0907USPREOPEN

US Futures mixed, watch WBA, CSCO, MSFT, BBBY

The S&P 500 Futures are consolidating, except the Nasdaq 100 future, trading higher after reaching a fresh record close of 10666 on Wednesday.

Today, the U.S. Labor Department will release initial jobless claims in the week ended July 4 and the Commerce Department will report final readings of May wholesale inventories.

European indices are mixed, with the German Dax gaining more than 1% while the British FTSE 100 and Italian FTSE MIB are losing more than 0.5%. The German index was support by SAP, an enterprise software company, posting better than expected second quarter results.

Asian indices ended into positive territory with the China Mainland CSI 300 adding 1.40% recording an 8-day rally. The index is now up 18.17% year to date while in comparison the Nasdaq 100 is up 22.14%. Also, Hong Kong HSI gained 0.31%, Australian ASX 200 added 0.59% and the Japanese Nikkei rose 0.40%. On the economic data front, China's Consumer Price Index grew 2.5% on year in June (as expected) while Producer Price Index dropped 3.0% (-3.2% expected). Also, Japan's core machine orders grew 1.7% on month in May while a -5.0% decline was expected.

WTI Crude Oil futures are little changed. The Energy Information Administration reported a build of 5.7M barrels in crude-oil stockpiles last week, in contrast to expectations of a reduction of 3.1M barrels. Meanwhile, U.S. crude oil production was unchanged at 11.0M b/d. Standard Chartered Bank projected oil demand in 2021 would be only at 2017 level as coronavirus pandemic would destroy four years of growth.US Equity Snapshot

Gold prices are trading around 1,810 dollars at their higher level since September 2011 on coronavirus fears while the US dollar remains weak on rallying equities.

Gold fell 0.47 dollar (-0.03%) to 1808.42 dollars.

The EUR/USD fell 7pips to 1.1323 and GBP/USD rose 32pips to 1.2642.

US EQUITY SNAPSHOT

Walgreens Boots Alliance (WBA), a global leader in retail and wholesale pharmacy, reported third quarter adjusted EPS down to 0.83 dollar, below estimates, from 1.47 dollar a year earlier. The company expects full year adjusted EPS of 4.65-4.75 dollars, missing the current consensus. Walgreens announced 4,000 jobs cuts and suspends its share buyback plan.

Source: TradingVIEW, Gain Capital

Cisco Systems(CSCO), a leading global supplier of network hardware and software, was upgraded to "overweight" from "equalweight" at Morgan Stanley.

Microsoft's (MSFT), the software development company, price target was raised to 260 dollars from 220 dollars at Wedbush.

Bed Bath & Beyond (BBBY), the home furnishing retail chain, disclosed first quarter adjusted LPS of 1.96 dollar, missing estimates, down from an EPS of 0.12 dollar a year ago, on net sales of 1.3 billion dollars, also below consensus, down from 2.6 billion dollars in the previous year. The company expects to close about 200 stores over the next two years.

Costco Wholesale (COST), an operator of a chain of warehouse stores, posted June net sales up 11.1% to 16.18 billion dollars.

Regeneron (REGN), the pharma, was upgraded to "buy" from "hold" at SunTrust.

This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.cityindex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.

ALL TRADING INVOLVES RISKS. LOSSES CAN EXCEED DEPOSITS.

City Index is a trading name of StoneX Financial Pte. Ltd. (“SFP”) for the offering of dealing services in Contracts for Differences (“CFD”). SFP holds a Capital Markets Services Licence issued by the Monetary Authority of Singapore for Dealing in Exchange-Traded Derivatives Contracts, Over-the-Counter Derivatives Contracts, and Spot Foreign Exchange Contracts for the Purposes of Leveraged Foreign Exchange Trading. SFP is also both Derivatives Trading and Clearing member of the Singapore Exchange (“SGX”). SFP is a wholly-owned subsidiary of StoneX Group Inc.

The information provided herein is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to invest, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk.

The information does not represent an offer of, or solicitation for, a transaction in any investment product. Any views and opinions expressed may be changed without an update. To understand the risks and costs involved, please visit the section captioned “Important Information” and the “Risk Disclosure Statement”.

The information herein is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

StoneX Financial Pte. Ltd. 1 Raffles Place, #18-61, One Raffles Place Tower 2, Singapore 048616. Tel: 6309 1000. Co. Reg. No.: 201130598R.

This advertisement has not been reviewed by the Monetary Authority of Singapore.