BARCHART MORNING CALL 1/22

BARCHART MORNING CALL

Thursday, January 22nd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.21%) this morning are up +0.22% at a 1-week high and European stocks are up +0.15% at a 4-month high ahead of the ECB decision later today in which the central bank is expected to announce an asset-purchase program. The market expects the ECB to commit to a quantitative-easing program that may exceed 1 trillion euros, and if the amount is smaller or if the ECB fails to give full details of the program, equity markets may be disappointed. Russia's Micex Stock Index soared over 3% to a 3-1/3 year high today as the prospects for additional ECB stimulus prompts investors to seek out risk and higher returns, which boosts the appeal of Russian stocks. Bank of America also recommended that investors "reduce short positions in Russia going into the ECB meeting as Russia may be, counterintuitively, the main beneficiary of credible quantitative easing." Asian stocks closed mostly higher: Japan +0.28%, Hong Kong +0.70%, China +0.53%, Taiwan +0.53%, Australia +0.49%, Singapore +0.47%, South Korea -0.05%, India +0.41%. Chinese stocks received a boost after the PBOC conducted its first reverse-repurchase operation this year, adding money to the financial system, after it said it rolled over a 269.5 billion yuan ($43.4 billion) lending facility to banks ahead of next month's Chinese New Year holiday. Commodity prices are mixed. Mar crude oil (CLH15 +2.43%) is up +1.42%. Mar gasoline (RBH15 +2.01%) is up +1.27%. Feb gold (GCG15 -0.94%) is down -0.51%. Mar copper (HGH15 -1.03%) is down -0.86%. Agriculture prices are higher. The dollar index (DXY00 -0.38%) is down -0.36%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.28%. Mar T-note prices (ZNH15 -0.34%) are down -13 ticks at a 1-week low.
The UK Jan CBI trends total orders unexpectedly fell -1 to 4, weaker then expectations of unchanged at 5. The Jan CBI trends selling prices fell -13 to -6, the lowest in 5 years. Jan CBI business optimism rose +7 to 15.

U.S. STOCK PREVIEW

Today’s initial unemployment claims report is expected to show a decline of -16,000 to 300,000, reversing most of last week’s rise of +19,000 to 316,000. Meanwhile, today’s continuing claims report is expected to show a decline of -24,000 to 2.400 million, adding to last week’s decline of -51,000 to 2.424 million. Today’s Nov FHFA house price index is expected to show an increase of +0.3% m/m, adding to October’s increase of +0.6% m/m. The Treasury today will sell $15 billion of 10-year inflation-protected TIPS securities.
There are 16 the S&P 500 companies that report earnings today with notable reports including: Capital One (consensus $1.75), Starbucks (0.80), Southwest Airlines (0.55), Johnson Controls (0.77), Union Pacific (1.52), Verizon (0.72). There are no equity conferences during the remainder of this week.

