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OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.41%) are up +0.55% and European stocks are up +0.20% as prices recover from Monday's rout. Gains in crude oil and copper helped boost energy and basic-resource producers, while an unexpected increase in Eurozone Sep economic confidence to a 4-year high underpinned European stocks. Asian stocks settled mostly lower: Japan -4.05%, Hong Kong -2.97%, China -2.02%, Taiwan and South Korea closed for holiday, Australia -3.81%, Singapore -0.14%, India +0.63%. China's Shanghai Composite fell to a 1-week low on economic concerns after the China Aug leading index fell to a 6-1/2 year low. Japan's Nikkei Stock Index tumbled more than 4% to an 8-1/4 month low, led by a sell-off in shipping companies, after Daiichi Chuo KK said it filed for bankruptcy protection. Also, Kobe Steel plunged 11% after it cut its net income forecast for the year to Mar 2016 to 25 billion yen, 58% lower than its Jul outlook of 60 billion yen, due to falling sales from its construction machinery unit because of the slowdown in China. Emerging stocks closed higher as commodity prices recovered, and India's BSE Sensex Stock Index climbed 0.63% after India's central bank cut interest rates more than expected.
The dollar index (DXY00-0.01%) is down -0.02%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is unchanged.
Dec T-note prices (ZNZ15-0.07%) are down -2 ticks.
The China Aug leading index fell -0.17 to 98.23, the lowest in 6-1/2 years.
Eurozone Sep economic confidence unexpectedly rose +1.5 to 105.6, stronger than expectations of -0.1 to 104.1 and the highest in 4 years. The Sep business climate indicator rose +0.14 to 0.34, stronger than expectations of unch at 0.21.
The Reserve Bank of India (RBI) cut the benchmark repurchase rate by 50 bp to 6.75%, more than expectations of a 25 bp cut to 7.00%.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) July S&P CaseShiller composite-20 home price index (expected +0.10% m/m and +5.15% y/y, Jun -0.12% m/m and +4.97% y/y), and (2) Sep consumer confidence (Conference Board) (expected -5.5 to 96.0, Aug +10.5 to 101.5).
There are 2 of the Russell 2000 companies that report earnings today: IHS (consensus $1.47), Costco (1.66).
U.S. IPO's scheduled to price today include: Mirna Therapeutics (MIRN).
Equity conferences this week include: Johnson Rice & Co Energy Conference on Mon-Wed, Deutsche Bank Leveraged Finance Conference on Tue, Jefferies West Coast Electronic Payments Summit on Tue, Wolfe Research Power and Gas Leaders Conference on Tue-Wed, D. A. Davidson & Co Engineering & Construction Conference on Wed, Leerink Partners Rare Disease Roundtable Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Autoliv (ALV-1.16%) rose 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Neutral' from 'Sell.'
Fiat Chrysler Automobiles NV (FCAU-4.85%) gained over 1% in pre-market trading on the heels of a recovery in European carmakers.
Yahoo! (YHOO-5.25%) climbed over 3% in pre-market trading after it said it's on track to spin off its stake of about $22 billion in Alibaba Group Holding Ltd. this year.
Micron (MU-5.70%) rose 1% in pre-market trading after Wells Fargo upgraded the stock to 'Outperform' from 'Market Perform.'
Novarax (NVAX-5.56%) jumped 9% in pre-market trading after the company said it was awarded a grant of up to $89 million from the Bill & Melinda Gates Foundation to support development of its RSV F Vaccine Phase 3 clinical trial in pregnant women.
Cheniere Energy (LNG-2.12%) rose 1% in after-hours trading after Carl Icahn reported he boosted his stake in the company to 11.4% from 9.6%.
GoPro (GPRO-8.17%) was rated a 'Buy at Sterne Agee CRT with a price target of $45.
Synnex (SNX-2.32%) slipped 4% in after-hours trading after it reported Q3 EPS of $1.47, better than consensus of $1.44, but reported Q3 revenue of $3.33 billion, below consensus of $3.35 billion.
Apple (AAPL-1.98%) was rated a 'Buy' at Sterne AGee CRT with a price target og $150.
Republic Airways (RJET +81.79%) rose over 10% in after-hours trading after the company was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $8.
Western Digital (WDC-3.15%) was rated a 'Buy' at Sterne Agee CRT with a prica target of $95.
Allergan (AGN-8.66%) was rated a 'Buy' at Nomura with a price target of $350.
