Morning Call 11/20

Barchart Morning Call

Barchart.com - 27 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.02% on concern over passage of U.S. tax reform legislation. European stocks are up +0.23%, led by strength in automakers, after Volkswagen AG raised its 2020 sales growth forecast to 25%, up from a forecast of 20% in March. The upside in European stocks was limited after German Chancellor Merkel's attempt to form a new government collapsed after a month of coalition talks fell apart over disputes about migration policies that prompted the Free Democrats to walk out of the negotiations late Sunday night. That may spur Chancellor Merkel to ask German President Steinmeier to order a second national election, most likely in the spring, or form a minority government headed by her Christian Democratic bloc. Asian stocks settled mixed: Japan -0.60%, Hong Kong +0.21%, China +0.28%, Taiwan -0.35%, Australia -0.19%, Singapore +0.12%, South Korea =0.38%, India +0.05%. China's Shanghai Composite rebounded from a 1-1/2 month low and closed higher as property developers and home building stocks rallied after China Oct new home prices increased from Sep.

The dollar index (DXY00 +0.08%) is up +0.12%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.13%.

Dec 10-year T-note prices (ZNZ17 +0.10%) are up +2 ticks.

China Oct new home prices rose in 50 of the 70 cities tracked by the government, an improvement from 44 of the 70 that rose in Sep.

German Oct PPI rose +0.3% m/m and +2.7% y/y, right on expectations.

The Japan Oct trade balance shrank to a surplus of +285.4 billion yen, narrower than expectations of +330.0 billion yen. Oct exports rose +14.0% y/y, weaker than expectations of +15.7% y/y. Oct imports rose +18.9% y/y, weaker than expectations of +20.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct leading indicators (expected +0.7%, Sep -0.2%), (2) USDA weekly grain export inspections, (3) USDA crop conditions and progress report.

Notable Russell 2000 earnings reports today include: Intuit (consensus $0.04), Brocade Communicates (0.18), Palo Alto (0.68), Urban Outfitters (0.33), Agilent Technologies (0.62).

U.S. IPO's scheduled to price today: none.

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Wal-Mart (WMT -2.16%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Monster Beverage (MNST +0.27%) was downgraded to 'Negative' from 'Neutral' at Susquehanna Financial with a price target of $51.

Verizon (VZ +1.45%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a target price of $50.

General Motors (GM +0.64%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities.

Delphi Automotive Plc (DLPH -0.54%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $120.

Cardinal Health (CAH +0.16%) was downgraded to 'Underweight' from 'Equal weight' at Morgan Stanley with a price target of $51.

Resolute Energy (REN +4.02%) was upgraded to 'Overweight' from suspended coverage at Barclays with a 12-month target price of $37.

Jack in the Box (JACK +0.56%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.

WGL Holdings (WGL -0.17%) reported a Q4 operating loss of -17 cents per share, narrower than consensus of -20 cents.

Advanced Accelerator Applications SA (AAAP -0.05%) American depository receipts were downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Pointer Telocation (PNTR -1.13%) was downgraded to 'Neutral' from 'Buy' at Roth Capital Partners.

Johnson & Johnson (JNJ -0.63%) said patients treated with its Invokana for type 2 diabetes had a 43% reduced risk for all-cause mortality and hospitalization for heart failure after an average of 1.6 years, compared to similar patients treated with a non-SGLT2i medication.

California Resources (CRC +4.46%) fell 4% in after-hours trading after it entered into an equity distribution pact with Morgan Stanley to sell up to 6 million shares of common stock from time to time.

Etsy (ETSY +0.30%) gained almost 1% in after-hours trading after the company announced a $100 million stock buyback program.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -0.50 points (-0.02%). Friday's closes: S&P 500 -0.26%, Dow Jones -0.43%, Nasdaq -0.39%. The S&P 500 on Friday closed lower on some concern that Senate Republicans may not have the support to pass tax reform legislation and the -7 point decline in the U.S. Nov Kansas City Fed manufacturing activity to 16, weaker than expectations of -2 to 21. Stocks were supported by news that U.S. Oct housing starts rose +13.7% to a 1-year high of 1.29 million, stronger than expectations of +5.6% to 1.19 million.

Dec 10-year T-note prices (ZNZ17 +0.10%) this morning are up +2 ticks. Friday's closes: TYZ7 +1.50, FVZ7 +0.25. Dec 10-year T-notes on Friday closed higher on the the decline in stocks, which boosted the safe-haven demand for T-notes, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-week low.

