shares gained more than 2.8% as analysts struck an increasingly bullish tone ahead of the company’s iPhone 12 launch event on Tuesday
Earnings week starts this week with bank earnings starting tomorrow.
Judge Amy Coney Barrett Hearings begin today
ESZ 3489.75 +16.50 NQZ 11892.75 +168.00 7:45 EST
Global stocks and U.S. futures rose as investors focused on the beginning of earnings season and the prospect
for more economic stimulus.
The Europe Stoxx 600 Index gained 0.7%, Nasdaq 100 Index futures added 1.4% and the MSCI Asia Pacific Index rallied
to the highest since mid-2018. Chinese stocks advanced on optimism that President Xi Jinping is planning to further open parts of the economy to foreign investment.
Elsewhere in markets, the offshore yuan fell after China’s central bank took steps to restrain a recent rally.
Crude oil and gold declined, while the dollar index strengthened. Treasuries are closed for a U.S. holiday today.
The offshore yuan tumbled the most in almost seven months after China’s central bank took steps to restrain the currency’s rally.
The Nikkei 225 opened lower Monday and did not recover, finishing off 0.3% as traders awaited the bulk of earnings-season results in the weeks ahead, along with fresh market cues. The yen was stronger against
the US dollar, regarded as a negative in export-oriented Japan.
China Stocks Jump on Hopes Xi Will Announce Reforms in Shenzhen
- Chinese shares listed in Hong Kong post best day since July
- Nation’s president is scheduled to give speech later this week
European equities rose on Monday as investors focused on the start of a new earnings season.The Stoxx Europe 600 index was up 0.5% at 9:50 a.m. U.K. time, led by communications, technology and financials. Big
names from a raft of sectors are due to update on third-quarter results in the coming days, while reports from large cap U.S. banks will give investors fresh insight into the economic impact of the Covid-19 pandemic.
Happy Columbus day!!!
The big news overnight was China’s decision to cut the RRR on some FX forwards to zero, a move widely interpreted as a signal to lean against yuan strength.
Thus far it has worked, with USD/CNH pushing some 87 bps higher despite a lower post-holiday fix for the onshore yuan. That’s the largest daily rise since the height of the coronacrisis in March, though it also came on the heels of a sharp decline on Friday
— which is likely what prompted the RRR cut to begin with.
Gold declined, following the biggest gain since mid-August, as investors weighed the uncertainty around prospects for a fiscal stimulus package in the U.S.
President Donald Trump and House Speaker Nancy Pelosi blamed each other for a lack of progress, while a Federal
Reserve official said fiscal help is sorely needed. White House economic adviser Larry Kudlow expects more talks to be held this week. European stocks and U.S. futures advanced, along with the
Oil dropped for a second day as operations in the U.S. Gulf of Mexico started to resume following Hurricane Delta and Libya took a major step toward reopening its biggest field.
Futures in New York fell below $40 a barrel. Crude explorers and tugboat operators got back to work on Saturday after Delta, which had shut about 92% of oil production, made landfall as a hurricane. Libya’s National Oil Corp. lifted force majeure on the
nation’s largest field which will reach its daily capacity of almost 300,000 barrels in 10 days, a person with knowledge of the situation said.
Treasury futures slightly higher across long-end after a lack of weekend progress on a stimulus deal. Cash Treasuries closed for Columbus Day. German curve bull flattens with long-end yields
lower by 1.5bp. No Fed speakers or U.S. economic data scheduled for Monday.
- Treasury futures imply yields slightly lower across the long-end of the curve, although within a basis point of Friday close
- Extent of further flattening tempered by release of Washington Post/ABC News election poll on Sunday showing Joe Biden with a 12 point lead
U.S. stock-index futures on Monday were mostly trading higher, but the Dow was flat, as investors shifted their focus to corporate earnings starting early this week and the vagaries of coronavirus
Attention also has been trained on the U.S. presidential elections which stand just about three weeks away.
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Vice President of International Equity Trading
Cabrera Capital Markets LLC
Main: (312) 236-8888
Fax: (312) 236-8936