Showing posts with label CEO. Show all posts
Showing posts with label CEO. Show all posts

Tuesday, June 21, 2016

MORNING CALL 6/21

MORNING CALL
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 +0.47%) are up +0.48% and European stocks are up +0.83% at a 1-week high ahead of this morning's testimony to the Senate Banking Committee by Fed Chair Yellen and by a speech to the European Parliament by ECB President Draghi. European stocks also received a boost from an unexpected jump in the German Jun ZEW survey expectations of economic growth to a 10-month high. The British pound climbed to a 5-1/2 month high against the dollar as polls show the UK campaign to remain in the European Union are gaining ground before Thursday's referendum. Asian stocks settled mixed: Japan +1.28%, Hong Kong +0.77%, China -0.35%, Taiwan +0.68%, Australia +0.33%, Singapore -0.41%, South Korea +0.07%, India -0.20%. Japan's Nikkei Stock Index moved up to a 1-week high as exporters rallied after USD/JPY strengthened.
The dollar index (DXY00 +0.02%) is down -0.05% at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.01%. USD/JPY (^USDJPY) is up +0.67%.
Sep T-note prices (ZNU16 -0.12%) are down -3 ticks.
The German Jun ZEW survey expectations of economic growth unexpectedly rose +12.8 to 19.2, stronger than expectations of -1.6 to 4.8 and the highest in 10 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Fed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee, and (2) the Treasury's auction of $34 billion of 5-year T-notes.
There are 5 of the Russell 1000 companies that report earnings today: FedEx (consensus $3.28), Lennar (0.87), CarMax (0.92), Adobe (0.68), Carnival (0.39).
U.S. IPO's scheduled to price today: Selecta Biosciences (SELB), Tactile Systems Technology (TCMD)
Equity conferences this week include: Questex Sensors Expo & Conference on Tue, Real Estate Investment World Asia 2016 on Tue, Wells Fargo Convergence & Connectivity Symposium on Tue, Jefferies Consumer Conference on Tue-Wed, Wells Fargo West Coast Energy Conference on Tue-Wed, Panagora Pharma - Mobile Pharma Summit on Tue-Wed, Bernstein Global Future of Media & Telecommunications Summit on Wed, Oppenheimer Global Consumer Conference on Wed, Citigroup Insurance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS
Signature Bank/New York (SBNY +0.95%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with a 12-month price target of $162.
Abbott Laboratories (ABT +0.96%) was upgraded to 'Buy' from 'Hold' at Edward Jones.
Imperva (IMPV +0.27%) rallied over 9% in after-hours trading after Elliott Associates disclosed a 9.8% stake in Imperva and said it began a dialogue with management and board regarding strategic and operational opportunities.
Knight Transportation (KNX +3.53%) was downgraded to 'Neutral' from 'Buy' at Bank of America/Merrill Lynch.
Prologis (PLD +0.06%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Kirby Corp. (KEX +0.90%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
CNOOC Ltd. (CEO +2.55%) was upgraded to 'Buy' from 'Neutral' at UBS.
Paratek Pharmaceuticals (PRTK -2.59%) slid over 2% in after-hours trading after it proposed an offering of 3.75 million shares of common stock.
Sunrun (RUN +2.66%) gained over 1% in after-hours trading after it was rated a new 'Outperform' at Oppenheimer,
American Superconductor (AMSC +1.21%) was rated a new 'Outperform' at Oppenheimer with an 18-month price target of $12.
Opko Health (OPK +1.55%) rose nearly 4% in after-hours trading after a FDA approved-drugs website indicated approval for Opko's Rayaldee drug came on June 17.
Werner (WERN +1.36%) dropped over 9% in after-hours trading after it warned that Q2 EPS may be only 21 cents-35 cents, below consensus of 40 cents, due to "sluggish" freight market conditions, driver pay and contractor cost increases.
Scynexis (SCYX +6.85%) tumbled over 11% in after-hours trading after it announced it will launch a public offering of common stock and warrants.
