Futures, Inventories Rise As Profit Week Starts: Markets End

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(Bloomberg) – US equity futures have risen as stocks outpace the profits of the major US banks that will serve as a barometer of economic health as the pandemic continues to rage.

Contracts on the S&P 500 have soared as traders awaited prospects this week from a multitude of companies that have yet to provide concrete advice on the impact of the virus. European equities also rose with yields on government bonds, driven by those of peripheral countries. Chinese stocks have picked up after last week’s surge. The dollar remained stable after offsetting an earlier loss.

Oil slipped before an OPEC + meeting during which the group could announce its intention to start gradually reducing historic production cuts.





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US bank stocks trade near lowest on S&P 500 since 2009 with net profits


With global equities trading at their highest level since February, the focus is now on whether the earnings outlook will support the upward trend fueled by the central bank and support for fiscal policy. Traders have largely ignored new coronavirus outbreaks in parts of the world, with Florida recording the largest one-day increase on Sunday since the start of the pandemic in the United States, reporting 15,300 new infections.

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“We believe earnings should recover in the second half and that excess liquidity will continue to support risky assets,” said Julie Fox at UBS Private Wealth Management. “We see more potential in global equities and believe there is some upside in the market segments that underperformed during the crisis. ”

Here are some key events to come:

JPMorgan, Bank of America, Wells Fargo, Goldman Sachs, BNY Mellon and Citigroup are starting the earnings season in the United States. Thursday, as well as key economic indicators for June. The European Central Bank is meeting to define monetary policy on Thursday, after which President Christine Lagarde will hold a virtual press conference. These are the main market developments:

Stocks

Futures on the S&P 500 rose 0.3% at 5:46 a.m. New York time. The Stoxx Europe 600 rose 0.6%. The MSCI Asia Pacific rose 1.2% .The MSCI Emerging Market Index gained 0.6%.

Devises

The Bloomberg Dollar Spot index changed little, the euro rose 0.1% to $ 1.1314, the pound fell 0.2% to $ 1.2603, the onshore yuan changed little to 7.002 for one dollar, the Japanese yen fell 0.1% to 107.06 for one dollar.

Obligations

The yield on 10-year Treasury bills fell by one basis point to 0.63%. The yield on two-year Treasury bills fell by one basis point to 0.15%. The yield on 10 years of Germany gained a base point at -0.45% .The 10-year yield of Japan increased a base point to 0.04% .The 10-year yield of Great Britain increased d ” a base point at 0.16%.

Raw materials

West Texas Intermediate crude oil declined 1.6% to $ 39.91 a barrel, while crude oil fell 1.2% to $ 42.71 a barrel.

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