BARCHART MORNING CALL 3/3

BARCHART MORNING CALL

Tuesday, March 3rd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.14%) this morning are down -0.09% and European stocks are down -0.19% led by a decline in bank stocks after Barclays fell over 3% when it said it set aside 750 million pounds ($1.2 billion) for the settlement of a currency-manipulation probe. Also, data from the Basel Committee on Banking Supervision said global banks are 305 billion euros ($341 billion) short of their liquidity coverage ratio (LCR). The Basel rule began to phase in Jan 1, when banks were required to have at least 60% of their liquidity buffers. The LCR takes full effect in 2019 when the LCR rises to 100%. The LCR was designed to require global banks have sufficient high-quality liquid assets to withstand a stressed 30-day funding scenario. Losses in European stocks are limited after German Jan retail sales posted the largest monthly increase in 7 years. Asian stocks closed mixed: Japan -0.06%, Hong Kong -0.74%, China -2.59%, Taiwan +0.05%, Australia -0.42%, Singapore +0.54%, South Korea +0.34%, India +0.46%. Chinese growth concerns undercut Asian stocks after the government-controlled Xinhua News Agency reported that Chinese Premier Li Keqiang will announce Thursday at the annual National People's Congress a Chinese growth target of 7% for 2015, down from 7.5% in 2014. Commodity prices are mixed. Apr crude oil (CLJ15 +1.57%) is up +1.45% and Apr gasoline (RBJ15 +2.64%) is up +1.96%. Apr gold (GCJ15 +0.14%) is down -0.02%. May copper (HGK15 -1.48%) is down -1.58%. Agriculture prices are higher. The dollar index (DXY00 +0.08%) is up +0.05% at a new 11-1/3 year high. EUR/USD (^EURUSD) is down -0.21%. USD/JPY (^USDJPY) is down -0.22%. Jun T-note prices (ZNM15 -0.09%) are down -6 ticks at a 1-week low.
Eurozone Jan PPI fell -0.9% m/m and -3.4% y/y, weaker than expectations of -0.7% m/m and -3.0% y/y, with the -3.4% y/y drop the biggest year-over-year decline in 5 years.
German Jan retail sales rose +2.9% m/m, stronger than expectations of +0.4% m/m and the largest monthly increase in 7 years. On an annual basis, Jan retail sales rose +5.3% y/y, stronger than expectations of +3.0% y/y.
UK Jan Markit/CIPS construction PMI unexpectedly rose +1.0 point to 60.1, stronger than expectations of -0.1 to 59.0 and the fastest pace of expansion in 4 months.
Japan Jan labor cash earnings rose +1.3% y/y, stronger than expectations of +0.5% y/y. Jan real cash earnings fell -1.5% y/y, the nineteenth consecutive month real cash earnings have declined.

U.S. STOCK PREVIEW

Today’s Feb total vehicle sales report is expected to edge higher to 16.70 million units from 16.56 million units in January. There are 2 of the S&P 500 companies that report earnings today: Best Buy (consensus $1.35), AutoZone (6.38).
Equity conferences during the remainder of this week include: Cowen & Co. Health Care Conference on Mon-Wed, 10th LNG Supplies for Asian Markets on Mon-Tue, Association of Insurance and Financial Analysts Conference on Mon-Tue, Citigroup Global Property CEO Conference on Mon-Wed, Raymond James & Associates Institutional Investors Conference on Mon-Wed, Morgan Stanley Technology Media & Telecom Conference on Mon-Thu, JMP Securities Technology Conference on Tue, SpeedNews 5th Annual Aerospace Raw Materials & Manufacturers Supply Chain Conference on Tue, ISI Industrial Conference on Tue, Bank of America Merrill Lynch Consumer & Retail Conference on Tue-Wed, J.P. Morgan Aviation, Transportation and Industrials Conference on Tue-Thu, Mitsubishi UFJ Securities 3rd Annual Seattle Consumer Conference on Wed, Morgan Stanley European MedTech & Services Conference on Wed, Simmons Energy Conference on Wed, UBS Natural Gas, Electric Power and MLP Conference on Wed, UBS Utilities and Natural Gas Conference on Wed, UBS Global Consumer Conference on Wed-Thu, Bank of America Merrill Lynch Refining Conference on Thu, Barclays Investment Grade Energy & Pipeline Conference on Thu, Pacific Crest Emerging Technology Summit on Thu, Morgan Stanley MLP/Diversified Natural Gas, Utilities Clean Tech Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Nomura downgraded Micron (MU +1.86%) to 'Neutral' from 'Buy.'
Navistar (NAV -0.58%) reported a Q1 EPS loss of -52 cents, a smaller loss than consensus of -$1.09.
Lumber Liquidators (LL -25.13%) was upgraded to 'Buy' from 'Neutral' at Janney Capital.
Dick's Sporting (DKS +2.46%) reported Q4 EPS of $1.30, above consensus of $1.22.
Best Buy (BBY +1.39%) reported Q4 EPS of $1.48, higher than consensus of $1.35.
AutoZone ({=AZO reported Q2 EPS of $6.51, better than consensus of $6.38.
Nortek (NTK +2.27%) reported Q4 EPS of 29 cents, well above consensus of 19 cents.
CBOE Holdings (CBOE -0.92%) reported that total options and futures volume at CBOE Holdings during February was 88.5 million contracts, down -17% m/m and -22% y/y.
Nabors Industries (NBR -2.11%) reported Q4 adjusted EPS of 33 cents, below consensus of 39 cents.
McDermott (MDR +4.40%) surged 20% in after-hours trading after it reported Q4 EPS of 3 cents, much better than consensus of a -6 cent loss, and then raised guidance on fiscal 2015 revenue to $3.3 billion-$3.6 billion, stronger than consensus of $2.79 billion.
Mylan (MYL +0.98%) reported Q4 adjusted EPS of $1.05, right on consensus, although Q4 revenue of $2.08 billion was better than consensus of $2.07 billion.
Herman Miller (MLHR +0.74%) lowered guidance on 2015 revenue to $2.118 billion-$2.153 billion, below consensus of $2.170 billion.
Caesar's (CZR +3.96%) slid over 4% in after-hours trading after it reported a Q4 EPS loss of -$7.00, more than four times consensus of a -$1.65 loss.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.14%) this morning are down -2.00 points (-0.09%). The S&P 500 index on Monday closed higher: S&P 500 +0.61%, Dow Jones +0.86%, Nasdaq +0.95%. Bullish factors included (1) China’s second interest rate cut in 3 months, and (2) increased M&A activity after NXP Semiconductors NV agreed to buy Freescale Semiconductor Ltd. for about $11.8 billion and after Cardinal Health agreed to buy Johnson & Johnson’s Cordis business for $1.94 billion. Stocks ignored bearish factors that included (1) weaker-than-expected U.S. Jan personal spending and personal income, and (2) the -0.6 point decline in the U.S. Feb ISM manufacturing index to 52.9, weaker than expectations of -0.5 to 53.0 and the slowest pace of expansion in 13 months.
Jun 10-year T-notes (ZNM15 -0.09%) this morning are down -6 ticks at a 1-week low. Jun 10-year T-note futures prices on Monday closed lower. Closes: TYM5 -21.50, FVM5 -11.75. Bearish factors included (1) U.S. economic data on Feb ISM manufacturing and Jan personal spending that was close to expectations and fueled speculation that Fed will start to raise interest rates this year, and (2) reduced safe-haven demand after stocks rallied.
The dollar index (DXY00 +0.08%) this morning is up +0.049 (+0.05%) at a new 11-1/3 year high. EUR/USD (^EURUSD) is down -0.0024 (-0.21%). USD/JPY (^USDJPY) is down -0.26 (-0.22%). The dollar index on Monday climbed to a 5-week high and closed higher: Dollar index +0.169 (+0.18%), EUR/USD -0.00088 (-0.08%), USD/JPY +0.52 (+0.43%). Bullish factors included (1) The U.S. ISM manufacturing report that was close to expectations, which boosted speculation the Fed is closer to raising interest rates, and (2) weakness in the Chinese yuan which fell to a 2-year low against the dollar after China cut interest rates for the second time in 3 months.
Apr WTI crude oil (CLJ15 +1.57%) this morning is up +72 cents (+1.45%) and Apr gasoline (RBJ15 +2.64%) is up +0.0371 (+1.96%). Apr crude and Apr gasoline prices on Monday closed lower: CLJ5 -0.17 (-0.34%), RBJ5 -0.0629 (-3.18%). Bearish factors included (1) a rally in the dollar index to a 5-week high, and (2) increased crude output in Saudi Arabia, the largest OPEC producer, as Saudi Arabian Feb crude production rose +130,000 bpd to 9.85 million bpd, the highest in 17 months. Losses in crude were limited after an oil industry survey from Genscape Inc. said Wednesday’s EIA data will show a negligible increase of crude inventories at Cushing, OK, the delivery point for WTI futures, for the week ended Feb 27.

