Forex

US Futures Rise, Watch AAL, WMT, AXP

The S&P 500 Futures are trading on the upside despite a bearish gap opening on Monday morning as investors digested Apple’s announcement of closing some stores in Arizona, Florida, North Carolina and South Carolina due to resurgence in coronavirus cases.

Later today, the Federal Reserve Bank of Chicago will post May National Activity Index. The National Association of Realtors will report May existing home sales (4.1 million units expected).

European indices are trading in the red. No major economic data news were released except the U.K. Industrial Trends Survey factory orders posting a decline twice higher than expected in June at -58, but slightly better than the previous month historical low at -62. Later today, the Eurozone’s Consumer Confidence Index for June will be released (-15.0 expected).

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Asian indices closed mixed. The Hong Kong HSI dropped 0.54% and the Japanese Nikkei lost 0.18% while the China Mainland CSI 300 added 0.08% and the Australian ASX 200 ended flat (+0.03%)

WTI Crude Oil Futures are gaining some ground, following Friday rally. The number of U.S. oil rigs as of June 19 dropped by 13 from a week ago to 266, and oil rigs in Canada fell by 4 to 17, according to Baker Hughes. The net long position of WTI crude oil slid 7.1% on week to 354,363 contracts as of June 16, reported the Commodities Futures Trading Commission.

Gold is gaining ground while the US dollar consolidates on rising COVID-19 cases.

Gold rose 3.89 dollars (+0.22%) to 1747.76 dollars.

EUR/USD rose 30pips to 1.1208 while GBP/USD gained 38pips to 1.2388.

US Equity Snapshot

American Airlines (AAL) plans to raise 3.5 billion dollars in shares and notes, to strengthen its balance sheet.

Walmart (WMT), the retailer, was upgraded to “buy” from “neutral” at UBS.

American Express (AXP), a globally integrated payments company, was downgraded to “sell” from “neutral” at UBS

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