The recent surge in the Shanghai Stock Index to a 7-year high has been aided by margin buying. Chinese investors have been piling into the market after the PBOC cut interest rates twice since November. Traders have opened 2.8 million new accounts in the past 2 weeks and data shows the outstanding balance of margin debt on the Shanghai Stock Exchange rose above 1 trillion yuan ($161 billion) for the first time on Apr 1, a nearly fourfold jump from 1 year ago.
The UK Mar Markit/CIPS construction PMI fell -2.3 to 57.8, weaker than expectations of -0.3 to 59.8.
There is one of the Russell 1000 companies that reports earnings today: CarMax (consensus $0.60).
U.S. IPO's that start trading today include: Axalta Coatings (AXTA).
Equity conferences during the remainder of this week include: Goldman Sachs Biosimilars Conference on Thu.
Garmin (GRMN -0.95%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Dick's Sporting (DKS -0.37%) was upgraded to 'Positive' from 'Neutral' at Susquehanna.
Credit Suisse maintained its 'Outperform' rating on Vail Resorts (MTN -0.96%) and raised their price target on the stock to $115 from $105.
CarMax (KMX -0.90%) reported Q4 EPS of 67 cents, higher than consensus of 60 cents.
WWE (WWE -2.93%) announced that WrestleMania 31 broke records for viewership, attendance, social and digital media engagement and merchandise sales.
Transocean (RIG +0.34%) said it sees a Q1 charge of $90 million-$110 million from disposal of the GSF Aleutian Key and Sedco 707 oil rigs.
Air Lease (AL +0.66%) was initiated with an 'Outperform' at Macquarie with a price target of $48.
Micron (MU unch) jumped over 4% in after-hours trading after it reported Q2 adjusted EPS of 81 cents, better than consensus of 73 cents. Micron they shed its gains and fell 1% after it lowered guidance on Q3 revenue to $3.85 billion-$4.05 billion, below consensus of $4.29 billion.
Macerich (MAC -6.64%) was upgraded to 'Neutral' from 'Underperform' at Credit Suisse.
Jun 10-year T-notes (ZNM15 +0.19%) this morning are up +7.5 ticks at a 1-3/4 month high. Wednesday's closes: TYM5 +15.00, FVM5 +7.00. June 10-year T-notes on Wednesday rallied to a new 1-3/4 month high on the weaker-than-expected ADP and ISM reports, which sparked expectations for a delayed Fed rate hike and tame inflation. T-notes also received a carry-over boost from German bunds as the 10-year German bund yield fell to a new record low of 0.151%.
The dollar index (DXY00 -0.35%) this morning is down -0.284 (-0.29%). EUR/USD (^EURUSD) is up +0.0062 (+0.58%). USD/JPY(^USDJPY) is down -0.15 (-0.13%). Wednesday's closes: Dollar index -0.172 (-0.17%), EUR/USD +0.00319 (+0.30%), USD/JPY -0.373 (-0.31%). The dollar index closed mildly lower on Wednesday due to the weaker-than-expected U.S. ADP and ISM reports, which suggested that the Fed may delay a rate hike. Meanwhile, EUR/USD received a boost from news that the Mar Eurozone Mar Markit manufacturing PMI was revised higher to a 10-month high.
May WTI crude oil (CLK15 -2.83%) this morning is down -97 cents (-1.94%) and May gasoline (RBK15 -2.54%) is down -0.0295 (-1.61%). Wednesday's closes: CLK5 +2.49 (+5.23), RBK5 +0.0530 (+2.99%). May crude oil and gasoline prices on Wednesday rallied sharply due to the lower close in the dollar and the EIA report showing a -0.4% decline in U.S. oil production, the first decline in 8 weeks. Gasoline received a boost from the EIA report showing that gasoline inventories fell by -4.26 million bbl to a 3-month low of 229.1 million bbl. Crude oil prices were held back by the EIA report showing that U.S. crude oil inventories rose +4.77 million bbl to a new record high and that Cushing crude oil inventories rose by +2.63 million bbl to a record high 58.9 million bbl.
|US||0730 ET||Mar Challenger job cuts, Feb +20.9% y/y.|
|0830 ET||Weekly initial unemployment claims expected +5,000 to 287,000, previous -9,000 to 282,000. Weekly continuing claims expected -11,000 to 2.405 million, previous -6,000 to 2.416 million.|
|0830 ET||Feb trade balance expected -$41.2 billion, Jan -$41.8 billion.|
|0830 ET||USDA weekly Export Sales.|
|0945 ET||Mar New York ISM expected -1.1 to 62.0, Feb +18.6 to 63.1.|
|1000 ET||Feb factory orders expected -0.4%, Jan -0.2%.|
|1100 ET||Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $21 billion), and 30-year T-bonds (previous $13 billion) to be auctioned Apr 7-9.|
|UK||0430 ET||UK Mar Markit/CIPS construction PMI expected -0.3 to 59.8, Feb 60.1.|
|EUR||0730 ET||ECB publishes an account of the Mar 4-5 monetary policy meeting.|
|CarMax Inc||KMX US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.599|
|Plum Creek Timber Co Inc||PCL US||8:00||Analyst Meeting||Y 2015|
|CarMax Inc||KMX US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Starwood Property Trust Inc||STWD US||9:00||Investor Day||Y 2015|
|Synopsys Inc||SNPS US||11:00||Annual General Meeting||Y 2015|
|Sabre Corp||SABR US||12:00||Investor Day||Y 2015|
|Applied Materials Inc||AMAT US||14:00||Annual General Meeting||Y 2015|
|PNC Financial Services Group Inc/The||PNC US||Board Meeting|
|Rite Aid Corp||RAD US||March 2015 Sales and Revenue Release||2015|
|AutoNation Inc||AN US||March 2015 Sales and Revenue Release||2015|
|Delta Air Lines Inc||DAL US||March 2015 Sales and Revenue Release - Traffic Results||2015|