Base metals prices on the London Metal Exchange were mainly weaker on the morning of Tuesday May 24, while those on the Shanghai Futures Exchange were more mixed.• United States President Joe Biden considers easing tariffs on China• Japan’s flash manufacturing purchasing mangers’ index (PMI) dips to 53.2, from 53.5• Bank of Japan’s core consumer price index (CPI) clim...Read More
(Updates prices) By Pratima Desai LONDON, May 23 (Reuters) - Copper prices climbed to theirhighest in more than two weeks on Monday, buoyed by declininginventories and a weaker dollar, though gains were capped by thedamage to demand from coronavirus lockdowns in top consumerChina. Benchmark copper on the London Metal Exchange (LME)was up 1.3% at $9,546 a tonne at 1602 GMT. Prices of the metalused...Read More
U.S. equity markets closely are following their historic trend during a U.S. mid-term Presidential Election year: From January to June during the year, investor uncertainty increases following initiation by the President of difficult federal programs (e.g. increases in taxes to pay for new programs). The President's subsequent less favourable political ratings trigger anticipation a loss of at lea...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 43 points in pre-opening trade. Index futures responded partially to news that China lowered its central bank interest rates in order to stimulate the economy.Applied Materials dropped $2.27 to $108.47 after reporting lower than consensus fiscal second quarter revenues and earnings. Door Dash added $0.30 to $67.25 afte...Read More
U.S. equity index futures were lower this morning. At 7:30 AM EDT S&P 500 futures were down 34 points in pre-opening trade. Several U.S. economic data points are scheduled for release this morning that could influence equity prices:May Philly Fed Index to be released at 8:30 AM EDT is expected to slip to 17.2 from 17.6 in April.April U.S. Existing Home Sales to be released at 10:00 AM EDT are...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 28 points in pre-opening trade.Equity index futures were virtually unchanged following release of U.S. April Housing Starts at 8:30 AM EDT. Consensus was a slip to 1.783 million units from 1.793 million units in March. Actual was a drop to 1.72 million units.The Canadian Dollar was virtually unchanged at US78.04 cents...Read More
Base metal prices on the London Metal Exchange were mainly firmer on the morning of Tuesday May 17 – the exception being tin. Those on the Shanghai Futures Exchange were more mixed.• The slide in China’s renminbi yuan has halted for now, as has the dollar’s climb• China’s industrial production fell by 2.9% in April• US Empire State manufacturing index double dipp...Read More
U.S. equity index futures were higher this morning. S&P 500 Index futures advanced 54 points in pre-opening trade.Index futures were virtually unchanged following release of U.S. April Retail Sales at 8:30 AM EDT. Consensus was an increase of 1.0% versus a gain of 0.7% in March. Actual was.a gain of 0.9%. Excluding auto sales, April Retail Sales were expected to increase 0.4% versus a gain of...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade. Index futures responded partially to a continuing slowdown in China's economy due to efforts to slow COVID 19 infections.The Wheat continuous futures contract added $50.20 to $1,228.00 after India banned wheat exports. McDonald's slipped $1.04 to $244.00 after the company announced plans...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 54 points in pre-opening trade. Twitter dropped $7.07 to $38.03 after Elon Musk announced that his offer to acquire the company for $44 billion is "Temporarily on hold". UPS slipped $0.23 to $176.90 after JP Morgan downgraded the stock from Overweight to Neutral. Affirm Holdings advanced $6.79 to $24.83 after reporting...Read More
U.S. equity index futures were lower at 7:30 AM EDT. S&P 500 futures were down 17 points in pre-opening trade.April Producer Price Index to be released at 8:30 AM EDT is expected to increase 0.5% versus a gain of 1.4% in March. On a year-over-year basis, April Producer Price Index is expected to increase 10.7% versus a gain of 11.2% in March. Excluding food and energy April Producer Price Inde...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade. Index futures moved lower following release of the U.S. April Consumer Price Index at 8:30 AM EDT. Consensus was an increase of 0.2% versus a gain of 1.2% in March. Actual was an increase of 0.3%. On a year-over-year basis consensus was an increase of 8.1% versus a gain of 8.5% in March....Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 36 points in pre-opening trade.Microchip Technology added $1.69 to $66.00 after reporting record fourth quarter revenues. The company also offered positive guidance.Peloton plunged $3.74 to $10.39 after recording a third quarter loss. The company also lowered guidance. Bausch Health dropped $2.26 to US$10.74 after reco...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 70 points in pre-opening trade. Starbucks dropped $1.46 to $75.06 after Deutsche Bank lowered its target price from $116 to $103.Shopify fell $20.00 to US$357.49 after Wedbush dropped its target price from $630 to $538.Duke Energy slipped $1.16 to $110.16 after reporting lower than consensus first quarter earnings. Un...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade. Index futures recovered slightly following release of the U.S. Employment report at 8:30 AM EDT. Non-farm Payrolls were expected to increase 400,000 versus a gain of 431,000 in March. Actual was 428,000. Unemployment Rate was expected to remain unchanged from March at 3.6%. Actual was un...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 32 points at 7:30 AM EDT.First quarter Non-farm Productivity Report is expected to be released at 8:30 AM EDT. Consensus is a drop of 2.3% versus a gain of 6.6% in the fourth quarter of 2021.Etsy dropped $11.98 to $97.35 after the company offered weaker than consensus second quarter sales. Cognizant Technology fell $4...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 12 points in pre-opening trade. Index futures were virtually unchanged following release of the March Trade Deficit at 8:30 AM EDT. Consensus was $106.7 billion versus $89.20 billion in February. Actual was $109.8 billionThe Canadian Dollar was virtually unchanged at US78.04 cents following release of Canada's March Me...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade. Avis advanced $19.44 to $300.00 after reporting a swing to a first quarter profit. Clorox dropped $2.98 to $140.30 after lowering earnings guidance.Expedia gained $2.69 to $177.50 after narrowing its first quarter loss.Devon Energy added $1.60 to $59.95 after announcing a dividend increase a...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade. Chevron slipped $0.28 to $156.39 after Truist lowered its target price from $186 to $181.Ford eased $0.05 to $14.11 after Benchmark lowered its target price from $29 to $25.Eli Lilly added $0.01 to 292.14 after Mizuho raised its target price from $315 to $356.Shopify dropped $1.82 to US$...Read More
U.S. Index futures were lower this morning. S&P 500 futures were down 43 points in pre-opening trade. Index futures moved slightly lower following release of March Personal Income and Personal Spending at 8:30 AM EDT. Consensus for Income was an increase of 0.4% versus a gain of 0.5% in February. Actual was an increase of 0.5%. Consensus for Spending was an increase of 0.7% versus a gain of 0....Read More