MORNING CALL 5/17

MORNING CALL

Tuesday, May 17th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.10%) are little changed, down -0.05% and European stocks are up +0.12% as the price of crude oil rose to a 7-month high. Crude oil retreated from that high and is now unchanged in early trade, which pulled stocks back from their best levels. Home Depot rose over 1% in pre-market trading and gave recently battered retail stocks a lift after it raised guidance on its full-year EPS this year to $6.27, higher than expectations of $6.22. European stocks also received a boost from a rally in telecommunication stocks, led by a 2.4% gain in Vodafone Group Plc, after the company reported Q1 adjusted service revenue rose +1.8%, better than consensus of +1.5%. Asian stocks settled mostly higher: Japan +1.13%, Hong Kong +1.18%, China -0.25%, Taiwan +0.90%, Australia +0.69%, Singapore +1.65%, South Korea +0.09%, India +0.47%.

The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.47% at a 2-week high.

Jun T-note prices (ZNM16 -0.05%) are down -1.5 ticks.

In its monthly report published today, the Bundesbank said "growth in the German economy will probably lose momentum in the spring," even as the "solid underlying economic trend" is likely to stay intact.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Key U.S. reports today include: (1) Apr housing starts (expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million), (2) Apr CPI (expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y; Apr core CPI expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y), (3) Apr industrial production (expected +0.3%, Mar -0.6%), and (4) San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.

There are 2 of the Russell 1000 companies that report earnings today: Home Depot (consensus $1.35), TJX (0.71).

U.S. IPO's scheduled to price today: PhaseRX (PZRX)

Equity conferences today: Electrical Products Group Investor Conference on Mon-Wed, Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Hartford Financial Services Group (HIG -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Home Depot (HD +1.66%) climbed over 1% in pre-market trading after it reported Q1 EPS of $1.44, higher than consensu sof $1.35, and then raised guidance on full-year EPS to $6.27 from a previous view of $6.12-$6.18.

Freeport-McMoRan (FCX +6.05%) is up over 3% in pre-market trading after Jeffries Group upgraded toe stock to 'Buy' from 'Hold.'

Bob Evans Farms (BOBE +0.43%) was rated a new 'Buy' at Maxim Group with a 12-month price target of $59.

Agilent Technologies (A +0.75%) climbed nearly 4% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.88-$1.92 from a March 7 estimate of $1.81-$1.87, above consensus of $1.86.

Office Depot (ODP -5.16%) gained over 2% in after-hours trading after the company hired Bain for a strategic review of its business.

Relypsa (RLYP +4.07%) dropped over 7% in after-hours trading after it reported no increase in April in the weekly average of new patients who began taking Veltassa with a free starter supply.

Amplify Snack Brands (BETR +0.39%) slid over 4% in after-hours trading after it started a 10-million share secondary offering of common stock.

Community Health Systems (CYH +2.00%) climbed nearly 4% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Akorn (AKRX +4.94%) rose over 1% in after-hours trading after it reported Q1 revenue of $268.3 million, better than consensus of $267.1 million.

Meritage Homes (MTH +0.77%) gained over 2% in after-hours trading after it said it sees Q2 EPS of 78 cents-85 cents, higher than consensus of 78 cents.

Globalstar (GSAT +12.24%) rose over 5% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Aegerion Pharmaceuticals (AEGR +33.53%) dropped over 13% in after-hours trading after it lowered guidance on full-year sales to $130 million-$150 million from a prior view of $160 million-$190 million, below consensus of $174.8 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.10%) this morning are down -1.00 point (-0.05%). Monday's closes: S&P 500 +0.98%, Dow Jones +1.00%, Nasdaq +1.25%. The S&P 500 on Monday closed higher on strength in energy producer stocks after crude oil climbed to a 6-1/2 month high and on a rally in drug stocks on increased M&A activity after Pfizer agreed to buy Amacor Pharmaceuticals for $5.2 billion. Stocks were undercut by the -18.58 point plunge in the U.S. May Empire manufacturing index to -9.02, weaker than expectations of -3.56 to 6.50.

June 10-year T-note prices (ZNM16 -0.05%) this morning are down -1.5 ticks. Monday's closes: TYM6 -14.50, FVM6 -8.75. Jun T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and on increased inflation expectations after crude oil rallied to a 6-1/2 month high.

The dollar index (DXY00 unch) this morning is down -0.023 (-0.02%). EUR/USD (^EURUSD) is down -0.0004 (-0.04%). USD/JPY (^USDJPY) is up +0.51 (+0.47%) at a 2-week high. Monday's closes: Dollar Index -0.036 (-0.04%), EUR/USD +0.0012 (+0.11%), USD/JPY +0.40 (+0.37%). The dollar index on Monday closed lower on strength in the currencies of the crude-producing countries of Russia and Canada after the price of crude soared to a 6-1/2 month high and on the weaker-than-expected May Empire manufacturing index and May HAHB housing market index.

June WTI crude oil (CLM16 unch) this morning is unchanged. June gasoline (RBM16 -0.26%) is down -0.0044 (-0.27%). Monday's closes: CLM6 +1.51 (+3.27%), RBM6 +0.0181 (+1.14%). Jun crude and gasoline on Monday closed higher with Jun crude at a 6-1/2 month high and Jun gasoline at an 8-1/2 month high. Crude oil prices were boosted by a weaker dollar, Chinese demand with the +2.4% y/y rise in China Apr crude processing to a record 10.93 million bpd, and stronger U.S. refinery demand for gasoline after the crack spread climbed to a 1-1/2 week high.

