S&P 500 Futures print 0.18% gains while taking rounds to 3,375 during the initial hour of Friday. Following its run-up to the highest since February 20, the risk barometer turned sluggish despite the upbeat performance of the US economics.
The reason could be traced from uncertainty surrounding the US-China trade relations and the much-awaited coronavirus (COVID-19) relief package from America. While US President Donald Trump recently said to have an unfriendly attitude towards China, the White House Adviser Larry Kudlow has been praising the dragon nation’s purchase of the US agricultural products. Diplomats from the world’s top two economies are likely to meet during the weekend to restart the stuck phase one deal talks. On the other hand, US Democratic Party leaders keep refraining from adjusting their offers below $2 trillion while also ruling out any negotiations unless the government agrees to the limit.
Elsewhere, the latest COVID-19 numbers from Australia finally slipped below 400 mark but fears of the same could be cited during the RBA Governor Philip Lowe’s on-going Testimony.
It should be noted that the US Treasury yields gained the previous day after American Jobless Claims joined the league of latest upbeat data. Though, Wall Street benchmarks failed to rise amid doubts over the stimulus package and pandemic conditions at home.
Looking forward, traders will keep eyes on the RBA Governor’s Testimony while waiting for China’s July monthly data dump. Following that, the US Retail Sales and Michigan Consumer Sentiment will be the key to watch. Meanwhile, risk catalysts could keep offering intermediate moves to the market. Forecases suggest upbeat readings of China data to offer intermediate relief to the market ahead of the cautious move during the US session, as American data are bearing downbeat market consensus.
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