MARKET COMMENTS
September E-mini S&Ps (ESU16 +0.47%) this morning are up +10.00 points (+0.48%). Monday's closes: S&P 500 +0.58%, Dow Jones +0.73%, Nasdaq +0.59%. The S&P 500 on Monday rallied to a 1-week high and closed higher on carryover support from a sharp rally in European stocks as Brexit concerns eased after the latest polls showed that Britons will vote to remain in the European Union at Thursday's referendum. Stocks were also boosted by strength in mining stocks and energy producers after copper rallied +2.1% and the price of crude oil climbed 2.9% to a 1-week high.
Sep 10-year T-note prices (ZNU16 -0.12%) this morning are down -3 ticks. Monday's closes: TYU6 -1300, FVU6 -6.25. Sep T-notes gapped lower Monday to a 1-week low and closed lower on reduced safe-haven demand for T-notes as stocks rallied sharply as the latest polls showed Britons favored remaining in the EU. T-notes were also undercut by slack demand for the Treasury's $26 billion 2-year T-note auction that had a 2.72 bid-to-cover ratio, below the 12-auction average of 3.01.
The dollar index (DXY00 +0.02%) this morning is down -0.046 (-0.05%) at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0001 (+0.01%). USD/JPY (^USDJPY) is up +0.70 (+0.67%). Monday's closes: Dollar Index -0.595 (-0.63%), EUR/USD +0.0037 (+0.33%), USD/JPY -0.22 (-0.21%). The dollar index on Monday fell to a 1-week low and closed lower on an easing of Brexit concerns, which lifted EUR/USD to a 1-week high and GBP/USD to a 2-1/2 week high. The dollar index was also undercut by cautiousness ahead of Tuesday's testimony by Fed Chair Yellen to the Senate Banking Committee on monetary policy.
July WTI crude oil (CLN16 -1.13%) this morning is down -54 cents (-1.09%). July gasoline (RBN16 -1.60%) is down -0.0227 (-1.43%). Monday's closes: CLN6 +1.39 (+2.90%), RBN6 +0.0774 (+5.14%). Jul crude oil and gasoline on Monday rallied to 1-week highs and closed higher. Crude oil prices were boosted by the fall in the dollar index to a 1-week low and a report by the Joint Organizations Data Initiative saying that Saudi Arabian Apr crude exports fell to a 6-month low of 7.44 million bpd.
GLOBAL EVENT CALENDAR06/21/2016
Tuesday, June 21, 2016
US1000 ETFed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee.
1300 ETTreasury auctions $34 billion of 5-year T-notes.
Wednesday, June 22, 2016
US0700 ETWeekly MBA mortgage applications, previous -2.4% with purchase sub-index -4.9% and refi sub-index -0.7%.
0900 ETApr FHFA house price index expected +0.6%, Mar +0.7% m/m.
1000 ETFed Chair Janet Yellen testifies on monetary policy to the House Financial Services Committee.
1000 ETMay existing home sales expected +1.8% to 5.55 million, Apr +1.7% m/m to 5.45 million.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $13 billion of 2-year floating rate notes.
1230 ETTreasury auctions $28 billion of 7-year T-notes.
1300 ETTreasury auctions $5 billion of 30-year TIPS.
EUR1000 ETEurozone Jun consumer confidence expected unch at -7.0, May +2.3 to -7.0.
JPN2200 ETJapan Jun Nikkei manufacturing PMI, May -0.5 to 47.7.