GLOBAL EVENT CALENDAR05/17/2016

US	0830 ET	Apr housing starts expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million. Apr building permits expected +5.5% to 1.135 million, Mar -8.6% to 1.076 million.
	0830 ET	Apr CPI expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y. Apr CPI ex food & energy expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y.
	0915 ET	Apr industrial production expected +0.3%, Mar -0.6%. Apr manufacturing production, Mar -0.3%. Apr capacity utilization expected +0.2 to 75.0%, Mar -0.5 to 74.8%.
	1200 ET	San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.
JPN	0030 ET	Revised Japan Mar industrial production, preliminary +3.6% m/m and +0.1% y/y.
	0030 ET	Japan Mar capacity utilization, Feb -5.4% m/m.
	1950 ET	Japan Q1 GDP expected +0.3% q/q annualized, Q4 -1.1% q/q annualized. Q1 GDP deflator expected +1.0% y/y, Q4 +1.5% y/y.
	1950 ET	Japan Q1 private consumption expected +0.2% q/q, Q4 -0.9% q/q. Q1 business spending expected -0.8% q/q, Q4 +1.5% q/q.
UK	0430 ET	UK Apr CPI expected +0.3% m/m and +0.5% y/y, Mar +0.4% m/m and +0.5% y/y. Apr core CPI expected +1.4% y/y, Mar +1.5% y/y.
	0430 ET	UK Apr RPI expected +0.3% m/m and +1.5% y/y, Mar +0.4% m/m and +1.6% y/y. Apr RPI ex mortgage interest payments expected +1.6% y/y, Mar +1.6% y/y.
	0430 ET	UK Apr PPI input prices expected +1.1% m/m and -6.7% y/y, Mar +2.0% m/m and -6.5% y/y.
	0430 ET	UK Apr PPI output prices expected +0.2% m/m and -0.8% y/y, Mar +0.3% m/m and -0.9% y/y. Apr PPI output core expected +0.1% m/m and +0.3% y/y, Mar +0.1% m/m and +0.2% y/y.
	0430 ET	UK Mar ONS house price, Feb +7.6% y/y.
CHI	2130 ET	China Apr property prices.

U.S. STOCK CALENDAR05/17/2016

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.352
Home Depot Inc/The	HD US	9:00	Q1 2017 Earnings Call	Q1 2017
TJX Cos Inc/The	TJX US	9:30	Q1 2017 Earnings Release	Q1 2017	0.708
Principal Financial Group Inc	PFG US	10:00	Annual General Meeting	Y 2016
Boston Properties Inc	BXP US	10:00	Annual General Meeting
JPMorgan Chase & Co	JPM US	11:00	Annual General Meeting	Y 2016
TJX Cos Inc/The	TJX US	11:00	Q1 2017 Earnings Call	Q1 2017
Electronic Arts Inc	EA US	11:00	Investor Day	Y 2016
Southwestern Energy Co	SWN US	12:00	Annual General Meeting
Amazon.com Inc	AMZN US	12:00	Annual General Meeting	Y 2016
Juniper Networks Inc	JNPR US	12:00	Investor Day	Y 2016
Gap Inc/The	GPS US	13:00	Annual General Meeting	Y 2016
Morgan Stanley	MS US	14:00	Annual General Meeting
Essex Property Trust Inc	ESS US	16:00	Annual General Meeting	Y 2016
Charles Schwab Corp/The	SCHW US	17:00	Annual General Meeting
Time Warner Cable Inc	TWC US	Aft-mkt	Digital Realty Trust Replaces Time Warner Cable in S&P 500
Equifax Inc	EFX US		Investor Meeting - London	Y 2016
Leggett & Platt Inc	LEG US		Annual General Meeting
General Growth Properties Inc	GGP US		Annual General Meeting	Y 2016
Newfield Exploration Co	NFX US		Annual General Meeting
Realty Income Corp	O US		Annual General Meeting
Diamond Offshore Drilling Inc	DO US		Annual General Meeting
FirstEnergy Corp	FE US		Annual General Meeting	Y 2016

BARCHART MORNING CALL 9/23

BARCHART MORNING CALL

Tuesday, September 23rd, 2014View Older Reports

Everything you need to know about the markets in one free daily newsletter.

E-mail:

You will also receive a free subscription to the Barchart family of newsletters.

OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.33%) this morning are down -0.25% and European stocks are down -1.22% after a gauge of European manufacturing activity weakened more than expected to its slowest pace in 14 months. Geopolitical concerns in the Middle East are another negative for stocks as Saudi Arabia, Jordan, the United Arab Emirates, Qatar and Bahrain joined the U.S. in a series of airstrikes against Islamic State positions in Syria along the Iraqi border. Meanwhile, Israel shot down a Syrian fighter jet after it penetrated Israeli airspace over the Golan Heights. Asian stocks closed mixed: Japan closed for holiday, Hong Kong -0.49%, China +0.86%, Taiwan -0.54%, Australia +0.98%, Singapore +0.05%, South Korea -0.64%, India -1.58%. Chinese stocks rallied and closed higher after a gauge of China's manufacturing activity unexpectedly increased. Commodity prices are mostly higher. Nov crude oil (CLX14 +0.78%) is up +0.47%. Nov gasoline (RBX14 +0.95%) is up +0.37%. Dec gold (GCZ14 +1.27%) is up +0.73%. Dec copper (HGZ14 +0.31%) is up +0.26%. Agriculture and livestock prices are mostly lower. The dollar index (DXY00 -0.37%) is down -0.35%. EUR/USD (^EURUSD) is up +0.29%. USD/JPY (^USDJPY) is down -0.35%. Dec T-note prices (ZNZ14 +0.11%) are up +4 ticks.
The Eurozone Sep Markit manufacturing PMI fell -0.2 to 50.5, a bigger drop than expectations of -0.1 to 50.6 and the slowest pace of expansion in 14 months.
The Eurozone Sep Markit composite PMI fell -0.2 to 52.3, weaker than expectations of no change at 52.5 and the slowest pace of expansion in 9 months.
The German Sep Markit/BME manufacturing PMI fell -1.1 to 50.3 a bigger decline than expectations of -0.2 to 51.2 and the slowest pace of expansion in 15 months.
The China Sep HSBC manufacturing PMI unexpectedly rose +0.3 to 50.5, better than expectations of -0.2 to 50.0.
UK Aug public sector net borrowing increased by +10.9 billion pounds, more than expectations of +10.2 billion pounds.

