European shares go into reverse after initial drop as the European Union leaders were yet to agree on the size of a stimulus package, where oppositions led by Dutch Prime Minister Mark Rutte demanded a substantially less figure. European Central Bank has reported the eurozone's May current account at 8.0 billion euros surplus (vs 14.4 billion euros surplus in April). German June PPI was released at 0.0%, vs 0.2% expected.
Asian indices closed mixed even if the Chinese CSI jumped by 3.11%. This morning, government data showed that Japan's exports declined 26.2% on year in June (-24.7% expected) and imports slid 14.4% (-17.6% expected).
WTI Crude Oil futures are under pressure. The total number of U.S. rigs fell to 253 as of July 17 from 258 a week ago, while oil rigs in Canada increased to 32 from 26, according to Baker Hughes.
Gold is consolidating above 1800 dollars, remaining firm on COVID-19 fears.
Gold rose 0.17 dollars (+0.01%) to 1810.6 dollars.
The euro is gaining ground, climbing to a four-month high, on hopes of progress regarding debt talks.
EUR/USD rose 20pips to 1.1448 while the GBP/USD gained 29pips to 1.2597
U.S. Equity Snapshot
Chevron (CVX), the oil giant, "has entered into a definitive agreement with Noble Energy (NBL) to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at 5 billion dollars, or 10.38 dollars per share."
Source: TradingView, Gain CapitalHalliburton (HAL), the oil and gas services company, reported second quarter EPS of 0.05 dollar, above estimates, down from 0.31 dollar a year earlier. Sales decreased 46% to 3.2 billion dollars, missing forecasts.
Amazon.com's (AMZN) price target was raised to 3,800 dollars from 3,100 dollars at Jefferies.
eBay (EBAY), the global electronic commerce platform, would be close to sell its Classified-Ads unit to Adevinta for about 9 billion dollars, according to Bloomberg.
Starbucks (SBUX), the global specialty coffee chain, was rated "overweight" in a new coverage at Wells Fargo.
Moderna (MRNA), the biotech, was downgraded to "neutral" from "overweight" at JPMorgan.
Celanese (CE), a global chemical and specialty materials company, "announced it has reached a definitive agreement to sell its 45% equity investment in the Polyplastics joint venture to Daicel Corporation for 1.575 billion dollars. Following the completion of the transaction, Daicel will own 100 percent of Polyplastics."
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.