GLOBAL EVENT CALENDAR03/03/2015

US	0945 ET	Feb New York ISM, Jan -26.3 to 44.5.
	2015 ET	Fed Chair Janet Yellen will deliver a prepared text to the Citizens Budget Commissions Annual Awards Dinner on bank regulation and supervision. No Q&A.
	n/a	Feb total vehicle sales expected 16.70 million, Jan 16.56 million. Feb domestic vehicle sales expected 13.40 million, Jan 13.31 million.
GER	0200 ET	German Jan retail sales expected +0.4% m/m and +3.0% y/y, Dec +0.6% m/m and +4.8% y/y.
UK	0430 ET	UK Feb Markit/CIPS construction PMI expected -0.1 to 59.0, Jan 59.1.
	1901 ET	UK Feb BRC shop price index expected -1.2% y/y, Jan -1.3% y/y.
EUR	0500 ET	Eurozone Jan PPI expected -0.7% m/m and -3.0% y/y, Dec -1.0% m/m and -2.7% y/y.
CHI	2045 ET	China Feb HSBC composite PMI, Jan 51.0.

U.S. STOCK CALENDAR03/03/2015

Company	Ticker	Time	Event Description	Period	Estimate
AutoZone Inc	AZO US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	6.378
Kate Spade & Co	KATE US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.273
Navistar International Corp	NAV US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	-1.112
Dick's Sporting Goods Inc	DKS US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.219
Best Buy Co Inc	BBY US	7:00	Q4 2015 Earnings Release	Q4 2015	1.352
Best Buy Co Inc	BBY US	8:00	Q4 2015 Earnings Call	Q4 2015
MBIA Inc	MBI US	8:00	Q4 2014 Earnings Call	Q4 2014
Automatic Data Processing Inc	ADP US	8:30	Investor Day	Y 2015
Kate Spade & Co	KATE US	8:30	Q4 2014 Earnings Call	Q4 2014
Anadarko Petroleum Corp	APC US	9:00	Q4 2015 Guidance Call	Q4 2015
Navistar International Corp	NAV US	9:00	Q1 2015 Earnings Call	Q1 2015
Ford Motor Co	F US	9:15	February 2015 Sales and Revenue Release	2015
AutoZone Inc	AZO US	10:00	Q2 2015 Earnings Call	Q2 2015
Ford Motor Co	F US	10:00	February 2015 Sales and Revenue Call	2015
Dick's Sporting Goods Inc	DKS US	10:00	Q4 2015 Earnings Call	Q4 2015
Chimera Investment Corp	CIM US	10:00	Q4 2014 Earnings Call	Q4 2014
Nabors Industries Ltd	NBR US	14:00	Q4 2014 Earnings Call	Q4 2014
Target Corp	TGT US	14:30	Financial Community Meeting	Y 2015
Ascena Retail Group Inc	ASNA US	16:00	Q2 2015 Earnings Release	Q2 2015	0.09
Ascena Retail Group Inc	ASNA US	16:30	Q2 2015 Earnings Call	Q2 2015
Veeva Systems Inc	VEEV US	16:30	Q4 2015 Earnings Call	Q4 2015
Middleby Corp/The	MIDD US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.98
Veeva Systems Inc	VEEV US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.089
Hologic Inc	HOLX US		Annual General Meeting
Greif Inc	GEF US		Annual General Meeting
Delta Air Lines Inc	DAL US		February 2015 Sales and Revenue Release - Traffic Results	2015