U.S. STOCK PREVIEW

The market is expecting today’s July FHFA house price index to rise by +0.4% m/m, matching the +0.4% m/m rise seen in June. The market is expecting today’s Sep Richmond Fed manufacturing index to show a -2 point decline to 10, reversing part of August’s increase of +5 points to 12. The Treasury today will auction $29 billion of 2-year T-notes. There are four of the Russell 1000 companies that report earnings today: CarMax (consensus $0.67), Bed Bath & Beyond (1.14), Copart (0.41), Carnival Corp (1.44).
Equity conferences during the remainder of this week include: Jefferies West Coast Electronic Payments Summit on Tue, UBS Chemicals Conference on Tue, Citi Industrial Conference on Mon-Tue, Capital Link Global Shipping, Marine Services & Offshore Forum on Tue, World LNG Series:Asia Pacific Summit on Tue-Thu, Avondale's Dallas Airlines Day on Wed, and 8th Rocky Mountain Utility Efficiency Exchange on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

CarMax (KMX -1.42%) reported Q2 EPS of 70 cents, better than consensus of 67 cents.
Dresser-Rand (DRC +2.58%) was downgraded to 'Hold' from 'Buy' at KeyBanc.
Clorox (CLX +7.35%) was downgraded to 'Sell' from 'Neutral' at B. Riley.
Bed Bath & Beyond (BBBY -0.25%) was downgraded to 'Market Perform' from 'Outperform' at William Blair.
Fluor (FLR -2.46%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo.
Cree (CREE -1.92%) was upgraded to 'Equal Weight' from 'Underweight' at Stephens.
Siemens (SIEGY -0.85%) was downgraded to 'Equal Weight' from 'Overweight' at Barclays.
Dick's Sporting Goods (DKS -1.61%) was downgraded to 'Market Perform' from 'Outperform' at William Blair.
Herbalife (HLF -10.31%) rose nearly 3% in after-hours trading after sources close to the matter said that billionaire activist investor Carl Icahn has not sold out of his stake in the company
AEGON (AEG unch) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Ascena Retail (ASNA -2.36%) slumped over 10% in after-hours trading after it reported Q4 adjusted EPS of 13 cents, well below consensus of 18 cents, and then lowered guidance on fiscal 2015 adjusted EPS to 90 cents-$1.00, weaker than consensus of $1.25.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.33%) this morning are down -5.00 points (-0.25%). The S&P 500 index on Monday closed lower: S&P 500 -0.80%, Dow Jones -0.62%, Nasdaq -0.95%. Negative factors included (1) carry-over weakness from a slide in global stocks after China’s finance minister dampened speculation his government will boost economic stimulus when he said that growth in China faces downward pressure and that there won’t be major changes in policy in response to individual economic indicators, (2) the unexpected drop in U.S. Aug existing home sales which fell -1.8% to 5.05 million, weaker than expectations of +1.0% to 5.20 million.
Dec 10-year T-notes (ZNZ14 +0.11%) this morning are up +4 ticks. Dec 10-year T-note futures prices on Monday closed higher. Bullish factors included (1) the unexpected decline in U.S. Aug existing home sales, (2) increased safe-haven demand for T-notes after stocks plunged, and (3) reduced inflation expectations as the 10-year T-note breakeven inflation rate dropped to a 14-1/2 month low. Closes: TYZ4 +9.00, FVZ4 +6.50.
The dollar index (DXY00 -0.37%) this morning is down -0.296 (-0.35%). EUR/USD (^EURUSD) is up +0.0037 (+0.29%) and USD/JPY (^USDJPY) is down -0.38 (-0.35%). The dollar index on Monday posted a new 4-year high and closed higher. Bullish factors included (1) a slide in EUR/USD to a 14-1/4 month low after Eurozone Sep consumer confidence fell more than expected to a 7-month low and after ECB President Draghi told the EU Parliament that the risks surrounding the expected expansion in the Eurozone “are clearly on the downside.” EUR/USD recovered, though, and closed higher after New York Fed President Dudley said that if the dollar “were to strengthen a lot” there would be consequences for economic growth. Closes: Dollar index +0.017 (+0.02%), EUR/USD +0.00194 (+0.15%), USD/JPY -0.199 (-0.18%).
Nov WTI crude oil (CLX14 +0.78%) this morning is up +43 cents (+0.47%) and Nov gasoline (RBX14 +0.95%) is up +0.0091 (+0.37%). Nov crude and gasoline prices on Monday closed lower: CLX4 -0.78 (-0.85%), RBXX4 -0.0369 (-1.46%). Bearish factors included (1) the rally in the dollar index to a fresh 4-year high, (2) Chinese demand concerns after China’s Finance Minister said China’s economic growth faces downward pressure, and (3) U.S. demand concerns after the unexpected decline in U.S. Aug existing home sales.

GLOBAL EVENT CALENDAR09/23/2014

US	0900 ET	St. Louis Fed President James Bullard delivers welcoming remarks to the St. Louis Feds community banking conference.
	0900 ET	Jul FHFA house price index expected +0.4% m/m, Jun +0.4% m/m.
	0920 ET	Fed Governor Jerome Powell and Kansas City Fed President Esther George speak at the St. Louis Feds community banking conference.
	0945 ET	Preliminary Sep Markit manufacturing PMI expected +0.1 to 58.0, Aug +2.1 to 57.9.
	1000 ET	Sep Richmond Fed manufacturing index expected -2 to 10, Aug +5 to 12.
	1300 ET	Treasury auctions $29 billion 2-year T-notes.
	1400 ET	Minneapolis Fed President Narayana Kocherlakota holds a town hall forum at Northern Michigan University.
	2115 ET	Kansas City Fed President Esther George speaks on the economy in Cheyenne, WY.
GER	0330 ET	German Sep Markit/BME manufacturing PMI expected -0.2 to 51.2, Aug 51.4. Sep Markit services PMI expected -0.3 to 54.6, Aug 54.9.
EUR	0400 ET	Eurozone Sep Markit composite PMI expected unch at 52.5.
UK	0430 ET	UK Aug public sector net borrowing expected +10.2 billion pounds, Jul -1.1 billion pounds.
JPN	2135 ET	Japan Sep Markit/JMMA manufacturing PMI, Aug 52.2.
	n/a	Japanese markets close for Autumnal Equinox Day.

