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OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15-0.19%) are down -0.19% as they fall back from a 1-3/4 month high posted in overnight trade. U.S. stock index futures retreated and the dollar and Treasuries rose after Turkey said it shot down an unidentified aircraft flying within its airspace on the Syrian border. European stocks are up +0.75% at a 5-week high on speculation that recent weaker-than-expected economic data will prompt global central banks to maintain or even expand stimulus measures. The markets will scrutinize today's U.S. Sep industrial production and Oct University of Michigan consumer sentiment data for clues as to the timing of any Fed interest rate increase. Asian stocks settled mostly higher: Japan +1.08%, Hong Kong +0.78%, China +1.60%, Taiwan +0.04%, Australia +0.73%, Singapore +0.51%, South Korea -0.21%, India +0.76%. China's Shanghai Composite climbed to a 1-3/4 month high on speculation the government will introduce additional measures to spur economic growth.
The dollar index (DXY00 +0.29%) is up +0.31%. EUR/USD (^EURUSD) is down -0.31%. USD/JPY (^USDJPY) is up +0.10%.
Key U.S. news today includes: (1) Sep industrial production (expected -0.3%, Aug -0.4%), (2) Aug JOLTS job openings (expected -173,000 to 5.580 million, Jul +430,000 to 5.753 million), and (3) preliminary-Oct U.S. consumer sentiment index from the University of Michigan (expected +1.8 to 89.0, Sep -4.7 to 87.2).
There are 8 of the S&P 500 companies report earnings today: GE (consensus $0.26), Honeywell (1.54), Comerica (0.70), Kansas City Southern (1.22), Progressive (0.48), SunTrust Banks (0.84), WW Grainger (3.06), M&T Bank (2.01).
U.S. IPO's scheduled to price today: none.
Equity conferences today include: none.
OVERNIGHT U.S. STOCK MOVERS
General Electric (GE +1.56%) fell over 1% in pre-market trading after it reported Q3 EPS of 28 cents, better than consensus of 26 cents, but sales of $27.9 billion were below consensus of $28.6 billion.
Allstate (ALL +2.89%) was downgraded to 'Underperform' from 'Market Perform' at William Blair.
Luluemon (LULU +1.90%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Honeywell International (HON +0.24%) reported Q3 EPS of $1.60, above consensus of $1.54.
Comerica (CMA +2.79%) reported Q3 EPS of 73 cents, higher than consensus of 70 cents.
Occidental Petroleum (OXY +1.11%) rose over 1% in after-hours trading after Reuters reported that Occidental will sell its Bakken shale assets in North Dakota to Lime Rock for $500 million.
Mattel (MAT +0.04%) declined over 2% in after-hours trading after it reported Q3 EPS of 71 cents, less than consensus of 79 cents.
Wynn Resorts (WYNN +1.92%) dropped over 8% in after-hours trading after it reported Q3 adjusted EPS of 86 cents, better than consensus of 84 cents, but reported Q3 revenue of $996.3 million, below consensus of $1.03 billion. Other gaming stocks followed Wynn lower in after-hours trading with Las Vegas Sands (LVS +2.87%) and MGM Resorts international (MGM +1.93%) down over 3%.
Spirit Airlines (SAVE-0.20%) fell over 1% in after-hours trading after it projected capacity growth in 2016 t0ward the low end of a previous 20%-25%estimated range.
Yum! Brands (YUM +1.01%) rose over 3% in after-hours trading after it named Corvex Management founder Keith Meister, who has advocated selling off Yum's China business, to its board.
Schlumberger (SLB +1.53%) reported Q3 profit continuing operations of 78 cents, better than consensus of 77 cents, but said Q3 revenue was $8.47 billion, below consensus of $8.55 billion.
United Parcel Service (UPS +0.91%) said it will raise ground transportation rates by a net 4.9% effective Dec 28.
Dec E-mini S&Ps (ESZ15-0.19%) this morning are down -3.75 points (-0.19%). Thursday's closes: S&P 500 +1.49%, Dow Jones +1.28%, Nasdaq +1.64%. The S&P 500 on Thursday rallied to a 1-3/4 month high and closed sharply higher on carryover support from a +2.32% rally in China's Shanghai Composite and on the unexpected -7,000 decline in U.S. weekly initial unemployment claims to 255,000, better than expectations of +7,000 to 270,000 and matched the Jul 17 week low as the fewest claims since Nov 1973. Bank stocks were led higher by a +4.4% increase in Citigroup after it reported better-than-expected Q3 profits.
Dec 10-year T-notes (ZNZ15 +0.10%) this morning are up +3 ticks. Thursday's closes: TYZ5 -13.50, FVZ5 -9.50. Dec T-notes on Thursday closed lower on the unexpected decline in U.S. weekly jobless claims to a 42-year low, the larger-than-expected increase in U.S. Sep CPI ex food & energy to +1.9% y/y, and reduced safe-haven demand with the rally in the S&P 500 to a 1-3/4 month high.
The dollar index (DXY00 +0.29%) this morning is up +0.296 (+0.31%). EUR/USD (^EURUSD) is down -0.0035 (-0.31%). USD/JPY (^USDJPY) is up +0.12 (+0.10%). Thursday's closes: Dollar Index +0.440 (+0.47%), EUR/USD -0.0088 (-0.77%), USD/JPY +0.07 (+0.06%). The dollar index on Thursday rebounded from a 1-1/2 month low and closed higher on the larger-than-expected increase in U.S. core CPI, which may prompt the Fed to raise interest rates this year. In addition, there was weakness in EUR/USD, which retreated from a 1-1/2 month high and closed lower, after ECB Governing Council member Nowotny fueled speculation that the ECB may need to expand QE measures when he said both headline and core inflation in the Eurozone are "clearly missing our target."
Nov crude oil (CLX15 +0.75%) this morning is up +55 cents (+1.19%) and Nov gasoline (RBX15 +1.09%) is up +0.0170 (+1.30%). Thursday's closes: CLX5-0.26 (-0.56%), RBX5 +0.0123 (+0.94%). Nov crude oil and gasoline on Thursday settled mixed. Crude oil prices closed lower on the +7.56 million bbl surge in weekly EIA crude inventories and the +1.125 million bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures. Crude oil and gasoline prices received some underlying support from the -0.8% decline in U.S. crude production to match a 10-month low of 9.096 million bpd and the -2.62 million bbl decline in weekly EIA gasoline supplies (vs expectations of -1.25 million bbl).
GLOBAL EVENT CALENDAR10/16/2015
USDA weekly Export Sales.
Sep industrial production expected -0.3%, Aug -0.4%. Sep capacity utilization expected -0.3 to 77.3%, Aug -0.4 to 77.6%.
Aug JOLTS job openings expected -173,000 to 5.580 million, Jul +430,000 to 5.753 million.
Preliminary U.S. Oct University of Michigan consumer sentiment expected +1.8 to 89.0, Sep -4.7 to 87.2.
Eurozone Sep new car registrations, Aug +11.2% y/y.