MARKET SNAPSHOT

Equities: U.S. stock futures advanced amid hopes that lawmakers will be able to finalize another round of coronavirus relief, which is likely to direct cash payments and a cap on unemployment benefits.

Futures of the S&P 500 rose 0.6% around 6:30 a.m. ET. The benchmark S&P 500 index fell 0.6% at market close July 24, posting a 0.3% weekly loss, the first in the past four weeks.

As part of the package worth $1 trillion, set to be unveiled July 27, Republican senators have proposed reimbursing 70% of what an employee was earning prior to being unemployed, rather than extending $600 in weekly benefits, which expired over the weekend.

White House Chief of Staff Mark Meadows said July 26 that the aid bill still has some issues, but was optimistic that they will be resolved. Separately, Treasury Secretary Steven Mnuchin said the same day that "we can move very quickly with the Democrats on these issues."

NXP Semiconductors NV is due to report results Monday, with big names like Facebook Inc., Alphabet Inc., Apple Inc., McDonald's Corp., Pfizer Inc. and Advanced Micro Devices Inc. lined up for later in the week.

Meanwhile, the U.S. closed its consulate in Chengdu, China, on July 27, on orders from China which was retaliating for the closure of the Chinese consulate in Houston.

In Europe, the Stoxx 600 slipped 0.1%, following a 1.5% decline last week. Shares of SAP SE climbed 2.9% as the company's second-quarter adjusted EPS topped analyst forecasts, as software licenses revenue recovered more than expected from the coronavirus shock.

The FTSE 100, which lost 2.7% in the previous week, fell 0.2%. Ryanair Holdings PLC tumbled a little over 4% after it swung to a loss in the first fiscal quarter, which it said was "the most challenging" three-month period in Ryanair's 35-year history.

In Asia, the Shanghai SE Composite, which declined 0.5% last week, closed 0.3% higher on July 27, after data showed an 11.5% year-over-year rise in industrial profits in June.

Taiwan's TAIEX index gained 2.3%, led by a 10% rally in Taiwan Semiconductor Manufacturing Co. Ltd. after Intel Corp. said last week it was behind schedule developing a processor that would compete with those from its rivals.

Hong Kong's Hang Seng edged down 0.4%, while Japan's Nikkei 225 fell 0.2%.

Currencies: The Dollar Index, after five consecutive weeks of losses, declined 0.7% to 93.77 on July 27. Sterling climbed 0.5% to $1.2858, following a weekly gain of 1.8%.

The euro gained 0.6% to $1.1722, after a fifth weekly gain in a row. The Japanese yen strengthened 0.8% to 105.29 per dollar.

Bonds: The yield on 10-year U.S. Treasurys dropped 2 basis points to 0.57%, and that on 10-year German bonds fell 2 basis points to negative 0.47%.

Commodities: Brent crude oil price rose 0.3% to $43.91 per barrel on the ICE Futures Exchange, following a 0.5% gain in the previous week. West Texas Intermediate crude oil increased 0.5% to $41.48 per barrel after a 1.7% weekly advance.

The gold spot price hit a record high of $1,942.13 per ounce, up 2.1%.

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NEWS AND ANALYSIS:

Senate GOP's proposed pandemic aid to revise weekly unemployment benefit bonus

UK to require quarantine for travelers returning from Spain

Trump tries executive orders to lower US drug prices after rules, bills linger

Financials

American Express CEO foresees 'pent-up demand' for travel

Consumers are itching to get out and travel, but the impacts have yet to translate over for American Express Co.

Spanish banks have paid out €2.28B for mortgage floors – Europa Press

Spanish banks have paid out €2.28 billion to borrowers affected by controversial mortgage floor clauses, Europa Press reported on July 24, citing Bank of Spain data.

Insurance

NAIC to examine insurance practices that may disadvantage minorities

The National Association of Insurance Commissioners has formed a special committee that will focus on the role of race when designing and pricing insurance products.

