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Here’s what you need to know before markets open.
1. Hedge funds are reportedly shorting the dollar as fears rise over its status as the world’s number one currency. Hedge funds are shorting the dollar and are bearish on the greenback for the first time since May 2018 in the latest sign that the world’s top reserve currency is declining further and unlikely to bounce back any time soon.
2. Saudi Arabia’s $300 billion wealth fund ditched Facebook, Disney, and Boeing stocks, and poured billions into ETFs in the second quarter. Saudi Arabia’s sovereign wealth-fund ditched its shares in some of the world’s biggest companies to focus more on exchange-traded funds in the second quarter of the year, according to a Securities and Exchange Commission filing.
3. ‘We are going to pay the price’: Famed investor Jim Rogers sounds the alarm on central bank money-printing and exorbitant debt — and warns the next market meltdown will be ‘the worst in my lifetime’. When the market started to unwind back in late February, the Federal Reserve battened down the hatches and threw just about everything they possibly could at the problem in response.
4. RBC says buy these 47 stocks spanning every industry that are poised to crush the market if Joe Biden wins in a wave election. Analysts think Biden and a fully Democratic government would be good news for utilities and some healthcare sectors, but not many others.
5. A Wall Street investment chief says the relentless surge in big tech stocks is headed for an abrupt ending — and warns it could sink the entire market by 40%. If you asked David Bahnsen for his view on when big tech stocks will peak, his lack of specifics will probably leave you dissatisfied.
6. China’s JD.com reports quarterly revenue above estimates. China’s JD.com Inc beat analysts’ estimates for quarterly revenue on Monday, as more customers used its online platform to shop for groceries and other essentials in the face of the COVID-19 pandemic.
7. Japan’s record economic plunge wipes out Abe era gains. Japan was hit by its biggest economic slump on record in the second quarter as the coronavirus pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering the case for bolder policy action to prevent a deeper recession.
8. Stocks are mostly up. Chinese stocks surge to a two-year high after China’s central bank announces $101 billion of fresh stimulus. Most Asian stocks are up, European stocks are up, and US futures are mixed.
9. Earnings coming in: Geely and Curaleef second-quarter 2020 earnings are due.
10. On the economic front: US 3-month bill and 6-month bill auctions are due.
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