Home Depot Tanks On Earnings, Global Markets Rise, No End To Trade War In Sight
Futures Are Up In Early Trading
The U.S. index futures are indicating a positive open for the market on Tuesday. The move is contrary to growing fear the Phase One Trade Deal will not be signed. The latest reports from Beijing say Chinese Officials are pessimistic a deal will be signed, mostly due to Trump’s indication tariffs will not be rolled back. In today’s news, former economic advisor Gary Cohen says the market should expect the December 15 tariffs to be enforced. According to Cohen, Trump is unlikely to extend the tariff deadline should China refuse to make a compromise.
The Dow Jones Industrial Average is up 0.17% while the S&P 500 and NASDAQ Composite are up 0.25% and 0.45% respectively. In stock news, shares of Home Depot are tanking in early trading. The home improvement retailer beat bottom-line consensus but missed on the top line and lowered guidance. Shares of HD are down more than -5.0% in early trading. Likewise, Kohl’s also reported a miss and shares of its stock are now down more than -11.%. In other news, shares of Boeing are moving higher after the embattled company revealed new orders for 50 737 MAX jets.
On the economic front, housing starts and building permits data was positive but mixed. Building permits rose by 5% YOY and better than expected while housing starts fell shy of estimates.
EU Markets Rise, Trade Fears Take Back Seat
EU markets are up roughly 1.0% in early Tuesday trading despite news the Phase One Trade Deal is on the rocks. The UK FTSE 100 is in the lead at midday with a gain of 1.17%. The German DAX is up about 1.0% in early trading while the French CAC is up only 0.25%. Basic Resources are among today’s leaders with a gain of 1.7% while autos are close behind at 1.5%. Food & Beverage is the only sector in the red at midday. In stock news, shares of EasyJet are up 4.5% after the company reported better than expected results for the quarter.
Asia Mixed, Hong Kong Standoff Continues
Shares in Asia were mixed at the end of the day on Tuesday. The Nikkei and Korean Kospi are both down while indices in China, Hong Kong, and Australia are moving higher. In Australia, minutes from the latest RBA meeting suggest the bank is prepared to cut rates again provided the data continues to weaken. In stock news, shares of Fanuc are among today’s biggest losers with a decline of -1.50%.
This article was originally posted on FX Empire
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