The dollar index (DXY00 +0.08%) this morning is up +0.111 (+0.12%). EUR/USD (^EURUSD) is down -0.0014 (-0.12%) and USD/JPY (^USDJPY) is up +0.15 (+0.13%). Friday's closes: Dollar Index -0.270 (-0.29%), EUR/USD +0.0020 (+0.17%), USD/JPY -0.96 (-0.85%). The dollar index on Friday closed lower on the slump in stocks, which sent USD/JPY to a 1-month low on increased safe-haven demand for the yen. The dollar was also undercut by the decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials.

Dec crude oil (CLZ17 -0.55%) this morning is down -20 cents (-0.35%) and Dec gasoline (RBZ17 -0.91%) is -0.0056 (-0.32%). Friday's closes: Dec WTI crude +1.41 (+2.56%), Dec gasoline +0.0310 (+1.81%). Dec crude oil and gasoline on Friday closed higher on a weaker dollar and on comments by Saudi Arabian Energy Minister Khalid Al-Falih that OPEC should announce an extension of output cuts when it meets on Nov 30.

Metals prices this morning are lower with Dec gold (GCZ17 -0.35%) -5.9 (-0.46%), Dec silver (SIZ17 -1.08%) -0.213 (-1.23%) and Dec copper (HGZ17 -0.18%) -0.002 (-0.07%). Friday's closes: Dec gold +18.3 (+1.43%), Dec silver +0.301 (+1.76%), Dec copper +0.0190 (+0.62%). Metals prices on Friday closed higher with Dec gold and Dec silver at 1-month highs. Metals prices were boosted by a weaker dollar and the stronger-than-expected U.S. Oct housing starts and building permits, which is positive for copper consumption. Copper prices were also supported by tighter supplies after LME copper inventories fell -3,850 MT to a 2-month low of 247,700 MT.

GLOBAL EVENT CALENDAR11/20/2017

		Monday, Nov 20
US	1000 ET	Oct leading indicators expected +0.7%, Sep -0.2%.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
		Tuesday, Nov 21
US	0830 ET	Oct Chicago Fed national activity index expected +0.03 to 0.20, Sep +0.54 to +0.17.
	1000 ET	Oct existing home sales expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million.
	1300 ET	Treasury auctions $13 billion of 2-year floating-rate notes.
	1800 ET	Fed Chair Janet Yellen speaks at New York Universitys Stern Business School.

U.S. STOCK CALENDAR11/20/2017

Name	Ticker	Time	Description	Period	Estimate
Brocade Communications Systems Inc	BRCD US		Q4 2017 Earnings Release	Q4 17	0.18
Intuit Inc	INTU US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	0.044
Palo Alto Networks Inc	PANW US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	0.683
Urban Outfitters Inc	URBN US	Aft-mkt	Q3 2018 Earnings Release	Q3 18	0.333
Agilent Technologies Inc	A US	16:05	Q4 2017 Earnings Release	Q4 17	0.624
Intuit Inc	INTU US	16:30	Q1 2018 Earnings Call	Q1 18
Palo Alto Networks Inc	PANW US	16:30	Q1 2018 Earnings Call	Q1 18
Agilent Technologies Inc	A US	16:30	Q4 2017 Earnings Call	Q4 17
Urban Outfitters Inc	URBN US	17:00	Q3 2018 Earnings Call	Q3 18

MORNING CALL 4/6

Barchart Morning Call

Barchart.com - 55 minutes ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 +0.11%) this morning are up +0.13% as they recovered from a 1-week low in overnight trade. Concern by FOMC members over high stock prices led to a sell-off Wednesday afternoon that extended into overnight trading after the Mar 14-15 FOMC meeting minutes said, "some participants viewed equity prices as quite high relative to standard valuation measures." Stocks recovered, though, on short-covering ahead of a 2-day meeting that begins today between President Trump and Chinese President Xi Jinping in Florida. European stocks are up +0.10% after comments from ECB President Draghi signaled the ECB will continue with its QE program when he said that "a reassessment of the current monetary policy stance is not warranted at this stage." Asian stocks settled mostly lower: Japan -1.40%, Hong Kong -0.52%, China +0.33%, Taiwan -0.52%, Australia -0.34%, Singapore -0.03%, South Korea -0.45%, India -0.16%. China's Shanghai Composite bucked the sell-off in global stock markets and rallied to a 4-month high on optimism that talks between Chinese President Xi Jinping and U.S. President Trump will improve U.S.-China trade relations. Japan's Nikkei Stock Index followed the late sell-off in U.S. stocks Wednesday and fell to a 3-3/4 month low.

