The Organization for Economic Cooperation and Development (OECD) cut its global forecast for this year to 2.7% from 3.1% predicted in May and lowered its global 2014 GDP forecast to 3.6% from 4.0% predicted in May.
German Nov ZEW survey of expectations of economic growth rose for a fourth month as it climbed +1.8 from Oct to 54.6, better than expectations of +1.2 to 54.0 and the highest level in 4-years. Nov ZEW survey current situation unexpectedly fell -1.0 point to 28.7, weaker than expectations of a +1.3 point increase to 31.0.
Eurozone Sep construction output fell -1.3% m/m, the biggest monthly decline in 6-months, and on an annual basis construction output fell -0.2% y/y.
China Oct foreign direct investment slowed to a +1.2% y/y increase from a +4.9% y/y gain in Sep, weaker than expectations of a +6.1% y/y increase.
Japan Oct nationwide department store sales declined -0.6% y/y as they slowed from a +2.8% y/y increase in Sep.
The Japan Sep leading index CI was revised lower to 109.2 from the originally reported 109.5, while the Sep coincident index was revised higher to 108.4 from the originally reported 108.2.
Conferences during the remainder of this week include the following: Wall Street Journal CEO Council Annual Meeting on Mon-Tue, KBW Securities Brokerage & Market Structure Conference on Tue, Gabelli & Co Inc Aircraft Supplier Conference on Tue, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Citi Global Financial Conference on Tue-Wed, Lazard Capital Markets Healthcare Conference on Tue-Wed, Mitsubishi UFJ Securities Oil & Gas Corporate Access Day on Tue-Wed, UBS Global Technology Conference on Tue-Thu, Los Angeles Auto Show-Press Days on Tue-Thu, UBS Global Outlook Conference on Wed, Bloomberg Business Summit on Wed, Canaccord Genuity TMT Day on Wed, Goldman Sachs Metals & Mining Steel Conference on Wed-Thu, Morgan Stanley Technology Media & Telecoms Conference on Wed-Thu, Bank of America Merrill Lynch Global Energy Conference on Thu, Jefferies Global Health Care Conference on Thu, and 11th Annual MIT Sloan CFO Summit on Thu.
Best Buy (BBY -0.30%) jumped 3% in pre-market trading after it reported Q3 EPS of 18 cents, well ahead of consensus of 12 cents.
Valspar (VAL -1.09%) reported Q4 adjusted EPS of 97 cents, stronger than consensus of 92 cents.
Medtronic (MDT -0.41%) reported Q2 EPS of 91 cents, higher than consensus of 90 cents.
Campbell Soup (CPB -1.44%) reported Q1 EPS of 66 cents, well below consensus of 86 cents.
Home Depot (HD -0.45%) reported Q3 EPS of 95 cents, better than consensus of 90 cents.
Greenlight Capital reported that it lowered its stake in Einstein Noah (BAGL -3.28%) to 38.3% from 53.1%.
ING Group (ING -0.46%) said it will sell its 11.3% direct stake in Brazilian insurer SulAmérica to Swiss Re.
Salesforce.com (CRM -3.14%) fell 1% in after-hours trading after it reported Q3 EPS of 9 cents, right on consensus, but then gave guidance on fiscal 2014 EPS of 33 cents-34 cents, on the low end of consensus of 34 cents.
Brocade (BRCD +0.12%) reported Q4 adjusted EPS of 24 cents, well ahead of consensus of 18 cents.
Urban Outfitters (URBN -1.32%) reported Q3 EPS of 47 cents, better than consensus of 45 cents.
Dec 10-year T-notes (ZNZ13 -0.01%) this morning are down -1.5 ticks. Dec 10-year T-note prices on Monday pushed up to a 1-week high and closed higher on speculation the Fed will maintain its pace of bond buying into next year. Another supportive factor for T-note prices was the weaker-than-expected Nov NAHB housing market index. Closes: TYZ3 +9.00, FVZ3 +4.00.
The dollar index (DXY00 -0.09%) this morning is down -0.033 (-0.04%) at a 1-1/2 week low. EUR/USD (^EURUSD) is down -0.0015 (-0.11%) and USD/JPY (^USDJPY) is down -0.12 (-0.12%). The dollar index on Monday fell to a 1-week low on speculation the Fed will maintain QE3 into next year, but the dollar recovered and settled little changed after the S&P 500 fell back from a record high. Gains in EUR/USD were limited on renewed European sovereign debt concerns after data from the Bank of Spain showed Spain Sep non-performing loans, or defaults as a proportion of total lending at Spanish banks, rose to a record +12.7%. Closes: Dollar index -0.024 (-0.03%), EUR/USD +0.00096 (+0.07%), USD/JPY -0.198 (-0.20%).
