Apple earnings to only come after market close today
- S&P 500 futures -0.3%
- Nikkei -0.3%
- Hang Seng -0.5%
- Shanghai Composite -0.5%
- USD/JPY @ 109.26
- Oil (WTI) +0.4% to $52.25
- US 10-year yields down 0.4 bps to 2.740%
Asian stocks are mainly picking up from where Wall Street left off overnight after global growth worries spooked investors again after Caterpillar earnings missed and Nvidia issued a revenue warning, citing worries about China. That is still leaving some dark clouds over in Asian trading today for equities but other markets are relatively 'neutral' to start the day, in my view.
But I would expect European stocks to be slightly more cautious in trading later ahead of another key set of earnings to be released in the US today. Of those reporting, Apple is the standout but they will only be releasing their earnings after market close today.
Other big names reporting today are eBay (after market close), Verizon (before market open) and Pfizer (before market open). But the bellwether for markets will certainly be Apple earnings so keep a close watch on that.
With risk sentiment still seen tepid, just be wary of movement in USD/JPY ahead of US trading and be mindful of the gains seen in the kiwi to start the day - similar to what we saw yesterday.
