Commodity prices are mostly higher. Jul crude oil (CLN15 +1.31%) is up +0.95% at a 2-week high and Jul gasoline (RBN15 +0.33%) is up +0.11%. Metals prices are higher. Aug gold (GCQ15 +0.14%) is up +0.13% and Jul copper (HGN15 +0.17%) is up +0.15%. Agricultural prices are stronger.
The dollar index (DXY00 -0.59%) is down -0.53%. EUR/USD (^EURUSD) is up +0.95% on reduced deflation concerns after Eurozone consumer prices rose or the first time in 6 months. USD/JPY (^USDJPY) is up +0.02% at a fresh 12-1/2 year high.
Sep T-note prices (ZNU15 -0.25%) are down -6.5 ticks at a 1-week low.
The Reserve Bank of India (RBI) cut its benchmark repurchase rate by 25 bp to 7.25%, right on expectations and the third interest rate cut this year. The RBI also lowered its gross value added (GVA), a component of GDP watched closely by the RBI, to 7.6% in the year though Mar 2016 from a previous estimate of 7.8%.
The Eurozone May CPI estimate rose +0.3% y/y, stronger than expectations of +0.2% y/y and the largest increase in 6 months. The May core CPI climbed +0.9% y/y, stronger than expectations of +0.7% y/y and the fastest pace of increase in 9 months.
There are 3 of the Russell 1000 companies that report earnings today: Dollar General (consensus $0.81), Medtronic (1.12), Ascena Retail Group (0.20).
U.S. IPO's scheduled to price today include: Nevro Corp (NVRO), Catalent (CTLT), Ferrellgas Partners (FGP), Intersect ENT (XENT).
Equity conferences during the remainder of this week include: American Society of Clinical Oncology Meeting on Mon-Tue, Andean Institutional Real Estate Forum on Mon-Tue, RBC - Conference: Global Energy & Power Executive Conference - New York on Mon-Tue, Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on Tue, Keefe, Bruyette, & Woods Mortgage Finance Conference on Tue, RBC Global Energy Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O'Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip - 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.
Big Lots (BIG +2.26%) was upgraded to 'Overweight' from 'Equal Weight' at Barclays.
Iron Mountain (IRM +0.99%) was downgraded to 'Underperform' from 'Hold' at Jefferies.
Medtronic PLC (MDT +0.50%) reported Q4 EPS of $1.16, higher than consensus of $1.12.
Dollar General (DG +0.30%) reported Q1 EPS of 84 cents, better than consensus of 81 cents.
Glenview Capital reported a 7.06% stake in Manitowoc (MTW +2.33%) .
Whiting Petroleum (WLL -1.55%) was initiated with a Buy at Evercore ISI with a price target of $45.
Prudential (PRU -0.34%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $106.
AIG (AIG +0.12%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $73.
Anadarko (APC +0.28%) was initiated with a 'Buy' at Evercore ISI with a price target of $100.
Palo Alto (PANW +0.60%) was initiated with a 'Buy' at Guggenheim with a price target of $200.
Point72 Asset reported a 5.1% passive stake in Renewable Energy (REGI +16.46%) .
PVH Corp. (PVH +0.04%) reported Q1 adjusted EPS of $1.50, better than consensus of $1.38, and then raised guidance on fiscal 2015 adjusted EPS view to $6.85-$6.95 from $6.75-$6.90, above consensus of $6.86.
Sep 10-year T-notes (ZNU15 -0.25%) this morning are down -6.5 ticks at a 1-week low. Monday's closes: TYU5 -25.00, FVU5 -14.50. Sep T-notes Monday closed lower on the stronger-than-expected May ISM manufacturing report and the +2.2% increase in U.S. Apr construction spending, which may prompt the Fed to raise interest rates sooner rather than later.
The dollar index (DXY00 -0.59%) this morning is down -0.518 (-0.53%). EUR/USD (^EURUSD) is up +0.0104 (+0.95%). USD/JPY (^USDJPY) is up +0.02 (+0.02%) at a fresh 12-1/2 year high. Monday's closes: Dollar Index +0.485 (+0.50%), EUR/USD -0.00662 (-0.60%), USD/JPY +0.644 (+0.52%). The dollar index on Monday closed higher on the stronger-than-expected U.S. May ISM manufacturing and April construction spending reports, which bolster the case for Fed rate hikes sooner rather than later. The yen showed weakness on poor Japanese interest rate differentials as USD/JPY surged to a 12-1/2 year high.
