Later today, Initial Jobless Claims for the week ended May 9 (2.500 million expected) and Import Price Index for April (-3.2% on month expected) will be reported. In Canada, March Manufacturing sales are expected at -5.7% on month.
European indices remain under pressure. The German Federal Statistical Office has posted final readings of April CPI at +0.9% (vs +0.8% on year expected). France's INSEE has reported 1Q jobless rate at 7.8% (vs 8.4% expected).
Asian indices all closed in the red. Australia's official jobs report show that the economy shed 594,300 jobs in April (-575,000 jobs expected), while jobless rate climbed to 6.2% (8.2% expected) from 5.2%.
WTI Crude Oil Futures are posting a rebound. The U.S. Energy Information Administration (EIA) released a weekly report for May 8, which stated that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.7M barrels from the previous week to 531.5M barrels.
Gold consolidated while US dollar hit a three-week peak after Jerome Powell comments.
Gold slightly fell 0.65 dollar (-0.04%) to 1715.63 dollars. EUR/USD decreased 27pips to 1.0791 while GBP/USD declined 24pips to 1.2208.
US Equity Snapshot
Cisco Systems (CSCO), a leading global supplier of network hardware and software, is expected to gain ground after reporting third quarter adjusted EPS up to 0.79 dollar, above estimates, up from 0.78 dollar a year ago, on sales down 12.0 billion dollars, also beating the consensus, from 13.0 billion dollars a year earlier.
Tyson Foods (TSN), the largest US producer of processed chicken and beef, will lower prices for some of its beef products by 30%, according to a Dow Jones report.
Fiat Chrysler (FCAU), the carmaker, will not distribute an ordinary dividend in 2020 related to fiscal year 2019, in light of the impact from the current COVID-19 crisis.