BARCHART MORNING CALL 8/12

BARCHART MORNING CALL

Tuesday, August 12th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.16%) this morning are up +0.19% on optimism that Q2 company earnings results will remain strong, while European stocks are down -0.17% after German investor confidence dropped for an eighth month. Asian stocks closed mixed: Japan +0.20%, Hong Kong +0.18%, China -0.35%, Taiwan -0.11%, Australia +1.34%, Singapore -0.09%, South Korea +0.01%, India +1.42%. Commodity prices are mixed. Sep crude oil (CLU14 -0.71%) is down -0.81% after the IEA reduced its estimates for 2014 global oil demand by -180,000 barrels a day and by -90,000 barrels a day for 2015. Sep gasoline (RBU14 -0.36%) is down -0.47%. Dec gold (GCZ14 +0.18%) is up +0.21%. Sep copper (HGU14 +0.22%) is up +0.30%. Agriculture and livestock prices are lower ahead of today's USDA Aug WASDE crop production report. The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.33% after German Aug ZEW investor confidence fell to the lowest in 20 months. USD/JPY (^USDJPY) is up +0.10%. GBP/USD fell -0.03% to a 2-month low after a gauge of British retail sales fell for a second month. Sep T-note prices (ZNU14 -0.05%) are down -2 ticks.
The German Aug ZEW survey expectations of economic growth slumped -18.5 to 8.6, a much bigger decline than expectations of -10.1 to 17.0 and the lowest in 20 months. The Aug ZEW survey current situation fell -17.5 to 44.3, a bigger drop than expectations of -7.8 to 54.0 and the lowest in 7 months.
UK Jul BRC sales like-for-like unexpectedly fell for a second month as it slid -0.3% y/y, weaker than expectations of +0.9% y/y.
Japan Jul PPI rose +0.3% m/m and +4.3% y/y, less than expectations of +0.4% m/m and +4.4% y/y.
The Japan Jun industrial production was revised lower to -3.4% m/m and +3.1% y/y from the originally reported -3.3% m/m and +3.2% y/y. The -3.4% m/m drop is the largest monthly decline in 3-1/4 years. Jun capacity utilization fell -3.3% m/m, the biggest decline in 1-3/4 years.

U.S. STOCK PREVIEW

The Treasury today will sell $27 billion of 3-year T-notes. Today's July monthly budget statement is expected to show a deficit of -$96.0 billion in a turnaround from June's surplus of +$70.5 billion. There are 12 of the Russell 1000 companies that report earnings today with notable reports including Fossil Group (consensus $0.96), Valspar (1.16), Kate Spade (0.00), Cree (0.41), and JDS Uniphase (0.13).
Equity conferences during the remainder of this week include: Pacific Crest Global Technology Leadership Forum on Mon-Tue, Jefferies Global Industrials Conference on Mon-Thu, Goldman Sachs Power, Utilities, MLP & Pipeline Conference on Tue, Wedbush Life Sciences Management Access Conference on Tue, 8/12/2014 on Tue-Wed, J.P. Morgan Auto Conference on Tue, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, JP Morgan Auto Conference on Wed, Canaccord Genuity Growth Conference on Wed-Thu, and Barclays Summer Utilities Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Dean Foods (DF -3.86%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Stryker (SYK -0.33%) was upgraded to 'Buy' from 'Hold' at Needham.
Citigroup added shares of First Solar (FSLR +1.98%) and Foot Locker (FT +0.55%) to its Focus List.
Towers Watson (TW +1.65%) reported Q4 adjusted EPS of $1.34, higher than consensus of $1.25.
Flowers Foods (FLO +0.35%) reported Q2 EPS of 21 cents, weaker than consensus of 24 cents, and then cut its fiscal 2014 EPS view to to 92 cents-98 cents from 98 cents-$1.05, below consensus of $1.02.
Abercrombie & Fitch (ANF +0.39%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $50.
Paulson & Co. reported a 10.1% passive stake in Cobalt (CIE +2.46%) .
MasTec (MTZ +4.50%) fell nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 40 cents, right on consensus, but then lowered guidance on fiscal 2014 adjusted EPS to $1.55-$1.58, well below consensus of $1.82.
Convergys (CVG +1.62%) reported Q2 adjusted EPS of 34 cents, better than consensus of 32 cents.
Caesar's (CZR +2.32%) reported a Q2 EPS losss of -$3.24, over double consensus of a -$1.19 loss.
Ventas (VTR +0.35%) reported Q2 normalized FFO of $1.12, higher than consensus of $1.09
Nuance (NUAN +1.06%) tumbled 9% in after-hours trading after it reported Q3 EPS of 27 cents, right on consensus, but then lowered guidance on fiscal 2014 EPS to $1.03-$1.08, below consensus of $1.13.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.16%) this morning are up +3.75 points (+0.19%). The S&P 500 index on Monday rallied to a 1-week high and closed higher: S&P 500 +0.28%, Dow Jones +0.10%, Nasdaq +0.58%. Bullish factors included (1) carry-over support from a rally in European stocks on reduced tensions in Ukraine after Russia said it had withdrawn troops from the Ukraine border, and (2) signs of optimism about the global economic outlook after Japan Jul consumer confidence climbed to an 8-month high and UK Jul Lloyds employment confidence rose to its highest level since the data series began in 2004.
Sep 10-year T-notes (ZNU14 -0.05%) this morning are down -2 ticks. Sep 10-year T-note futures prices on Monday closed slightly lower. Bearish factors included (1) reduced safe-haven demand as global equity markets rallied after Russia said it had withdrawn troops from the Ukraine border, and (2) supply pressures as the Treasury prepares to auction $67 billion of T-notes and T-bonds this week in the Aug quarterly refunding that begins with Tuesday’s $27 billion auction of 3-year T-notes. Closes: TYU4 -1.50, FVU4 -0.50.
The dollar index (DXY00 +0.21%) this morning is up +0.197 (+0.24%). EUR/USD (^EURUSD) is down -0.0044 (-0.33%) and USD/JPY (^USDJPY) is up +0.10 (+0.10%). The dollar index on Monday closed higher. Bullish factors included (1) weakness in the yen as USD/JPY rallied after strength in global equity markets reduced the safe-haven demand for the yen, and (2) overall negative sentiment toward EUR/USD on speculation the Fed will tighten monetary policy before the ECB. Closes: Dollar index +0.077 (+0.09%), EUR/USD -0.00259 (-0.19%), USD/JPY +0.152 (+0.15%).
Sep WTI crude oil (CLU14 -0.71%) this morning is down -79 cents (-0.81%) after the IEA cut its global oil demand forecasts for this year and next. Sep gasoline (RBU14 -0.36%) is down -0.0129 (-0.47%). Sep crude and gasoline prices on Monday closed higher: CLU4 +0.43 (+0.44%), RBU4 +0.0009 (+0.03%). Bullish factors included (1) a rally in global stock markets, which signals confidence in the economic outlook and energy demand, and (2) expectations that Wednesday’s weekly EIA data will show crude stockpiles declined for the seventh consecutive week.