July WTI crude oil (CLN15 +1.31%) this morning is up +57 cents (+0.95%). July gasoline (RBN15 +0.33%) is up +0.0022 (+0.11%). Monday's closes: CLN5 -0.10 (-0.17%), RBN5 -0.0172 (-0.83%). Jul crude and gasoline on Monday closed lower on the stronger dollar and on record Saudi crude output as Saudi Arabian May oil production was 10.25 million bpd, unch from Apr and the highest since data began in 1962. Other bearish monthly OPEC data included (1) record Iraq oil exports with Iraq May crude exports up +2.2% to a record 3.145 million bpd, and (2) the rise in May OPEC crude production by +67,000 bpd to a 2-1/2 year high of 31.579 million bpd.
|US||0945 ET||May New York ISM, Apr +8.1 to 58.1.|
|1000 ET||Apr factory orders expected -0.1%, Mar +2.1% and -0.1% ex-transportation.|
|1000 ET||Fed Governor Lael Brainard speaks on the U.S. economic outlook and monetary policy at the Center for Strategic and International Studies.|
|n/a||May total vehicle sales expected 17.10 million, Apr 16.46 million. May domestic vehicle sales expected 13.20 million, Apr 12.88 million.|
|GER||0355 ET||German May unemployment change expected -10,000, Apr -8,000. May unemployment rate expected unch at 6.4%.|
|UK||0430 ET||UK Apr net consumer credit expected +1.0 billion pounds, Mar +1.2 billion pounds.|
|0430 ET||UK Apr mortgage approvals expected 63,500, Mar 61,300.|
|0430 ET||UK Apr M4 money supply, Mar +0.3% m/m and -0.6% y/y.|
|0430 ET||UK May Markit/CIPS construction PMI expected +0.8 to 55.0, Apr 54.2.|
|1901 ET||UK May BRC shop price index expected -1.8% y/y, Apr -1.9% y/y.|
|EUR||0500 ET||Eurozone May CPI estimate expected +0.2% y/y, Apr unch y/y. May core CPI expected +0.7% y/y, Apr +0.6% y/y.|
|0500 ET||Eurozone Apr PPI expected +0.1% m/m and -2.0% y/y, Mar +0.2% m/m and -2.3% y/y|
|Dollar General Corp||DG US||7:00||Q1 2016 Earnings Release||Q1 2016||0.813|
|Medtronic PLC||MDT US||7:15||Q4 2015 Earnings Release||Q4 2015||1.119|
|Medtronic PLC||MDT US||8:00||Q4 2015 Earnings Call||Q4 2015|
|PVH Corp||PVH US||9:00||Q1 2016 Earnings Call||Q1 2016|
|Energizer Holdings Inc||ENR US||9:00||Investor Day - Edgewell Personal Care|
|Ford Motor Co||F US||9:15||May 2015 Sales and Revenue Release||2015|
|Ford Motor Co||F US||10:00||May 2015 Sales and Revenue Call||2015|
|Dollar General Corp||DG US||10:00||Q1 2016 Earnings Call||Q1 2016|
|Urban Outfitters Inc||URBN US||10:30||Annual General Meeting|
|Liberty Media Corp||LMCA US||11:00||Annual General Meeting||Y 2015|
|Liberty Interactive Corp||QVCA US||11:10||Annual General Meeting||Y 2015|
|Liberty TripAdvisor Holdings Inc||LTRPA US||11:20||Annual General Meeting||Y 2015|
|Liberty Broadband Corp||LBRDA US||11:30||Annual General Meeting||Y 2015|
|Whiting Petroleum Corp||WLL US||12:00||Annual General Meeting||Y 2015|
|T-Mobile US Inc||TMUS US||12:30||Annual General Meeting||Y 2015|
|International Flavors & Fragrances Inc||IFF US||13:00||Investor Day||Y 2015|
|Voya Financial Inc||VOYA US||13:00||Investor Day||Y 2015|
|Energizer Holdings Inc||ENR US||13:00||Investor Day - New Energizer Household Products Company||Y 2015|
|ANSYS Inc||ANSS US||14:30||Investor Day||Y 2015|
|Ascena Retail Group Inc||ASNA US||16:00||Q3 2015 Earnings Release||Q3 2015||0.195|
|Pfizer Inc||PFE US||16:30||Business Update Call|
|Ascena Retail Group Inc||ASNA US||16:30||Q3 2015 Earnings Call||Q3 2015|
|Questar Corp||STR US||Roadshow - Europe - Day 2||Y 2015|
|WR Berkley Corp||WRB US||Annual General Meeting|
|Nabors Industries Ltd||NBR US||Annual General Meeting|
|Ocwen Financial Corp||OCN US||Annual General Meeting|
|Cognizant Technology Solutions Corp||CTSH US||Annual General Meeting|
|LifePoint Health Inc||LPNT US||Annual General Meeting|
|IPG Photonics Corp||IPGP US||Annual General Meeting|
|Delta Air Lines Inc||DAL US||May 2015 Sales and Revenue Release - Traffic Results||2015|
|SolarCity Corp||SCTY US||Annual General Meeting|