U.S. Gulf Coast. Later today, the U.S. Energy Information Administration (EIA) will release official crude oil inventories data for the same week.
Gold stands above 1450 and rose 7.32$ to 1966.40.
EUR/USD jumped 26pips to 1.1867 as EU Commission President Van der Leyen delivers her State of the Union speech.
U.S. Equity Snapshot
Adobe (ADBE), the developer of software products, announced third quarter adjusted EPS of 2.57 dollars, ahead of the estimate, up from 2.05 dollars last year on revenue of 3.2 billion dollars, as expected, up from 2.8 billion dollars a year earlier. Adobe's shares are trading higher in premarket trading.
Source: GAIN Capital, TradingView
FedEx's (FDX) shares jump in premarket trading after the package delivery service company reported first quarter adjusted EPS of 4.87 dollars, significantly exceeding the forecast, up from 3.05 dollars a year ago on revenue of 19.3 billion dollars, higher than anticipated, up from 17.0 billion dollars in the prior year.
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.