OVERNIGHT U.S. STOCK MOVERS

Netflix (NFLX +17.34%) was initiated with a 'Buy' at Pivotal Research with a price target of $550.
Travelers (TRV -0.78%) reported Q4 EPS of $3.07, well above consensus of $2.54.
Verizon Communucations (VZ +0.15%) reported Q4 EPS of 71 cents, below consensus of 72 cents.
Endo (ENDP -1.51%) climbed over 3% in after-hours trading after it was announced that it will replace Covidien (COV -0.90%) in the S&P 500 as of the close of trading on Jan 26.
eBay (EBAY -0.56%) rose nearly 3% in after-hours trading after it reported Q4 adjusted EPS of 90 cents, better than consensus of 89 cents.
Kinder Morgan (KMI +0.43%) reported Q4 EPS of 8 cents, wel below consensus of 34 cents.
Ingersoll-Rand (IR +1.20%) was initiated with a 'Buy' at UBS with a price target of $80.
3M Company (MMM +0.37%) was initiated with a 'Buy' at UBS with a price target of $195.
General Electric (GE +0.80%) was initiated with a 'Buy' at UBS with a price target of $30.
Tyco (TYC unch) was initiated with a 'Sell' at UBS with a price target of $40.
United Rentals (URI +3.66%) moved up over 1% in after-hours trading after it reported Q4 adjusted EPS of $2.19, higher than consensus of $2.07.
Discover (DFS -0.05%) fell over 3% in after-hours trading after it reported Q4 adjusted EPS of $1.19, less than consensus of $1.30.
F5 Networks (FFIV -0.24%) reported Q1 adjusted EPS of $1.55, better than consensus of $1.49.
SanDisk (SNDK +2.08%) rose 1% in after-hours trading after it reported Q4 EPS $1.30, higher than consensus of $1.27, and then said it will expand its stock repurchase program by $2.5 billion.
American Express (AXP +0.47%) reported Q4 EPS of $1.39, better than consensus of $1.38.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.21%) this morning are up +4.50 points (+0.22%) at a new 1-week high. The S&P 500 index on Wednesday shook off early losses and climbed to a 1-week high and closed higher: S&P 500 +0.47%, Dow Jones +0.22%, Nasdaq +0.50%. Bullish factors included (1) carry-over support from a rally in European stocks on expectations the ECB on Thursday will announce a QE program, and (2) the +4.4% increase in U.S. Dec housing starts to 1.089 million, stronger than expectations of +1.2% to 1.040 million. Stocks had opened lower after comments from ECB Governing Council member Nowotny dampened speculation the ECB will announce a large-scale asset purchase program when he said “one should not get overexcited” about one policy meeting.
Mar 10-year T-notes (ZNH15 -0.34%) this morning are down -13 ticks at a 1-week low. Mar 10-year T-note futures prices on Wednesday closed lower. Closes: TYH5 -13.50, FVH5 -6.50. Negative factors included (1) the strongr-than-expected increase in U.S. Dec housing starts, and (2) reduced safe-haven demand for T-notes after the S&P 500 rallied to a 1-week high.
The dollar index (DXY00 -0.38%) this morning is down -0.333 (-0.36%). EUR/USD (^EURUSD) is up +0.0028 (+0.24%). USD/JPY (^USDJPY) is down -0.33 (-0.28%). The dollar index on Wednesday closed lower: Dollar index -0.142 (-0.15%), EUR/USD +0.00602 (+0.52%), USD/JPY -0.852 (-0.72%). Bullish factors included (1) weakness in USD/JPY as the yen strengthened after the BOJ refrained from expanding stimulus following its 2-day policy meeting, and (2) short-covering in EUR/USD ahead of Thursday’s ECB meeting. The dollar recovered from its worst levels after two unnamed ECB officials said the ECB on Thursday will propose purchasing as much as 1.3 trillion euros (50 billion euros per month) in asset purchases through 2016 in an attempt to spur growth and stave off deflation risks.
Mar WTI crude oil (CLH15 +2.43%) this morning is up +68 cents (+1.42%) and Mar gasoline (RBH15 +2.01%) is up +0.0173 (+1.27%). Mar crude oil and Mar gasoline on Wednesday closed higher: CLH5 +1.31 (+2.82%), RBH5 +0.0126 (+0.94%). Bullish factors included (1) a weaker dollar, and (2) signs of slower U.S. crude output after data from Baker Hughes showed the number of active U.S. oil rigs fell to 1,366 in the week ended Jan 16, the lowest level in 15 months. Gains in crude were muted on expectations that Thursday’s weekly EIA inventory data will show U.S. crude inventories rose +2.5 million bbl.