GLOBAL EVENT CALENDAR08/12/2014

US	1200 ET	Aug WASDE crop production.
	1300 ET	Treasury auctions $27 billion 3-year T-notes.
	1400 ET	Jul monthly budget statement expected -$96.0 billion, Jun +$70.5 billion.
JPN	0030 ET	Revised Japan Jun industrial production, previous -3.3% m/m and +3.2% y/y.
	0030 ET	Japan Jun capacity utilization, May -0.7% m/m
	1950 ET	Japan Q2 GDP expected -7.0% q/q annualized, Q1 +6.7% q/q annualized. Q2 deflator expected +1.6% y/y, Q1 0.1% y/y. Q2 consumer spending expected -3.7% q/q, Q1 +2.2% q/q. Q2 business spending expected -3.0% q/q, Q1 +7.6% q/q.
GER	0500 ET	German Aug ZEW survey expectations of economic growth expected -10.1 to 17.0, Jul 27.1. Aug ZEW survey current situation expected -7.8 to 54.0, Jul 61.8.

U.S. STOCK CALENDAR08/12/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Kate Spade & Co	KATE US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	-0.003
Valspar Corp/The	VAL US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.159
Flowers Foods Inc	FLO US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.235
CST Brands Inc	CST US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.487
Towers Watson & Co	TW US	6:00	Q4 2014 Earnings Release	Q4 2014	1.252
Charles River Laboratories International Inc	CRL US	8:30	Investor Meeting	Y 2014
Flowers Foods Inc	FLO US	8:30	Q2 2014 Earnings Call	Q2 2014
Ventas Inc	VTR US	9:00	Q2 2014 Earnings Call	Q2 2014
Towers Watson & Co	TW US	9:00	Q4 2014 Earnings Call	Q4 2014
CST Brands Inc	CST US	9:00	Q2 2014 Earnings Call	Q2 2014
Kate Spade & Co	KATE US	10:00	Q2 2014 Earnings Call	Q2 2014
Chimera Investment Corp	CIM US	10:00	Q2 2014 Earnings Call	Q2 2014
Valspar Corp/The	VAL US	11:00	Q3 2014 Earnings Call	Q3 2014
Precision Castparts Corp	PCP US	16:00	Annual General Meeting
Fossil Group Inc	FOSL US	16:30	Q2 2014 Earnings Call	Q2 2014
Myriad Genetics Inc	MYGN US	16:30	Q4 2014 Earnings Call	Q4 2014
Cree Inc	CREE US	17:00	Q4 2014 Earnings Call	Q4 2014
JDS Uniphase Corp	JDSU US	17:00	Q4 2014 Earnings Call	Q4 2014
URS Corp	URS US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.74
Fossil Group Inc	FOSL US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.964
Jack Henry & Associates Inc	JKHY US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.595
Cree Inc	CREE US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.409
JDS Uniphase Corp	JDSU US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.13
Myriad Genetics Inc	MYGN US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.464
Tahoe Resources Inc	THO CN	Aft-mkt	Q2 2014 Earnings Release	Q2 2014

Barchart Morning Call 1/15

BARCHART MORNING CALL

Wednesday, January 15th, 2014View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.20%) this morning are up +0.20% and European stocks are up +0.69% after the World Bank raised its global growth forecast. Asian stocks closed mostly higher: Japan +2.50%, Hong Kong +0.49%, China -0.18%, Taiwan +0.64%, Australia +0.64%, Singapore +0.62%, South Korea +0.30%, India +1.22%. Chinese stocks closed lower after China Dec new yuan loans rose at the slowest pace in a year and after the World Bank cut its China GDP estimate for this year. Commodity prices are mixed. Feb crude oil (CLG14 +0.54%) is up +0.54%. Feb gasoline (RBG14 -0.37%) is down -0.42%. Feb gold (GCG14 -0.65%)is down -0.57%. March copper (HGH14 -0.27%) is down -0.30%. Agriculture and livestock prices are mixed, although Feb cattle is up +0.09% at an all-time high. The dollar index (DXY00 +0.32%) is up +0.28%. EUR/USD (^EURUSD) is down -0.44% after a government report showed German growth slowed last year. USD/JPY (^USDJPY) is up +0.02%. March T-note prices (ZNH14 +0.05%) are up +0.5 of a tick.
The World Bank raised its 2014 global GDP estimate to 3.2%, up from a June projection of 3.0% and stronger than the 2.4% increase in 2013. The bank lowered its 2014 China GDP forecast to 7.7% from 8.0% forecast in Jun, but raised its Eurozone GDP estimate to 1.1% from 0.9%, and kept its U.S. GDP estimate at 2.8% and its projection for Japan GDP at 1.4%.
German 2013 GDP growth expanded at a +0.4% y/y annualized pace, weaker than expectations of +0.5% y/y annualized and the slowest pace of growth in 4-years.
China Dec new yuan loans were 482.5 billion yuan, less than expectations of 570.0 billion yuan and the lowest in a year.
Japan Dec machine tool orders jumped +28.0% y/y, the most in 2-1/3 years.
The Eurozone Nov trade balance (nsa) widened to a 17.1 billion euro surplus from a revised 16.8 billion euro surplus in Oct.

