S&P’s this morning High 338.13 Low 337.55 Change +0.31%
Tokyo -140.14 Hong Kong +85.60 London -0.18 Germany +27.22
S&P Futures are in showing signs of strength this morning. Financial markets will be paying attention to a number of key economic reports due out today. The Coronavirus economic impact is being downplayed by officials in China and the U.S. Huawei was charged by the U.S with racketeering,conspiracy and conspiracy to steal trade secrets creating trade tensions between the the U.S. & China.
Asian markets closed lower on Friday after wavering between small gains and losses for most parts of the day. China is set to halve tariff rates on $75 billion worth of U.S. goods later today.. Financial markets continue to assess the impact of the coronavirus outbreak after an updated diagnostic method continued to reveal more cases. China’s National Health Commission said it had recorded 121 new deaths and 5,090 new virus cases on the mainland on Feb. 13. The coronavirus has killed 1,383 people and infected an estimated 63,851 people. Yesterday’s figures were 1,157 killed with an estimated 60,000 people infected.
European stocks are little changed this morning. Economic data out of Germany indicate that their economy stalled in the fourth quarter, as flat GDP figures fell short of expectations. European markets continue to be focus on the supply chain disruptions caused by the coronavirus.
Oil prices are trading higher this morning. Crude futures are poised for their first weekly gains since early January. Oil traders are expecting that the major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic. Media reports indicate that OPEC and its members are considering production cuts of up to 2.3 million bpd. On the supply side, Saudi Arabia and Kuwait have agreed to restart the Wafra oil fields starting on Sunday. Later today Baker Hughes will be releasing its weekly rig count figures.
WTI is at $51.90 a barrel, Brent Crude is at $56.96 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare
Federal Reserve Bank of New York President John Williams said Thursday that the central bank’s rate cuts last year put the economy on a path to continue its expansion. President Trump’s nominee to the Federal Reserve Board is facing opposition from both parties. the Senate Banking Committee said they were uncomfortable with at least some of Judy Shelton’s policy preferences. Ms. Shelton has been a controversial selection because of her history endorsing a return to the gold standard, which could limit the Fed’s ability to respond to U.S. inflation and employment, and because she had appeared to stray from those long-held views after being considered by the White House for a Fed nomination last year. There appears to be no concern with Trump’s other nominee Christopher Wallace a Research Director at the St. Louis Fed. China is wet to cut tariffs of $75b worth of U.S goods today. China’s Central Bank feels that the slow down in the Chinese economy will be temporary, as businesses within the country work towards resuming normal operations.
At 08:30 am ET Reports on Retail Sales & Import / Export Prices.
At 09:15 am ET Industrial Production.
At 10:00 am ET Reports on Industrial Production and Business Inventories.
At 01:00 pm ET Baker Hughes Rig Count figures.
To access Economic news type .Economic into NewsWare.
Bullish option activity in INO, SBUX & MAT
Bearish option activity in HSBC,TME & W
To access news related to options type .OPTIONS into NewsWare
Sector Update: Headlines to Note-
WMT Releasing earnings on Tuesday. Stock priced for a move of $4.50.
AAP Releasing earnings on Tuesday. Stock priced for a move of $9.40.
JACK Releasing earnings on Wednesday. Stock priced for a move of $6.00.
EPZM FDA accepts New Drug Application with priority review for Tazverik
IMGN Reported EPS $0.08 higher than expected on higher revenue, guides higher.
SLGL Trading lower after pricing public offering of 2m shares at $11.
MSFT Judge ordered a halt on JEDI cloud computing contract awarded to MSFT.
WMT Baird has low expectations going into next weeks earnings release.
MSFT Third Point Partners sold its MSFT position and took a stake in AMZN
SPY U.S. files new indictment on Huawei, including new racketeering conspiracy count.
ROKU Beat estimates on higher revenue, expects revenue to increase 42% in 2020.
EXPD To release earnings on Tuesday expected price move is $3.50.
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