The U.S. Market Is Up In Early Monday Trading
The U.S. futures trading is indicating a positive open for the major indices on Monday. The move is driven by renewed optimism a Phase One Trade Deal is at hand. On Friday, Chinese officials confirmed the two sides had reached a deal in principle. Later, on Sunday, U.S. Trade Secretary Wilbur Ross let it be known U.S. companies would soon be granted licenses to do business with Huawei.
During his interview, Ross also said the U.S. may not have to impose a 5% to 15% tariff on European and Asian autos. The Dow Jones Industrial Average and S&P 500 are both up about 0.45% in early trading. The NASDAQ Composite is in the lead with an advance near 0.55%.
In stock news, shares of Under Armour are down more than -11% after it announced earnings. The company beat expectations but other news grabbed the market’s attention. Under Armour says it is the focus of an SEC/DOJ accounting probe and reduced its guidance. The two announcements may be unrelated but the later suggests the former may have merit. Shares of MCD are also down sharply in early trading. The world’s largest burger chain fired its CEO after discovering a consensual relationship with another executive.
This is going to be another big week for earnings. Traders will be on the lookout for reports from Uber and Shake Shack after the bell today.
European Markets Move Higher On Trade Hope
European markes are broadly higher after the weekend’s trade-related developments. All three major markets are up more than 1.0% with the German DAX in the lead at 1.26%. Shares of Ryanair are in the lead at midday after the company reported better than expected earnings. The company also tightened its full-year guidance to range near the top of the previously stated range. At last look, Ryanair was up more than 6.0%. In other news, shares of Seimens Healthineers is up nearly 5.0% after it reported better than expected 4th quarter results.
Shares In Asia Move Higher On Trade Hope
Asian markets moved higher on trade hopes. The Hong Kong Hang Seng leads Monday trading with a gain of 1.65% while the Kospi came in a close second. The Shang Hai Composite and Australian ASX both closed higher but closer to 0.50% and 0.25% respectively. In Korea, SK Hynix was at the top of the ranks with a gain near 1.93%. In Australia, retail sales came in at 0.2% despite an expectation for 0.5%. Japan was closed for a holiday.
This article was originally posted on FX Empire
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