MORNING CALL 9/27

MORNING CALL

Tuesday, September 27th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.21%) are up +0.23%, although they gave up an even bigger advance due to losses in European stocks. European stocks are down -0.49% at a 1-week low as bank stocks slide. Deutsche Bank AG is down nearly 3% at a fresh record low amid growing concerns that it will need to raise capital, and Commerzbank AG is down 3% after a report said it plans to eliminate 9,000 jobs and suspend dividend payments. Weakness in energy producers is another drag on the overall market with crude oil (CLX16 -1.87%) down -1.44% after Iran said it is unwilling to freeze its crude output at current levels, which dampens expectations that OPEC will reach a deal on production cuts when it meets tomorrow in Algiers. Asian stocks settled mostly higher: Japan +0.84%, Hong Kong +1.09%, China +0.60%, Taiwan closed due to Typhoon Megi, Australia -0.47%, Singapore +0.36%, South Korea +0.81%, India -0.25%. Asian stocks recovered from early losses and closed higher on speculation that U.S. Democratic candidate Clinton won the presidential debate last night with Republican nominee Trump, which eases concern of the effects on foreign trade that Trump would have if he is elected U.S. President. Chinese stocks also received a boost after China Aug industrial profits rose by the most in 3 years.

The dollar index (DXY00 +0.11%) is up +0.06%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is up +0.06%.

Dec 10-year T-note prices (ZNZ16 +0.11%) are up +2 ticks at a 2-1/2 week high as European banking concerns boost the safe-haven demand for government debt. The yield on the 10-year German bund fell to a 1-1/2-month low of -0.152%.

China Aug industrial profits rose +19.5% y/y, the largest increase in 3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jul S&P CoreLogic composite-20 home price index (expected unch m/m and +5.1% y/y, Jun -0.07% m/m and +5.13% y/y), (2) Sep Markit services PMI (expected +0.2 to 51.2, Aug -0.4 to 51.0), (3) Sep Conference Board U.S. consumer confidence index (expected -2.4 to 98.7, Aug +4.4 to 101.1), (4) Sep Richmond Fed manufacturing index (expected +9 to -2, Aug -21 to -11), and (5) Treasury's auction of $34 billion of 5-year T-notes.

Russell 1000 companies that report earnings today: FactSet (consensus $1.69), NIKE (0.56), Cintas (1.08).

U.S. IPO's scheduled to price today: Fulgent Genetics (FLGT).

Equity conferences during the remainder of this week include: Deutsche Bank Leveraged Finance Conference on Tue, JMP Securities Financial Services & Real Estate Conference on Tue, Wolfe Research Power and Gas Leaders Conference on Tue-Wed, Leerink Partners Rare Disease & Immuno Oncology Roundtable Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

CBOE Holdings (CBOE -5.28%) was upgraded to 'Neutral' from 'Underperform' at Credit Suisse.

Electronics For Imaging (EFII -0.29%) was rated a new 'Buy' at Needham & Co. with a 12-month target price of $58.

Gilead Sciencies (GILD -0.92%) was downgraded to 'Market Perform' from 'Outperform' at Leerink Partners.

AutoZone (AZO +1.88%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a price target of $840.

Consolidated Edison (ED -0.03%) was upgraded to 'Hold' from 'Sell' at Evercore ISI with a 12-month target price of $76.

Crown Holdings (CCK -0.66%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets with a price target of $65.

Synnex (SNX -0.47%) jumped over 6% in after-hours trading after it reported Q3 adjusted EPS of $1.73, above consensus of $1.56, and said it sees Q4 adjusted EPS of $2.06-$2.11, higher than consensus of $1.91.

Rice Energy (RICE +0.82%) slipped 4% in after-hours trading after it announced a public offering of 40 million shares of common stock.

Sunoco Logistics Partners LP (SXL -0.38%) dropped nearly 6% in after-hours trading after offering 21 million shares to fund its Vitol Platform purchase.

Nordic American Tankers Ltd (NAT -1.57%) fell over 5% in after-hours trading after it offered 11 million shares of common stock.

Kite Pharma (KITE +0.75%) climbed 9% in after-hours trading after a study of its Zuma-1 drug showed a better-than-expected 47% complete remission rate in diffuse large B-cell lymphoma patients.

Array Biopharma (ARRY +81.10%) gained 5% in after-hours trading after the company's binimetinib-encorafenib combo met the primary endpoint of improving progression free survival in a study of melanoma patients.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.21%) this morning are up +5.00 points (+0.23%). Monday's closes: S&P 500 -0.86%, Dow Jones -0.91%, Nasdaq -0.86%. The S&P 500 on Monday closed lower on negative carryover from a slide in European bank stocks after Deutsche Bank AG, Germany's largest bank, slumped by more than -7% to a record low on concern that mounting legal exposure will force it to raise more capital. U.S. bank stocks were also undercut by Fed Governor Tarullo's comment that a Fed plan to merge bank stress tests with related capital rules "would generally result in a significant increase in capital requirements."

Dec 10-year T-notes (ZNZ16 +0.11%) this morning are up +2 ticks a t a 2-1/2 week high. Monday's closes: TYZ6 +9.00, FVZ6 +4.75. Dec 10-year T-notes on Monday climbed to a 2-week high and closed higher on carryover support from a rally in German bund prices to a 2-week high after ECB President Draghi said the Eurozone recovery has less momentum and the ECB will preserve "very substantial" monetary support. T-notes were also boosted by increased safe-haven demand after the slide in stocks.

The dollar index (DXY00 +0.11%) this morning is up +0.061 (+0.06%). EUR/USD (^EURUSD) is down -0.0007 (-0.06%). USD/JPY (^USDJPY) is up +0.06 (+0.06%). Monday's closes: Dollar index -0.180 (-0.19%), EUR/USD +0.0028 (+0.25%), USD/JPY -0.69 (-0.68%). The dollar index on Monday closed lower on strength in EUR/USD which rose to a 1-week high after the German Sep IFO business climate rose to a 2-1/3 year high (+3/2 to 109.5). In addition, USD/JPY fell -0.68% as a sell-off in stocks boosted the safe-haven demand for the yen.

