STOCK INDEX FUTURES
U.S. stock index futures are higher due to renewed stimulus hopes.
Investors are continuing to monitor the corporate earnings season with 111 companies from the S&P 500 index scheduled to report this week.
The 8:45 central time January manufacturing PMI final is expected to be 58.
There are two 9:00 reports. The January Institute for Supply Management manufacturing index is anticipated to be 60 and December construction is estimated to be up 0.8%.
In recent months stock index futures have shown a tendency to recover from bearish news.
The European Union’s statistics agency said the euro zone jobless rate remained at 8.3% in December. Also, the number of people classified as unemployed increased 55,000 following a 172,000 decline in November.
The Bank of England will hold its monetary policy meeting on Thursday. Policies are predicted to remain unchanged.
The Japanese yen is lower despite news that the Bank Japan’s Manufacturing PMI was revised higher to 49.8 in January, which is the highest level since May 2019.
New housing loan approvals in Australia increased 8.6% on the month in December and 31.2% on a year-to-year basis, while job advertisements rose for an eighth consecutive month in January.
INTEREST RATE MARKET FUTURES
Federal Reserve speakers today are Raphael Bostic at 1:00 and Eric Rosengren at 2:10.
In light of the Federal Reserve pledging not to hike its fed funds rate until possibly 2023, futures at the short end of the curve are likely to hold steady.
The next Federal Open Market Committee meeting is scheduled for March 17.
After chart breakouts to the upside last Thursday, gold and silver are higher today led by silver. Silver prices rallied over 11% today to their highest levels since March 2013, fueled by a wave of new speculative buyers. Some of the industrial metals, such as platinum and palladium are showing strong gains, as well.
Click here for full report
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 information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. 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.