GLOBAL EVENT CALENDAR01/22/2015

US	0830 ET	Weekly initial unemployment claims expected -16,000 to 300,000, previous +19,000 to 316,000. Weekly continuing claims expected -24,000 to 2.400 million, previous 51,000 to 2.424 million.
	0900 ET	Nov FHFA house price index expected +0.3% m/m, Oct +0.6% m/m.
	1100 ET	Jan Kansas City Fed manufacturing activity expected unch at 8.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $27 billion), 2-year floating rate notes (previous $13 billion) 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Jan 27-29.
	1300 ET	Treasury auctions $15 billion of 10-year TIPS.
	1500 ET	USDA Dec Cold Storage.
UK	0430 ET	UK Dec public sector net borrowing expected +9.0 billion pounds, Nov +13.4 billion pounds.
	0600 ET	UK Jan CBI trends total orders expected unch at 5. Jan CBI trends selling prices, Dec 7. Jan CBI business optimism, Dec 8.
EUR	0500 ET	Eurozone Jan consumer confidence expected +0.4 to -10.5, Dec -10.9.
	0745 ET	ECB announces interest rate decision.
	0830 ET	ECB President Mario Draghi holds press conference following ECB meeting.
JPN	2035 ET	Japan Jan Markit/JMMA manufacturing PMI, Dec 52.0.
CHI	2045 ET	China Jan HSBC flash manufacturing PMI expected -0.1 to 49.5, Dec 49.6.

U.S. STOCK CALENDAR01/22/2015

Company	Ticker	Time	Event Description	Period	Estimate
Huntington Bancshares Inc/OH	HBAN US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.191
Southwest Airlines Co	LUV US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.552
Travelers Cos Inc/The	TRV US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	2.538
BB&T Corp	BBT US	5:45	Q4 2014 Earnings Release	Q4 2014	0.733
Covidien PLC	COV US	6:00	Q1 2015 Earnings Release	Q1 2015	1.051
KeyCorp	KEY US	6:30	Q4 2014 Earnings Release	Q4 2014	0.262
Precision Castparts Corp	PCP US	7:00	Q3 2015 Earnings Release	Q3 2015	3.084
Johnson Controls Inc	JCI US	7:00	Q1 2015 Earnings Release	Q1 2015	0.768
Verizon Communications Inc	VZ US	7:30	Q4 2014 Earnings Release	Q4 2014	0.72
Navient Corp	NAVI US	8:00	Q4 2014 Earnings Call	Q4 2014
BB&T Corp	BBT US	8:00	Q4 2014 Earnings Call	Q4 2014
Union Pacific Corp	UNP US	8:00	Q4 2014 Earnings Release	Q4 2014	1.522
Verizon Communications Inc	VZ US	8:30	Q4 2014 Earnings Call	Q4 2014
Union Pacific Corp	UNP US	8:45	Q4 2014 Earnings Call	Q4 2014
Travelers Cos Inc/The	TRV US	9:00	Q4 2014 Earnings Call	Q4 2014
Family Dollar Stores Inc	FDO US	9:00	Extraordinary Shareholders Meeting	Y 2015
KeyCorp	KEY US	9:00	Q4 2014 Earnings Call	Q4 2014
Precision Castparts Corp	PCP US	10:00	Q3 2015 Earnings Call	Q3 2015
Huntington Bancshares Inc/OH	HBAN US	10:00	Q4 2014 Earnings Call	Q4 2014
Crown Castle International Corp	CCI US	10:30	Q4 2014 Earnings Call	Q4 2014
Micron Technology Inc	MU US	11:00	Annual General Meeting	Y 2015
Intuit Inc	INTU US	11:00	Annual General Meeting
United Rentals Inc	URI US	11:00	Q4 2014 Earnings Call	Q4 2014
Johnson Controls Inc	JCI US	11:00	Q1 2015 Earnings Call	Q1 2015
Southwest Airlines Co	LUV US	12:30	Q4 2014 Earnings Call	Q4 2014
Air Products & Chemicals Inc	APD US	14:00	Annual General Meeting	Y 2015
Capital One Financial Corp	COF US	16:05	Q4 2014 Earnings Release	Q4 2014	1.75
E*TRADE Financial Corp	ETFC US	16:05	Q4 2014 Earnings Release	Q4 2014	0.256
Intuitive Surgical Inc	ISRG US	16:05	Q4 2014 Earnings Release	Q4 2014	4.366
Altera Corp	ALTR US	16:15	Q4 2014 Earnings Release	Q4 2014	0.351
KLA-Tencor Corp	KLAC US	16:15	Q2 2015 Earnings Release	Q2 2015	0.513
Intuitive Surgical Inc	ISRG US	16:30	Q4 2014 Earnings Call	Q4 2014
Altera Corp	ALTR US	16:45	Q4 2014 Earnings Call	Q4 2014
Capital One Financial Corp	COF US	17:00	Q4 2014 Earnings Call	Q4 2014
Starbucks Corp	SBUX US	17:00	Q1 2015 Earnings Call	Q1 2015
E*TRADE Financial Corp	ETFC US	17:00	Q4 2014 Earnings Call	Q4 2014
KLA-Tencor Corp	KLAC US	17:00	Q2 2015 Earnings Call	Q2 2015
Starbucks Corp	SBUX US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.803
Dollar Tree Inc	DLTR US		Extraordinary Shareholders Meeting	Y 2015
DR Horton Inc	DHI US		Annual General Meeting

