- U.S. stock futures are up.
- Oil ends days of losses.
- Key central bank meetings this week in US, Britain, Japan.
(Sept 21) U.S. stock futures are up, suggesting markets are poised to rebound a day after concerns about China’s property sector helped fuel a global selloff in stocks and commodities.
At 7:37 a.m. ET, Dow e-minis were up 259 points, or 0.77%, S&P 500 e-minis gained 31.25 points, or 0.72%, and Nasdaq 100 e-minis jumped 109 points, or 0.73%.
- U.S.-listed Chinese stocks start to recover from Monday’s slump in premarket trading as the global selloff moderates. Alibaba (BABA US), Baidu (BIDU US), Nio (NIO US), Tencent Music (TME US)and Bilibili (BILI US) are among the gainers.
- Uber Technologies rose 3.9% before the bell. The ride-hailing firm said it expects toreach a measure of profitability in the current quarter, months earlier than previously expected.
- Uber’s riva lLyft added 1.9% in premarket trading.
- U.S. Bancorp shares edged up 0.9% after the lender said it had agreed to buy MUFG Union Bank, which operates about 300 branches mainly on the West Coast, for about $8 billion.
- Lennar . fell more than 3% in premarket trading. The homebuilder said its third-quarter earnings were hurt by supply-chain challenges that show no sign of easing.
- ConocoPhillips ticked up 1% after the oil-and-gas company said it hadagreed to buy all of Royal Dutch Shell’s assets in the Permian Basinfor about $9.5 billion in cash. Shell investors cheered the deal: U.S.-listed shares jumped almost 5%.
- Occidental Petroleum, Devon EnergyDVN-5.40%andPhillips 66PSX-2.65%rose in premarket trading as oil prices rallied and theenergy sector looked set to rebound from a broad selloff.
- Dow Chemical gained more than 3%. Shares of the chemicals giant have been on a downtrend since June. Chief Executive Jim Fitterling told The Wall Street Journal last month he wants to knowhow Congress plans to pay for a proposed move to zero-carbon emission electricity.
- Verrica Pharmaceuticals Inc. plunges 30% in premarket trading after failing to get FDA approval for VP-102 for the treatment of molluscum contagiosum
- ReWalk Robotics shares jump 43% in U.S. premarket trading amid a spike in volume in the stock. Being discussed on StockTwits.
- Aprea Therapeutics, Inc. gains 21% in U.S. premarket trading after the company reported complete remission in a bladder cancer patient in Phase 1/2 clinical trial of eprenetapopt in combination with pembrolizumab.
- SmileDirectClub, Inc. slightly higher in premarket trading after it said on Monday that it plans to enter France with an initial location in Paris.
- KAR Auction shares fell 4.6% in post-market trading on Monday after the company withdrew is full-year financial outlook citing disruption caused by chip shortage.
- Sportradar Group AG shares jumped 4.5% in Monday postmarket trading, after the company said basketball legend Michael Jordan will serve as a special adviser to its board and also increase his investment in the sports betting and entertainment services provider, effective immediately.
- Orbital Energy Group gained 6% postmarket Monday after a unit won a contract to construct 1,910 miles of rural broadband network in Virginia. Terms were not disclosed.
Bitcoin prices stabilized after tumbling on Monday,when investors ditched riskier and speculative assets.
In FX, the Bloomberg Dollar Spot Index inched lower and the greenback fell versus most of its Group-of-10 peers as a selloff in global stocks over the past two sessions abated; the euro hovered while commodity currencies led by the Norwegian krone were the best performers amid an advance in crude oil prices. Sweden’s krona was little changed after the Riksbank steered clear of signaling any post-pandemic tightening, as it remains unconvinced that a recent surge in inflation will last. The pound bucked a three-day losing streak as global risk appetite revived, while investors look to Thursday’s Bank of England meeting for policy clues. The yen erased earlier gains as signs that risk appetite is stabilizing damped demand for haven assets. At the same time, losses were capped due to uncertainty over China’s handling of the Evergrande debt crisis.
In rates, Treasuries were lower, although off worst levels of the day as U.S. stock futures recover around half of Monday’s losses while European equities trade with a strong bid tone. Yields are cheaper by up to 2.5bp across long-end of the curve, steepening 5s30s spread by 1.2bp;10-year yields around 1.3226%,cheaper by 1.5bp on the day, lagging bunds and gilts by 1bp-2bp. The long-end of the curve lags ahead of $24b 20-year bond reopening. Treasury will auction $24b 20-year bonds in first reopening at 1pm ET; WI yield ~1.82% is below auction stops since January and ~3bp richer than last month’s new-issue result
In commodities, crude futures rose, with the front month WTI up 1.5% near $71.50. Brent stalls near $75. Spot gold trades a narrow range near $1,765/oz. Base metals are mostly in the green with LME aluminum the best performer
Looking at the day ahead now, and data releases include US housing starts and building permits for August, along with the UK public finances for September. From central banks, we’ll hear from ECB Vice President de Guindos. Otherwise, the General Debate will begin at the UN General Assembly, and the OECD publishes their Interim Economic Outlook.