S&P 500 futures pare losses and turn slightly higher after better than expected initial jobless claims. U.S. initial jobless claims for the week ended April 18 came in at 4.427 million below the expectations and below the previous week reading of 5.245 million. The continuing claims for the week April 10 came in at 15.976 million below the expectations of 16.476 million; the previous reading was at 11.976 million. The total of last five-week jobless claims now is 26.45 million.
On the corporate earnings, Eli Lilly reported Q1 of $1.75 per share, beating the expectations of $1.48. Gap has suspended rent payments due under its leases. Boeing was sued for $336 million by a Kuwaiti leasing company, which accused the company of refusing to return advance payments on a cancelled order for 40 737 Max aircraft.
Nasdaq futures are 0.36% higher at 8,668, Dow Jones futures are 0.06% higher at 23,372 while the S&P futures are 0.31% higher at 2,796.
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European Stocks Mixed After Dismal PMI’s
European markets trading mixed by midday despite the disappointing PMI’s data from many countries across the continent. Chancellor Angela Merkel said earlier that we are not living through the final phase of this crisis, we are still at its beginning. We will still have to live with this virus for a long time.
FTSE 100 is 0.07% lower at 5,766 after the UK Services Business Activity Index tumbled to 12.3, below the forecasts of 29, the March reading was at 29. The Manufacturing PMI dropped from 47.8 in March to 32.9 in April; the market consensus was at 47.8. The composite PMI came down to 12.9 at an all-time low; the March reading was at 36. Yesterday the UK inflation came down to 1.5% in March from 1.7% in February.
DAX Index is 0.17% lower at 10,398. Germany’s April flash manufacturing PMI came in at 34.4 below the expectations of 39.0; the March reading was at 45.4. Services PMI came down to 15.9 below the expectations of 28, and the previous reading was at 31.7. The composite PMI also slumped to 17.1 well below the expectations of 28.5. The previous reading was at 32.
The German Council of Economic Experts forecasts the German economy to contract by 5.5% in 2020.
The CAC 40 is 0.36% higher at 4,427. The French Manufacturing PMI for April came in at 31.5 below the expectations of 37.0; the March reading was at 43.2. The Services PMI came down to 10.4 below the market consensus at 24.5; March reading was at 27.4. The Composite PMI registered at 11.2 below the expectations of 24.5, and below the previous month reading at 28.9.
Cryptocurrencies Seesaw Around the 50-Days MA
Cryptocurrencies are trading slightly by midday as the consolidation continues. BTCUSD symmetrical triangle still Intact. Is Bitcoin price primed for a breakout? Ethereum is 0.89% higher at 185.00, while Litecoin is 0.36% higher at 42.03. Ripple price short term positive momentum above 0.1809.
Crude Oil Price Higher for Second Day
Brent crude oil price is 5.71% higher at $21.96 while the WTI June delivery futures is 17.56% higher at $16.20 per barrel. Gold price continues the trip above 1,700, as of writing is 0.76% higher at $1,725, while the Silver price is 1.98% higher at $15.26.
In the forex markets, EURUSD breaks below 1.08 as PMI’s hit record lows. USDCHF is 0.32% higher at 0.9745. AUDUSD is 0.87% higher at 0.6375. NZDUSD is 1.15% higher at 0.6016. EURGBP slides as ECB turns to risky manoeuvres as rating downgrades beckons. Japanese Yen is stronger against the greenback, USDJPY is 0.31% lower at 107.40.
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