U.S. STOCK PREVIEW

Today’s Jan Empire manufacturing index is expected to show a +2.52 point increase to 3.50, adding to the small +3.19 point increase to 0.98 seen in December. Today’s Dec PPI report is expected to rise to +1.1% y/y from +0.7% in November. Meanwhile, the Dec core PPI is expected to be unchanged from November at +1.3% y/y. The Fed today will release its Beige Book survey of the economy in preparation for the upcoming FOMC meeting in two weeks (Jan 28-29). The Fed’s last Beige Book report, released on Dec 4, found that the U.S. economy “continued to expand at a modest to moderate pace from early October through mid-November.”
There are four of the S&P 500 companies that report earnings today: Bank of America (consensus $0.27), Fastenal (0.34), Kinder Morgan (0.34), CSX (0.43). Equity Conferences during the remainder of this week include: Biotech Showcase Investor Conference on Mon-Wed, J.P. Morgan Healthcare Conference on Mon-Thu, BMO Unconventional Resource Conference on Tue, Deutsche Bank Global Auto Industry Conference on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Bank of America (BAC +2.07%) reported Q4 EPS of 46 cents, well ahead of consensus of 27 cents.
Fastenal (FAST +1.64%) reported Q4 EPS of 33 cents, below consensus of 34 cents.
Airgas (ARG +1.23%) was downgraded to 'Sell' from 'Neutral' at Goldman.
Intel (INTC +3.96%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
Dick's Sporting (DKS +1.82%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
PetSmart (PETM +0.48%) was downgraded to 'Neutral' from 'Buy' at UBS.
Sanofi reported a 16.24% stake in Regeneron (REGN +11.78%) .
Chelsea Therapeutics (CHTP -8.00%) exploded higher by more than 150% in after-hours trading after it announced that the FDA voted 16-1 to recommend approval of Northera for the treatment of symptomatic neurogenic orthostatic hypotension.
Wells Fargo raised its price target range for Allergan (AGN +5.94%) to $132-$133 from $121-$122 and kept its 'Outperform' rating on the stock after Allergan received its first new Restasis patent and a district court found that Lumigan patents are valid.
Credit Suisse reported a 6.9% passive stake in Beazer Homes (BZH +1.03%) .
Watsco (WSO +2.17%) was downgraded to 'Sell' from 'Neutral' at Goldman.
General Motors (GM +1.11%) rose over 3% in after-hours trading after it announced a 30 cents per share quarterly common stock dividend, its first dividend since coming out of bankruptcy.
Credit Suisse reported a 5.36% passive stake in Chimera (CIM unch) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.20%) this morning are up +3.75 points (+0.20%). The S&P 500 on Tuesday recovered nearly all of Monday’s losses on reduced economic concerns after U.S. Dec retail sales rose +0.2% and +0.7% ex-autos, better than expectations of +0.1% and +0.4% ex-autos. Stocks also found carry-over support from gains in European equities after Eurozone Nov industrial production rose +1.8% m/m, stronger than expectations of +1.4% m/m, and after ECB Governing Council member Nowotny said “there is potential on the upside” for this year’s GDP in the Eurozone and that economic growth may exceed expectations. Closes: S&P 500 +1.08%, Dow Jones +0.71%, Nasdaq 100 +1.93%.
Mar 10-year T-notes (ZNH14 +0.05%) this morning are up +0.5 of a tick. Mar 10-year T-note futures prices on Tuesday closed lower after the stronger-than-expected Dec U.S. retail sales boosted expectations for the Fed to continue to taper its monthly bond purchases. Closes: TYH4 -13.0, FVH4 -8.25.
The dollar index (DXY00 +0.32%) this morning is up +0.226 (+0.28%). EUR/USD (^EURUSD) is down -0.0060 (-0.44%). USD/JPY (^USDJPY) is up +0.02 (+0.02%). The dollar index on Tuesday rebounded from a 1-1/2 week low and closed higher after stronger-than-expected U.S. Dec retail sales bolstered the outlook for the Fed to continue to taper its dollar-negative QE3 program. EUR/USD posted a 1-1/2 week high on the stronger-than-expected Eurozone Nov industrial production report along with upbeat comments from ECB Governing Council member Nowotny. USD/JPY rose as the yen weakened after the Japan Nov current account balance widened to a record. Closes: Dollar index +0.136 (+0.17%), EUR/USD +0.0008 (+0.06%), USD/JPY +1.218 (+1.18%).
Feb WTI crude oil (CLG14 +0.54%) this morning is up +50 cents (+0.54%) and Feb gasoline (RBG14 -0.37%) is down -0.0109 (-0.42%). Feb crude oil prices and Feb gasoline prices on Tuesday settled mixed. Feb crude gained after stronger-than-expected U.S. Dec retail sales bolstered the economic outlook and the prospects for increased energy demand. Feb gasoline tumbled to a 2-month low on expectations that Wednesday’s weekly EIA gasoline inventories will climb because last week’s severe cold weather kept consumers from driving and reduced gasoline demand. Closes: CLG4 +0.79 (+0.86%), RBG4 -0.0117 (-0.44%).

GLOBAL EVENT CALENDAR01/15/2014

US	0700 ET	Weekly MBA mortgage applications, previous +2.6% with purchase sub-index -0.5% and refi sub-index +4.6%.
	0830 ET	Jan Empire manufacturing index expected +2.52 to 3.50, Dec +3.19 to 0.98.
	0830 ET	Dec PPI expected +0.4% m/m and +1.1% y/y, Nov -0.1% m/m and +0.7% y/y. Dec PPI ex food & energy expected +0.1% m/m and +1.3% y/y, Nov +0.1% m/m and +1.3% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1250 ET	Chicago Fed President Charles Evans discusses current economic conditions and monetary policy at the Corridor Economic Forecast Luncheon in Coralville, Iowa.
	1400 ET	Fed releases Beige Book.
	1745 ET	Atlanta Fed President Dennis Lockhart speaks on the economic outlook to the CFA Society of Atlanta.
JPN	0100 ET	Japan Dec machine tool orders, Nov +15.4% y/y.
	1850 ET	Japan Nov tertiary industry index expected +0.7% m/m, Oct -0.7% m/m.
	1850 ET	Japan Nov machine orders expected +1.1% m/m and +11.7% y/y, Oct +0.6% m/m and +17.8% y/y.
	1850 ET	Japan Dec domestic CGPI expected +0.3% m/m and +2.6% y/y, Nov +0.1% m/m and +2.7% y/y.
EUR	0500 ET	Eurozone Nov trade balance expected +16.5 billion euros (nsa), Oct +17.2 billion euros (nsa).
	0805 ET	ECB Council member Yves Mersch peaks on a panel discussion titled The Eurozone in Five Years at an event in Germany.
UK	1901 ET	UK Dec RICS house price balance expected 60%, Nov 58%.