U.S. STOCK CALENDAR09/23/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
CarMax Inc	KMX US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.673
Norfolk Southern Corp	NSC US	7:45	Investor and Analyst Conference - Cleveland	Y 2014
Boston Properties Inc	BXP US	8:00	Investor Conference	Y 2014
TimkenSteel Corp	TMST US	8:00	Investor Conference	Y 2014
Urban Outfitters Inc	URBN US	9:00	Investor Day	Y 2014
CarMax Inc	KMX US	9:00	Q2 2015 Earnings Call	Q2 2015
Carnival Corp	CCL US	10:00	Q3 2014 Earnings Call	Q3 2014
Washington Prime Group Inc	WPG US	10:00	Acquisition of Glimcher Realty Trust by Washington Prime Group Inc. Call
General Mills Inc	GIS US	11:00	Annual General Meeting	Y 2014
Norfolk Southern Corp	NSC US	13:00	Investor and Financial Analyst Conference - Bellevue	Y 2014
Bed Bath & Beyond Inc	BBBY US	16:15	Q2 2015 Earnings Release	Q2 2015	1.144
Bed Bath & Beyond Inc	BBBY US	17:00	Q2 2015 Earnings Call	Q2 2015
Copart Inc	CPRT US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.408
Carnival Corp	CCL US		Q3 2014 Earnings Release	Q3 2014	1.439
Celgene Corp	CELG US		PDUFA, apremilast, psoriasis
Pepco Holdings Inc	POM US		Special Meeting - M&A Vote

5 Large Caps with Momentum

Today I used Barchart to sort the S&P 500 Large Cap Index to find the stocks that had price advances in at least 50% of the trading sessions in the last month.  I then eliminated the stocks that did not have positive returns in the last week and month and used the Flipchart feature to review the charts.

Today's list includes Apartment Investment and Management (AI), Equity Residential (EQR), Baker Hughes (BHI), Boston Properties (BXP) and Edison International (EIX):

Apartment Investment and Management (AIV)

Barchart technical indicators:

• 80% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 13.03% in the last month
• Relative Strength Index 76.57%
• Barchart computes a technical support signal at 29.55
• Recently traded at 29.81 with a 50 day moving average of 26.68

Equity Residential (EQR)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 8.21% in the last month
• Relative Strength Index 78.71%
• Barchart computes a technical support level at 56.99
• Recently traded at 57.97 with a 50 day moving average of 53.56

Baker Hughes (BHI)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 13.87% in the last month
• Relative Strength Index 72.57%
• Barchart computes a technical support level at 58.35
• Recently traded at 60.42 with a 50 day moving average of 54.97

Boston Properties (BXP)

Barchart technical indicators:

• 80% Barchart technical buys signals
• Trend spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 12 new highs and up 5.18% in the last month
• Relative Strength Index 64.22%
• Barchart computes a technical support level at 48.25
• Recently traded at 49.64 with a 50 day moving average of 46.64

Edison International (EIX)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 12 new highs and up 9.72% in the last month
• Relative Strength Index 74.47%
• Barchart computes  a technical support level at 48.25
• Recently traded at 49.64 with a 50 day moving average of 46.64

