Credit Concerns Continue to Weigh on Stock Index Futures!
S&P 500 futures: S&P 500 futures are well in the red in early trade after three consecutive up days, as two large European banks reported losses in the U.S. subprime loan markets, sparking fears that credit concerns will spread to Europe. In early trade, September mini-S&P 500 futures are trading at 1488.75, down 15.25.
Natural Gas: Lead month September Natural Gas is trading moderately higher this morning, as traders gear up for the weekly EIA Gas storage report due out at 9:30 AM Chicago time. According to a Dow Jones Newswire survey, traders and analysts are expecting a build of 53 billion cubic feet (bcf) last week. Last year at this time, there was a withdrawal of 7 bcf. Current gas in storage totals 2.840 trillion cubic feet. In early trade, September Natural Gas is trading at 6.295, up 0.029.
Wheat: December Wheat futures hit another contract high in overnight trading, climbing above key resistance at $7.00 per bushel on concerns that the USDA will lower harvest estimates for European and Australian Wheat – as well as U.S. Winter Wheat production – in tomorrow’s USDA crop production and supply/demand report. Paris milling Wheat also made a new record high today, trading up 3.2% to 227 Euro per ton. At the close of the overnight session, December Wheat was trading at $7.06, up 7 ½ cents per bushel.
Economic Data Scheduled for Thursday, August 9, 2007
(All times are U.S. Central Time)
U.S.
7:30 AM: Initial Claims for week ending Aug 4th (Consensus 310,000)
Canada
7:30 AM: June New Housing Price Index YoY (Consensus 0.7%)
