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ACT BEFORE AUGUST 1ST
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| US Market |
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The major U.S. index futures are pointing to a higher opening on Monday, with stocks poised to extend the recovery from the sell-off that was seen last Wednesday. The markets may continue to benefit from the upward momentum seen over the two previous sessions, which helped the major averages climb off their worst levels in nearly a month.
Trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
Following the rebound seen on Thursday, stocks saw some further upside during trading on Friday. With the upward move on the day, the major averages further offset the steep losses posted on Wednesday.
The major averages close firmly in positive territory but off their best levels of the day. The Dow advanced 141.82 points or 0.7 percent to 20,804.84, the Nasdaq rose 28.57 points or 0.5 percent to 6,083.70 and the S&P 500 climbed 16.01 points or 0.7 percent to 2,381.73.
Despite the recovery, the major averages still closed lower for the week. The Nasdaq fell by 0.6 percent, while the Dow and the S&P 500 both dropped by 0.4 percent.
The strength on Wall Street came as traders continued to pick up stocks at relatively low levels following the substantial weakness that was seen two days ago.
The sell-off on Wednesday was triggered in part by reports President Donald Trump asked former FBI Director Comey to drop a federal investigation of former National Security Adviser Michael Flynn.
However, Trump flatly denied the claim he urged Comey to back off Flynn in a news conference after the close of trading on Thursday.
Trump sought to reassure Americans he was focused on efforts to create jobs, cut taxes and repeal and replace Obamacare despite the recent scandals that have plagued the White House.
"We have to get back to running this country really, really well," Trump said. "My total priority, believe me, is the United States of America."
Positive sentiment may also have been generated by comments from St. Louis Federal Reserve President James Bullard raising questions about the need for another increase in interest rates next month.
Noting the financial market reaction to the March rate hike has been opposite of what is typically expected, Bullard said the Fed's contemplated policy rate path may be overly aggressive relative to incoming economic data.
Bullard, who is not a voting member of the Fed's policy committee this year, pointed out that U.S. macroeconomic data since the March meeting has been relatively weak.
After falling sharply over the two previous sessions, steel stocks showed a substantial move back to the upside. The NYSE Arca Steel Index surged up by 3.1 percent after ending Thursday's trading at a six-month closing low.
Brazil's CSN (SID) and Gerdau (GGB) turned in two of the steel sector's best performances, spiking by 10 percent and 18.7 percent, respectively.
Considerable strength was also visible among energy stocks, which moved higher along with the price of crude oil.
Reflecting the strength in the energy sector, the Philadelphia Oil Service Index and the NYSE Arca Natural Gas Index shot up by 2.7 percent and 2.5 percent, respectively, while the NYSE Arca Oil & Gas Index climbed by 1.4 percent.
Telecom stocks also turned in a strong performance on the day, with the NYSE Arca North American Telecom Index advancing by 2 percent. Frontier Communications (FTR) posted a standout gain.
Gold, tobacco, semiconductor, and banking stocks also saw notable strength, while some weakness was visible among biotechnology stocks. |
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| US Economic Reports |
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Amid a quiet day on the U.S. economic front, remarks by several Federal Reserve officials may attract some attention.
At 10 am ET, Minneapolis Fed President Neel Kashkari is scheduled to deliver welcoming remarks at the Opportunity and Inclusive Growth Institute Conference in Minneapolis. Kashkari will participate in a media Q&A at the conference later in the day.
Philadelphia Fed President Patrick Harker is also due to discuss “the Link Between Physical and Economic Wellbeing” at the Jefferson College of Health Professions and Jefferson College of Pharmacy Commencement Ceremony in Philadelphia at 10 am ET.
At 7 pm ET, Fed Governor Lael Brainard will deliver the dinner keynote speech at the Opportunity & Inclusive Growth Institute Conference in Minneapolis.
Brainard is also scheduled to speak about "The Roles of Opportunity and Inclusion in Strengthening the U.S. Economy" at the conference at 7:30 pm ET.