BARCHART MORNING CALL 7/25

BARCHART MORNING CALL

Friday, July 25th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU14 -0.15%) this morning are mildly lower by -0.20% due to a -0.40% sell-off in the Euro Stoxx 50 index, a Russian rate hike and a -1.5% in the Russian Micex index, and some high profile earnings misses such as Amazon.com. Asian stocks today closed mixed: Japan +1.13%, Hong Kong +0.31%, China +1.05%, Taiwan -0.93%, Australia -0.08%, Singapore -0.11%, South Korea +0.29%, India -0.55%, Turkey -0.34%. Sep 10-year T-notes (ZNU14 -0.04%) this morning are down 1 tick. The dollar index (DXY00 +0.10%) is slightly higher by +0.08% while EUR/USD (^EURUSD) is down -0.11% and USD/JPY (^USDJPY) is up +0.06%.
Commodity prices are slightly higher by +0.06% this morning. Sep WTI crude oil (CLU14 -0.14%) is slightly lower by -0.04% but Sep gasoline (RBU14 +0.22%) is up +0.15%. Aug gold (GCQ14 +0.34%) is up +0.32%, Sep silver (SIU14 +0.37%) is up +0.47%, and Sep copper (HGU14 +0.08%) is up +0.18%. Grain, livestock, and softs prices are mixed.
Russian's central bank today unexpectedly raised its 1-week auction rate by 50 bp to 8.00% from 7.50%, the third such rate hike this year. The rate hike will cause further damage to the Russian economy, which is likely to see at least a mild recession. The Russian central bank billed the rate hike as designed to curb inflation, but it was designed as much to support the ruble and prevent a further capital outflow from Russia in response to the Ukraine and new sanctions. The Russian Micex stock index this morning is down -1.5%, erasing nearly all of the +1.8% recovery seen in the last 3 sessions. The U.S. yesterday said that Russia has been firing artillery across the border into Ukraine at Ukrainian military targets.
UK Q2 GDP rose by +0.8% q/q (+3.2% annualized), which was in line with market expectations and matched the Q1 growth rate. Q2 GDP was up +3.1% y/y. The report caused UK GDP to finally exceed the previous peak reached before the 2008 global financial crisis. GDP for all the G-7 countries has now exceeded their pre-crisis peaks except for Italy. The market consensus is that the UK economy in 2014 will grow by +3.0%, improving from +0.3% in 2012 and +1.75 in 2013 and the strongest growth rate since 2007.
Amazon is sharply lower by -10% in overnight trading after reporting a larger loss than expected.
The German Aug GfK consumer confidence index rose by +0.1 point to 9.0, which was slightly better than market expectations of unchanged at 8.9.
The German IFO business climate index fell by -1.7 points to 108.0 from 109.7 in June, which was weaker than market expectations for a -0.3 point drop to 109.4 and was the third drop in a row. The July IFO Expectations index fell by -1.4 points to 103.4, which was weaker than market expectations of -0.4 to 104.4. The report suggested that German business confidence is dropping in response to weaker German economic data and the Ukraine crisis.
Eurozone July M3 money supply rose by +1.5% y/y from +1.0% in May, which was stronger than market expectations of +1.2% y/y.