Dec WTI crude oil (CLZ13 -0.44%) this morning is down -18 cents (-0.19%) and Dec gasoline (RBZ13 -0.08%) is down -0.0005 (-0.02%). Dec crude oil and gasoline prices on Monday closed lower. Crude oil closed lower after New York Fed President Dudley said he was upbeat on the U.S. economy, which fueled speculation the Fed will taper stimulus. Dec gasoline closed lower on speculation that refineries along the East and Gulf coasts that were shut for maintenance will soon restart and boost gasoline production. Closes: CLZ3 -0.81 (-0.86%), RBZ3 -0.0009 (-0.03%).
|US||0830 ET||Q3 employment cost index expected +0.5% q/q and +2.0% y/y, Q2 +0.5% q/q and +1.9% y/y.|
|1300 ET||Chicago Fed President Charles Evans speaks to the Illinois Bankers Association Midwest Bank Leaders Conference.|
|1630 ET||API weekly U.S. oil statistics.|
|1900 ET||Fed Chairman Ben Bernanke speaks to the National Economist Club.|
|JPN||0000 ET||Revised Japan Sep leading index CI, previous 109.5. Revised Sep coincident index, previous 108.2.|
|1850 ET||Japan Oct trade balance expected -854.2 billion yen, Sep -934.3 billion yen. Oct exports expected +16.2% y/y, Sep +11.5% y/y. Oct imports expected +19.0% y/y, Sep +16.5% y/y.|
|2330 ET||Japan Sep all-industry activity index expected +0.4% m/m, Aug +0.3% m/m.|
|EUR||0200 ET||Eurozone Oct new car registrations, Sep +5.4%.|
|0500 ET||Eurozone Sep construction output, Aug +0.5% m/m and -4.7% y/y.|
|GER||0500 ET||German Nov ZEW survey expectations of economic growth expected +1.2 to 54.0, Oct 52.8. Nov ZEW survey current situation expected +1.3 to 31.0, Oct 29.7.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Valspar Corp/The||VAL US||Bef-mkt||Q4 2013 Earnings Release||Q4 2013||0.915|
|Home Depot Inc/The||HD US||6:00||Q3 2014 Earnings Release||Q3 2014||0.898|
|Campbell Soup Co||CPB US||6:30||Q1 2014 Earnings Release||Q1 2014||0.863|
|Best Buy Co Inc||BBY US||7:00||Q3 2014 Earnings Release||Q3 2014||0.121|
|Medtronic Inc||MDT US||7:15||Q2 2014 Earnings Release||Q2 2014||0.901|
|Dick's Sporting Goods Inc||DKS US||7:30||Q3 2014 Earnings Release||Q3 2014||0.386|
|Best Buy Co Inc||BBY US||8:00||Q3 2014 Earnings Call||Q3 2014|
|Medtronic Inc||MDT US||8:00||Q2 2014 Earnings Call||Q2 2014|
|CH Robinson Worldwide Inc||CHRW US||8:00||Analyst and Investor Day||Y 2013|
|IntercontinentalExchange Group Inc||ICE US||8:00||Business Update Call|
|Campbell Soup Co||CPB US||8:30||Q1 2014 Earnings Call||Q1 2014|
|United Continental Holdings Inc||UAL US||8:30||Investor Day||Y 2013|
|Home Depot Inc/The||HD US||9:00||Q3 2014 Earnings Call||Q3 2014|
|National Fuel Gas Co||NFG US||9:00||Analyst Day||Y 2013|
|UGI Corp||UGI US||9:00||Q4 2013 Earnings Call||Q4 2013|
|TJX Cos Inc||TJX US||9:30||Q3 2014 Earnings Release||Q3 2014||0.737|
|Energen Corp||EGN US||Investment Community Meeting - Day 2|
|Equifax Inc||EFX US||Investor Meeting - London||Y 2013|
|BioMarin Pharmaceutical Inc||BMRN US||FDA Adcomm, Vimizim (GALNS), Morquio A Syndrome (MPS IVA)|