Nov WTI crude oil (CLX16 -1.87%) this morning is down -66 cents (-1.44%) and Nov gasoline (RBX16 -2.02%) is down -0.0228 (-1.65%). Monday's closes: Nov crude +1.14 (+2.56%), Nov gasoline +0.0229 (+1.69%). Nov crude and gasoline on Monday closed higher with Nov gasoline at a 2-week high. Crude oil prices were boosted by the weaker dollar and by comments from Algeria's energy minister who said that Saudi Arabia has offered to cut its crude output back to a Jan level of 10.2 million bpd from Aug's 10.69 million bpd if Iran would agree to cap its output.

GLOBAL EVENT CALENDAR09/27/2016

		Tuesday, Sep 27
US	0900 ET	Jul S&P CoreLogic composite-20 home prices expected unch m/m and +5.1% y/y, Jun -0.07% m/m and +5.13% y/y.
	0945 ET	Sep Markit services PMI expected +0.2 to 51.2, Aug -0.4 to 51.0. Sep Markit composite PMI, Aug -0.3 to 51.5.
	1000 ET	Sep consumer confidence (Conference Board) expected -2.4 to 98.7, Aug +4.4 to 101.1.
	1000 ET	Sep Richmond Fed manufacturing survey expected +9 to -2, Aug -21 to -11.
	1300 ET	Treasury auctions $34 billion of 5-year T-notes.
		Wednesday, Sep 28
US	0700 ET	Weekly MBA mortgage applications, previous -7.3% with purchase sub-index -6.8% and refi sub-index -7.6%.
	0830 ET	Aug durable goods orders expected -1.4% and -0.5% ex transportation, Jul +4.4% and +1.3% ex transportation. Aug capital goods orders nondefense ex-aircraft & parts expected -0.1%, Jul +1.5%.
	1000 ET	Fed Chair Janet Yellen testifies before the House Financial Services Committee on the topic of bank supervision and regulation.
	1010 ET	St. Louis Fed President James Bullard (voter) delivers introductory and welcoming comments at the Community Banking in the 21st Century conference.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
	1330 ET	Chicago Fed President Charles Evans (non-voter) delivers a keynote address at the research conference Community Banking in the 21st Century.
	1915 ET	Kansas City Fed President Esther George (voter) speaks at an event hosted by the Kansas City Fed titled Banking and the Economy: A Forum for Minority Bankers.

U.S. STOCK CALENDAR09/27/2016

Company	Ticker	Time	Event Description	Period	Estimate
FactSet Research Systems Inc	FDS US	7:00	Q4 2016 Earnings Release	Q4 2016	1.693
Varian Medical Systems Inc	VAR US	8:00	Investor Meeting	Y 2016
FactSet Research Systems Inc	FDS US	11:00	Q4 2016 Earnings Call	Q4 2016
Jabil Circuit Inc	JBL US	13:00	Analyst and Investor Meeting	Y 2016
Workday Inc	WDAY US	15:15	Analyst Day	Y 2016
NIKE Inc	NKE US	16:15	Q1 2017 Earnings Release	Q1 2017	0.559
NIKE Inc	NKE US	17:00	Q1 2017 Earnings Call	Q1 2017
Cintas Corp	CTAS US	17:00	Q1 2017 Earnings Call	Q1 2017
Cintas Corp	CTAS US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	1.082
Equifax Inc	EFX US		Investor Meeting - Day 2	Y 2016
General Mills Inc	GIS US		Annual General Meeting
Xcel Energy Inc	XEL US		Investor Meeting	Y 2016

BARCHART MORNING CALL 6/15

BARCHART MORNING CALL

Monday, June 15th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.43%) are down -0.32% and European stocks are down -1.44% as the Greek credit crisis remains unresolved. Greece's ASE Stock Index plunged -4.47% and the Greek 10-year bond yield jumped to a 1-1/2 month high of 12.46% after the European Commission said that negotiations on Sunday broke down after just 45 minutes because of huge differences between Greece and its creditors. The commission said that Greece's plan still had gaps and were 2 billion euros short of meeting their fiscal targets. The markets will now look to Thursday's meeting of Eurozone finance ministers as a make-or-break session deciding on Greece's ability to avert default and remain in the Eurozone. Asian stocks closed mostly lower: Japan -0.09%, Hong Kong -1.53%, China -2.00%, Taiwan -0.46%, Australia -0.12%, Singapore -0.92%, South Korea -0.37%, India +0.61%. Chinese shares dropped -2.00% as brokerage stocks led the market lower after China's securities regulator said it plans to cap how much money they can lend to margin traders.
Commodity prices are mostly lower. Jul crude oil (CLN15 -1.27%) is down -1.13%, Jul gasoline (RBN15 -1.04%) is down -0.84%. Metals prices are mostly lower. Aug gold (GCQ15 +0.16%) is down -0.36%. Jul copper (HGN15 -1.70%) is down -1.66% at a 2-3/4 month low on fund selling after China failed to add stimulus over the weekend. Agricultural prices are lower as favorable growing conditions are boosting the chances of bumper U.S. crops.
The dollar index (DXY00 +0.33%) is up +0.34%. EUR/USD (^EURUSD) is down -0.47%. USD/JPY (^USDJPY) is up +0.19%.

Sep T-note prices (ZNU15 +0.16%) are up +5.5 ticks at a 1-week high.
The European Commission said that talks in Brussels Sunday between Greece and its creditors broke down after just 45 minutes as both sides remain far apart from an agreement. The latest attempt to resolve the crisis failed to unlock as much as 7.2 billion euros of new bailout funds for Greece as the current Eurozone bailout expires in just over 2 weeks. The commission said that the gap between the parties on fiscal measures needed is "in the order" of 2 billion euros annually. Greek Prime Minister Tsipras has refused to meet creditor demands to bridge that gap with pension cuts and a value-added tax. After the failed meeting Sunday, Bundesbank President Weidmann said "the likelihood that no agreement will be reached is rising" and that "time is running out."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) June Empire manufacturing survey of general business conditions (expected +2.91 to 6.00 after May's +4.28 to 3.09), (2) May industrial production (expected +0.2% after April's -0.3% m/m) and May capacity utilization (expected +0.1 to 78.3% after April's -0.3 to 78.2%), and (3) June NAHB housing market index (expected +2 to 56 after May's -2 to 54).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: 2015 EIA Energy Conference on Tue, Bloomberg Technology Conference 2015 on Tue, Stifel Industrials Conference on Tue, BIO International Convention on Tue-Wed, Real Estate Investment World Asia 2015 on Wed, Goldman Sachs dotCommerce Day on Thu, JP Morgan Oil & Gas Forum on Thu, Leerink Health Care Services Conference on Thu, Telsey Advisory Group Advertising Trends Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