The dollar index (DXY00 +0.01%) is up +0.04%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is up +0.14%.

Jun 10-year T-note prices (ZNM17 unch) are little changed, down -0.5 of a tick.

ECB President Draghi said, "we have not yet seen sufficient evidence to materially alter our assessment of the inflation outlook" and that "a reassessment of the current monetary policy stance is not warranted at this stage."

San Francisco Fed President Williams (non-voter) said two more rate hikes this year is a sensible starting point and that it makes sense for the Fed to start shrinking its balance sheet toward the end of this year. He added that it will take something like 5-years to bring the balance sheet down to a more normal level, just based on the arithmetic of its holdings.

German Feb factory orders rose +3.4% m/m, weaker than expectations of +4.0% m/m.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar Challenger job cuts (Feb -40.0% y/y), (2) weekly initial unemployment claims (expected -8,000 to 250,000, previous -3,000 to 258,000), (3) weekly continuing claims (expected -22,000 to 2.030 million, previous +65,000 to 2.052 million), (4) San Francisco Fed President John Williams (non-voter) speaks on a ECB panel in Frankfurt on “Do monetary policy frameworks need to be adjusted in a world of (potentially) low natural interest rates? If so, how?” (5) President Trump and Chinese President Xi Jinping hold talks on Thu-Fri at Mar-a-Lago, Florida.

Notable Russell 1000 earnings reports today include: Constellation Brands (consensus $1.36), RPM Intl (0.11), MSC Industrial Direct (0.90), CarMax (0.79), Lamb Weston (0.54).

U.S. IPO's scheduled to price today:

Equity conferences: Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Medtronic PLC (MDT -0.47%) gained almost 2% in after-hours trading after Reuters reported that it was close to selling its medical supplies unit to Cardinal Health for $6 billion.

Jazz Pharmaceuticals PLC (JAZZ -1.79%) climbed over 4% in after-hours trading after it settled a lawsuit with Hikma that grants Hikma the right to sell an authorized generic version of Xyrem in the U.S. starting January 1, 2023.

Yum China Holdings (YUMC +0.79%) rallied nearly 10% in after-hours trading after it reported Q1 comparable sales unexpectedly rose 1%, better than consensus of -2.4%, and reported Q1 revenue of $1.28 billion, higher than consensus of $1.27 billion.

TD Ameritrade (AMTD -2.06%) was upgraded to 'Buy' from 'Neutral' at Buckingham Research Group with a 12-month target price of $48.

Cardinal Health (CAH +0.14%) was upgraded to 'Outperform' from 'Inline' at Evercore ISI with a 12-month target price of $91.50.

Teladoc (TDOC +1.41%) was downgraded to 'Neutral' from 'Overweight' at Cantor Fitzgerald with a 12-month target price of $27.

OZ Minerals (OZMLF -8.26%) was downgraded to 'Sell' from 'Hold' at Morningstar.

Bed Bath & Beyond (BBBY -3.03%) rose nearly 3% in after-hours trading after it reported Q4 EPS of $1.84, above consensus of $1.77.

Resources Connection (RECN -1.53%) dropped 9% in after-hours trading after it reported Q3 EPS of 9 cents, below consensus of 14 cents.

8Point3 Energy Partners LP (CAFD +0.92%) tumbled 14% in after-hours trading after it said it sees Q2 revenue of $14 million to $16 million, weaker than consensus of $16.2 million.

GoPro (GPRO unch) fell over 1% in after-hours trading after it offered $150 million of convertible senior notes due 2022 in a private placement.

Colony Northstar (CLNS -0.53%) lost nearly 2% in after-hours trading after a person familiar with the matter said a 21.9 million share block of Northstar shares were being offered at $12.65 to $12.70 via Morgan Stanley.

Synacor (SYNC +1.22%) slumped 6% in after-hours trading after it announced a proposed public offering of common stock, although no size was given.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 +0.11%) this morning are up +3.00 points (+0.13%). Wednesday's closes: S&P 500 -0.31%, Dow Jones -0.20%, Nasdaq -0.40%. The S&P 500 on Wednesday rallied to a 2-week high but shed its gains and closed lower. Negative factors include the -2.4 point decline in the U.S. Mar ISM non-manufacturing index to a 5-month low of 55.2, House Speaker Ryan's comment that tax reform could take longer than a health care overhaul, and the Mar 14-15 FOMC meeting minutes where some policy makers said that stock prices were "quite high" and where the FOMC said it would start reducing its balance sheet "later this year." Stocks found early support on the Mar ADP employment report of +263,000, stronger than expectations of +185,000 and the most in 2-1/4 years.