U.S. STOCK CALENDAR06/21/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
QIAGEN NVQGEN US4:30Annual General MeetingY 2016
Lennar CorpLEN USBef-mktQ2 2016 Earnings ReleaseQ2 20160.872
CarMax IncKMX US7:00Q1 2017 Earnings ReleaseQ1 20170.923
CarMax IncKMX US9:00Q1 2017 Earnings CallC1 2017
CarMax IncKMX US9:00Q1 2017 Earnings CallQ1 2017
Nielsen Holdings PLCNLSN US9:00Annual General MeetingY 2015
Ingram Micro IncIM US10:00Special Meeting - M&A Vote
United Continental Holdings IncUAL US10:00Business Update Call
Lennar CorpLEN US11:00Q2 2016 Earnings CallQ2 2016
Varian Medical Systems IncVAR US12:00Investor DayY 2016
NetSuite IncN US12:00Annual General Meeting
FedEx CorpFDX US16:15Q4 2016 Earnings ReleaseQ4 20163.282
FedEx CorpFDX US17:00Q4 2016 Earnings CallQ4 2016
Adobe Systems IncADBE US17:00Q2 2016 Earnings CallQ2 2016
Adobe Systems IncADBE USAft-mktQ2 2016 Earnings ReleaseQ2 20160.68
Carnival CorpCCL USQ2 2016 Earnings ReleaseQ2 20160.386
United Therapeutics CorpUTHR USAnnual General Meeting
GameStop CorpGME USAnnual General Meeting
Agios Pharmaceuticals IncAGIO USAnnual General Meeting
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Monday, August 31, 2015

BARCHART MORNING CALL 8/31

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 -0.83%) are down -0.82% and European stocks are down -0.52% as Chinese stocks fell on concern China's efforts to prop up its equity market will fail. Another negative for global stock and commodity markets was hawkish comments from Fed and ECB members at the Kansas City Fed's annual symposium in Jackson Hole, Wyoming. Fed Vice Chair Fischer said there's "good reason" to believe that inflation is poised to move higher and ECB Vice President Constancio said that the link between real activity and inflation in the Eurozone has "strengthened." Losses in European stocks were contained after German Jul retail sales came in stronger than expected. Asian stocks closed mostly lower: Japan -1.28%, Hong Kong +0.27%, China -0.82%, Taiwan +1.94%, Australia -1.08%, Singapore -1.17%, South Korea +0.19%, India -0.41%. China's Shanghai Composite fell even after people familiar with the matter said China's securities regulator asked brokerages to increase stock buybacks and step up their support for stock prices by contributing 100 billion yuan ($15.7 billion) to China's market rescue fund. Japanese stock prices were also pressured after Japan Jul industrial production came in weaker than expected.
The dollar index (DXY00 -0.14%) is down -0.13%. EUR/USD (^EURUSD) is up +0.21% after Eurozone Aug CPI rose at a faster pace than expected. USD/JPY (^USDJPY) is down -0.36%.
Sep T-note prices (ZNU15 +0.09%) are up +3 ticks.
Comments from Fed Vice Chair Fischer Saturday at the Kansas City Fed's annual symposium in Jackson Hole, WY, suggest he favors an interest rate increase sooner rather than later when he said "given the apparent stability of inflation expectations, there is good reason to believe that inflation will move higher as the forces holding down inflation dissipate further."
ECB Vice President Constancio said at the Fed's symposium in Jackson Hole, WY, that "the link between inflation and real activity appears to have strengthened in the Eurozone recently."
The Eurozone Aug CPI estimate rose +0.2% y/y, higher than expectations of +0.1% y/y. Aug core CPI rose +1.0% y/y, higher than expectations of +0.9% y/y.
Japan Jul industrial production fell -0.6% m/m and rose +0.2% y/y, weaker than expectations of +0.1% m/m and +0.8% y/y.
German Jul retail sales rose +1.4% m/m and +3.3% y/y, stronger than expectations of +1.1% m/m and +1.7% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Aug Milwaukee ISM (expected +2.88 to 50.00, Jul +0.57 to 47.12), (2) Aug Chicago PMI (expected -0.02 at 54.5, Jul +4.7 to 54.7), (3) Aug Dallas Fed manufacturing activity (expected +0.8 to -3.8, Jul +2.4 to -4.6).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: GC Aesthetics (GCAA), Ardelyx (ARDX), Accelerize (ACLZ), NovaBay Pharmaceuticals (NBY).