21st Century Fox (FOXA -0.64%) was downgraded to 'Hold' from 'Buy' at Topeka.
CVS Health (CVS -0.40%) agreed to acquire Target's (TGT -0.75%) pharmacy and clinic businesses for $1.9 billion.
BHP Billiton (BHP -0.53%) was upgraded to 'Hold' from 'Reduce' at HSBC.
Crown Holdings (CCK -1.03%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
EMC (EMC -0.84%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital.
Teradata (TDC +0.03%) was downgraded to 'Underperform' from 'Market Perform' at JMP Securities.
Micron (MU +0.44%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
Alleghany (Y -0.30%) was upgraded to 'Buy' from 'Neutral' at Janney Capital.
SanDisk (SNDK -0.84%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.
United Technologies (UTX -0.61%) announced that it will pursue the separation of the Sikorsky Aircraft business from United Technologies.
comScore (SCOR +0.12%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Farallon Capital reported an 8.6% stake in Perfect World (PWRD -0.45%) .
American Securities reported a 13.96% stake in Xerium Technologies (XRM +0.64%) .
OZ Management reported a 9.02% passive stake in PennTex (PTXP +0.25%) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 -0.43%) this morning are down -6.75 points (-0.32%). Friday's closes: S&P 500 -0.70%, Dow Jones -0.78%, Nasdaq -0.77%. The S&P 500 on Friday closed lower on Greek default concerns and weakness in energy producers as crude oil prices declined. Stocks received support from news that the early-June U.S. consumer sentiment index rose +3.9 to 94.6, stronger than expectations of +0.5 to 91.2.
Sep 10-year T-notes (ZNU15 +0.16%) this morning are up +5.5 ticks at a 1-week high. Friday's closes: TYU5 -1.50, FVU5 -1.00. Sep T-notes on Friday closed slightly lower on the stronger-than-expected increase in the early-Jun U.S. consumer sentiment index, and speculation that FOMC at its Jun 16-17 FOMC meeting will be more hawkish as it prepares the markets for an eventual interest rate increase. T-notes received support from Greek default concerns, which hammered stocks and boosted the safe-haven demand for T-notes.
The dollar index (DXY00 +0.33%) this morning is up +0.32 (+0.34%). EUR/USD (^EURUSD) is down -0.0053 (-0.47%). USD/JPY (^USDJPY) is up +0.23 (+0.19%). Friday's closes: Dollar Index -0.004 (-0.01%), EUR/USD -0.00014 (-0.01%), USD/JPY -0.092 (-0.07%). The dollar index on Friday closed little changed. The British pound climbed to a 3-week high against the dollar after BOE policy maker McCafferty said the time to begin policy tightening is approaching. The dollar received support from the stronger-than-expected early-June U.S. consumer sentiment index.
July WTI crude oil (CLN15 -1.27%) this morning is down -68 cents (-1.13%). July gasoline (RBN15 -1.04%) is down -0.0179 (-0.84%). Friday's closes: CLN5 -0.81 (-1.33%), RBN5 -0.0170 (-0.80%). Jul crude and gasoline on Friday closed lower on the sell-off in stocks, and concern that the global oil glut will persist after the IEA reported that Saudi Arabian May oil production rose to a record 10.25 million bpd and that Iraq May crude output rose to a record 3.85 million bpd.

GLOBAL EVENT CALENDAR06/15/2015

US	0830 ET	Jun Empire manufacturing survey of general business conditions expected +2.91 to 6.00, May +4.28 to 3.09.
	0915 ET	May industrial production expected +0.2%, Apr -0.3% m/m. May capacity utilization expected +0.1 to 78.3%, Apr -0.3 to 78.2%.
	1000 ET	Jun NAHB housing market index expected +2 to 56, May -2 to 54.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Eurozone Apr trade balance expected +22.5 billion euros (nsa), Mar +23.4 billion euros (nsa).
	0900 ET	ECB President Mario Draghi delivers introductory statement at the Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium.

U.S. STOCK CALENDAR06/15/2015

Company	Ticker	Time	Event Description	Period	Estimate
Affiliated Managers Group Inc	AMG US	9:00	Annual General Meeting	Y 2015
Dun & Bradstreet Corp/The	DNB US	13:30	Investor Day	Y 2015
Stryker Corp	SYK US		Analyst Day

BARCHART MORNING CALL 2/10

BARCHART MORNING CALL

Tuesday, February 10th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.64%) this morning are up +0.18% and European stocks are up +0.60% on speculation Greece and its international creditors will work toward an agreement on Greece's debt financing. Greek Prime Minister Tsipras is set to hold talks on Wednesday at an emergency meeting with Eurozone finance ministers in Brussels. According to an unnamed official representing the creditors, Greece has shifted toward a more cooperative tone in recent conversations with the troika. Two other troika officials said Greece may be given more time to present its complete proposals for a permanent arrangement if Greek Prime Minister Tsipras accepts he needs a new program and commits not to reverse the most important overhauls of the previous bailout agreement. Asian stocks closed mixed: Japan -0.33%, Hong Kong +0.03%, China +1.82%, Taiwan -0.30%, Australia -0.25%, Singapore +0.47%, South Korea -0.64%, India +0.45%. Chinese stocks closed higher on speculation that disinflation concerns will afford the government more room to ease monetary policy after China Jan CPI rose at the slowest pace in 5 years. Commodity prices are mostly lower. Mar crude oil (CLH15 -1.02%) is down -1.21% and Mar gasoline (RBH15 -0.29%) is down -0.65%. Apr gold (GCJ15 -0.51%) is down -0.39%. Mar copper (HGH15 -1.71%) is down -1.88%. Agriculture prices are lower ahead of the USDA's Feb WASDE crop production report. The dollar index (DXY00 +0.26%) is up +0.39%. EUR/USD (^EURUSD) is down -0.42%. USD/JPY (^USDJPY) is up +0.27%. Mar T-note prices (ZNH15 -0.27%) are down -7.5 ticks at a 1-week low ahead of the Treasury's $24 billion 3-year auction later today.
China Jan CPI rose at an +0.8% y/y pace, less than expectations of +1.0% y/y and the slowest pace of increase in 5 years. Jan PPI fell at a -4.3% y/y pace, a steeper drop than expectations of -3.8% y/y and the fastest pace of decline in 5-1/4 years.
UK Jan BRC sales like-for like rose +0.2% y/y, less than expectations of +0.5% y/y.
UK Dec industrial production fell -0.2% m/m, a bigger decline than expectations of -0.1% m/m. On an annual basis, Dec industrial production rose +0.5% y/y, right on expectations.
UK Dec manufacturing production rose +0.1% m/m and +2.4% y/y, better than expectations of -0.1% m/m and +2.0% y/y.
The Japan Dec tertiary industry index unexpectedly fell -0.3% m/m, weaker than expectations of unch m/m and matched the July 2014 decline as the largest decrease in 8 months.

