US Futures rebound - Watch TSLA, MRNA, KODK, LBTYA


The S&P 500 Futures are rebounding after they ended in negative territory yesterday

The S&P 500 Futures are rebounding after they ended in negative territory yesterday. Investors were concerned after Senate Republican leader Mitch McConnell said there was no progress on talks for a Covid-19 relief package.

US July CPI increased 1% in July YoY (+0.7% expected) after +0.6% in June.

European indices are slightly on the upside. The European Commission has reported June industrial production at +9.1% (vs +10.0% on month expected). The U.K. Office for National Statistics has posted 2Q GDP at -20.4% on quarter (vs -20.5% expected), June industrial production at +9.3 (vs +9.2% on month expected), manufacturing production at +11.0% (vs +10.0% on month expected) and trade balance at 5.3 billion pounds surplus (vs 2.6 billion pounds surplus expected).

Asian indices closed in dispersed order. The Reserve Bank of New Zealand kept its benchmark rate unchanged at 0.25% as expected, while expanding the Large Scale Asset Purchase program up to 100 billion New Zealand dollars from 60 billion New Zealand dollars previously. RBNZ said any future move to a lower or negative official cash rate could provide an effective way to deliver additional monetary stimulus if needed.

WTI Crude Oil futures are posting a rebound. The U.S. Energy Information Administration (EIA) raised the 2021 U.S. crude output forecast to 11.14M b/d from 11.01M b/d projected in July, according to EIA's monthly Short Term Energy Outlook. The American Petroleum Institute (API) reported that U.S. crude-oil inventories fell 4.4 million barrels last week. Later today, EIA will release official crude oil inventories data for the same week.

Gold slightly recovers after yesterday's sell off on US fiscal stimulus uncertainties;

Gold rose 19.82 dollars (+1.04%) to 1931.71 dollars.

The US dollar consolidates after bouncing yesterday on rising US-China tensions.

The dollar index fell 0.13pt to 93.501.

U.S. Equity Snapshot

Tesla (TSLA), the electric-vehicle maker, is surging before hours after announcing a 5 for 1 stock split in order to make stock ownership more accessible to employees and investors.

Source: TradingView, GAIN Capital

Moderna (MRNA), a biotechnology company, announced a 1.53 billion dollars supply agreement with the U.S. government for an initial 100 million doses of mRNA COVID-19 vaccine (mRNA-1273). 

Eastman Kodak Company (KODK) reported a second quarter loss of 5 million dollars compared with a profit of 201 million dollars a year ago. Revenue fell to 213 million dollars from 307 million dollars a year earlier. CEO said the company supports the decision by a federal agency to put on hold a potential government loan of 765 million dollars in order to help the firm produce drug ingredients pending an investigation into eventual wrongdoings. 

Liberty Global (LBTYA), one of the world's leading converged video, broadband and communication companies, agreed to buy telecoms Swiss company Sunrise communications for 110 Swiss francs per share. The offer represents a total enterprise value of 6.8 billion Swiss francs.

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