US Futures rise - Watch GS, UNH, BK, MRNA


The S&P 500 Futures remain on the upside on Covid-19 vaccine hopes

Uptrend 4

The S&P 500 Futures remain on the upside on Covid-19 vaccine hopes.

Later today, the U.S. Labor Department will release June import price index (+1.0% on month expected). The New York Federal Reserve will publish July Empire Manufacturing Index (10.0 expected). The Federal Reserve will release its Beige Book, June industrial production (+4.4% on month expected) and capacity utilization (67.8% expected). 

European indices stay in the green. The U.K. Office for National Statistics has released June CPI at +0.6% (vs +0.4% on year expected). Also, EU General Court has annulled the decision taken by the EU Commission regarding the Irish Tax Rulings over EUR 13 billion in favor of Apple.

Asian indices closed in the green except the Chinese CSI. The Bank of Japan held its benchmark rate at -0.10%, as expected.

WTI Crude Oil futures are posting a rebound. OPEC technical committee suggested that countries including Iraq, Nigeria and Kazakhstan should make an additional 842K b/d of compensatory cuts in August and September, reported Bloomberg citing delegates. Meanwhile, the American Petroleum Institute (API) reported that U.S. crude stockpiles dropped 8.32M bbl for the week ended July 10 (-2.28M bbl expected). Later today, the Energy Information Administration (EIA) will release official crude oil inventories data for the same week (-0.88M bbl expected)
WTI Crude Oil futures remain on the downside after reports that major oil-producing countries may ease output curbs in view of improving demand.

Gold gained 3.03 dollars (+0.17%) to 1812.39 dollars.

USD remains under pressure on hopes of a Covid-19 vaccine.

EUR/USD rose 34pips to 1.1434 the day's range was 1.1391 - 1.1445 compared to 1.1325 - 1.1409 the previous session.

U.S. Equity Snapshot

Goldman Sachs (GS), a global investment firm, reported second quarter EPS of 6.26 dollars, above estimates, from 5.81 dollars a year earlier. Net revenue advanced 41% to 13.3 billion dollars, beating estimates.

Source: TradingView, Gain Capital

UnitedHealth (UNH), a private health insurance provider, disclosed second quarter adjusted EPS up to 7.12 dollars, above estimates, from 3.60 dollars a year earlier. The company still expects full year adjusted EPS of 16.25-16.55 dollars.

Bank of New York Mellon (BK), an international financial company, reported second quarter EPS of 1.01 dollar, stable compared to last year but above estimates. Net interest margin decreased to 0.88% from 1.12% a year earlier.

U.S. Bancorp (USB), a diversified financial services firm, announced second quarter adjusted EPS of 0.41 dollar, beating estimates. Net interest margin decreased to 2.62% from 3.13% a year earlier.

Moderna (MRNA), a biotechnology company, announced that its mRNA COVID-19 vaccine was able to produce antibodies to the coronavirus in all patients in a phase 1 study and a phase 3 trial is expected to begin on July 27.

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