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OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.42%) are up +0.42% and European stocks are up +1.13% on speculation that recent mixed economic data will keep the Fed from raising interest rates at this week's FOMC meeting. Crude oil prices (CLV16 +1.42%) are up +1.37%, which has given energy producing stocks a lift, after OPEC Secretary General Mohammed Barkindo said the cartel may call an extraordinary meeting if ministers reach consensus at an informal gathering in Algiers next week. Asian stocks settled mostly higher: Japan closed for holiday, Hong Kong +0.92%, China +0.77%, Taiwan +2.81%, Australia -0.04%, Singapore +0.87%, South Korea +0.86%, India +0.12%. Chinese stocks closed higher, led by a rally in property stocks, after China Aug new home prices rose +1.2% m/m in the 70 cities tracked by the government, the biggest increase in 6-1/2 years.
The dollar index (DXY00-0.22%) is down -0.24%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is down -0.43%.
Key U.S. news today includes: (1) Sep NAHB housing market index (expected unchanged at 60, Aug +2 to 60), (2) USDA weekly grain export inspections, (3) USDA Weekly Crop Progress.
Russell 1000 companies that report earnings today: none.
U.S. IPO's scheduled to price today: AzurRx BioPharma (AZRX).
Equity conferences this week include: BMO Capital Markets Real Estate Conference on Mon, CLSA Investors Forum on Mon, BMO Capital Markets North American Real Estate Conference on Mon-Tue, Deutsche Bank Energy Summit on Tue, J.P. Morgan U.S. All Stars Conference on Tue, Scotiabank Fertilizer and Chemicals Conference on Tue, Finance Montreal FinTech Forum on Tue-Wed, Johnson Rice Energy Conference on Tue-Wed, Goldman Sachs Communicopia Conference on Tue-Thu, Finance Shared Services & GBS Exchange Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
GoPro (GPRO +5.65%) jumped nearly 6% in pre-market trading after it said it will unveil new products at today's anaylst meeting.
Mattel (MAT-0.22%) was upgraded to 'Buy' from 'Neutral' at Monness, Crespi, Hardt & Co. with a 12-month price target of $37.
U.S. Steel (X-0.93%) and AK Steel Holdings (AKS +1.23%) were both upgraded to 'Sector Weight' from 'Underweight' at Keybanc Capital Markets.
Enterprise Products Partners LP (EPD +0.19%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse witha target price of $34.
General Motors (GM-0.48%) climbed over 1% in pre-market trading after it was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a 12-month price target of $37.
PayPal Holdings (PYPL-0.32%) fell over 1% in pre-market trading after it was downgraded to 'Hold' from 'Buy' at Canaccord Genuity.
Buckeye Partners LP (BPL-0.28%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a 12-month price target of $78.
Targa Resources (TRGP +0.58%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a 12-month price target of $52.
Science Applications International (SAIC +0.47%) was awarded a U.S. Defense Logistics Agency contract worth as much as $700 million over the next 5 years for chemicals, packaged petroleum, oils and lubricants.
Enlink Midstream LLC (ENLC-0.06%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
North Sound increased its stake in Novatel Wireless (MIFI +3.82%) to 7.1% from 5.9%.
Sanofi (SNY-1.26%) sued Merck (MRK-0.16%) to block Merck's MK-1293 diabetes drug that Sanofi says infringes on 10 of its patents.
Dec E-mini S&Ps (ESZ16 +0.42%) this morning are up +9.00 points (+0.42%). Friday's closes: S&P 500 -0.38%, Dow Jones -0.49%, Nasdaq -0.04%. The S&P 500 on Friday closed lower on continued concern about the recent surge in T-bond yields and concern about the economy after the Sep University of Michigan U.S. consumer sentiment report of unchanged at 89.8, weaker than expectations of +0.8 to 90.6 and the lowest since April. In addition, energy producer stocks were undercut by the -2% decline in crude oil to a 2-week low.
Dec 10-year T-notes (ZNZ16 +0.08%) this morning are up +3 ticks. Friday's closes: TYZ6 -1.50, FVZ6 -3.75. Dec T-notes on Friday closed slightly lower on the stronger-than-expected U.S. Aug core CPI report of +2.3% (versus expectations of +2.2%), which bolsters the case for the Fed to raise interest rates. T-notes were also undercut by increased inflation expectations after the 10-year T-note breakeven rate rose to a 1-week high. T-notes found support on the increased safe-haven demand with the sell-off in stocks.
The dollar index (DXY00-0.22%) this morning is down -0.231 (-0.24%). EUR/USD (^EURUSD) is up +0.0006 (+0.05%). USD/JPY (^USDJPY) is down-0.44 (-0.43%). Friday's closes: Dollar index +0.820 (+0.86%), EUR/USD -0.0080 (-0.79%), USD/JPY +0.19 (+0.19%). The dollar index on Friday rose to a 2-week high and settled higher on a stronger case for a Fed rate hike after the larger-than-expected increase in U.S. Aug CPI. In addition, EUR/USD fell to a 1-week low on speculation the ECB may need to expand stimulus measures after Eurozone Q2 labor costs rose by only +1.0% y/y, the smallest increase since Q1 of 2014.
Oct crude oil (CLV16 +1.42%) this morning is up +59 cents (+1.37%) and Oct gasoline (RBV16-0.76%) is down -0.0091 (-0.62%). Friday's closes: Closes: CLV6 -0.88 (-2.00%), RBV6 +0.0314 (+2.20%). Oct crude oil and gasoline on Friday settled mixed with Oct crude at a 5-week low and Oct gasoline at a 2-week high. Crude oil prices were undercut by a rally in the dollar index to a 2-week high and by signs the global oil glut may worsen after Libya lifted export restrictions on crude exports at several ports that may boost Libya's crude exports by +300,000 bpd and after Nigeria's Exxon Mobile said it was ready to resume 300,000 bpd of Qua Iboe crude, Nigeria's biggest export grade. Gasoline prices received a boost after news that Colonial Pipeline's pipeline in Alabama, the biggest fuel pipeline that delivers fuel from refineries from the Gulf Coast to the East Coast, will be shut down due to a leak until at least next week, which may cause gasoline shortages in the Eastern U.S.
GLOBAL EVENT CALENDAR09/19/2016
Monday, Sep 19
Sep NAHB housing market index expected unchanged at 60, Aug +2 to 60.
USDA weekly grain export inspections.
USDA Weekly Crop Progress.
Tuesday, Sep 20
Aug housing starts expected -1.7% to 1.190 million, Jul +2.1% to 1.211 million. Aug building permits expected +1.8% to 1.164 million, Jul-0.8% to 1.144 million.
FOMC begins 2-day policy meeting.
German Aug PPI expected unch m/m and -1.6% y/y, Jul +0.2% m/m and +2.0% y/y.
Japan Aug trade balance expected +195.5 billion yen, Jul +513.6 billion yen. Aug exports expected -4.5% y/y, Jul-14.0% y/y. Aug imports expected -16.5% y/y, Jul -24.7% y/y.