U.S. Index Futures Steady Ahead of Key Economic Data and Earnings Reports; Oil Prices Climb
12 Julho 2024 - 7:30AM
IH Market News
U.S. index futures are little changed in pre-market trading this
Friday, with traders focused on the imminent release of June’s
producer price index results and the quarterly earnings reports
from financial sector giants.
As of 5:52 AM, Dow Jones (DOWI:DJI) futures were up 31 points,
or 0.08%. S&P 500 futures gained 0.08%, while Nasdaq-100
futures lost 0.02%. The 10-year Treasury yield stood at 4.228%.
In the commodities market, oil prices rose as inflationary
pressures in the U.S., the largest oil consumer, eased, boosting
hopes for economic stimulus and increased fuel demand. Investor
optimism grew after U.S. data suggested potential interest rate
cuts by the Federal Reserve, although caution remained due to mixed
economic signals and uncertainties in China’s demand.
West Texas Intermediate crude for August rose 1.15% to $83.57
per barrel. Brent crude for September increased 0.93%, nearing
$86.19 per barrel.
In June, China’s imports of soybeans, coal, and iron ore rose,
while those of crude oil, unrefined copper, and rare earths
declined. Exports increased by 8.6%, but imports fell by 2.3%,
suggesting anticipation of orders due to trade tariffs. Economists
had forecast an 8.0% rise in exports and a 2.8% increase in
imports, according to Reuters.
China’s imports increased for soybeans (11.11 million tons,
+10.7%), coal (44.6 million tons, +12%), and iron ore (97.61
million tons, +2.2%). However, they decreased for crude oil (46.45
million tons, -11%), unrefined copper (436,000 tons, -3%), and rare
earths (4,829 tons, -3.6%).
On the U.S. economic calendar for Friday, the Department of
Labor will release June’s producer price index (PPI) at 8:30 AM.
Later, at 10 AM, the University of Michigan and Thomson Reuters
will present the preliminary reading of the Michigan/Reuters
consumer sentiment index for July.
Asia-Pacific markets showed significant variations on Friday.
Japan’s Nikkei 225 fell 2.45% to 41,190.68; the Topix declined 1.1%
to 2,894.56. In South Korea, the Kospi dropped 1.18% to 2,857,
while the Kosdaq fell 0.24%, closing at 850.37. Taiwan’s weighted
index decreased almost 2%, impacted by declines in
TSMC (NYSE:TSM) and Foxconn
(USOTC:FXCOF).
In contrast, Hong Kong’s Hang Seng rose 2.7%. China’s CSI 300
advanced 0.12%, ending at 3,472.4, while the Shanghai Composite
increased 0.03% to 2,971.3. Australia’s S&P/ASX 200 increased
0.8% to a new record of 7,959.3.
The Japanese yen strengthened suddenly against the dollar
following the release of U.S. inflation data, raising suspicions of
intervention by the Ministry of Finance. Later, the currency
weakened, and Masato Kanda, Japan’s exchange diplomat, indicated
potential future actions.
European markets are showing gains, with interest shifting from
historic elections in France and the U.K. to the anticipation of
new U.S. inflation data. Telecom sector stocks boosted the market,
particularly Ericsson (TG:ERCG), which saw a
significant increase after reporting quarterly results above
expectations. Additionally, Norwegian Air (TG:NWC)
stood out with a 3.6% gain after surpassing profit projections.
U.S. stocks showed a substantial decline on Thursday, with the
Nasdaq and S&P 500 falling sharply after reaching new intraday
highs. The Nasdaq dropped 1.95%, losing 364.04 points, and the
S&P 500 fell 0.88%, with a loss of 49.37 points. The Dow Jones
remained stable for most of the day before closing with a gain of
32.39 points or 0.08%. Profit-taking and inflation data influenced
these movements, with investors seizing the opportunity to sell
after the recent rally.
Meanwhile, the Federal Reserve is still expected to cut rates in
September due to the unexpected drop in consumer prices in June.
The Department of Labor reported that the consumer price index fell
0.1% in June, against expectations of a 0.1% increase. The decline,
due to lower gasoline prices, offset the rise in housing costs.
Excluding food and energy, prices rose 0.1%. The annual rate slowed
to 3.0%.
In the quarterly earnings front, reports are expected from
JPMorgan Chase (NYSE:JPM), Wells
Fargo (NYSE:WFC), Citigroup (NYSE:C),
BNY Mellon (NYSE:BK), Fastenal
(NASDAQ:FAST), and Ericsson (NASDAQ:ERIC).
Foxconn Technology (PK) (USOTC:FXCOF)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025
Foxconn Technology (PK) (USOTC:FXCOF)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025