Barchart Morning Call 1/29

Barchart Morning Call

BC - 37 mins ago

Overnight Developments

• March E-mini S&Ps this morning are mildly lower as the market runs into some long liquidation pressure ahead of today's consumer confidence and Case-Shiller home price reports, a full slate of earnings reports, and the beginning of the 2-day FOMC meeting. The FOMC at tomorrow's post-meeting announcement is unanimously expected to leave its QE3 program unchanged at $85 billion per month. European stocks this morning are down -0.32%. Asian stocks closed mixed today. Japan closed +0.39%, Hong Kong closed -0.07%, and China closed +0.91%. Commodity prices are mildly higher by +0.14%. March crude oil is up +0.03%, March gasoline is down -0.64%, Feb gold is up +0.56%, March copper is up +0.12%, grains are slightly higher, livestock is slightly lower, and softs are mostly higher. The dollar index is little changed while EUR/USD is down -0.15%. USD/JPY is down -0.40%. March 10-year T-notes are up 5 ticks.
• Italy today successfully sold 8.5 billion euros of 6-month bills at 0.731%, the lowest rate in nearly 3 years and down from 0.95% at the last sale of that security in December. The lower 6-month bill rate is another indicator of the containment for the time being of the European debt crisis.
• The German Feb GfK consumer confidence index edged higher to 5.8 from 5.6 in January and was slightly stronger than market expectations of 5.7.
• China's Dec leading index rose to 100.50 from a revised 100.37 in November (preliminary 100.21).
• India cut its key repurchase rate by 25 bp to 7.75% from 8.00%, which was in line with market expectations. That was the first rate cut since April. The Reserve Bank of India was able to cut the rate to give some support to the economy after inflation fell to a 3-year low.
  Market Comments
  • March E-mini S&Ps this morning are down -0.35% on long liquidation pressure after the recent rally and on the -0.32% sell-off in European stocks this morning. The S&P 500 index on Monday opened higher on carry-over strength from a rally in the Shanghai stock index to a 7-month high after Chinese industrial companies' profits gained for a fourth month and after U.S. Dec durable goods a rose more than expected, but stock prices fell back and closed mixed when U.S. Dec pending home sales unexpectedly declined. Closes: S&P 500 -0.18%, Dow Jones -0.10%, Nasdaq +0.21%. U.S. Dec pending home sales fell -4.3% m/m, weaker than expectations of +0.1% m/m, while Dec durable goods orders rose +4.6% and +1.3% ex transportation, stronger than expectations of +2.0% and +0.8% ex transportation. Another positive for stocks is strong earnings results as 75% of the 150 S&P 500 companies that have released earnings this quarter have beaten estimates.
  • March 10-year T-notes this morning are up 5 ticks on short-covering after the steep recent losses and on this morning's lower trade in E-mini S&Ps. March 10-year T-note prices on Monday slumped to a 9-month nearest-futures low on reduced safe-haven demand after Dec durable goods orders rose more than expected along with supply pressures as the Treasury auctions $99 billion of T-notes this week. Closes: TYH3 -6.0, FVH3 -4.25. The 10-year T-note yield rose to a 9-month high of 2.003%.
  • The dollar index this morning is slightly higher by +0.02 (+0.03%), while EUR/USD is down -0.0020 (-0.15%). USD/JPY is down -0.36 yen (-0.40%). The dollar index on Monday closed slightly higher as the stronger-than-expected Dec durable goods orders reduced speculation of additional Fed easing, which is dollar supportive. USD/JPY rallied to another fresh 2-1/2 year high as the prospects of further BOJ quantitative easing undercut the yen. Closes: Dollar index +0.051 (+0.06%), EUR/USD -0.00086 (-0.06%), USD/JPY -0.024 (-0.02%).
  • March WTI crude oil this morning is up +0.03 (+0.03%) and March gasoline is -0.0189 (-0.64%). Mar crude oil and gasoline Monday closed higher on economic optimism after Dec durable goods orders increased more than expected, while gasoline jumped to a 3-1/2 month high after Hess Corp. said it was closing its 70,000 barrel-a-day refinery in Port Reading, New Jersey next month. Crude prices also received a boost after OPEC Secretary General Abdalla El-Badri said the cartel sees no price collapse in 2013 on expected global demand growth. Closes: CLH3 +0.56 (+0.58%), RBH3 +0.0511 (+1.77%).
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings ReportsEarnings reports (ranked by market cap): PFE-Pfizer (consensus $0.44), AMZN-Amazon.com (0.79), LLY-Eli Lilly (0.79), EMC-EMC Corp (0.52), F-Ford Motor (0.25), DHR-Danaher (0.86), NEE-Nextera Energy (0.95), ITW-Illinois Tool (0.91), ACE-ACE Ltd (1.28), VLO-Valero Energy (1.20), BRCM-Broadcom (0.74), IP-International Paper (0.65), TROW-T Rowe Price (0.89), GLW-Corning (0.32), BXP-Boston Properties (0.39), NUE-Nucor (0.30), TYC-Tyco International (0.39), HOG-Harley-Davidson (0.33), PNR-Pentair (0.44), VRTX-Vertex Pharm (0.11), BSX-Boston Scientific (0.11).
    Global Financial Calendar

    Tuesday 1/29/13
    United States
    0900 ET	Nov S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.5% y/y, Oct +0.66% m/m and +4.31% y/y.
    1000 ET	Jan consumer confidence (Conference Board) expected -1.1 to 64.0, Dec -6.4 to 65.1.
    1300 ET	Treasury auction of $35 billion in 5-year T-notes.
    1630 ET	API weekly U.S. oil statistics.
    n/a	FOMC 2-day meeting begins.
    Germany
    0200 ET	German Feb GfK consumer confidence survey expected 5.7, Jan 5.6.
    Japan
    0000 ET	Japan Jan small business confidence, Dec 43.8.
    1850 ET	Japan Dec retail trade expected +0.4% m/m and +0.3% y/y, Nov -0.1% m/m and +1.2% y/y. Dec large retailer sales expected -1.0% y/y, Nov +0.9% y/y.

