Dow futures gains 80 points, U.S. market news Aug 09

The Dow futures contract was up 80 points, or 0.2%, by 06:30 ET (10:30 GMT), the S&P 500 futures were up 15 points, or 0.3%, and the Nasdaq 100 futures were up 54 points, or 0.5%.

1. Futures rise, Disney reports – what’s influencing markets?
2. Dow futures are rising, and Disney earnings are in the limelight.
3. Wall Street closes lower after bank rating downgrades prompt a further sell-off.
4. Body Art Alliance, a manufacturer of tattoo products, is considering selling them. -sources
5. Dow futures fall as indices retreat following a credit rating.
6. Wall Street closes lower after bank rating downgrades prompt a further sell-off.
7. Starbucks must rehire sacked union supporters, according to a US appeals court.
8. VP Harris offers a ‘raise’ for government workers in the United States.
9. Exclusive: Amazon is in talks to become an anchor investor in Arm ahead of its IPO, according to sources.
10. Yellow Corp asset sale could exceed $1.4 billion, according to Fox Business.
11. Toast stock is up 14% following a revenue beat in the second quarter and good guidance.
12. Google files an emergency attempt to halt a Texas antitrust case.
13. Flutter’s US bet boosts first-half earnings by 76%.
14. Coca-Cola HBC surpasses earnings predictions and raises sales forecast
15. Rivian raises its annual output forecast as Q2 results exceed expectations.
16. Twilio stock rises 8% following a Q2 beat-and-raise; analysts raise estimates
17. The United States has expressed strong interest in funding for $52 billion in semiconductor chips.
18. Oil reaches fresh highs as tighter supply offsets concerns about China demand.
19. Costs associated with supply chain interruptions have dropped by more than half, but challenges remain, according to a survey.

GLOBAL NEWS 

1. Asian markets are falling due to weak Chinese inflation and disappointing results.
2. Japan’s markets are lower at the close of trade, with the Nikkei 225 down 0.40%.
3. At the close of trading, Australian equities were up; the S&P/ASX 200 was up 0.37%.
4. Indian indices fall for the second day in a row, with the Sensex dropping 350 points and banks falling.
5. European equities rise; banks recover from tax concerns
6. China is on the verge of deflation as recovery efforts stall.
7. Upstart falls 19% on Q2 earnings; Citi warns fundamental finance issues persist
8. Italian banks have recovered after the government capped windfall tax.
9. As the job environment in China deteriorates, struggling Chinese graduates return to their hometowns.
10. Honda’s operational profit increased by 78% in the first quarter.
11. Italy’s bank stocks recover as a windfall tax ceiling is imposed.
12. Sony’s first-quarter profit falls as the film industry disappoints.
13. Adani Enterprises is considering abandoning its $6 billion Wilmar deal, according to Bloomberg News.
14. Thailand’s central bank will reduce its growth forecast and may hold or raise interest rates at the next review, according to the governor.
15. The yuan is volatile in Asia as Chinese inflation falls.
16. Thai growth predictions may need to be revised downward, according to the governor of the central bank.
17. Cathay Pacific reports its biggest first-quarter profit since 2010, allowing it to repay a government rescue package.
18. Despite a strong second-quarter performance, Li Auto’s stock is down 8%.
19. The dollar is strengthening due to safe-haven demand as markets worry about China and banks.
20. Oil prices fall as a result of a surprising increase in US stockpiles and poor Chinese inflation.
21. China’s consumer prices fell in July as deflationary threats grew. Australia’s major four bank stocks rose in response to the CBA’s record performance.
22. South Korean family borrowing is increasing, and countermeasures are being considered.

Economic data

• The trade deficit in the United States declined -4% in June to -$65.5 billion as imports fell, suggesting a shift in consumer spending habits as well as a slump in global manufacturing. The trade deficit shrank by $2.8 billion from -$68.3 billion in May. June exports -0.1% vs -0.5%, imports -1.0%vs -2.3% – exports $247.48 billion vs.$247.83 billion, imports $312.98 billion vs. May $316.12 billion.
• June wholesale inventories lowered to -0.5% from -0.3%; June wholesale sales -0.7% (consensus +0.1%) versus May -0.5% (prev -0.2%); June stock/sales ratio 1.41 months’ worth vs May 1.40 months.
•  U.S. consumers’ credit card balances topped $1T in Q2: According to the New York Fed’s Quarterly Report on Household Debt and Credit, credit card balances in the United States surpassed $1 trillion in the second quarter as consumers continued to spend. The total amount of household debt increased by 0.1% to $17.06 trillion. Credit card balances increased 4.6% to $1.03 trillion from April to June, the highest amount since the New York Fed began collecting data in 2003. The total number of credit card accounts climbed by 5.48 million to 578.35 million. In addition, overall credit card account limits increased by $9 billion to $4.6 trillion.

Global Economic Data

China July CPI M/M gained +0.2% against est. -0.1% and Y/Y declined -0.3% vs -0.4% consensus; PPI Y/Y fell -4.4% vs -4.1% consensus; Goldman Sachs reports. China’s headline July was the first negative CPI inflation since early 2021. July’s high food prices moderated.

Citigroup analysts calculated a 40% tax on excess income from rising interest rates in 2023 would cut Italian lenders’ net profits by 19%. BPER Banca, Banco BPM, Intesa Sanpaolo, Finecobank, and UniCredit fell dramatically on Tuesday, wiping more than 9 billion euros from the Italian banking sector’s market capitalization. On Tuesday night, the Italian finance ministry capped the net interest income levy at 0.1% of risk-weighted assets, a quarter of Citi’s estimate, to soothe market worries.

Economic Calendar

 7:00 AM             MBA Mortgage Applications Data

10:30 AM            Weekly DOE Inventory Data

1:00 PM              US Treasury to sell 10-year notes.

Other Key Events:   

• Oppenheimer 26th Annual Technology Internet & Communications Conference (virtual), 8/8-8/9
• UBS Private Software & Internet Conference, 8/9-8/10, in Menlo Park, CA
• TD Cowen Hot Wheels Bus Tour, 8/8-8/10, in New Jersey

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