U.S. STOCK PREVIEW

Today’s Dec JOLTS job openings report is expected to show an +18,000 increase to 4.990 million, thus extending November’s sharp +142,000 increase to a 13-3/4 year high 4.972 million. The Treasury today will sell $24 billion of 3-year T-notes. There are 18 of the S&P 500 companies that report earnings today with notable reports including: Coca-Cola Co (consensus $0.42), Martin Marietta Materials (0.82), Rengeneron (2.82), Wyndham (0.84), Molson Coors (0.69), CVS Health (1.20), Genworth Financial (-0.19).
Equity conferences during the remainder of this week include: Stifel, Nicolaus Technology, Internet & Media Conference on Mon-Tue, BIO CEO & Investor Conference on Tue, Credit Suisse Financial Services Forum on Tue-Wed, Stifel Transportation and Logistics Conference on Tue-Wed, Goldman Sachs Technology & Internet Conference on Tue-Thu, Aviation Festival Asia on Wed-Thu, Bank of America Merrill Lynch Insurance Conference on Wed-Thu, Leerink Swann Global Health Care Conference on Wed-Thu, Bank of America Merrill Lynch Rates and Currencies Risk Management Conference on Wed-Thu, BB&T Capital Markets Transportation Services Conference on Wed-Thu, and Morgan Stanley Chemicals Corporate Access Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Starwood Hotels & Resorts Worldwide (HOT -0.60%) reported Q4 EPS of 97 cents, better than consensus of 76 cents.
Reynolds American (RAI -0.80%) reported Q4 EPS of 87 cents, right on consensus.
Regeneron Pharmaeuticals (REGN -1.75%) reported Q4 EPS of $2.79, below consensus of $2.82.
Wyndham Worldwide (WYN -1.27%) reported Q4 EPS of 90 cents, higher than consensus of 84 cents.
Molson Coors Brewing (TAP -1.06%) reported Q4 EPS of 55 cents, below consensus of 69 cents.
Bank of NY Mellon reported 7.72% passive stake in Dun & Bradstreet (DNB -1.78%) .
Crown Holdings (CCK -0.72%) reported Q4 adjusted EPS of 48 cents, right on consensus.
Pembroke Management reported a 6.83% passive stake in Healthstream (HSTM -0.49%) and a 7.85% passive stake in Franklin Covey (FC -1.60%) .
Molina Healthcare (MOH -2.36%) reported Q4 EPS of 69 cents, higher than consensus of 61 cents.
Franklin Resources reported a 5.7% passive stake in Sensient (SXT -5.61%) .
Aeropostale (ARO +5.18%) surged over 15% in after-hours trading after it reported Q4 revenue of $594.5 million, better than consensus of $577.67 million, and then raised guidance on Q4 EPS to a loss of -1 cent to -6 cents, better than consensus of -27 cents.
Urban Outfitters (URBN -0.44%) rose over 7% in after-hours trading after it reported Q4 revenue of $1.01 billion, above consensus of $997.69 million.
The Gap (GPS -1.65%) fell over 1% in after-hours trading after it reported January same-store-sales were down 3% versus positive 1% last year.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.64%) this morning are up +3.75 points (+0.18%). The S&P 500 index on Monday closed lower: S&P 500 -0.42%, Dow Jones -0.53%, Nasdaq -0.30%. Negative factors included (1) carry-over weakness from a slide in European stocks on Greek default concerns after Greek Prime Minister Tsipras vowed to negotiate an end to his country’s austerity measures, and (2) concerns about a global economic slowdown after China Jan exports unexpectedly fell -3.3% y/y, weaker than expectations of +5.9% y/y and the lowest in 10 months.
Mar 10-year T-notes (ZNH15 -0.27%) this morning are down -7.5 ticks at a 1-week low. Mar 10-year T-note futures prices on Monday closed lower. Closes: TYH5 -3.50, FVH5 -3.25. Bearish factors included (1) negative carry-over from Friday’s stronger-than-expected U.S. Jan payrolls report that brings the Fed closer to raising interest rates, and (2) supply pressures with the Treasury set to auction $64 billion of T-notes and T-bonds in the week’s Feb quarterly refunding.
The dollar index (DXY00 +0.26%) this morning is up +0.367 (+0.39%). EUR/USD (^EURUSD) is down -0.0048 (-0.42%). USD/JPY (^USDJPY) is up +0.32 (+0.27%). The dollar index on Monday closed lower: Dollar index -0.249 (-0.26%), EUR/USD +0.0014 (+0.12%), USD/JPY -0.486 (-0.41%). Bearish factors included (1) strength in EUR/USD which recovered from a 1-week low and closed higher after Eurozone Feb Sentix investor confidence rose to a 9-month high, and (2) comments from Treasury Secretary Lew that fueled long liquidation in the dollar when he said that the strength of the dollar will be discussed at the G-20 meeting currently underway in Istanbul.
Mar WTI crude oil (CLH15 -1.02%) this morning is down -64 cents (-1.21%) and Mar gasoline (RBH15 -0.29%) is down -0.0103 (-0.65%). Mar crude oil and Mar gasoline on Monday closed higher: CLH5 +1.17 (+2.26%), RBH5 +0.0147 (+0.94%). Bullish factors included (1) the weaker dollar, (2) carry-over support from Friday’s data from Baker Hughes that showed operating U.S. oil rigs in the week ended Feb 6 fell to a 3-1/4 year low of 1,140, and (3) the ongoing strike by the United Steelworkers union, which represents employees at more than 200 refineries and 10% of U.S. refining output, which may lead to reduced gasoline and distillate output.