Jun 10-year T-notes (ZNM17 unch) this morning are down -0.5 of a tick. Wednesday's closes: TYM7 +0.50, FVM7 +1.50. Jun 10-year T-notes on Wednesday closed slightly higher on weakness in stocks and the U.S. Mar ISM non-manufacturing index report of -2.4 points to a 5-month low of 55.2. T-notes were undercut by the stronger-than-expected U.S. Mar ADP employment report and by the minutes from the Mar 14-15 FOMC meeting where policy makers said they would begin shrinking the Fed's balance sheet later this year.

The dollar index (DXY00 +0.01%) this morning is up +0.04 (+0.04%). EUR/USD (^EURUSD) is up +0.0004 (+0.04%) and USD/JPY (^USDJPY) is up +0.16 (+0.14%). Wednesday's closes: Dollar index +0.02 (+0.02%), EUR/USD -0.0011 (-0.10%), USD/JPY -0.04 (-0.04%). The dollar index on Wednesday rose to a 3-week high and settled higher. The dollar was boosted by the stronger-than-expected U.S. Mar ADP employment report (+263,000) and the Mar 14-15 FOMC minutes where the Fed it would likely start reducing its balance sheet later in the year.

May WTI crude oil prices (CLK17 +0.57%) this morning are up +11 cents (+0.22%) and May gasoline (RBK17 +0.26%) is -0.0003 (-0.02%). Wednesday's closes: May crude +0.12 (+0.24%), May gasoline -0.0064 (-0.37%). May crude oil and gasoline on Wednesday settled mixed with May crude at a 4-week high. Crude oil was boosted by optimism that OPEC will extend its production cuts past June. Crude oil prices were undercut by the unexpected +1.57 million bbl increase in EIA crude inventories to a record 535.5 million bbl (vs expectations of -150,000 bbl), the +1.41 million bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures, to a record 69.144 million bbl, and the +0.6% increase in U.S. crude production the week ended Mar 31 to a 14-month high of 9.199 million bpd.

GLOBAL EVENT CALENDAR04/06/2017

		Thursday, April 6
US	n/a	President Trump and Chinese President Xi Jinping hold talks on Thu-Fri at Mar-a-Lago, Florida.
	0700 ET	Mar Challenger job cuts, Feb -40.0% y/y.
	0830 ET	Weekly initial unemployment claims expected -8,000 to 250,000, previous -3,000 to 258,000. Weekly continuing claims expected -22,000 to 2.030 million, previous +65,000 to 2.052 million.
	0830 ET	USDA weekly Export Sales.
	0930 ET	San Francisco Fed President John Williams (non-voter) speaks on a ECB panel in Frankfurt on Do monetary policy frameworks need to be adjusted in a world of (potentially) low natural interest rates? If so, how?
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Apr 10-12.
		Friday, April 7
US	n/a	President Trump and Chinese President Xi Jinping hold talks on Thu-Fri at Mar-a-Lago, Florida.
	0700 ET	Mar Challenger job cuts, Feb -40.0% y/y.
	0830 ET	Weekly initial unemployment claims expected -8,000 to 250,000, previous -3,000 to 258,000. Weekly continuing claims expected -22,000 to 2.030 million, previous +65,000 to 2.052 million.
	0830 ET	USDA weekly Export Sales.
	0930 ET	San Francisco Fed President John Williams (non-voter) speaks on a ECB panel in Frankfurt on Do monetary policy frameworks need to be adjusted in a world of (potentially) low natural interest rates? If so, how?
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Apr 10-12.