U.S. STOCK CALENDAR01/15/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
JPMorgan Chase & Co	JPM US	6:59	Q4 2013 Earnings Release	Q4 2013	1.368
Wells Fargo & Co	WFC US	8:00	Q4 2013 Earnings Release	Q4 2013	0.983
JPMorgan Chase & Co	JPM US	8:30	Q4 2013 Earnings Call	Q4 2013
Beam Inc	BEAM US		Suntory Holdings Acquires Beam
GameStop Corp	GME US		December 2013 Sales and Revenue Release	2013

Barchart Morning Call 10/11

BARCHART MORNING CALL

Friday, October 11th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 +0.13%) this morning are up +0.07% at a 1-week high and European stocks are up +0.09%. Asian stocks closed higher: Japan +1.48%, Hong Kong +1.16%, China +1.61%, Taiwan +0.06%, Australia +1.63%, Singapore +0.31%, South Korea +1.31%, India +1.26%. Global stocks are higher on speculation that U.S. lawmakers will reach an agreement to extend the borrowing authority of the U.S. to Nov 22 from Oct 17 and give lawmakers more time to hammer out a permanent deal to raise the debt limit. Credit-default swaps on 5-year U.S. Treasuries slipped -3.3 bp to 34.4 bp, a 1-week low. Commodity prices are mostly weaker. Nov crude oil (CLX13 -1.31%) is down -1.24% and Nov gasoline (RBX13 -0.38%) is down -0.53 % after the IEA in its monthly report boosted its 2014 non-OPEC crude production estimate by +300,000 barrels a day from last month's estimate to 56.4 million barrels a day. The IEA also cut its global oil demand estimate for 2014 to 92 million barrels a day from 92.1 million forecast last month. Dec gold (GCZ13 -0.56%) is down -0.83% and Dec copper (HGZ13 +0.20%) is up +0.28%. Agricultural and livestock prices are mixed with Dec corn down -0.86% at a 3-year low after the EPA said it is considering a cut in the 2014 biofuel mandate for ethanol to 13 billion gallons from 13.8 billion gallons. The dollar index (DXY00 -0.13%) is down -0.15%. EUR/USD (^EURUSD) is up +0.36% and USD/JPY (^USDJPY) is up +0.13%. December T-note prices (ZNZ13 +0.04%) are up +2.5 ticks.
Speaking last night at the Economic Club of New York, ECB President Draghi suggested the ECB could cut interest rates further if market conditions warrant when he said that "The Governing Council has unanimously agreed to incorporate an easing bias that explicitly provides for further rate reductions, should the volatility in money market conditions return to the levels observed in early summer."
Eurozone Aug construction output unexpectedly fell -0.1% m/m, weaker than expectations of +0.8% m/m, but rose +4.0% y/y, more than expectations of +3.9% y/y and the biggest annual gain in 1-3/4 years. July was revised higher to +2.8% m/m and +2.7% y/y from the originally reported +2.2% m/m and +2.0% y/y.
The German Sep Wholesale price index rose +0.7% m/m and fell -2.2% y/y, the biggest annual decline in 3-3/4 years.
The German Sep CPI (EU harmonized) was left unrevised at unch m/m and +1.6% y/y.

U.S. STOCK PREVIEW

Today’s Sep PPI and retail sales reports have been postponed due to the government shut-down but today’s U.S. consumer confidence index will be released as usual since it is compiled by a non-governmental organization.  Today’s early-Oct U.S. consumer confidence index from the University of Michigan is expected to show a -1.6 point decline to 75.9, adding to the sharp -4.6 point decline to 77.5 seen in September.   There are three of the Russell 1000 companies that report earnings today:  JPMorgan Chase (consensus $1.29), Wells Fargo (0.97), and Chimera Investment (0.11).  Equity conferences during the remainder of this week include:  IIF Annual Membership Meeting 2013 on Fri.

OVERNIGHT U.S. STOCK MOVERS

JPMorgan Chase (JPM +3.49%) reported Q3 EPS ex-items of $1.42, better than consensus of $1.19.
J.B. Hunt (JBHT +1.85%) was upgraded to "Buy" from "Neutral" at BofA/Merrill.
Deutsche Bank (DB +3.95%) was downgraded to "Underperform" from "Neutral" at Macquarie.
Johnson & Johnson (JNJ +2.12%) was upgraded to "Neutral" from "Sell" at Goldman.
BNP Paribas (BNPQY +3.48%) was upgraded to "Outperform" from "Neutral" and Societe Generale (SCGLY +3.86%) was upgraded to "Neutral" from "Underperform" at Macquarie.
Pharmacyclics (PCYC +2.16%) was upgraded to "Buy" from "Neutral" at Goldman.
Merck (MRK +0.47%) was downgraded to "Hold" from "Buy" and Eli Lilly (LLY +2.48%) was downgraded to "Underperform" from "Hold "at Jefferies.
Southeastern reported a 4.8% passive stake in Wendy's (WEN +2.58%) .
Wells Fargo downgraded the Consumer Staples sector to "Underweight" from "Overweight" citing downward earnings momentum with U.S. consumer disposable income growth near 50-year lows and commodity prices on the verge of deflation.
Safeway (SWY +2.50%) reported Q3 EPS of 27 cents, well ahead of consensus of 16 cents, and said that it intends to exit the Chicago market, where it operates 72 Dominick's stores, by early 2014.
Wells Fargo reported a 12.1% passive stake in Pike Electric (PIKE +3.18%) .
Micron (MU +1.54%) reported Q4 EPS ex-gains of 20 cents, below consensus of 25 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 +0.13%) this morning are up +1.25 points (+0.07%) at a fresh 1-week high. The S&P 500 index on Thursday rallied to a 1-week high and closed sharply higher on signs that U.S. lawmakers were near an agreement to raise the debt limit. Speculation is that lawmakers will raise the debt limit temporarily for 6 weeks without policy conditions to give Congress more time to hammer out a CR and a long-tern increase in the debt ceiling. Stocks shrugged of the larger-than-expected increase in weekly initial unemployment claims by +66,000 to a 6-month high of 374,000. Closes: S&P 500 +2.18%. Dow Jones +2.18%, Nasdaq 100 +2.17%.
Dec 10-year T-notes (ZNZ13 +0.04%) this morning are up +2.5 ticks. Dec 10-year T-note prices on Thursday tumbled to a 2-week low on reduced safe-haven demand as stocks rallied sharply on speculation U.S. lawmakers were near an agreement on raising the debt ceiling. T-notes recovered from their worst levels on strong demand for the Treasury’s $13 billion 30-year T-bond auctions that had a bid-to-cover of 2.64, well above the 12-auction average of 2.25. Closes: TYZ3 -9.00, FVZ3 -1.75.
The dollar index (DXY00 -0.13%) this morning is down -0.124 (-0.15%). EUR/USD (^EURUSD) is up +0.0049 (+0.36%) and USD/JPY (^USDJPY) is up +0.13 (+0.13%). The dollar index on Thursday jumped to a 2-week high and closed higher on signs that U.S. lawmakers may finally reach a compromise to lift the debt ceiling. The dollar fell back from its best levels after U.S. weekly jobless claims rose more-than-expected to a 6-month high, which bolstered speculation the Fed will maintain QE3. Closes: Dollar index +0.041 (+0.05%), EUR/USD -0.0004 (-0.03%), USD/JPY +0.819 (+0.84%).
Nov WTI crude oil (CLX13 -1.31%) this morning is down -$1.28 (-1.24%) and Nov gasoline (RBX13 -0.38%) is down -0.0144 (-0.53%). Nov crude oil and gasoline prices on Thursday closed sharply higher on signs that U.S. lawmakers may finally agree on a short-term increase in the debt ceiling, which boosted stocks and most commodities. Gasoline prices also received a boost on concern over supplies on the U.S. East Coast after the Phillips 66 Bayway refinery in New Jersey and the PBF Energy refinery in Delaware, with a combined 420,000 barrels a day of capacity, were shut for planned maintenance. Closes: CLX3 +1.40 (+1.38%), RBX3 +0.0751 (+2.86%).