Equity conferences this week include: European Society of Cardiology Meeting on Mon-Wed, Longbow Research Industrial Manufacturing & Technology Investor Conference on Tue, Simmons Gleneagles Energy Conference on Tue-Wed, KeyBanc Capital Markets Basic Materials and Packaging Conference on Wed, Global Hunter Securities Industrials Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
United Technologies (UTX -0.03%) was downgraded to 'Equal Weight' from 'Overweight' at Barclays.
Intel (INTC +2.53%) was upgraded to 'Outperform' from 'Market Perform' at Northland.
Twitter (TWTR +1.40%) was upgraded to 'Buy' from 'Neutral' at SunTrust.
Morgan Stanley (MS -0.73%) and Goldman Sachs (GS -0.77%) were both upgraded to 'Buy' from 'Hold' at Evercore ISI.
J.C. Penney (JCP +5.55%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
CNOOC (CEO -1.67%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Southern Copper (SCCO +1.56%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Stanley Black & Decker (SWK -0.23%) was upgraded to 'Outperform' from 'Neutral' at Macquarie.
Baidu (BIDU +0.05%) was upgraded to 'Buy' from 'Hold' at Jefferies.
Freeport McMoRan (FCX +3.04%) , which has fallen over 70% in the past year, looks oversold, according to Barron's.
Barron's said that With its shares down about 50% from all-time highs, Whole Foods Market (WFM -0.88%) looks cheap.
Kopp Investment Advisors reported a 16.1% stake in Superconductor Technologies (SCON unch) .
Apollo Principal Holdings reported a 5.7% stake in RCS Capital (RCAP unch) .
Integrated Core Strategies reported a 4.7% passive stake in Whiting Petroleum (WLL +5.07%) .
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 -0.83%) this morning are down -16.25 points (-0.82%). Friday's closes: S&P 500 +0.063%, Dow Jones -0.07%, Nasdaq +0.10%. The S&P 500 on Friday closed little changed. Stocks were undercut by the +0.3% increase in U.S. Jul personal spending, less than expectations of +0.4%, and by the unexpected -1.0 point decline in U.S. Aug University of Michigan consumer sentiment to 91.0, weaker than expectations of +0.1 to 93.0. Stocks found support on Friday's +4.8% rally in China's Shanghai Composite and strength in energy producers after crude oil rallied to a 2-week high.
Sep 10-year T-notes (ZNU15 +0.09%) this morning are up +3 ticks. Friday's closes: TYU5 -5.00, FVU5 -7.75. Sep T-notes on Friday closed lower on the stable U.S. stock market and Friday's +4.8% rally in the Chinese Shanghai index. T-notes were also hurt by Cleveland Fed President Mester's comment that the U.S. economy "is solid and could support an increase in interest rates" despite recent market turmoil. T-notes found support on the decline in the U.S. Jul core PCE deflator, the Fed's preferred gauge of inflation, to a 4-1/3 year low of +1.2% y/y.
The dollar index (DXY00 -0.14%) this morning is down -0.128 (0.13%). EUR/USD (^EURUSD) is up +0.0024 (+0.21%). USD/JPY (^USDJPY) is down -0.44 (-0.36%). Friday's closes: Dollar Index +0.496 (+0.52%), EUR/USD -0.00698 (-0.62%), USD/JPY +0.668 (+0.55%). The dollar index on Friday climbed to a 1-week high and closed higher on the increases in U.S. Jul personal spending and income that were close to expectations, and weakness in EUR/USD which fell to a 1-week low on speculation the ECB may expand stimulus after ECB Executive Board member Praet said that policy makers are ready to act if they perceive a material shift in inflation risks.