U.S. STOCK CALENDAR04/06/2017

Company	Ticker	Time	Event Description	Period	Estimate
Constellation Brands Inc	STZ US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	1.364
RPM International Inc	RPM US	Bef-mkt	Q3 2017 Earnings Release	Q3 17	0.109
MSC Industrial Direct Co Inc	MSM US	Bef-mkt	Q2 2017 Earnings Release	Q2 17	0.897
CarMax Inc	KMX US	07:00	Q4 2017 Earnings Release	Q4 17	0.786
Lamb Weston Holdings Inc	LW US	08:30	Q3 2017 Earnings Release	Q3 17	0.535
MSC Industrial Direct Co Inc	MSM US	08:30	Q2 2017 Earnings Call	Q2 17
CarMax Inc	KMX US	09:00	Q4 2017 Earnings Call	Q4 17
Comcast Corp	CMCSA US	09:00	Analyst Day
RPM International Inc	RPM US	10:00	Q3 2017 Earnings Call	Q3 17
Lamb Weston Holdings Inc	LW US	10:00	Q3 2017 Earnings Call	Q3 17
Constellation Brands Inc	STZ US	10:30	Q4 2017 Earnings Call	Q4 17
Synopsys Inc	SNPS US	11:00	Annual General Meeting
Quintiles IMS Holdings Inc	Q US		Annual General Meeting