GLOBAL EVENT CALENDAR02/10/2015

US	0815 ET	Richmond Fed President Jeffrey Lacker speaks on the economy at an event in Raleigh, North Carolina.
	1000 ET	Dec wholesale inventories expected +0.1% m/m, Nov +0.8% m/m. Dec wholesale trade sales, Nov -0.3% m/m.
	1000 ET	Dec JOLTS job openings expected +18,000 to 4.990 million, Nov +142,000 to 4.972 million.
	1200 ET	USDA Feb WASDE crop production.
	1300 ET	Treasury auctions $24 billion 3-year T-notes.
EUR	0400 ET	ECB Chief Economist and Bank of Portugal Governor Peter Praet and ECB Governing Council member Carlos Costa speak at a conference in Lisbon on Financial Stability and Macro-Prudential Policy.
UK	0430 ET	UK Dec industrial production expected -0.1% m/m and +0.5% y/y, Nov -0.1% m/m and +1.1% y/y.
	0430 ET	UK Dec manufacturing production expected -0.1% m/m and +2.0% y/y, Nov +0.7% m/m and +2.7% y/y.

U.S. STOCK CALENDAR02/10/2015

Company	Ticker	Time	Event Description	Period	Estimate
Martin Marietta Materials Inc	MLM US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.821
Omnicom Group Inc	OMC US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.254
PG&E Corp	PCG US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.66
Regeneron Pharmaceuticals Inc	REGN US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	2.816
Wyndham Worldwide Corp	WYN US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.844
Coca-Cola Co/The	KO US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.421
Molson Coors Brewing Co	TAP US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.688
HCP Inc	HCP US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.77
Starwood Hotels & Resorts Worldwide Inc	HOT US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.755
Reynolds American Inc	RAI US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.869
CVS Health Corp	CVS US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.203
Sealed Air Corp	SEE US	7:00	Q4 2014 Earnings Release	Q4 2014	0.474
Dun & Bradstreet Corp/The	DNB US	8:00	Q4 2014 Earnings Call	Q4 2014
Omnicom Group Inc	OMC US	8:30	Q4 2014 Earnings Call	Q4 2014
Regeneron Pharmaceuticals Inc	REGN US	8:30	Q4 2014 Earnings Call	Q4 2014
Wyndham Worldwide Corp	WYN US	8:30	Q4 2014 Earnings Call	Q4 2014
Sealed Air Corp	SEE US	8:30	Q4 2014 Earnings Call	Q4 2014
CVS Health Corp	CVS US	8:30	Q4 2014 Earnings Call	Q4 2014
Reynolds American Inc	RAI US	9:00	Q4 2014 Earnings Call	Q4 2014
Coca-Cola Co/The	KO US	9:30	Q4 2014 Earnings Call	Q4 2014
Starwood Hotels & Resorts Worldwide Inc	HOT US	10:30	Q4 2014 Earnings Call	Q4 2014
PG&E Corp	PCG US	11:00	Q4 2014 Earnings Call	Q4 2014
Molson Coors Brewing Co	TAP US	11:00	Q4 2014 Earnings Call	Q4 2014
HCP Inc	HCP US	12:00	Q4 2014 Earnings Call	Q4 2014
Molson Coors Brewing Co	TAP US	13:00	Q4 2014 Earnings Call - Follow-up Session	C4 2014
Martin Marietta Materials Inc	MLM US	14:00	Q4 2014 Earnings Call	Q4 2014
Western Union Co/The	WU US	16:00	Q4 2014 Earnings Release	Q4 2014	0.339
Akamai Technologies Inc	AKAM US	16:30	Q4 2014 Earnings Call	Q4 2014
Western Union Co/The	WU US	16:30	Q4 2014 Earnings Call	Q4 2014
Cerner Corp	CERN US	16:30	Q4 2014 Earnings Call	Q4 2014
Pioneer Natural Resources Co	PXD US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.936
FMC Technologies Inc	FTI US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.785
Genworth Financial Inc	GNW US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	-0.194
Akamai Technologies Inc	AKAM US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.633
Cerner Corp	CERN US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.467

BARCHART MORNING CALL 10/17

BARCHART MORNING CALL

Friday, October 17th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 +1.43%) this morning are up +1.30% and European stocks are up +1.53% as Italian and Spanish government bonds gained on the prospects of additional ECB stimulus. ECB Executive Board member Coeure said the central bank will start "within the next days" to purchase assets in the new program to support the economy. A rally in European automakers also supported stock gains after Eurozone car sales last month rose by the most in 6 months. Asian stocks closed mixed: Japan -1.40%, Hong Kong +0.53%, China -0.11%, Taiwan -1.40%, Australia +0.32%, Singapore +0.43%, South Korea -1.22%, India +0.42%. China's Shanghai Stock Index fell to a 3-week low on speculation that a trading link that would allow the equivalent of $1.7 billion in daily net purchases of Hong Kong shares and $2.1 billion for Shanghai stocks will be delayed. Japan's Nikkei Stock Index fell to a 4-1/2 month low as exporters weakened on concern a global economic slowdown will reduce exporters' profits. Commodity prices are mixed. Nov crude oil (CLX14 +1.54%) is up +1.75%. Nov gasoline (RBX14 +1.02%) is up +1.09%. Dec gold (GCZ14 -0.31%) is down -0.34%. Dec copper (HGZ14 +0.13%) is down -0.27% at a fresh 7-month low on signs of increased supplies after weekly Shanghai copper inventories surged +14,465 MT to a 2-1/4 month high of 97,235 MT. Agriculture and livestock prices are mixed with Dec hogs down -1.02% at an 8-month nearest-futures low on demand concerns. The dollar index (DXY00 -0.12%) is down -0.07%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is up +0.20%. Dec T-note prices (ZNZ14 -0.24%) are down -13.5 ticks as a rally in U.S. and European stocks reduces the safe-haven demand for T-notes.
Eurozone Aug construction output rose +1.5% m/m, the biggest increase in 8 months. On an annual basis, Aug construction output fell -0.3% y/y.
Eurozone Sep new car registrations rose +6.4% y/y to 1.236 million units, the largest increase in 6 months.