Lockdown easing triggered 'tsunami' of claims – Mapfre CFO

The lifting of lockdown restrictions unleashed a "big tsunami" of motor and homeowners' insurance claims in Mapfre SA's home market of Spain, according to CFO Fernando Mata Verdejo, and a similar trend should be expected in some of the insurer's other markets.

Energy and Utilities

FirstEnergy CEO says company 'acted properly' in backing Ohio nuke subsidy law

FirstEnergy Corp. provided about $15 million of the funding used to support a controversial nuclear subsidy law in Ohio at the center of a federal investigation, CEO Charles Jones Jr. told analysts and investors as he sought to distance the company from any wrongdoing in the case.

NextEra plans foray into hydrogen to drive more green-energy spending

NextEra Energy Inc. plans to invest $65 million in a hydrogen power project in Florida as the company looks for its next big investment opportunity in the clean energy sector.

Healthcare

AstraZeneca to pay Daiichi Sankyo $1B up front in cancer drug collaboration

AstraZeneca PLC will pay Daiichi Sankyo Co. Ltd. $1 billion up front as part of a collaboration to develop investigational cancer drug DS-1062.

EU regulator backs 11 new drugs for approval, begins reviewing dexamethasone

The European Medicines Agency recommended the approval of 11 new therapies in April, including Novartis AG's sickle cell disease-related therapy Adakveo.

Consumer

FEMSA swings to Q2'20 loss on COVID-19 hits to convenience, fuel stores

Mexican retailer and bottler Fomento Económico Mexicano SAV de CV on July 24 reported major hits to its business in the second quarter stemming from the pandemic-driven recession as revenue fell more than 10% and the company reported a net loss.

ITC Q1'21 profit declines 26.2% YOY

ITC Ltd. on July 24 reported that profit for the first quarter of fiscal 2021 fell 26.2% as revenue for the period decreased by 17%.

Technology, Media & Telecommunication

DISH subscribers lose access to E.W. Scripps stations

The blackout covers E.W. Scripps' local television stations in 42 U.S. markets.

Facebook lobbying spending on pace for record year as government scrutiny grows

Data shows that the company has increased lobbying spending in recent years, topping out at $16.7 million in 2019. The company is on pace to top $20 million for 2020.

Metals and Mining

21 dead due to COVID-19 at ArcelorMittal's Mexican plant

A total of 21 workers employed at ArcelorMittal's steel plant in the port city of Lázaro Cárdenas, Mexico, have died due to COVID-19 since April, Reuters reported July 25, citing the steelworkers' trade union.

Workers OK labor deal with Antofagasta's Zaldivar; talks extended for Centinela

Antofagasta PLC's 50%-owned Zaldivar copper mine in Chile averted a strike after it had reached an agreement with the unionized workers at the mine, Reuters reported July 25.

Real Estate

Authentic to team up with Simon, Brookfield for Ascena Retail assets – Bloomberg

Authentic Brands Group LLC is planning to partner with mall landlords Simon Property Group Inc. and Brookfield Property Partners LP to acquire all or some assets of Ascena Retail Group Inc., the bankrupt parent company of Ann Taylor, Lane Bryant and several other apparel brands, Bloomberg News reported, citing people familiar with the matter.

Colony Capital, Vantage Data Centers to create $3.5B strategic partnership

An investor group led by Colony Capital Inc. agreed to establish a $3.5 billion strategic partnership with Vantage Data Centers Management Co. LLC to advance the expansion of the latter's wholesale data centers across North America and Europe.

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ECONOMIC INDICATORS:

US

8:30 a.m. ET – Durable Goods Order

10:30 a.m. ET – Dallas Fed Manufacturing Survey

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EARNINGS:

Before market open

SAP SE

RPM International Inc.

Ryanair Holdings PLC

Pacific Premier Bancorp Inc.

Ameris Bancorp

After market close

NXP Semiconductors NV