TOP 5 MARKET NEWS - 19th Aug 2020
1. FED Meetings Minutes Out At 2 PM EST.
The minutes of the latest Federal Reserve meeting will be published in the afternoon. The wise words may provide some insight into how the central bank sees the recovery playing out, Reuters said. The Fed has cut rates to near zero to bolster business through the pandemic.
The minutes offer detailed insights regarding the FOMC's stance on monetary policy, so currency traders carefully examine them for clues regarding the outcome of future interest rate decisions.
2. No New U.S.-china Trade Talks Scheduled: White House Chief Of Staff.
No new high-level trade talks have been scheduled between the United States and China but the two sides remain in touch about implementing a Phase 1 deal, White House Chief of Staff Mark Meadows told reporters aboard Air Force One on Tuesday.
U.S. President Donald Trump earlier told reporters during a visit to Yuma, Arizona, that he had postponed an Aug. 15 review of the trade agreement signed with China in January given his frustration over Beijing's handling of the coronavirus pandemic.
3. U.S. Official Sees 'real Desire' For Smaller Coronavirus Relief Bill
Some Democrats and Republicans have a "real desire" to reach agreement on a smaller coronavirus relief bill that could be worth around $500 billion, a senior Trump administration official said late on Monday.
The official said the agreement could include funding for the U.S. Postal Service, additional funding for loans to small- and medium-sized businesses to keep workers on their payrolls and potentially added money for schools.
4. Oil Prices Skid As Concerns Over U.S. Demand Recovery Seep Through Market
Oil prices slid on Wednesday as concerns grew that U.S. fuel demand may not recover quickly amid stalled talks on a post-coronavirus economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks.
With investors keeping one eye on a key producer countries' ministerial meeting later in the day, Brent Crude futures fell 38 cents, or 0.8%, to $45.08 a barrel, having edged up 9 cents on Tuesday. U.S. WTI crude futures was down 25 cents, or 0.6%, at $42.64 a barrel.
5. Earnings Watch: Nvidia, Lowe, Target And More.
Nvidia is expected to report earnings per share of $1.98 on sales of $3.65 billion. The company has beat expectations over the past five quarters. Lowe's is estimated to report $2.83 on sales of $23.88 billion. Home Depot fell despite the good news, as stimulus dries up and reality hits.
TJX is expected to publish a loss per share of 11 cents on sales of $6.46 billion. Shares are up 63% since March. Target may report earnings per share of $1.58 on sales of $19.87 billion. The stock is up 50% since March, and will follow Walmart's record online sales published Tuesday.
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