Dec E-mini S&Ps (ESZ15 +0.41%) this morning are up +10.25 points (+0.55%). Monday's closes: S&P 500 -2.57%, Dow Jones -1.92%, Nasdaq -2.87%. The S&P 500 on Monday tumbled to a 1-month low and closed sharply lower on weakness in miners and commodity producers after the price of copper fell to a 1-month low and on Chinese economic concerns after China Aug industrial profits sank -8.8% y/y, the largest decline since the data series began in 2011. In addition, there was a rout in biotechnology shares led by a -17% plunge in Valeant Pharmaceuticals after Democrats in the U.S. House asked to subpoena the company for documents related to drug price increases. Stocks were also undercut by the unexpected -1.4% decline in U.S. Aug pending home sales, weaker than expectations of +0.4% m/m.
Dec 10-year T-notes (ZNZ15-0.07%) this morning are down -2 ticks. Monday's closes: TYZ5 +19.00, FVZ5 +9.00. Dec T-notes on Monday settled higher on the the slide in the S&P 500 to a 1-month low, the unexpected decline in U.S. Aug pending home sales, and reduced inflation expectations after the 10-year T-note breakeven inflation rate slid to a 6-1/3 year low.
The dollar index (DXY00-0.01%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is down -0.0010 (-0.09%). USD/JPY (^USDJPY) is unch. Monday's closes: Dollar Index -0.330 (-0.34%), EUR/USD +0.0049 (+0.44%), USD/JPY -0.67 (-0.56%). The dollar index on Monday closed lower on the plunge in the S&P 500 to a 1-month low, which may prompt the Fed to further delay an interest rate hike. In addition, EUR/USD saw some strength after ECB Executive Board member Lautenschlaeger said "it is too early to talk about concrete measures about broadening QE."
Nov crude oil (CLX15 +1.53%) this morning is up +45 cents (+1.01%) and Nov gasoline (RBX15 +0.38%) is up +0.0008 (+0.06%). Monday's closes: CLX5-1.27 (-2.78%), RBX5 -0.0505 (-3.66%). Nov crude oil and gasoline prices on Monday closed with Nov gasoline at a 1-week low. Crude oil prices were hurt by Chinese growth concerns after China Aug industrial profits fell by the most in over 4 years and by IMF chief Lagarde's comment that the IMF will cut its 2015/16 global growth forecasts as the "process of recovery" slows.
GLOBAL EVENT CALENDAR09/29/2015
Jul S&P CaseShiller composite-20 home price index expected +0.10% m/m and +5.15% y/y, Jun -0.12% m/m and +4.97% y/y.
Sep consumer confidence (Conference Board) expected -5.5 to 96.0, Aug +10.5 to 101.5.
German Aug import price index expected -1.4% m/m and -3.0% y/y, Jul -0.7% m/m and -1.8% y/y.
German Sep CPI (EU harmonized) expected -0.1% m/m and unch y/y, Aug unch m/m and +0.1% y/y.
Eurozone Sep economic confidence expected -0.1 to 104.1, Aug 104.2. Sep business climate indicator expected unch at 0.21, Aug 0.21.
Revised Eurozone Sep consumer confidence, previous -0.2 to -7.1.
UK Aug net consumer credit expected +1.2 billion pounds, Jul +1.2 billion pounds.
UK Aug mortgage approvals expected 69,900, Jul 68,800.
UK Aug M4 money supply, Jul +1.0% m/m and +0.6% y/y.
UK Sep CBI reported sales, Aug 24.
UK Sep GfK consumer confidence expected -2 to 5, Aug 7.
Japan Aug industrial production expected +1.0% m/m and +1.8% y/y, Jul -0.8% m/m and unch y/y.
Japan Aug retail sales expected +0.5% m/m and +1.2% y/y, Jul +1.4% m/m and +1.8% y/y.
China Sep Westpac-MNI consumer sentiment indicator, Aug 116.5.
U.S. STOCK CALENDAR09/29/2015
Q3 2015 Earnings Release
Q3 2015 Earnings Call
Discovery Communications Inc
Annual General Meeting
General Mills Inc
Annual General Meeting
Costco Wholesale Corp
Q4 2015 Earnings Release
United Parcel Service Inc
Roadshow - Milan
Tesla Motors Inc
Tesla Motors Unveils Limited Edition Founders Series-Starts SUV Deliveries