U.S. STOCK PREVIEW

Today’s Sep housing starts report is expected to show an increase of +5.1% to 1.005 million, reversing part of the sharp -14.4% drop to 956,000 seen in August from the 6-1/2 year high of 1.117 million units posted in July. Today’s early-Oct U.S. consumer confidence index from the University of Michigan is expected to fall mildly by -0.6 points to 84.0, reversing part of the +2.1 gain to the 1-1/4 year high of 84.6 seen in September.
There are 11 of the S&P 500 companies that report earnings today with notable reports including: Morgan Stanley (consensus $0.54), GE (0.37), Honeywell (1.41), M&T Bank (1.97), Huntington Bancshares (0.19), SunTrust Banks (0.79), Bank of New York Mellon (0.61), Textron (0.52), Comerica (0.79), Kansas City Southern (1.26), Parker-Hannifin (1.67). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS -0.25%) reported Q3 EPS of 65 cents, much better than consensus of 54 cents.
Comerica (CMA +1.23%) reported Q3 EPS of 74 cents, less than consensus of 79 cents.
Honeywell International (HON +1.50%) reported Q3 EPS of $1.47, higher than consensus of $1.41.
General Electric (GE -0.12%) reported Q3 EPS of 38 cents, better than consensus of 37 cents.
Kindred Healthcare (KND +0.73%) reported a 14.6% stake in Gentiva Health (GTIV +0.36%) .
Crown Holdings (CCK +2.33%) reported Q3 ex-items EPS of $1.36, stronger than consensus of $1.21.
Urban Outfitters (URBN -0.37%) tumbled over 10% in after-hours trading after it said that its Q3 gross profit margin may weaken due to lower than expected sales.
Xilinx (XLNX +2.42%) gained 4% in European trading after it reported Q2 EPS of 62 cents, better than consensus of 55 cents.
Advanced Micro Devices (AMD +1.15%) fell over 6% in after-hours tradig after it reported Q3 adjusted EPS of 3 cents, less than consensus of 4 cents.
Point72 Asset reported a 5.2% passive stake in Lumber Liquidators (LL +0.93%) .
Capital One (COF -0.86%) reported Q3 EPS of $1.86, weaker than consensus of $1.94.
SanDisk (SNDK +1.14%) declined nearly 5% in after-hours trading after it reported Q3 EPS of $1.45, higher than consensus of $1.33, but reported Q3 revenue of $1.75 billion, below consensus of $1.77 billion.
Google (GOOG -1.04%) fell almost 2% in after-hours trading after it reported Q3 EPS of $6.35, below consensus of $6.53.
Stryker (SYK -0.35%) reported Q3 adjusted EPS of $1.15, better than consensus of $1.14.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 +1.43%) this morning are up sharply by +24.00 points (+1.30%). The S&P 500 index on Thursday closed little changed: S&P 500 +0.01%, Dow Jones -0.15%, Nasdaq -0.55%. Bullish factors included (1) the unexpected -23,000 decline in weekly unemployment claims to a 14-1/2 year low of 264,000, (2) the +1.0% increase in Sep industrial production, more than twice expectations of +0.4% and the largest gain in 1-3/4 years, and (3) comments from St. Louis Fed President Bullard that the Fed should consider delaying the end of its bond purchases to halt a decline in inflation expectations.
Dec 10-year T-notes (ZNZ14 -0.24%) this morning are down -13.5 ticks. Dec 10-year T-note futures prices on Thursday closed lower. Closes: TYZ4 -16.50, FVZ4 -9.25. Bearish factors included (1) the unexpected decline in U.S. weekly unemployment claims to their lowest in 14-1/2 years, and (2) reduced safe-haven demand for T-notes after stocks recovered from sharp losses and closed higher.
The dollar index (DXY00 -0.12%) this morning is down -0.057 (-0.07%). EUR/USD (^EURUSD) is up +0.0006 (+0.05%). USD/JPY (^USDJPY) is up +0.21 (+0.20%). The dollar index on Thursday closed lower after St. Louis Fed President Bullard said that the Fed should consider delaying the end of its bond purchases to halt a decline in inflation expectations. Closes: Dollar index -0.192 (-0.23%), EUR/USD -0.00282 (-0.22%), USD/JPY +0.418 (+0.39%). EUR/USD closed lower on European sovereign debt concerns after the 10-year Greek bond yield roses to a 10-month high of 8.69% on concern the government won’t be able to fund itself if it sticks to plans to leave an international bailout program early.
Nov WTI crude oil (CLX14 +1.54%) this morning is up +$1.45 a barrel (+1.75%) and Nov gasoline (RBX14 +1.02%) is up +0.0241 (+1.09%). Nov crude rebounded from a 2-1/3 year low and Nov gasoline recovered from a 3-3/4 year low and closed higher. Closes: CLX4 +0.92 (+1.12%), RBXX4 +0.0660 (+3.07%). Bullish factors included (1) the -3.99 million bbl drop in weekly EIA gasoline supplies to 205.67 million bbl, a 1-3/4 year low, and (2) short-covering after crude prices fell more than $15 a barrel (-16%) over the past 2 weeks. Bearish factors included (1) the +8.92 million bbl increase in weekly EIA crude inventories, more than expectations of +2.5 million bbl, and (2) the +0.9% increase in U.S. crude production in the week ended Oct 10 to 8.95 million bpd, a new 29-1/4 yr high.

GLOBAL EVENT CALENDAR10/17/2014

US	0830 ET	Fed Chair Janet Yellen speaks at a Boston Fed conference on inequality of economic opportunity in the U.S.
	0830 ET	Sep housing starts expected +5.4% to 1.008 million, Aug -14.4% to 956,000. Sep building permits expected +2.7% to 1.030 million, Aug -5.1% to 1.003 million.
	0830 ET	USDA weekly Export Sales.
	0955 ET	Preliminary U.S. Oct University of Michigan consumer confidence expected -0.6 to 84.0, Sep +2.1 to 84.6.
EUR	0200 ET	Eurozone Sep new car registrations, Aug +2.1% y/y.
	0500 ET	Eurozone Aug construction output, Jul unch m/m and +0.4% y/y.