Barchart Morning Call 10/23

Barchart Morning Call

BC - Tue Oct 23, 7:00AM CDT

Overnight Developments

• Dec E-mini S&Ps are trading sharply lower by -1.07% on general concern about weaker earnings. European stocks are down -1.35% on another batch of weak European earnings reports today. Asian stocks today closed mixed with Japanese stocks little changed and Chinese stocks down -1.26%. Commodity prices are down -0.72% with Dec crude oil down -1.12%, Dec gold down -0.94%, Dec copper down -1.17%, and agriculture prices trading lower across the board. The dollar index is up +0.23% on increased safe-haven demand while EUR/USD is down -0.42%. USD/JPY is down -0.11% after yesterday's surge. Dec 10-year T-notes are up 5 ticks.
• Spain's Q3 GDP fell -1.2% (qtr-qtr annualized), matching the -1.2% decline seen in Q2 and representing the fifth consecutive quarter of negative growth. However, the report of -1.2% was much better than expectations of -2.8%.
• Spain today successfully sold 3.53 billion euros of bills, exceeding the target amount.
• Moody's cut credit ratings on Catalonia and four other Spanish regions, but left the ratings of the other regions unchanged. Moody's last week gave EUR/USD a boost by leaving the Spanish central government rating unchanged at Baa3, the lowest investment grade rating.
• The Hong Kong Monetary Authority today intervened in the FX market by selling $855 million of Hong Kong dollars, adding to the $603 million of intervention seen last Friday. The Authority is being forced to sell Hong Kong dollars in exchange for U.S. dollars in order to prevent its currency from strengthening beyond the HK$7.75 limit of its HK$7.75 to 7.85 target band. The intervention seen since last Friday is the first since 2009. The Fed's QE3 program is helping to depress the dollar while boosting currencies in a variety of countries. The intervention to suppress the Hong Kong dollar could turn out to be inflationary for Hong Kong.
• Japan's Oct small business confidence index fell to 43.7 from 45.1 in September, providing another negative economic data point for Japan.
  Market Comments
  • Dec E-mini S&Ps this morning are sharply lower by -15.25 points (-1.07%) on concern about weak Q3 earnings. The Euro Stoxx 50 index is sharply lower by -1.35% this morning on another batch of weak earnings reports. The S&P 500 index on Monday closed little changed: S&P 500 +0.04%, Dow Jones +0.02%, Nasdaq 100 +0.61%. Stocks continued to run into weakness on worries about additional poor Q3 earnings reports after last week's batch of disappointing results. The sharp 10.3% y/y drop in Japanese exports was also a negative factor in highlighting the poor export prospects at present for global companies. On the bullish side, the markets were encouraged by outcome of Sunday's Spanish regional elections, which boosted the chances that Spanish Prime Minister Rajoy will soon accept a bailout. U.S. tech stocks received a boost on Monday from a rally in Apple.
  • Dec 10-year T-notes this morning are up 5 ticks on some increased safe-haven demand with today's sell-off in global stock markets. Dec 10-year T-note prices on Monday settled lower: TYZ2 -9, FVZ2 -4. Bearish factors included the stabilization in U.S. stocks after last Friday's sharp sell-off and supply overhang ahead of this week's $99 billion Treasury coupon package. The Treasury today will sell $35 billion in 2-year T-notes.
  • The dollar index this morning is mildly higher by +0.18 points (+0.23%) on increased safe-haven demand. EUR/USD is down -0.0055 (-0.42%) on today's sharp sell-off in European stocks and on Moody's downgrade of five Spanish regions. USD/JPY is down -0.09 (-0.11%). The dollar index on Monday closed little changed: Dollar index +0.03 (+0.04%), EUR/USD +0.0036 (+0.28%), USD/JPY +0.62 (+0.78%). EUR/USD closed mildly higher on Monday on the favorable election results for Spanish Prime Minister Rajoy, which may boost the chances that Mr. Rajoy will soon request the bailout that the markets would like to see. The markets were also encouraged by Ms. Merkel's comments that Ireland is a "special case" regarding its banking bailout, which meant that the door may still be open for some assistance by the ESM for Ireland's massive bailout that covered all bank creditors at the insistence of ECB and Eurozone officials. USD/JPY rallied sharply on the 10.3% y/y drop in Japanese exports, which was bearish for Japan's economic prospects. USD/JPY also received a boost from technical buying with the breakout to a new 3-month high.
  • Nov WTI crude oil prices this morning are down -0.99 (-1.12%) and Nov gasoline is down -0.0248 (-0.94%) on lower global stocks and worries about weak global fuel demand. Nov crude oil and gasoline prices on Monday closed lower: CLX2 -1.32 (-1.47%), RBX2 -0.0488 (-1.81%). Bearish factors included (1) the sharp 10.3% y/y drop in Japanese exports, which was another indicator of weak economic growth in Asia, and (2) news that TransCanada restarted the Keystone pipeline (590,000 bpd) that has been down since last Wednesday due to the need to inspect a possible problem. The Keystone pipeline brings crude oil from Canada down to Illinois and on to Cushing, Oklahoma. However, the Keystone pipeline will not reach its full capacity until November. The market consensus for Wednesday's weekly DOE report is for a 1.8 million barrel rise in crude oil inventories, a 500,000 barrel rise in gasoline inventories, a 1.5 million barrel drop in distillate inventories, and a 0.5 point rise in the refinery utilization rate to 87.9%. The Keystone pipeline shut-down that began last Wednesday should not affect tomorrow's DOE report.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): UTX-United Technology (Consensus:$1.19), UPS-United Parcel (1.06), AMGN-Amgen (1.47), MMM-3M (1.65), GILD-Gilead Sciences (0.94), FB-Facebook (0.11), DD-DuPont (0.47), VMW-VMWare (0.63), ITW-Illinois Tool (1.06), ACE-ACE Ltd (1.83), RAI-Reynolds America (0.79), AFL-Aflac (1.66), NSC-Norfolk Southern (1.23), BRCM-Broadcom (0.77), BXP-Boston Properties (0.33), PLD-Prologis (0.01), COH-Coach (0.75), ALTR-Altera (0.46), FTI-FMC Technologies (0.57), RF-Regions Financial (0.21), HOG-Harley Davidson (0.59), CHRW-CH Robinson (0.73), JNPR-Juniper Networks (0.17), XRX-Xerox (0.25), VMED-Virgin Media (0.41), SIAL-Sigma-Aldrich (0.94), BCR-CR Bard (1.63), AME-Ametek (0.46).
    Global Financial Calendar
    

    Tuesday 10/23/12
    United States
    0745 ET	ICSC (Int'l Council of Shopping Centers) weekly retailer sales.
    0855 ET	Redbook weekly retailer sales.
    0900 ET	Former Fed Chairman Alan Greenspan speaks at SIFMA meeting in NY.
    1000 ET	Oct Richmond Fed manufacturing index expected +1 to 5.0, Sep +13.0 to 4.0.
    1130 ET	Weekly 4-week T-bill auction.
    n/a	2-day FOMC meeting begins.
    1300 ET	Treasury auction of $35 billion in 2-year T-notes.
    1630 ET	API weekly U.S. oil statistics.
    Euro-Zone
    1000 ET	Eurozone Oct consumer confidence index expected unch at -25.9, Sep -25.9.
    CHI
    2145 ET	China Oct HSBC flash manufacturing PMI, Sep 47.9.