GLOBAL EVENT CALENDAR10/11/2013

US	0830 ET	Sep PPI expected +0.2% m/m and +0.6% y/y, Aug +0.3% m/m and +1.4% y/y (subject to postponement). Sep PPI ex food & energy expected +0.1% m/m and +1.2% y/y, Aug unch m/m and +1.1% y/y.
	0830 ET	Sep retail sales expected unch m/m and +0.4% m/m ex autos, Aug +0.2% and +0.1% ex autos.(subject to postponement).
	0955 ET	Preliminary U.S. Oct University of Michigan consumer confidence expected -1.6 to 75.9, Sep -4.6 to 77.5.
	1000 ET	Aug business inventories expected +0.3%, July +0.4% (subject to postponement).
	1100 ET	Fed Governor Jerome Powell speaks on a panel on monetary policy at the 2013 Institute of International Finance Annual Membership meeting.
	1200 ET	Oct WASDE crop production report.
	1300 ET	Boston Fed President Eric Rosengren speaks on Communicating Monetary Policy at the Zero Bound at the Council on Foreign Relations.
	n/a	World Bank and IMF annual meeting in Washington, D.C.
GER	0200 ET	German Sep wholesale price index, Aug -0.6% m/m and -1.7% y/y.
	0200 ET	Revised German Sep CPI (EU harmonized), previous unch m/m and +1.6% y/y.
UK	0430 ET	UK Aug construction output expected +0.8% m/m and +3.7% y/y, July +2.2% m/m and +2.0% y/y.
EUR	0830 ET	ECB Executive Board member Peter Praet participates in the Global Economic Outlook session at the 2013 annual membership meeting for the Institute for International Finance.
CHI	n/a	China Sep trade balance expected +$26.17 billion, Aug +$28.52 billion. Sep exports expected +5.5% y/y, Aug +7.2% y/y. Sep imports expected +7.0% y/y, Aug +7.0% y/y.

U.S. STOCK CALENDAR10/11/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
JPMorgan Chase & Co	JPM US	7:00	Q3 2013 Earnings Release	Q3 2013	1.288
Wells Fargo & Co	WFC US	8:00	Q3 2013 Earnings Release	Q3 2013	0.973
JPMorgan Chase & Co	JPM US	8:30	Q3 2013 Earnings Call	Q3 2013
Chimera Investment Corp	CIM US		Q2 2012 Earnings Release	Q2 2012	0.107

BARCHART MORNING CALL 9/27

BARCHART MORNING CALL

Friday, September 27th, 2013View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 -0.40%) this morning are down -0.40% and European stocks are also down -0.40% over concern a shutdown of the federal government due to the U.S. budget impasse will hurt economic growth. Asian stocks closed mixed: Japan -0.26%, Hong Kong +0.35%, China +0.44%, Taiwan +0.56%, Australia +0.24%, Singapore +0.50%, South Korea +0.10%, India -0.84%. The U.S. Senate will vote today on an emergency budget to prevent a shutdown of the federal government when the new fiscal year begins on Tuesday. Commodity prices are mostly lower. Nov crude oil (CLX13 -0.45%) is down -0.60% and Nov gasoline (RBX13 -0.33%) is down -0.38% as the five permanent members of the UN Security Council prepare to vote later today on a resolution to eliminate Syria's chemical weapons. Dec gold (GCZ13 +0.87%) is up +0.07% and Dec copper (HGZ13 +0.29%) is up +0.12%. Agricultural and livestock prices are mixed. The dollar index (DXY00 -0.22%) is down -0.14%. EUR/USD (^EURUSD) is up +0.12% after Eurozone Sep economic confidence rose to a 2-year high. USD/JPY (^USDJPY) is down -0.46%. December T-note prices (ZNZ13 +0.14%) are up +3.5 ticks.
The Eurozone Sep business climate indicator rose +0.02 from Aug to -0.20, less than expectations of +0.11 to -0.10, but still the highest in 1-1/2 years. Sep economic confidence rose +1.6 to 96.9, better than expectations of +0.8 to 96.0 and the highest in 2 years.
UK Sep Lloyds business barometer of economic optimism rose +3 to 57, the highest since the data series began in 2002.
UK Sep GfK consumer confidence climbed +3 to -10, better than expectations of +2 to -11 and the highest in nearly 6 years.
UK Sep nationwide house prices increased +0.9% m/m and +5.0% y/y, higher than expectations of +0.5% m/m and +4.4% y/y with the +5.0% y/y increase the biggest annual gain in 3 years.
Japan Aug national CPI rose +0.9% y/y, higher than expectations of +0.8% y/y. Aug national CPI ex-fresh food rose +0.8% y/y, higher than expectations of +0.7% y/y, and Aug national CPI ex food & energy fell -0.1% y/y, right on expectations.
China Aug industrial profits year-to-date rose +12.8% y/y from +11.1% y/y in July, the most in 6 months.

U.S. STOCK PREVIEW

Today’s final-Sep U.S. consumer confidence index from the University of Michigan is expected to show a +1.2 point increase to 78.0 from 76.8 in early-Sep.  Today’s Aug personal income and spending reports are expected to remain lackluster, suggesting that consumers will not be providing any significant near-term boost to the U.S. economy.  Aug personal income is expected to improve to +0.4% from +0.1% in July and Aug personal spending is expected to improve to +0.3% from +0.1% in July.  Today’s Aug PCE deflator is expected to ease to +1.2% y/y from +1.4% in July.  Meanwhile, the Aug core PCE deflator, which is the Fed’s preferred inflation measure, is expected to edge higher to +1.3% /y from +1.2% y/y in July.  There is one of the Russell 1000 companies that report earnings today:  Chimera Investment Corp (consensus $0.11).