U.S. STOCK CALENDAR10/17/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Honeywell International Inc	HON US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.411
M&T Bank Corp	MTB US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.974
Huntington Bancshares Inc/OH	HBAN US	5:55	Q3 2014 Earnings Release	Q3 2014	0.189
SunTrust Banks Inc	STI US	6:00	Q3 2014 Earnings Release	Q3 2014	0.79
Bank of New York Mellon Corp/The	BK US	6:30	Q3 2014 Earnings Release	Q3 2014	0.614
Textron Inc	TXT US	6:30	Q3 2014 Earnings Release	Q3 2014	0.52
General Electric Co	GE US	6:30	Q3 2014 Earnings Release	Q3 2014	0.373
Comerica Inc	CMA US	6:40	Q3 2014 Earnings Release	Q3 2014	0.794
Morgan Stanley	MS US	7:15	Q3 2014 Earnings Release	Q3 2014	0.538
Bank of New York Mellon Corp/The	BK US	8:00	Q3 2014 Earnings Call	Q3 2014
Schlumberger Ltd	SLB US	8:00	Q3 2014 Earnings Call	Q3 2014
Comerica Inc	CMA US	8:00	Q3 2014 Earnings Call	Q3 2014
SunTrust Banks Inc	STI US	8:00	Q3 2014 Earnings Call	Q3 2014
Textron Inc	TXT US	8:00	Q3 2014 Earnings Call	Q3 2014
Kansas City Southern	KSU US	8:00	Q3 2014 Earnings Release	Q3 2014	1.261
General Electric Co	GE US	8:30	Q3 2014 Earnings Call	Q3 2014
Kansas City Southern	KSU US	8:45	Q3 2014 Earnings Call	Q3 2014
Honeywell International Inc	HON US	9:30	Q3 2014 Earnings Call	Q3 2014
Morgan Stanley	MS US	10:00	Q3 2014 Earnings Call	Q3 2014
Citigroup Inc	C US	10:00	Q3 2014 Earnings Call - Fixed Income	C3 2014
Huntington Bancshares Inc/OH	HBAN US	10:00	Q3 2014 Earnings Call	Q3 2014
M&T Bank Corp	MTB US	11:00	Q3 2014 Earnings Call	Q3 2014
Parker-Hannifin Corp	PH US		Q1 2015 Earnings Release	Q1 2015	1.666

BARCHART MORNING CALL 2/4

BARCHART MORNING CALL

Tuesday, February 4th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.36%) this morning are up +0.42% on a slight rebound from Monday's plunge, while European stocks are down -0.49% at a 1-1/2 month low. Asian stocks closed lower: Japan -4.18%, Hong Kong -2.89%, Australia -1.75%, Singapore -0.84%, South Korea -1.88%, India +0.01%. Japan's Nikkei Stock Index dropped to a 3-3/4 month low as it catches up with Monday's slide in U.S. stocks. According to data from EPFR, global investors pulled $6.3 billion from developing-market equities in the week through Jan 29, the biggest outflow since Aug 2011. The yield on the 10-year German bund tumbled to a nearly 6-month low of 1.628% on speculation the ECB will boost its stimulus measures when it meets on Thursday. Commodity prices are mixed. Mar crude oil (CLH14 +0.15%) is up +0.01%. Mar gasoline (RBH14 -0.17%) is down -0.12%. Apr gold (GCJ14 -0.58%) is down -0.45%. March copper (HGH14 +0.58%) is up +0.53%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.06%) is up +0.13%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is up +0.30%. March T-note prices (ZNH14 -0.10%) are down -4 ticks.
According to two Eurozone central bank officials with knowledge of the matter, ECB President Draghi was contemplating the sterilization of bond purchases from the now terminated Securities Markets Program if the Bundesbank backs his proposal and helps sell the plan to the German public. Ending the sterilizing of bond purchases would more than double excess liquidity in the financial system and reduce banks' incentive to keep cash at the ECB rather than lend it.
UK Jan PMI construction unexpectedly rose +2.5 to 64.6, better than expectations of -0.6 to 61.5 and the fastest pace of expansion in 6-1/3 years.
Eurozone Dec PPI rose +0.2% m/m and fell -0.8% y/y, right on expectations.

U.S. STOCK PREVIEW

Today’s Dec factory orders report is expected to show a decline of -1.8%, exactly reversing the +1.8% increase seen in November. There are 25 of the S&P 500 companies that report earnings today. Notable reports include ADM (consensus $0.84), Emerson Electric (0.67), CME Group (0.67), Delphia Automotive (1.04), Gilead Scientific (0.50), Genworth Financial (0.30), and Equity Residential (0.75).
Equity conferences this week include Defexpo India 2014 on Wed, Cowen and Company Aerospace Defense & Transportation Conference on Wed-Thu, Wind Power Finance & Investment Summit 2014 on Wed-Thu, UBS Industrials Conference on Thu, and India Auto Expo 2014 on Fri.