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Barchart Morning Call 8/6

Barchart Morning Call

BC - 1 hr 31 mins ago

Overnight Developments

• Sep E-mini S&Ps this morning are trading mildly higher by +0.18% due to this morning's +0.50% rally in European stocks. Commodity prices this morning are down by an average of -0.51% with Sep crude oil down -0.47%, gold up +0.26%, copper down -0.27%, and agricultural commodities trading mostly lower. The dollar index this morning is up +0.16% and EUR/USD is down -0.19% after Italian Prime Minister Monti said over the weekend that the Eurozone is showing signs of "psychological dissolution." Sep 10-year T-notes are up 6.5 ticks.
• Asian stocks today closed higher across the board on carry-over support from last Friday's stronger-than-expected U.S. July payroll report of +163,000. Chinese stocks also received a boost from an announcement on Sunday by Chinese securities regulators that allows companies to pay employees up to 30% of their wages with company stock acquired in the secondary market. Closes: Japan +2.00%, Hong Kong +1.69%, China +1.35%, Taiwan +0.95%, Australia +1.21%, Singapore +0.67%, South Korea +2.27%, India +1.25%, Turkey +0.93%.
• Knight Capital Group reportedly received a $400 million cash infusion over the weekend via a convertible bond investment by several financial firms, thus averting bankruptcy. The capital injection should prevent any fresh disruptions from Knight, which accounts for some 10% of market-making stock trading volume.
• Trading in Spanish stocks at the Bolsas & Mercados Espanoles was halted today at 10:05 AM in Madrid due to a technical default. There was no word on when trading would resume.
• Italian Prime Minister Mario Monti said in an interview in Der Spiegel magazine published over the weekend that the Eurozone is showing signs of "psychological dissolution."
• Troika officials over the weekend wrapped up an initial examination of Greece's austerity progress and said they will return in early September. An IMF representative said, "We made a lot of good progress" and said there was agreement that Greece needs to strengthen its policy efforts.
• Japan's June leading index report fell by 2.6 points to 92.6 and was 0.3 points weaker than market expectations of 92.9. The June coincident index fell 2.0 points to 93.8 and was 0.1 point weaker than market expectations of 93.9.
• UK July Halifax house prices fell -0.6% m/m, which was in line with market expectations and reversed part of June's revised +0.8% increase.
  Market Comments
  • Sep E-mini S&Ps this morning are up 2.50 points (+0.18%) on support from today's 0.50% rally in European stocks. The U.S. stock market Friday rallied up to 3-month highs and settled sharply higher after July U.S. non-farm payrolls rose more than forecast and after Spanish and Italian bond yields fell when members of German Chancellor Merkel's CDU party said they wouldn't stand in the way of additional ECB bond purchases: S&P 500 +1.90%, Dow Jones +1.69%, Nasdaq 100 +1.92%. Another positive for stocks was the larger-than-expected increase in the July ISM non-manufacturing index.
  • Sep 10-year T-notes this morning are up 6.5 ticks on some short-covering after last Friday's sharp sell-off. Sep 10-year T-note prices Friday plunged to a 1-month low after stocks soared when the U.S. economy added more jobs than expected last month, which dampens speculation the Fed will need to start a QE 3 asset purchase program to stimulate the economy: TYU2 -23, FVU2 -10. Also, safe-haven demand for Treasuries was reduced after Spanish 10-year bond yields plunged -31 bp and fell back below the critical 7.00% yield level.
  • The dollar index this morning is up +0.16% with EUR/USD down -0.19% and USD/JPY down -0.20%. The dollar index on Friday settled sharply lower as a rally in stocks curbed the safe-haven demand for the dollar while the euro strengthened after Italian and Spanish bond yields fell when ECB Council member Liikanen said the size of a new ECB bond purchase program would be "adequate to reach its objective" of lowering Italian and Spanish borrowing costs: Dollar index -0.986 (-1.18%), EUR/USD +0.02057 (+1.69%), USD/JPY +0.228 (+0.29%).
  • Sep WTI crude oil prices this morning are down -0.43 (-0.47%) and Sep gasoline is down -0.0306 (-1.04%) on this morning's higher trade in the dollar index and on some long liquidation pressure after last Friday's sharp rally. Crude oil and gasoline prices Friday moved sharply higher after the U.S. economy added more jobs than expected last month along with reduced concern over the European debt crisis after members of German Chancellor Merkel's ruling CDU party said they wouldn't stand in the way of ECB Draghi's plan to buy more government bonds: CLU2 +4.27 (+4.90%), RBU2 +0.0614 (+2.14%). Sep crude posted a 2-week high and Sep gasoline rose to a 2-1/2 month high.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): BRK-Berkshire Hathaway (Consensus $1,780.00), CTSH-Cognizant Technology Solutions (0.86), BXP-Boston Properties (0.43), VNO-Vornado Realty Trust (-0.07), PAA-Plains All Anerican Pipeline (1.68), HCN-Health Care REIT (0.26), CF-CF Industries Holdings (8.71), CHK-Chesapeake Energy (0.07), HCA-HCA Holdings (0.78), AES-AES Corp. (0.27), BAP-Credicorp Ltd. (2.29), CXO-Concho Resources (0.99), TSN-Tyson Foods (0.55), KOS-Kosmos Energy Ltd. (-0.10), NGLS-Targa Resources Partners LP (0.40), MR-Mindray Medical International (0.46).
    Global Financial Calendar
    

    Monday 8/6/12
    United States
    0900 ET	Fed Chairman Ben Bernanke speaks via prerecorded video on "Economic Measurement" at the 32nd General Conference of the International Association for Research in Income and Wealth in Cambridge, MA.
    1100 ET	USDA weekly grain export inspections.
    1130 ET	Weekly 3-mo and 6-mo T-bill auctions.
    1600 ET	USDA Crop Progress
    Japan
    0100 ET	Japan June leading index CI expected -2.3 to 92.9, May 95.2. June coincident index CI expected -1.9 to 93.9, May 95.8.
    Euro-Zone
    0430 ET	Aug Euro-Zone Sentix investor confidence expected -1.4 to -31.0, July -0.7 to -29.6.

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Barchart Morning Call 10/25

Barchart Morning Call

Barchart.com - 46 mins ago

Overnight Developments

• U.S. and European stocks this morning are trading higher with the Euro Stoxx 50 up 0.17% and Dec S&Ps up 6.20 points (+0.50%). The markets remain optimistic ahead of tomorrow's European summit. German parliament members today will review the two plans that are being proposed to leverage the EFSF. One plan involves partially insuring sovereign bond issuance and the other plan involves the EFSF buying sovereign debt and then selling bonds to finance those purchases. The German parliament will vote on the EFSF expansion tomorrow, the same day as the European summit, and approval is expected. Deutsche Bank today reported net income of 725 million euros, which was substantially better than the consensus of 343 million euros. BP is up more that 4% today on a better than expected earnings report. However, STMicroelectronics, Europe's largest semiconductor producer, fell 7% on weaker-than-expected sales. Forty three of the S&P 500 companies are due to release results today including UPS and Amazon.com. Texas Instruments is down 0.9% in European trading after Q3 results showed lower than expected sales.
• Asian stocks today closed mixed: Japan -0.92%, Hong Kong +1.05%, China +1.89%, Taiwan +0.28%, Australia -0.64%, Singapopre +0.33%, South Korea -0.41%, Bombay +1.86%. India's central bank today raised its repurchase rate by 25 bp to 8.50% from 8.25%, which was generally in line with market expectations. India's central bank has now raised its policy rate by a total of 375 bp since March 2010 in an effort to curb inflation pressures. Indian's wholesale inflation rate hit 9.7% in September. However, the central bank today indicated that another rate hike may not be forthcoming soon since it said that the likelihood of a rate change at its next policy review in December is "relatively low."

