Economic News

It will be another testy day for the European majors. There are no material stats to consider, leaving COVID-19 and geopolitics in focus.

Jobless claims rise less than expected

In fresh inflation data out of China early in the session, the country’s producer price index was down 3% year-on-year in June.

S&P 500 futures are gaining ground in premarket trading as continuing jobless claims declined to 18.1 million.

Stocks turned lower shortly before 16:00 GMT after a senior Fed official said the central bank may slow the pace of its corporate bond purchases.

Ford Motor Co said that its vehicle sales in mainland China rebounded in the June quarter, growing 3% from the same period last year, largely driven by strong demand following the lifting of COVID-19 pandemic restrictions.

U.S weekly jobless claims will be in focus later. Earlier in the day, expect any Brexit chatter and updates on COVID-19 to influence.

A quiet week on the economic calendar has given the markets an opportunity to reflect and look ahead. All of this as Brexit talks resume.

United could layoff half its workforce

Scope Ratings has slashed its 2020 global growth forecast to about -4.5%, the sharpest contraction in the post-war era, followed by a 5.8% recovery in 2021. Under a stressed case, the global economy could shrink 7.3%, with only a tepid recovery of 3.7% in 2021.

S&P 500 futures lack direction in premarket trading as traders evaluate their next moves.

COVID-19 numbers have yet to shock the markets a 2nd time around. A spike in new cases across the U.S may begin to feed into the stats, however.

Allstate Corporation has announced the acquisition of National General Holdings Corp for approximately $4 billion in cash, or $34.50 per share.

The futures point to a bearish open for the European majors. A lack of data will leave the majors in the hands of the news wires and COVID-19…

S&P 500 futures are losing ground in the premarket trading session as traders focus on virus data in absence of important economic reports.

Alphabet’s Google and Deutsche Bank have announced to form a strategic partnership to provide the German lender access to cloud services and create innovation in technology-based financial products for clients.

Sirius XM Holdings is close to a deal to acquire E.W. Scripps’ Stitcher Inc. podcasting unit for nearly $300 million, the Wall Street Journal reported.

The Aussie Dollar has yet to take a hit, in spite of the latest COVID-19 spikes. Failure to contain the spread, however, will test the Aussie’s resilience.

Futures point to more gains, though a light economic calendar leaves the majors exposed to the news wires and geopolitical risk.

S&P 500 futures are pointing to a higher open amid global market optimism.