- Investors bet earnings will confirm extraordinary economic data in support of V-shaped recovery
- Gold continues it upward move
- WTI falls below $40 ahead of OPEC+ meeting
Key Events
US futures for the S&P 500, Dow Jones, NASDAQ and Russell 2000 all jumped on Monday, as did global stocks. With Q2 earnings season approaching, investors are clearly hoping corporate results will help confirm the better-than-expected economic data, in order, perhaps to 'lock down' the argument for a V-shaped recovery.
The dollar's slide continued as did gold's move higher. Oil hovers around the $40 level, though it's fallen just a bit below at time of writing.
GLOBAL FINANCIAL AFFAIRS
Contracts on all four of the major US stock indices opened higher today, on optimism that companies managed to acclimate to a world with COVID-19 and still remain profitable, following the strongest quarter for US stocks in decades, as well as economic data that, for the most part, has repeatedly surprised expectations, including a string of records.
We, however, haven't been convinced by all this record-breaking data considering they followed the steepest recession since the 1930s, all of which was triggered by a global pandemic. And that's not in the rear-view mirror yet.
On Sunday, the World Health Organization reported a record daily increase in global COVID-19 cases. And in the US, Florida hit a new daily record as well with over 15,000 new cases reported yesterday.
Still, for now, equities and futures continue moving higher. The Stoxx Europe 600 Index rose at the open, fueled by banking shares and travel companies.
Asia was green across the digital board. Japan’s Nikkei 225 led the gains, (+2.2%), as Paper and Pulp, Railway and Bus and Real Estate stocks all climbed higher. China’s Shanghai Composite, (+1.8%), rose ahead of the release of the country’s economic growth data for the second quarter, a key indicator for trade, manufacturing and investments.
US stocks climbed on Friday, despite escalating coronavirus cases and US-China diplomatic fallout, after Gilead Sciences (NASDAQ:GILD) claimed progress toward a potential treatment for the virus, helping the NASDAQ notch its 25th record this year.
UST 10
Y Daily
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