Tuesday, September 15th, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.10%) are up +0.05% and European stocks are up +0.72%. European stocks recovered from a 2-week low and moved higher led by strength in automakers after Eurozone Aug new car registrations rose +11.2% y/y to 745,000. European stocks had slid to a 2-week low after China's Shanghai Composite fell more than 3% to a 2-week low and after German investor confidence fell more than expected to a 10-month low. Comments from OECD Secretary General Gurria added to the negative tone in stocks when he said the global economy is not accelerating and that the OECD may cut its global economic outlook. Asian stocks closed mostly lower: Japan +0.34%, Hong Kong -0.49%, China -3.52%, Taiwan -0.57%, Australia -1.53%, Singapore -1.03%, South Korea +0.23%, India -0.58%. Japanese stocks closed higher and the yen strengthened after the BOJ refrained from adding additional stimulus following today's 2-day policy meeting and after BOJ Governor Kuroda said he sees a gradual recovery continuing in the economy.
The dollar index (DXY00 -0.05%) is up +0.02%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.44%.
Dec T-note prices (ZNZ15 +0.06%) are up +3 ticks.
The German Sep ZEW survey expectations of economic growth fell -12.9 to 12.1, weaker than expectations of -6.7 to 18.3 and the lowest in 10 months.
Eurozone Aug new car registrations rose +11.2% y/y to 745,000.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Aug retail sales (expected +0.3% and +0.2% ex autos), (2) Sep Empire manufacturing survey general business conditions (expected +14.52 to -0.40), (3) Aug industrial production (expected -0.2% m/m), (4) Aug capacity utilization (expected -0.2 to 77.8%), (5) Jul business inventories (expected +0.1%).
One of the Russell 2000 companies report earnings today: United Natural Foods (consensus $0.72).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed-Thu, Citi 2015 Industrials Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Morgan Stanley Industrials Conference on Wed-Thu, Barclays Capital Global Financial Services Conference on Wed-Fri, Credit Suisse Basic Materials Conference on Wed-Fri, Goldman Sachs Communacopia Conference on Wed-Fri, Morgan Stanley Global Healthcare Conference on Wed-Fri, Bank of America Merrill Lynch Global Health Care Conference on Thu, Imperial Capital Global Opportunities Conference on Thu, and AACR CRI-CIMT-EATI Immunotherapy Conference on Thu-Fri.
OVERNIGHT U.S. STOCK MOVERS
Owens-Illinois (OI +0.25%) and Weyerhaeuser (WY -0.51%) were both upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Corning (GLW -0.28%) was initiated with a 'Buy' at Deutsche Bank with a price target of $21.
The Fresh Market (TFM -0.90%) was upgraded to 'Buy' from 'Hold' at Jefferies.
Whirlpool (WHR -0.91%) was upgraded to 'Top Pick' from 'Outperform' at RBC Capital.
Nordstrom (JWN -0.57%) was upgraded to 'Buy' from 'Hold' at Stifel.
Joy Global (JOY -0.11%) was downgraded to 'Neutral' from 'Buy' at Axiom.
Commerzbank (CRZBY -0.13%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
UBS (UBS -1.93%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Credit Suisse (CS -2.16%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.
Carl Icahn raised his stake in Cheniere Energy (LNG +2.60%) to 9.59% from 8.18%.
Glenhill Advisors reported a 5.9% passive stake in UTi Worldwide (UTIW -1.99%) .
Fitbit (FIT -1.23%) was initiated with an 'Overweight' at Pacific Crest with a price target of $47.
Bristow Group (BRS -2.80%) was initiated with an 'Outperform' at Oppenheimer with a price target of $52.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 +0.10%) this morning are up +1.00 point (+0.05%). Monday's closes: S&P 500 -0.41%, Dow Jones -0.38%, Nasdaq -0.33%. The S&P 500 Monday closed lower on negative carry-over from a slide in Chinese stocks on concern the slowdown in China is deepening after China Aug industrial production rose +6.1% y/y, weaker than expectations of +6.5% y/y, and after China Aug fixed asset investment rose at the slowest pace in 14-1/2 years. Also, weakness in energy and raw-material stocks pressured the overall market after copper and crude oil declined.