MORNING CALL 6/17

MORNING CALL

Friday, June 17th, 2016View 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 Sep E-mini S&Ps are down -0.18% and European stocks are up +1.07% as Brexit concerns temporarily receded after campaigning over whether the UK should leave the European Union was suspended for a second day today after the murder of Labor lawmaker Jo Cox, an advocate for Britain to remain in the EU. A weaker dollar has also boosted commodity prices, which has strengthened energy and raw-material producing stocks. Asian stocks settled higher: Japan +1.07%, Hong Kong +0.66%, China +0.43%, Taiwan +0.87%, Australia +0.32%, Singapore +0.43%, South Korea +0.01%, India +0.38%. The dollar index is down -0.17%. EUR/USD is up +0.33%. USD/JPY is unchanged. Sep T-note prices are down -11 ticks. The BOE warns that if Britain votes next Thursday to leave the European Union, the damage could extend to global markets and the word economy. Central banks around the world are on high alert ahead of the vote with the leaders of the Fed, BOJ, BOC and SNB all citing the vote as being potentially disruptive. The BOE said a vote to leave could have "adverse spillovers to the global economy" through "financial market and confidence channels." U.S. STOCK PREVIEW Key U.S. news today includes: (1) May housing starts (expected -1.9% to 1.150 million, Apr +6.6% to 1.172 million) and May building permits (expected +1.3% to 1.145 million, Apr +4.9% to 1.130 million). None of the Russell 1000 companies report earnings today. U.S. IPO's scheduled to price today: none. Equity conferences today include: none. OVERNIGHT U.S. STOCK MOVERS Phillips 66 (PSX +0.37%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley. Oracle (ORCL +0.52%) climbed over 2% in after-hours trading after it reported Q4 adjusted EPS of 81 cents, below consensus of 82 cents, but Q4 adjusted revenue of $10.6 billion was higher than consensus of $10.47 billion. Smith & Wesson (SWHC +1.26%) jumped nearly 7% in after-hours trading after it reported Q4 adjusted EPS of 66 cents, well above consensus of 54 cents, and then raised guidance on fiscal 2017 adjusted EPS to $1.83-$1.93, above consensus of $1.66. Parsley Energy (PE -2.77%) was rated a new 'Buy' at Wunderlich Securities with an 18-month price target of $32. Envision Healthcare Holdings (EVHC -6.18%) was downgraded to 'Market Perform' from 'Outperform' at Oppenheimer. Finisar (FNSR +0.80%) rallied over 8% in after-hours trading after it reported Q4 adjusted EPS of 29 cents, above consensus of 25 cents. MGM Resorts International (MGM -1.47%) rose over 4% in after-hours trading after guiding annual adjusted Ebitda benefit to $400 million by the end of 2017 from $300 million previously forecast. Revlon will buy Elizabeth Arden (RDEN -0.21%) for $14/ share cash if deal valued at $870 million. Lumber Liquidators (LL +0.68%) jumped over 10% in after-hours trading after agreed to not resume sales of laminate flooring previously imported from China and the U.S, Consumer Product Safety Commission said it will not order a product recall. ServiceNow (NOW -1.06%) was rated a new 'Market Perform' at Oppenheimer. Paypal Holdings (PYPL +0.35%) was rated a new 'Outperform' at Oppenheimer with a price target of $43. Synergy Resources Corp. (SYRG -4.24%) was rated a 'Strong Buy' at Raymond James with a 12-month price target of $9.50. Stanley Furniture (STLY -1.56%) said it hired Stephens as financial adviser on a strategic review. MARKET COMMENTS September E-mini S&Ps this morning are down -3.75 points (-0.18%). Thursday's closes: S&P 500 +0.31%, Dow Jones +0.53%, Nasdaq +0.21%. The S&P 500 on Thursday rebounded from a 3-week low and closed higher on reduced Brexit concerns after the murder of a UK lawmaker fueled speculation that UK voters will vote to remain in the EU. Stocks were also boosted by stronger-than-expected U.S. economic data after the +6.5 point increase in the Jun Philadelphia Fed business outlook survey to 4.7 (stronger than expectations of +2.8 to 1.0) and the +2 point gain in the Jun NAHB housing market index to 60 (stronger than expectations of +1 to 59 and a 5-month high). Stocks were undercut by the slide in European stocks to a 4-month low on concern about a possible UK "Leave" vote next Thursday. Stocks were also undercut by the unexpected +13,000 increase in weekly initial unemployment claims. Sep 10-year T-note prices this morning are down -11 ticks. Thursday's closes: TYU6 +6.50, FVU6 +3.50. Sep T-notes on Thursday rallied to a new contract high and closed higher on increased safe-haven demand from a slide in global stocks and on carryover support from rallies in 10-year German bunds and Japanese 10-year JGBs to all-time highs. T-notes were also boosted by reduced inflation expectations as the 10-year T-note breakeven inflation rate fell to a 3-1/4 month low. The dollar index this morning is down -0.160 (-0.17%). EUR/USD is up +0.0037 (+0.33%). USD/JPY is unchanged. Thursday's closes: Dollar Index-0.318 (-0.33%), EUR/USD -0.0023 (-0.20%), USD/JPY -1.64 (-1.55%). The dollar index on Thursday climbed to a 1-1/2 week high but fell back and closed lower. The dollar was undercut by a recovery in GBP/USD from a 2-month low after the murder of a UK lawmaker fueled speculation that UK voters will vote to remain in the EU. The dollar was also undercut as USD/JPY plunged to a 1-3/4 year low after the BOJ refrained from expanding stimulus. The dollar found support on weakness in EUR/USD on Brexit fears and on stronger-than-expected U.S. economic data that included the Jun NAHB housing market index and the Jun Philadelphia Fed index. July WTI crude oil this morning is up +71 cents (+1.54%). July gasoline is up +0.0303 (+2.07%). Thursday's closes: CLN6 -1.85 (-3.85%), RBN6 -0.0329(-2.19%). July crude oil and gasoline prices on Thursday closed lower with July crude at a 1-month low and July gasoline at a 5-week low. Crude oil prices were undercut by concern about a possible UK Leave Brexit vote next week and the the fall in the S&P 500 to a 3-week low, which undercuts optimism about the economy and energy demand. GLOBAL EVENT CALENDAR06/17/2016 Friday, June 17, 2016 US 0830 ET May housing starts expected -1.9% to 1.150 million, Apr +6.6% to 1.172 million. May building permits expected +1.3% to 1.145 million, Apr +4.9% to 1.130 million. CHI 2130 ET China May property prices. Sunday, June 19, 2016 UK 1901 ET UK Jun Rightmove house prices, May +0.4% m/m and +7.8% y/y. JPN 1950 ET Japan May trade balance expected +26.5 billion yen, Apr +623.2 billion yen. May exports expected -10.0% y/y, Apr -10.1% y/y. May imports expected -13.7% y/y, Apr -23.3% y/y. Monday, June 20, 2016 JPN 0130 ET Japan May nationwide department store sales, Apr -3.8% y/y. GER 0200 ET German May PPI, Apr +0.1% m/m and -3.1% y/y. EUR 0500 ET Eurozone Apr construction output, Mar -0.9% m/m and -0.5% y/y US 1100 ET USDA weekly grain export inspections. 1300 ET Treasury auctions 2-year T-notes. 1600 ET USDA Weekly Crop Progress. U.S. STOCK CALENDAR06/17/2016 Company Ticker Time Event Description Period Estimate Centene Corp CNC 8:30 Investor Day Y 2016 Eli Lilly & Co LLY 9:00 Diabetes Commercial Update Call Cardinal Health Inc CAH 10:00 Investors and Analysts Meeting - Dublin Y 2016 Signet Jewelers Ltd SIG 10:00 Annual General Meeting Y 2016 Iron Mountain Inc IRM 10:00 Annual General Meeting Y 2016 Time Warner Inc TWX Annual General Meeting Cree Inc CREE ITC Scheduled to Announce Findings in Cree Inc. vs. Feit Electric Patent Case Fortinet Inc FTNT Annual General Meeting