Oct crude oil (CLV15 -1.77%) this morning is down -89 cents (-1.97%) and Oct gasoline (RBV15 -2.08%) is down -0.0250 (-2.51%). Friday's closes: CLV5 +2.81 (+6.60%), RBV5 +0.0635 (+5.78%). Oct crude and gasoline prices on Friday closed higher with Oct crude at a 2-week high. Crude oil found support on the sharp +4.8% rally in the Shanghai index on Friday and on the close-to-expected increases in U.S. Jul personal spending and income, which were positive for economic growth and energy demand.
GLOBAL EVENT CALENDAR08/31/2015
US0900 ETAug Milwaukee ISM expected +2.88 to 50.00, Jul +0.57 to 47.12.
0945 ETAug Chicago PMI expected -0.2 at 54.5, Jul +4.7 to 54.7.
1030 ETAug Dallas Fed manufacturing activity expected +0.8 to -3.8, Jul +2.4 to -4.6.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
JPN0000 ETJapan Jul vehicle production, Jun -5.3% y/y.
0100 ETJapan Jul housing starts expected +11.0% y/y to 938,000 annualized, Jun +16.3% y/y to 1.033 million annualized.
0100 ETJapan Jul construction orders, Jun +15.4% y/y.
1950 ETJapan Q2 capital spending expected +8.9% y/y, Q1 +7.3% y/y. Q2 capital spending ex-software expected +11.3% y/y, Q1 +8.1% y/y.
2135 ETRevised Japan Aug Nikkei manufacturing PMI.
GER0200 ETGerman Jul retail sales expected +1.3% m/m and +1.7% y/y, Jun -2.3% m/m and +5.1% y/y.
EUR0500 ETEurozone Aug CPI estimate expected +0.1% y/y, Jul +0.2% y/y. Aug core CPI expected +0.9% y/y, Jul +1.0% y/y.
CHI2100 ETChina Aug manufacturing PMI expected -0.3 to 49.7, Jul 50.0. Aug non-manufacturing PMI, Jul 53.9.
U.S. STOCK CALENDAR08/31/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
TCF Financial CorpTCB US8:30Investor Day
Multiple CompaniesNEE US9:00Business Update Call
VMware IncVMW US15:00Analyst Day
Genesee & Wyoming IncGWR USInvestor Meeting
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Tuesday, August 19, 2014

BARCHART MORNING CALL 8/19


OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU14 +0.15%) this morning are up +0.09% at a 2-1/2 week high and European stocks are up +0.44% at a 2-week high on reduced tensions in Ukraine along with stronger-than-expected stock earnings results. Home Depot rose 3.5% in pre-market trading after reporting Q2 earnings of $1.52 a share, better than consensus of $1.44, while A.P. Moeller-Maersk A/S jumped nearly 5% after the owner of the world's largest container-shipping line raised its full-year profit forecast. Asian stocks closed higher: Japan +0.83%, Hong Kong +0.67%, China +0.01%, Taiwan +1.12%, Australia +0.66%, Singapore +0.11%, South Korea +0.99%, India +0.11%. China's Shanghai Stock Index posted an 8-1/4 month high amid speculation the government will boost stimulus to meet its growth forecasts, while the Chinese yuan strengthened to a 5-month high of 6.1366 per dollar after the PBOC cut the daily reference rate by -0.04% to 6.1548 per dollar. Commodity prices are mixed. Sep crude oil (CLU14 +0.44%) is up +0.34%. Sep gasoline (RBU14 +0.89%) is up +0.76%. Dec gold (GCZ14 +0.27%) is up +0.17%. Sep copper (HGU14 +0.14%) is up +0.16%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.14%) is up +0.14% at a 1-1/2 week high as GBP/USD tumbled to a 4-1/4 month low after UK inflation slowed more than expected. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is up +0.09%. Sep T-note prices (ZNU14 +0.09%) are up +3 ticks.
UK Jul CPI fell -0.3% m/m and rise +1.6% y/y, a slower pace of increase than expectations of -0.2% m/m and +1.8% y/y. Jul core CPI rose +1.8% y/y, less than expectations of +1.9% y/y.