Dec 10-year T-notes (ZNZ15 +0.06%) this morning are up +3 ticks. Monday's closes: TYZ5 +0.50, FVZ5 +0.25. Dec T-notes Monday closed higher on carryover support from a rally in German bunds which rose to a 2-1/2 week high and on weakness in stocks which boosted the safe-haven demand for Treasuries. T-notes also garnered support on speculation the Fed will refrain from raising interest rates at this Wednesday and Thursday’s FOMC meeting.
The dollar index (DXY00 -0.05%) this morning is up +0.017 (+0.02%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%). USD/JPY (^USDJPY) is down-0.53 (-0.44%). Monday's closes: Dollar Index +0.052 (+0.05%), EUR/USD -0.0021 (-0.19%), USD/JPY -0.36 (-0.30%). The dollar index Monday rebounded from a 2-week low and closed higher on short-covering ahead of the 2-day FOMC meeting this Wednesday and Thursday, and on speculation that the BOJ and ECB may expand their stimulus measures as the Fed raises interest rates, which is positive for dollar interest rate differentials.
Oct crude oil (CLV15 +1.00%) this morning is up +40 cents (+0.91%) and Oct gasoline (RBV15 +0.87%) is up +0.0119 (+0.91%). Monday's closes: CLV5-0.51 (-1.14%), RBV5 -0.0634 (-4.63%). Oct crude oil and gasoline closed lower Monday with Oct gasoline at a 7-1/2 month nearest-futures low on Chinese economic concerns after China Aug industrial production rose less than expected, which signals reduced energy demand and consumption. Crude prices were also pressured from a rebound in the dollar after the dollar index recovered from a 2-week low and closed higher.
GLOBAL EVENT CALENDAR09/15/2015
| US | 0830 ET | Aug retail sales expected +0.3% and +0.2% ex autos, Jul +0.6% and +0.4% ex autos. |
| 0830 ET | Sep Empire manufacturing survey general business conditions expected +14.52 to -0.40, Aug -18.78 to -14.92. | |
| 0915 ET | Aug industrial production expected -0.2% m/m, Jul +0.6% m/m. Aug capacity utilization expected -0.2 to 77.8%, Jul +0.3 to 78.0%. | |
| 1000 ET | Jul business inventories expected +0.1%, Jun +0.8%. | |
| EUR | 0200 ET | Eurozone Aug new car registrations, Jul +14.6% y/y. |
| 0500 ET | Eurozone Q2 employment, Q1 +0.1% q/q and +0.8% y/y. | |
| UK | 0430 ET | UK Aug CPI expected +0.2% m/m and unch y/y, Jul -0.2% m/m and +0.1% y/y. Aug core CPI expected +1.0% y/y, Jul +1.2% y/y. |
| 0430 ET | UK Aug RPI expected +0.3% m/m and +0.9% y/y, Jul -0.1% m/m and +1.0% y/y. Aug RPI ex-mortgage interest payments expected +0.9% y/y, Jul +1.1% y/y. | |
| 0430 ET | UK Aug PPI input prices expected -2.4% m/m and -13.6% y/y, Jul -0.9% m/m and -12.4% y/y. | |
| 0430 ET | UK Aug PPI output prices expected -0.2% m/m and -1.7% y/y, Jul -0.1% m/m and -1.6% y/y. Aug PPI output core expected unch m/m and +0.2% y/y, Jul +0.1% m/m and +0.3% y/y. | |
| 0430 ET | UK Jul ONS house prices, Jun +5.7% y/y. | |
| GER | 0500 ET | German Sep ZEW survey expectations of economic growth expected -6.7 to 18.3, Aug 25.0. Sep ZEW survey current situation expected-1.7 to 64.0, Aug 65.7. |
| JPN | n/a | BOJ announces interest rate decision and asset purchase target. |
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