The S&P 500 Futures is facing weak consolidation after expanding their winning ranks to a fourth session yesterday. Investors were encouraged by better-than-expected data on private jobs and signs of reducing social unrest.
On the statistics front Initial claims without unemployment for the week ending May 30, 1.877 million versus 1.833 million was expected. Trade balance the deficit was $ 49.4 billion in April as expected.
The European indices are consolidated. That The ECB kept its main refinancing rate unchanged at 0.000% as expected. The envelope for the Pandemic Emergency Purchase Program (PEPP) is increased by EUR 600 billion to a total of EUR 1.350 billion. The horizon for net purchases under PEPP will be extended to at least the end of June 2021. Research firm Markit has published the U.K. Construction PMI for May was released at 28.9 (versus expected 29.4). The European Commission announced sales in April at -11.7% (against -15.0% for the month expected).
Asian indexes closed in the green except the Chinese CSI. USA. the government said it will prevent Chinese airlines from flying into the country in response to China’s decision to ban the U.S. carriers. This morning, official data showed Australia’s retail sales fell by 17.7% in the month of April (-17.9% expected), while the trade surplus amounted to 8.8 billion Australian dollars (7.5 billion Australian dollars expected).
WTI Futures for crude oil is under pressure despite reports that Saudi Arabia and Russia have agreed to extend a production cut deal through July.
Gold rebound after its biggest daily decline in a month. The euro jumped after the ECB raised its PEEP size more than expected.
Gold rose $ 7.09 (+ 0.42%) to $ 1706.76. EUR / USD rose 9 pips to 1.1242.
Snapshot of American capital
Amazon.com (AMZN), the e-commerce giant, may be in talks to buy a $ 2 billion stake in Indian telecommunications company Bharti Airtel, according to Reuters.
Charles Schwab (SCHW), the investment broker group, may have received DOJ approval for TD Ameritrade trading, according to CNBC.
Costco Wholesale (COST), an operator of a chain of warehouses, reported net sales in May of 7.5% to $ 12.55 billion.
Tiffany (TIF): “In particular, the Board of LVMH focused its attention on the development of the pandemic and its potential impact on the results and perspectives of Tiffany & Co regarding the agreement linking the two groups. Given the recent rumors in the market, LVMH confirms that it is not considering buying Tiffany shares in the market. “
Goldman Sachs (GS) was downgraded to “hold” from “buy” at Deutsche Bank while Wells Fargo (WFC) was upgraded to “buy” from “hold” at the same research firm.
JM Smucker (SJM), a packaged food business, released adjusted EPS in the fourth quarter up $ 2.57 from $ 2.08 a year earlier, with sales up $ 2.09 billion from $ 1.90 billion a year ago. Both numbers hit the mark. The company expects 2021 adjusted EPS of $ 7.90- 8.30, below forecasts.
Ciena (CIEN), the network systems, service and software business, revealed second-quarter adjusted EPS up to $ 0.76 from $ 0.48 a year earlier, with sales rising 3.4% to $ 894.1 million. Both numbers hit the mark.
Navistar International (NAV), maker of trucks and buses, posted Q2 LPS of $ 0.38, beating a bit of consensus against LPS of $ 0.48 a year earlier, with sales falling 36% to $ 1.93 billion above consensus.
