Commodity prices are mostly lower. Jun crude oil (CLM15 -0.40%) is down -0.44% and Jun gasoline (RBM15 -0.25%) is down -0.21%. Metals prices are lower. Jun gold (GCM15 -0.23%) is down -0.37% on fund selling after long positions in ETFs fell to a 3-3/4 month low Friday. Jul copper (HGN15 -0.51%) is down -0.39%. Agriculture prices are mostly higher.
The dollar index (DXY00 +0.34%) is up +0.30%. EUR/USD (^EURUSD) is down -0.37%. USD/JPY (^USDJPY) is up +0.12%.
Jun T-note prices (ZNM15 -0.13%) are down -5.5 ticks.
As expected, the BOE at the conclusion of today's policy meeting kept its benchmark interest rate at a record low 0.50% and maintained its asset purchase target at 375 billion pounds.
The PBOC cut the 1-year lending rate by -0.25 to 5.10%, and cut the 1-year deposit rate by the same amount to 2.25% effective today. The PBOC also raised the deposit-rate ceiling to 150% of the benchmark rate and said that the "economy faces relatively large downward pressure."
There are 5 of the S&P 500 companies that report earnings today: CenterPoint Energy (consensus $0.33), AES (0.25), Actavis (3.92), Endo International (1.05), FMC Corp (0.72).
U.S. IPO's scheduled to price today include: Biondvax Pharmaceuticals (BVXV).
Equity conferences today include: Credit Suisse Shale Symposium on Mon, Macquarie Extreme Services Conference on Mon, Mitsubishi UFJ Securities Energy Tour on Mon, Janney Montgomery Scott - Company Marketing: Consulting & IT Outsourcing - Milw on Mon, Sanford C. Bernstein & Co Disruptive Trends in Financial Services Conference on Mon-Tue, Bank of America Merrill Lynch Global Metals, Mining & Steel Conference on Tue, Deutsche Bank Clean Tech, Utilities & Power Conference on Tue, SunTrust Robinson Internet & Digital Media Conference on Tue, Jefferies TMT Conference on Tue, Goldman Sachs Global Staples Summit on Tue, Janney Montgomery Scott - Company Marketing : Gaming & Lodging - Columbus, OH on Tue, Janney Montgomery Scott - Company Marketing : Insurance - Columbus, OH on Tue-Wed, Citi Global Energy and Utilities Conference on Tue-Wed, Jefferies Global Technology, Media and Telecom Conference on Tue-Wed, Oppenheimer Industrials Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, Morgan Stanley E&P and Oil Services Conference on Tue-Thu, Bank of America Merrill Lynch Small-Mid Cap Conference on Wed, UBS Financial Services Conference on Wed, Credit Suisse Disruptive Technology Conference on Wed, JP Morgan Business Services Conference on Wed, Janney Montgomery Scott - Company Marketing : Biotechnology - Southeast on Wed, MoffettNathanson Media & Communications Summit on Wed-Thu, Bank of America Merrill Lynch Transportation Conference on Thu, Barclays Biotech CEO/CFO Conference on Thu, Royal Bank of Canada Aerospace & Defense Investor Day on Thu.
Activis Plc (ACT +1.92%) reported Q1 EPS of $4.30, better than consensus of $3.92.
Endo International Plc (ENDO +0.76%) reported Q1 EPS of $1.17, higher than consensus of $1.05.
Noble Energy (NBL +2.08%) acquires Rosetta Resources (ROSE +1.20%) in an all-stock deal valued at $2.1 billion.
Joy Global (JOY +0.84%) was upgraded to 'Outperform' from 'Neutral' at Baird.
Monster Beverage (MNST -10.47%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
DISH (DISH -0.21%) reported Q1 EPS of 76 cents, stronger than consensus of 40 cents, although Q1 revenue of $3.72 billion was below consensus of $3.74 billion.
National Oilwell Varco (NOV +2.42%) was downgraded to 'Sell' from 'Neutral' at Citigroup.
Syngenta (SYT +11.36%) was upgraded to 'Buy' from 'Neutral' at UBS, saying Monsanto is likely to raise its takeover bid for the company.