UK Jul RPI fell -0.1% m/m and rose +2.5% y/y, slightly less than expectations of -0.1% m/m and +2.6% y/y. Jul RPI ex-mortgage interest payments rose +2.6% y/y, right on expectations.
The Japan Jun leading index CI was revised higher to 105.9 from the originally reported 105.5. The Jun coincident index was revised higher to 109.7 from the previously reported 109.4, still the lowest in 9 months.
Japan Jul nationwide department store sales fell -2.5% y/y, the fourth consecutive monthly decline.

U.S. STOCK PREVIEW
The market is expecting today’s CPI report to show that the CPI inflation indexes remain under wraps near the Fed’s 2.0% inflation target.  The market is also expecting today’s July housing starts report to show an increase of +8.4% to 968,000, reversing most of the -9.3% decline to 893,000 seen in June.  There are three S&P 500 companies that reports earnings today:  Home Depot (consensus $1.44).  Medtronic (0.923) and TJX Companies (0.73). Equity conferences this week include:  Enercom, Inc Oil & Gas Conference on Mon-Thu, and 8th Annual Forum on Transparency & Aggregate Spending on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS
Home Depot (HD -0.12%) climbed 3.5% in pre-market trading after it reported Q2 earnings of $1.52 a share, better than consensus of $1.44.
Medtronic (MDT +0.35%) reported Q1 EPS of 93 cents, better than consensus of 92 cents.
Dick's Sporting Goods (DKS +1.26%) reported Q2 non-GAAP EPS of 67 cents, higher than consensus of 65 cents.
Ingersoll-Rand (IR +2.69%) was downgraded to 'Neutral' from 'Outperform' at RW Baird.
Morgan Stanley recommends adding to Apple (AAPL +1.20%) positions as it keeps its 'Overweight' rating on the stock with a $110 price target.
Guess (GES +2.62%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.
Teekay (TK +2.43%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James.
Rackspace (RAX +1.95%) climbed nearly 4% in pre-market trading after Blue Harbour reported a 6.4% stake in the company.
Aeropostale (ARO +2.21%) jumped over 4% in after-hours trading after it raised guidance on Q2 adjusted EPS to a loss of -45 cents- 42 cents, a smaller loss than consensus of 58 cents.
Lone Pine Capital reported a 5.3% passive stake in Cognizant (CTSH +1.14%) .
CNOOC (CEO +5.28%) was downgraded to 'Hold' from 'Buy' at Jefferies.
Urban Outfitters (URBN +2.41%) reported Q2 EPS of 49 cents, right on consensus, although Q2 revenue of $811 million was better than consensus of $806.99 million. RW Baird then upgraded the stock to 'Outperform' from 'Neutral.'

MARKET COMMENTS
Sep E-mini S&Ps (ESU14 +0.15%) this morning are up +1.75 points (+0.09%) at a fresh 2-1/2 week high. The S&P 500 index on Monday rallied to a 2-week high and closed higher: S&P 500 +0.85%, Dow Jones +1.06%, Nasdaq +0.83%. Bullish factors included (1) carry-over support from a rally in European stocks on reduced geopolitical tensions as Ukraine and Russia met for peace talks, (2) the unexpected +2 point increase in the Aug NAHB housing market index to 55, stronger than expectations of unchanged at 53 and the highest in 7 months, and (3) increased M&A activity after Dollar General offered to buy Family Dollar Stores for $9.7 billion.
Sep 10-year T-notes (ZNU14 +0.09%) this morning are up +3 ticks. Sep 10-year T-note futures prices on Monday closed lower. Negative factors included (1) reduced safe-haven demand for T-notes as stocks rallied after tensions eased in Ukraine when Russian and Ukraine leaders met to discuss a truce, and (2) the unexpected increase in the Aug NAHB housing market index to a 7-month high. Closes: TYU4 -9.00, FVU4 -3.50.
