By Alan Bush | Senior Financial Economist at ADMIS
Global equity markets firmed on news that China eased some foreign investment restrictions and the People's Bank of China promised further liquidity support.
U.S. stock index futures advanced on news that U.S. banks cleared the second part of the Federal Reserve’s annual stress tests.
Personal income increased .4% in May, as expected, and personal consumption expenditures advanced .2%, when a .4% gain was anticipated.
The 8:45 June Chicago PMI is expected to be 60.1 and the 9:00 June consumer sentiment index is anticipated to be 99.
Overall, U.S. stock index futures are holding up relatively well in spite of the ongoing global trade uncertainties.
The euro currency is sharply higher and the U.S. dollar is lower on news that the euro zone's annual rate of inflation advanced in June to above the European Central Bank's target for the first time since early 2017.
The European Union's statistics agency said consumer prices in the euro zone were 2% higher than in June 2017, which is an increase from the 1.9% annual rate of inflation that was reported in May.
The British pound is substantially higher on news that the U.K. economy expanded in the first quarter at a faster rate than initially reported, according to a revised estimate released today.
The U.K. Office for National Statistics said the economy expanded .2% in the first quarter, which compares with a preliminary estimate of a .1% gain.
This report increased speculation that the Bank of England could hike its key lending rate at its August 2nd policy meeting.
The Canadian dollar is higher on news that Canada's gross domestic product increased .1% in April from the previous month. Market expectations were for GDP in April to remain unchanged from the previous month.
Futures are mixed to higher.
There are no Federal Reserve speakers today.
The probability of a fed funds rate hike at the Federal Open Market Committee’s September 26 meeting is 75%, which compares to 70% yesterday.
The longer term trend for futures is lower.
September 18 S&P 500
Support 2713.00 Resistance 2741.00
September 18 U.S. Dollar Index
Support 94.310 Resistance 95.110
September 18 Euro Currency
Support 1.16210 Resistance 1.17450
September 18 Japanese Yen
Support .90640 Resistance .91190
September 18 Canadian Dollar
Support .75410 Resistance .75980
September 18 Australian Dollar
Support .7331 Resistance .7418
September 18 Thirty Year Treasury Bonds
Support 144^20 Resistance 145^12
August 18 Gold
Support 1246.0 Resistance 1258.0
September 18 Copper
Support 2.9550 Resistance 3.0000
August 18 Crude Oil
Support 72.88 Resistance 74.07
For more information about these markets, please contact Alan at 312.242.7911 or via email at email@example.com. Thank you.
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Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The risk of loss in trading futures and options can be substantial. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. Research analyst does not currently maintain positions in the commodities specified within this report. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright © ADM Investor Services, Inc.
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The risk of loss in trading futures and options on futures can be substantial. Each investor must carefully consider whether this type of investment is appropriate for them. Past performance is not necessarily indicative of future results.