Nokia (NOK +3.12%) was upgraded to 'Outperform' from 'Neutral' at Exane BNP Paribas.
General Electric (GE +1.18%) was awarded a $2 billion government contract for the T700 701D/401C engine in support of the U.S. Army, Navy, Air Force, foreign military sales, and other government agency program requirements.
Reuters reports that Mylan (MYL +1.31%) executive chairman Robert Coury said it is not willing to sell itself to Teva Pharmaceuticals Industries (TEVA +0.90%) but would consider buying Teva "down the road."
ESW Capital reported a 6.6% passive stake in Broadvision (BVSN +1.36%) .
Cyrus Capital Partners reported an 18.1% stake in Overseas Shipholding Group (OSGB +0.25%) .
Jun 10-year T-notes (ZNM15 -0.13%) this morning are down -5.5 ticks. Friday's closes: TYM5 +14.00, FVM5 +11.25. Jun T-notes on Friday closed with solid gains after the lackluster April payroll report of +223,000 and the downward revision in March payrolls to +85,000 from +126,000, which reduced concerns about Fed tightening. In addition, the 10-year T-note breakeven inflation rate fell to a 2-week low.
The dollar index (DXY00 +0.34%) this morning is up +0.287 (+0.30%). EUR/USD (^EURUSD) is down -0.0041 (-0.37%). USD/JPY (^USDJPY) is up +0.14 (+0.12%). Friday's closes: Dollar Index +0.548 (+0.58%), EUR/USD -0.00657 (-0.58%), USD/JPY -0.022 (-0.02%). The dollar index on Friday closed slightly higher on the rally in U.S. stocks and on weakness in EUR/USD after German Mar industrial production unexpectedly fell -0.5% m/m, weaker than expectations of +0.4% m/m. However, dollar gains were limited by the April unemployment report, which bolstered speculation that the Fed will be in no hurry to raise interest rates.
Jun WTI crude oil (CLM15 -0.40%) this morning is down -26 cents (-0.44%) and Jun gasoline (RBM15 -0.25%) is down -0.0042 (-0.21%). Friday's closes: CLM5 +0.45 (+0.76%), RBM5 +0.0077 (+0.39%). Jun crude oil and gasoline on Friday closed higher on continued support from Wednesday's EIA report, which showed a -3.88 million bbl decline in EIA crude oil inventories, the first decline in 17 weeks, and a -4,000 bpd decline in U.S. crude production in the week ended May 1, the third decline in the past four weeks.
|US||1100 ET||USDA weekly grain export inspections.|
|1600 ET||USDA weekly crop progress.|
|UK||0700 ET||BOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or the 375 billion pound asset purchase target.|
|1901 ET||UK Apr BRC sales like-for-like expected +1.8% y/y, Mar +3.2% y/y.|
|American Airlines Group Inc||AAL US||Bef-mkt||April 2015 Sales and Revenue Release - Traffic Results||2015|
|CenterPoint Energy Inc||CNP US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.327|
|AES Corp/VA||AES US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.247|
|Actavis plc||ACT US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||3.919|
|Endo International PLC||ENDP US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.054|
|Actavis plc||ACT US||8:00||Q1 2015 Earnings Call||Q1 2015|
|American Express Co||AXP US||9:00||Annual General Meeting||Y 2015|
|Pitney Bowes Inc||PBI US||9:00||Annual General Meeting||Y 2015|
|AES Corp/VA||AES US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Endo International PLC||ENDP US||9:00||Q1 2015 Earnings Call||Q1 2015|
|FMC Corp||FMC US||9:15||Investor Day||Y 2015|
|CenterPoint Energy Inc||CNP US||11:30||Q1 2015 Earnings Call||Q1 2015|
|International Paper Co||IP US||12:00||Annual General Meeting|
|HCP Inc||HCP US||12:15||Investor Day||Y 2015|
|Altera Corp||ALTR US||17:30||Annual General Meeting|
|FMC Corp||FMC US||Q1 2015 Earnings Release||Q1 2015||0.716|
|Gap Inc/The||GPS US||April 2015 Sales and Revenue Release||2015|