The dollar index (DXY00 +0.14%) this morning is up +0.117 (+0.14%) at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.0017 (-0.13%) and USD/JPY (^USDJPY) is up +0.09 (+0.09%). The dollar index on Monday closed higher. Bullish factors included (1) the unexpected increase in the Aug NAHB housing market index to a 7-month high, which signals economic strength, and (2) weakness in the yen against the dollar as the rally in the S&P 500 to a 2-week high undercut safe-haven demand for yen. Closes: Dollar index +0.146 (+0.18%), EUR/USD +0.00349 (+0.26%), USD/JPY +0.221 (+0.22%).
Sep WTI crude oil (CLU14 +0.44%) this morning is up +33 cents (+0.34%) and Sep gasoline (RBU14 +0.89%) is up +0.0202 (+0.76%). Sep crude and gasoline prices on Monday closed lower with Sep gasoline at a 6-1/2 month low: CLU4 -0.94 (-0.97%), RBU4 -0.0190 (-0.70%). Bearish factors included (1) a stronger dollar, (2) an increase in Libyan oil output to 540,000 bpd from 415,000 bpd last week, according to Libya’s state-run National Oil Corp, and (3) reduced concern that Islamic Sate fighters will take over Iraq's oil facilities after U.S. airstrikes helped Kurdish forces retake land that was taken over by the fighters in northern Iraq.

GLOBAL EVENT CALENDAR08/19/2014
US0830 ETJul CPI expected +0.1% m/m and +2.0% y/y, Jun +0.3% m/m and +2.1% y/y. Jul CPI ex food & energy expected +0.2% m/m and +1.9% y/y, Jun +0.1% m/m and +1.9% y/y.
0830 ETJul housing starts expected +8.4% to 968,000, Jun -9.3% to 893,000. Jul building permits expected +2.8% to 1.0 million, Jun -3.2% to 973,000.
JPN0100 ETRevised Japan Jun leading index CI, previous 105.5. Revised Jun coincident index, previous 109.4.
0130 ETJapan Jul nationwide department store sales, Jun -4.6% y/y.
0200 ETRevised Japan Jul machine tool orders, previous +37.7% y/y.
1950 ETJapan Jul trade balance expected -713.9 billion yen, Jun -823.2 billion yen. Jul exports expected +3.8% y/y, Jun -1.9% y/y. Jul imports expected -1.5% y/y, Jun +8.4% y/y.
UK0430 ETUK Jul CPI expected -0.2% m/m and +1.8% y/y, Jun +0.2% m/m and +1.9% y/y. Jul core CPI expected +1.9% y/y, Jun +2.0% y/y.
0430 ETUK Jul RPI expected -0.1% m/m and +2.6% y/y, Jun +0.2% m/m and +2.6% y/y. Jul RPI ex-mortgage interest payments expected +2.6% y/y, Jun +2.7% y/y.
0430 ETUK Jul PPI input prices expected -0.8% m/m and -0.2% y/y, Jun -0.8% m/m and -4.4% y/y.
0430 ETUK Jul PPI output prices expected +0.1% m/m and unch y/y, Jun -0.2% m/m and +0.2% y/y. Jul PPI output core prices expected +0.9% y/y, Jun unch m/m and +1.0% y/y.
0430 ETUK Jun ONS house prices expected +10.7% y/y, May +10.5% y/y.

U.S. STOCK CALENDAR08/19/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Home Depot Inc/TheHD USBef-mktQ2 2015 Earnings ReleaseQ2 20151.444
Medtronic IncMDT US7:15Q1 2015 Earnings ReleaseQ1 20150.923
Medtronic IncMDT US8:00Q1 2015 Earnings CallQ1 2015
Home Depot Inc/TheHD US9:00Q2 2015 Earnings CallQ2 2015
TJX Cos Inc/TheTJX US9:30Q2 2015 Earnings ReleaseQ2 20150.73
TJX Cos Inc/TheTJX US11:00Q2 2015 Earnings CallQ2 2015
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