OVERNIGHT U.S. STOCK MOVERS

Bank of America (BAC -0.42%) and Goldman Sachs (GS -0.01%) wwere both downgraded to "Neutral" from "Buy" at Guggenheim.
BlackBerry (BBRY -0.75%) reported a Q2 adjusted EPS loss of -47 cents, a smaller loss than consensus of -49 cents.
Occidental Petroleum (OXY +0.72%) was upgraded to "Positive" from "Neutral" at Susquehanna.
Finish Line (FINL +0.45%) reported Q2 EPS of 54 cents, better than consensus of 45 cents.
The NY Times reports that the Justice Department has asked JPMorgan Chase (JPM +0.37%) to pay a higher fine for questionable mortgage practices than the roughly $7 billion that it has offered to pay.
Akamai (AKAM +1.32%) was downgraded to "Neutral" from "Buy" at B. Riley.
Arch Coal (ACI -1.52%) was downgraded to "Sell" from "Neutral" at Goldman.
KKR Fund reported a 28.4% stake in RigNet (RNET +3.43%) .
Thor Industries (THO -0.53%) reported Q4 EPS of $1.04, well ahead of consensus of 95 cents.
Nike (NKE +2.06%) rose over 6% in after-hours trading after it reported Q1 EPS of 86 cents, stronger than consensus of 78 cents.
PetSmart (PETM +0.76%) announced that it will increase its quarterly dividend from 16.5 cents to 19.5 cents per share beginning in the third quarter of fiscal 2013.
Accenture (ACN -0.33%) reported Q4 EPS of $1.01, right on consensus, although Q4 revenue of $7.1 billion was higher than consensus of $6.9 billion.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 -0.40%) this morning are down -6.75 points (-0.40%). The S&P 500 index on Thursday closed higher after weekly initial unemployment claims unexpectedly fell -5,000 to 305,000, better than expectations for a +16,000 increase to 325,000. Gains in stocks were limited by (1) the -1.6% decline in Aug pending home sales (weaker than expectations of -1.0% m/m), and (2) concern that the budget impasse in Washington could prompt a shutdown of the federal government and weaken the economic recovery. Closes: S&P 500 +0.35%, Dow Jones +0.36%, Nasdaq 100 +0.79%.
Dec 10-year T-notes (ZNZ13 +0.14%) this morning are up +3.5 ticks. Dec 10-year T-note prices on Thursday closed lower after weekly jobless claims unexpectedly fell. However, supportive factors included (1) the weaker-than-expected Aug pending home sales report of -1.6%, and (2) safe-haven demand over the battle in Washington over the continuing resolution and the debt ceiling. Closes: TYZ3 -6.00, FVZ3 -2.25.
The dollar index (DXY00 -0.22%) this morning is down -0.110 (-0.14%). EUR/USD (^EURUSD) is up +0.0016 (+0.12%) and USD/JPY (^USDJPY) is down -0.46 (-0.46%). The dollar index on Thursday closed higher as an unexpected decline in U.S. weekly initial unemployment claims bolstered speculation the Fed may taper QE3 as soon as next month. USD/JPY rose as the yen weakened on the Kyodo News report that Prime Minister Abe’s administration pledged to “promptly” begin a study on reducing Japan’s corporate tax rate. Closes: Dollar index +0.189 (+0.24%), EUR/USD -0.00371 (-0.27%), USD/JPY +0.546 (+0.55%).
Nov WTI crude oil (CLX13 -0.45%) this morning is down -62 cents (-0.60%) and Nov gasoline (RBX13 -0.33%) is down -0.0102 (-0.38%). Nov crude oil and gasoline prices on Thursday closed higher. Bullish factors included (1) signs of economic strength after U.S. weekly jobless claims unexpectedly fell -5,000, versus expectations of a +16,000 increase, and (2) strength in gasoline on speculation that supplies will be limited on reduced output due to seasonal refinery maintenance and turnarounds to winter-blends. Closes: CLX3 +0.37 (+0.36%), RBX3 +0.0303 (+1.14%).

GLOBAL EVENT CALENDAR09/27/2013

US	0545 ET	Chicago Fed President Charles Evans speaks on current economic conditions and monetary policy at the Norges Bank Conference in Oslo, Norway.
	0830 ET	Aug personal spending expected +0.3%, July +0.1%. Aug personal income expected +0.4%, July +0.1%. Aug PCE deflator expected +0.1% m/m and +1.2% y/y, July +0.1% m/m and +1.4% y/y. Aug PCE core deflator expected +0.1% m/m and +1.3% y/y, July +0.1% m/m and +1.2% y/y.
	0830 ET	Boston Fed President Eric Rosengren delivers opening remarks at a conference on stable funding at the New York Fed.
	0955 ET	Final U.S. Sep University of Michigan consumer confidence expected +1.2 to 78.0, previous -5.3 to 76.8.
	1015 ET	Chicago Fed President Charles Evans speaks as part of a panel discussion titled Monetary and Macroprudential Policies Going Forward at the Norges Bank Conference in Oslo, Norway.
	1400 ET	New York Fed President William Dudley speaks at an event in New York on national and regional economic conditions.
	1500 ET	Q3 Quarterly Hogs & Pigs.
UK	0200 ET	UK Sep nationwide house prices expected +0.5% m/m and +4.4% y/y, Aug +0.6% m/m and +3.5% y/y.
	0430 ET	UK Sep Lloyds business barometer, Aug 54.
	0430 ET	UK July index of services expected +0.5% m/m and +0.6% 3-mo/3-mo, June unch m/m and +0.6% 3-mo/3-mo.
EUR	0500 ET	Eurozone Sep business climate indicator expected +0.11 to -0.10, Aug -0.21. Sep economic confidence expected +0.8 to 96.0, Aug 95.2.
	0500 ET	Revised Eurozone Sep consumer confidence.
GER	0800 ET	German Sep CPI (EU harmonized) expected unch m/m and +1.6% y/y, Aug unch m/m and +1.6% y/y.

U.S. STOCK CALENDAR09/27/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
General Electric Co	GE US	7:15	Ottawa Chamber of Commerce Presents CEO, Elyse Allan
ConAgra Foods Inc	CAG US	9:30	Annual General Meeting	Y 2013
John Wiley & Sons Inc	JW/A US	10:00	Investor and Analyst Day	Y 2013
Mid-America Apartment Communities Inc	MAA US		Extraordinary Shareholders Meeting
Mid-America Apartment Communities Inc	MAA US		Special Meeting - M&A Vote
Chimera Investment Corp	CIM US		Q2 2012 Earnings Release	Q2 2012	0.108