Disney (NYSE: DIS) reported Q2 2020 earnings after the bell on Tuesday; the company estimates a loss of more than $1 billion as it closed its parks, movie releases and reduced advertising sales. The biggest loser was the theme parks, some of which have been closed since January. Operating income there fell to $639 million, from $1.5 billion in the same period the year before.
At its meeting today, the Reserve Bank of Australia (RBA) decided to keep the official cash rate unchanged at 0.25% after previously cutting rates on March 3 and March 19, 2020, each by 25 basis points.
Ferrari (RACE) announced strong first-quarter financial results on Monday afternoon. The shares of Ferrari surged 7% on Monday after the company reported better-than-expected earnings.
The main focus will be on the Coronavirus updates, Bank of England rate decision, Reserve Bank of Australia interest rate decision and US Non-Farm Payrolls. Apart from this, a new round of the trade war is a very significant factor in the current macroeconomic picture.
US equity futures tanked after President Donald Trump threatened to impose tariffs against China as retaliation over its handling of the coronavirus outbreak. While most of the global markets including Germany, Italy, Spain, Hong Kong, China, South Korea, Taiwan, Singapore and Indonesia are closed for Labor Day holiday.