OVERNIGHT U.S. STOCK MOVERS

Archer-Daniels Midland (ADM -1.44%) reported Q4 EPS of 95 cents, well ahead of consensus of 83 cents.
CME Group (CME -2.11%) reported Q4 EPS of 64 cents, below consensus of 67 cents.
Church & Dwight (CHD -3.90%) reported Q4 EPS of 65 cents, weaker than consensus of 66 cents, and then it cut guidance on fiscal 2014 EPS to $2.96-$3.07, below consensus of $3.10.
PartnerRe (PRE -0.66%) reported Q4 operating EPS of $2.91, above consensus of $2.77.
Crown Holdings (CCK -1.90%) reported Q4 EPS ex-items of 48 cents, below consensus of 49 cents.
Northrop Grumman (NOC -1.99%) has been awarded a $350 million contract by the Department of Homeland Security to provide operational services to the United States Computer Emergency Readiness Team.
Yum! Brands (YUM -1.47%) gained 4% in after-hours trading after it reported Q4 adjusted EPS of 86 cents, better than consensus of 80 cents, although the company said that Q4 same-store-sales at its China division were down 4% y/y.
Dun & Bradstreet (DNB -3.22%) reported Q4 EPS of $2.75, lower than consensus of $2.82.
Hartford Financial (HIG -3.22%) reported Q4 EPS of 94 cents, stronger than consensus of 90 cents.
MDU Resources (MDU -2.90%) reported Q4 adjusted EPS of 48 cents, higher than consensus of 41 cents.
UGI Corporation (UGI -2.83%) reported Q1 adjusted EPS of $1.06, better than consensus of $1.03.
Anadarko (APC -3.12%) reported Q4 EPS of 74 cents, weaker than consensus of 91 cents.
Take-Two (TTWO -1.46%) reported Q3 EPS of $1.70, well above consensus of $1.37, and then raised its fiscal 2014 EPS outlook to $4.15-$4.25, well ahead of consensus of $3.80.
Principal Financial Group (PFG -4.27%) reported Q4 operating EPS of 96 cents, higher than consensus of 93 cents.
Hologic (HOLX -4.17%) rose 3% in after-hours trading after it reported Q1 adjusted EPS of 34 cents, better than consensus of 31 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.36%) this morning are up +7.25 points (+0.42%). The S&P 500 on Monday plunged to a 3-1/4 month low and closed sharply lower. Bearish factors included (1) the sharp -5.2 point decline in the Jan U.S. ISM manufacturing index to an 8-month low, and (2) Chinese growth concerns after the China Jan manufacturing PMI fell -0.5 to a 6-month low of 50.5 and the China Jan non-manufacturing PMI fell -1.2 to 53.4, the slowest pace of expansion since data began in 2011. Closes: S&P 500 -2.28%, Dow Jones -2.08%, Nasdaq 100 -2.31%.
Mar 10-year T-notes this morning (ZNH14 -0.10%) are down -4 ticks. Mar 10-year T-note futures prices on Monday rallied to a 3-month high on concern about a slowdown in the U.S. economy after the Jan ISM manufacturing index fell to its slowest pace in 8 months. Another supportive factor for T-notes was the slide in global stocks that boosted the safe-haven demand for Treasuries on concern the turmoil in emerging markets will lead to slower global growth. Closes: TYH4 +22.50, FVH4 +11.25.
The dollar index (DXY00 +0.06%) this morning is up +0.104 (+0.13%). EUR/USD (^EURUSD) is down -0.0008 (-0.06%). USD/JPY (^USDJPY) is up +0.30 (+0.30%). The dollar index on Monday closed lower on speculation that the larger-than-expected decline in the Jan ISM could prompt the Fed to postpone QE3 tapering. EUR/USD recovered from a 2-1/4 month low and closed higher after the Eurozone Jan PMI manufacturing was revised upward to a 2-1/2 year high. USD/JPY dropped to a 2-1/4 month low as the yen gained on increased safe-haven demand from the slide in global stocks. Closes: Dollar index -0.291 (-0.36%), EUR/USD +0.0039 (+0.29%), USD/JPY -1.053 (-1.03%).
Mar WTI crude oil (CLH14 +0.15%) this morning is up +1 cent (+0.01%) and Mar gasoline (RBH14 -0.17%) is down -0.0031 (-0.12%). Mar crude oil and gasoline prices on Monday closed lower with Mar gasoline at a 2-week low on concern a slowdown in the global economy will lead to reduced energy demand after manufacturing activity in China and the U.S. slowed last month. Other bearish factors include the slide in global stock markets and concerns about emerging markets. Closes: CLH4 -1.06 (-1.09%), RBH4 -0.0245 (-0.93%).

GLOBAL EVENT CALENDAR02/04/2014

US	0830 ET	Richmond Fed President Jeffrey Lacker speaks on the economic outlook at Shenandoah University.
	1000 ET	Dec factory orders expected -1.8%, Nov +1.8%.
	1000 ET	U.S. CBO releases its annual budget and economic outlook.
	1230 ET	Chicago Fed President Charles Evans speaks on Monetary Challenges for 2014 at the Detroit Economics Club.
UK	0430 ET	UK Jan PMI construction expected -0.6 to 61.5, Dec 62.1.
	1901 ET	UK Jan BRC shop price index expected -0.7% y/y, Dec -0.8% y/y.
EUR	0500 ET	Eurozone Dec PPI expected +0.2% m/m and -0.8% y/y, Nov -0.1% m/m and -1.2% y/y.
JPN	2030 ET	Japan Dec labor cash earnings, Nov +0.6% y/y.
CHI	n/a	Chinese markets are closed Monday-Thursday for Lunar New Year holiday.

U.S. STOCK CALENDAR02/04/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Archer-Daniels-Midland Co	ADM US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.842
Boston Scientific Corp	BSX US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.127
Spectra Energy Corp	SE US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.377
Eaton Corp PLC	ETN US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.064
Emerson Electric Co	EMR US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.672
Gannett Co Inc	GCI US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.65
Fidelity National Information Services Inc	FIS US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.78
International Paper Co	IP US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.859
Becton Dickinson and Co	BDX US	6:00	Q1 2014 Earnings Release	Q1 2014	1.296
Xylem Inc/NY	XYL US	7:00	Q4 2013 Earnings Release	Q4 2013	0.52
Michael Kors Holdings Ltd	KORS US	7:00	Q3 2014 Earnings Release	Q3 2014	0.859
CME Group Inc/IL	CME US	7:00	Q4 2013 Earnings Release	Q4 2013	0.673
Delphi Automotive PLC	DLPH US	7:00	Q4 2013 Earnings Release	Q4 2013	1.042
McGraw Hill Financial Inc	MHFI US	7:15	Q4 2013 Earnings Release	Q4 2013	0.786
Ryder System Inc	R US	7:55	Q4 2013 Earnings Release	Q4 2013	1.291
Dun & Bradstreet Corp/The	DNB US	8:00	Q4 2013 Earnings Call	Q4 2013
Becton Dickinson and Co	BDX US	8:00	Q1 2014 Earnings Call	Q1 2014
Boston Scientific Corp	BSX US	8:00	Q4 2013 Earnings Call	Q4 2013
Michael Kors Holdings Ltd	KORS US	8:00	Q3 2014 Earnings Call	Q3 2014
Equity Residential	EQR US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.754
Aflac Inc	AFL US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	1.386
AGL Resources Inc	GAS US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.907
Genworth Financial Inc	GNW US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.304
Cerner Corp	CERN US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.389
AutoNation Inc	AN US		January 2014 Sales and Revenue Release	2014
Rockwell Automation Inc	ROK US		Annual General Meeting
Macerich Co/The	MAC US		Q4 2013 Earnings Release	Q4 2013	0.925