Overnight U.S. Stock News

• December S&Ps this morning are up 6.20 points (+0.50%) on continued optimism about Wednesday's European summit cominbed with the recent better-than-expected U.S. economic data and comments by several Fed officials about the possible need for additional support measures. The US stock market on Monday extended last Friday's sharp rally: Dow Jones +0.89%, S&P 500 +1.29%, Nasdaq Composite +2.35%. Bullish factors included (1) the 1.2 point rise in China?s flash Oct purchasing managers index from HSBC/Markit to 5-month high of 51.1 from 49.9 in September, (2) the +2.4% y/y rise in Japanese Sep exports, stronger than expectations of +1% and just below August?s +2.8% y/y gain, (3) a 5% rally in Caterpillar on positive earnings news, which bode well for global demand, (4) the comment by NY Fed President William Dudley that the Fed wants to keep mortgage rates down and that QE3 is "possible," and (5) continued optimism that Europe will get a deal done to address the debt crisis.

Today's Market Focus

• December 10-year T-notes this morning are trading -6 ticks on the continued decline in safe-haven demand with the rally in stocks. T-note prices on Monday closed lower: TYZ11 -10, FVZ11 -4.75, EDH12 +1.5. The main bearish factor was the continued rally in the U.S. stock market and reduced safe-haven demand tied to expectations for a European deal on the debt crisis. However, the T-note market received support from NY Fed President William Dudley's comment that the Fed wants to keep mortgage rates down and that QE3 is "possible." That was the third Fed official in as many business days mentioning further easing moves. Fed Vice Chairman Janet Yellen last Friday said that a third round of quantatitive easing might become warranted and Fed Governor Daniel Tarullo last Thursday said the Fed should consider a program of buying mortgage securities.
• The dollar index this morning is trading down -0.139 points with USDJPY +0.04 yen and EURUSD +0.20 cents. The dollar continued to be undercut by reduced safe-haven demand. The dollar index on Monday continued lower due to the continued rally in the stock market and waning safe-haven demand: Dollar Index -0.367, USDJPY 0.19, EURUSD +0.0033. USDJPY on Monday consolidated mildly above last Friday?s record low of 75.82 yen and failed to get a significant boost from implicit threats from Japanese officials about intervention. The euro continues to rally on expectations that Eurozone leaders are moving towards a deal at their summit on Wednesday that includes bank recapitalization, expansion of the EFSF fund, and a larger haircut for Greek bond holders.
• Dec crude oil prices this morning are up $2.60 but Dec gasoline is down 1.24 cents. Crude oil is higher on improved optimism about global demand while gasoline is lower on expectations for reduced seasonal demand. Crude oil and gasoline prices on Monday rallied with Dec crude oil breaking out out to a new 2-1/2 month high: CLZ11 +$3.87, RBZ11 +0.0121. Bullish factors included (1) the drawdown in inventories at Cushing, Oklahoma, the pricing hub for the WTI contract, (2) the 1.2 point rise in China?s flash Oct purchasing managers index from HSBC/Markit to 5-month high of 51.1 from 49.9 in September, which sparked expectations for increased Chinese fuel demand, (3) the rally in U.S. stocks and the improved perception of the U.S. and global economy.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): AMZN-Amazon (BEST earnings consensus $0.54), UPS-United Parcel (1.05), MMM-3M (1.61), DD-DuPont (0.56), SPG-Simon Property (0.68), NOV-National Oilwell Varco (1.16), ACE- ACE Ltd (1.78), ITW-Illinois Tool Works (0.98), RAI-Reynolds (0.73), BRCOM-Broadcom (0.77), ESRX-Express Script (0.76), CMI-Cummins (2.25), MCK-McKesson (1.39), COH-Coach (0.70), PCAR-Paccar (0.70), TROW-T Rowe Price (0.74), BXP-Boston Properties (0.36), CHRW-CH Robinson (0.70).
Global Financial Calendar

Tuesday 10/25/11
United States
0745 ET	ICSC (Int?l Council of Shopping Centers) weekly retailer sales.
0855 ET	Redbook weekly retailer sales.
0900 ET	Aug S&P/CaseShiller composite-20 home price index expected +0.1% m/m and -3.5% y/y, Jul +0.1% m/m and -4.1% y/y.
1000 ET	Oct U.S. consumer confidence expected +0.6 to 46.0, Sep +0.2 to 45.4.
1000 ET	Aug FHFA U.S. house price purchase index expected +0.2% m/m, Jul +0.8% m/m.
1000 ET	Oct Richmond Fed manufacturing index expected +7 to 1, Sep +4 to -6.
1130 ET	Weekly 4-week T-bill auction.
1300 ET	Treasury auctions $35 billion in 2-year T-notes.
Germany
0200 ET	Nov German GfK consumer confidence survey expected -0.1 to 5.1, Oct unchanged at 5.2.
France
0245 ET	Oct French consumer confidence indicator expected -2 to 78, Sep -2 to 80.
Canada
0830 ET	Aug Canada retail sales expected +0.3% m/m and +0.4% ex-autos, Jul -0.6% m/m and unchanged ex-autos.
0900 ET	Bank of Canada interest rate decision (policy rate expected unchanged at 1.00%).
Japan
1950 ET	Sep Japan corporate service price index expected -0.4% y/y, Aug -0.4% y/y.

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