US futures consolidating, watch BA, HAL, JNPR
Jean-Christophe Rolland April 20, 2020 12:48 PM
The S&P 500 futures are consolidating after they bounced on Friday on growing expectations that the economy would reopen soon
The S&P 500 futures are consolidating after they bounced on Friday on growing expectations that the economy would reopen soon. President Donald Trump announced a plan for eventually restarting the country's economy in several phases.
Later today, the Federal Reserve Bank of Chicago will post March National Activity Index (-4 expected).
European indices are searching for a trend. The European Commission has posted February trade balance at 23 billion euros surplus (vs 20.0 billion euros surplus expected). The German Federal Statistical Office has reported March PPI at -0.8% on year, as expected.
Asian indices closed in the red. This morning, official data showed that Japan's exports declined 11.7% on year in March (-9.4% estimated).
WTI Crude Oil Futures are facing a drop amid growing concerns that the latest OPEC+ deal is unable to cope with slumping global oil demand. Meanwhile, the number of U.S. oil rigs counts dropped further to 438 as of April 17 from 504 a week ago.
On the currencies side, the US dollar remains firms on global growth fears. EUR/USD fell 12 pips to 1.0863 and GBP/USD declined 38 pips to 1.2461. USD/CAD jumped 92 pips to 1.4082 as the Canadian currency has been hit following sharp decline in oil prices.
US Equity Snapshot
Boeing (BA), an aircraft manufacturer, and China Development Bank Financial Leasing, an equipment leasing company, have agreed to terminate the purchase and delivery of 29 Boeing 737 MAX aircraft, leaving a total of 70 undelivered. The company said: "Boeing will offer certain economic concessions that are intended to mitigate the effect of the amendments to the Purchase Agreements."
Halliburton (HAL), the oil and gas services company, posted first quarter adjusted EPS from continuing operations up to 0.31 dollar from 0.23 dollar a year earlier, on sales down to 5.04 billion dollars from 5.74 billion dollars a year ago. Both figures beat estimates. The company expects "further decline in revenue and profitability" in 2020.
Juniper Networks (JNPR), a networking products developer, was upgraded to "overweight" from "neutral" at JPMorgan.
Source, TradingView, GAIN Capital
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.