At 9:10 pm ET, Chicago Fed President Charles Evans is due to speak at the Symposium on OTC Derivatives - 58th Shanghai Clearing House Forum on Policy and Practice-Default Management in Shanghai, China.
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| Europe markets |
European stocks are turning in a mixed performance on Monday. While the German DAX Index has fallen by 0.3 percent, the French CAC 40 Index is up by 0.1 percent and the U.K.’s FTSE 100 Index is up by 0.5 percent.
The pound has weakened against the dollar after Brexit Secretary David Davis warned that the U.K. will walk out of Brexit talks unless the EU drops demands to charge the 100 billion euros to leave the European Union.
Investors also awaited Greek debt relief talks and the outcome of U.S. President Donald Trump's first foreign trip for further direction.
Mining stocks extended Friday's gains, with Anglo American and Antofagasta rising over 1 percent. Energy major Tullow Oil has rallied as oil prices extend gains ahead of an OPEC meeting in Vienna on Thursday.
Clariant shares have soared after the Swiss specialty chemicals company and U.S.-based Huntsman Corporation agreed to combine in a merger of equals through an all-stock deal.
Cement giant LafargeHolcim has advanced after appointing a new chief executive. Dutch insurer Aegon has also jumped after it agreed to sell its two largest U.S. runoff businesses.
On a light day on the economic front, U.K. average asking prices hit a new record level in May, property website Rightmove said.
House prices climbed 1.2 percent from the previous month to a record 317,281 pounds in May, marking the fifth consecutive increase.
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| Asia markets |
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Asian stock markets rose broadly on Monday as the Japanese yen weakened and U.S. crude oil futures climbed back above $50 per barrel on expectations that major oil producing nations might extend their production cuts beyond an agreed-on June deadline when they meet on Thursday.
Japan's Nikkei 225 Index rose 87.52 points or 0.45 percent to 19,678.28 in thin trading after official data showed the country's exports expanded for a fifth consecutive month in April, aided by higher shipments of semiconductors and steel. The broader Topix Index closed 0.51 percent higher at 1,567.65.
SoftBank shares rallied 1.9 percent after the telecommunications giant closed the first round of a planned $100 billion investment fund. Oil majors Inpex Corp, JX Holdings and Japan Petroleum rose over 1 percent each.
Australian shares rebounded from two straight days of losses, as stronger iron ore and oil prices helped lift mining and energy stocks. Banks also gained ground after recent heavy losses.
The benchmark S&P/ASX 200 Index climbed 43.80 points or 0.76 percent to 5,771.20, while the broader All Ordinaries Index closed up 42.30 points or 0.73 percent higher at 5,811.20.
Miners BHP Billiton, Rio Tinto and Fortescue Metals Group jumped 1-3 percent after iron ore prices rose nearly 2 percent on Friday. Alumina gained 3.3 percent as it appointed former BHP Billiton executive Mike Ferraro as its new CEO and managing director.
Energy majors Woodside Petroleum, Origin Energy and Oil Search rallied 2-4 percent as oil prices climbed toward $51 a barrel.
Westpac rose 0.8 percent despite the bank saying the federal budget's new bank levy would cost it about $370 million a year or around $260 million after tax. Commonwealth Bank advanced 1.3 percent and NAB closed marginally higher.
Hong Kong's Hang Seng Index advanced 216.47 points or 0.86 percent to 25,391.34 despite authorities unveiling fresh measures to curb rising property prices.
Meanwhile, Chinese shares fell as worries over slowing economic growth and tighter regulations continued to haunt investors. The benchmark Shanghai Composite Index dropped 14.71 points or 0.48 percent to 3,075.92.
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| Currency and Commodities Markets |
Crude oil futures are climbing $0.67 to $51 a barrel after jumping $0.98 to $50.33 a barrel last Friday. Meanwhile, an ounce of gold is trading at $1,259.10, up $5.50 from the previous session’s close of $1,253.60. On Friday, gold inched up $0.80.
On the currency front, the U.S. dollar is trading at 111.28 yen compared to the 111.26 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1244 compared to last Friday’s $1.1206.
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