U.S. STOCK PREVIEW

Today’s June durable goods orders report is expected to show an increase of +0.5% and +0.5% ex-transportation. There are 11 of the S&P 500 companies that report earnings today with notable reports including: Moody's (consensus $1.02), Aon (1.20), AbbVie (0.76), DTE Energy (0.75). There are no equity conferences today.
Sep E-mini S&Ps this morning are mildly lower by -4.00 points (-0.20%) due to the -0.40% sell-off in the Euro Stoxx 50 index, a weak German IFO report, and a sharp sell-off in Amazon.com. The S&P 500 index on Thursday posted a new record high but then fell back to close little changed: S&P 500 +0.05%, Dow Jones -0.02%, Nasdaq -0.04%. Bullish factors included (1) strong Chinese, German, and Eurozone PMI reports, (2) ongoing optimism about Q2 earnings, and (3) the -19,000 decline in U.S. initial unemployment claims to a new 8-1/4 year low. Bearish factors included (1) the much weaker-than-expected U.S. June new home sales report and the -1.0 point decline to 56.3 in the U.S. July Markit PMI index, and (2) continued uncertainty about the extent of new sanctions against Russia.

OVERNIGHT U.S. STOCK MOVERS

• All but one of the nine S&P 500 companies that have reported earnings this morning beat the consensus. The loser was DTE Energy (DTE +0.90%) ($0.73 vs $0.75 consensus). Notable companies that beat earnings today include: Stanley Black & Decker (SWK -1.56%) (1.43 vs 1.36), Tyco (TYC -0.24%) (0.54 vs 0.536), Aon (AON -0.12%) (1.25 vs 1.20), AEP (AEP +0.07%) (0.80 vs 0.75), Moody's (MCO +0.95%) (1.12 vs 1.02), and Xerox (XRX +0.47%) (0.27 vs 0.26).
• Amazon.com (AMZN +0.13%) fell sharply by 10% late yesterday after reporting Q2 EPS of -27 cents, much worse than the consensus of -15 cents as management spent more money than expected building new services.
• Visa (V +0.70%) late yesterday reported fiscal Q3 EPS of $2.17, better than the consensus of $2.10, although the stock fell -3% in late-afternoon trading.
• Starbucks (SBUX +1.66%) late yesterday reported fiscal Q3 EPS of 67 cents, slightly better than the 66 cent consensus.

MARKET COMMENTS

Sep 10-year T-notes this morning are down 1 tick. Sep 10-year T-note futures prices on Thursday closed with fairly sharp losses on (1) the sharp drop in initial unemployment claims to an 8-1/4 year low as the improvement in the U.S. labor market may bring forward the Fed’s first rate hike, and (2) reduced safe-haven demand as global stocks remained generally strong despite the various geopolitical hot spots. Closes: TYU4 -12, FVU4 -7.75.
The dollar index this morning is slightly higher by +0.07 (+0.08%) while EUR/USD is down -0.0015 (-0.11%) and USD/JPY is up +0.06 (+0.06%). The dollar index on Wednesday closed little changed in response to mixed U.S. economic data. EUR/USD closed little changed but remained on the defensive on concern that the Ukraine-Russia crisis may yet undercut the European economy. Closes: Dollar index +0.04 (+0.05%), EUR/USD unchanged, USD/JPY +0.34 (+0.34%).
Sep WTI crude oil this morning is down -0.04 (-0.04%) and Sep gasoline is up +0.0041 (+0.15%). Aug crude and gasoline prices on Thursday closed lower: CLU4 -1.05 (-1.02%), RBU4 -0.0258 (-0.91%). Bearish factors included (1) carry-over weakness from Wed’s EIA report that showed a sharp +3.38 million rise in gasoline inventories, and (2) ongoing worries about world crude oil supplies as Libya starts to export crude oil again after a government agreement with rebels.

GLOBAL EVENT CALENDAR07/25/2014

US	0830 ET	Jun durable goods orders expected +0.5% and +0.5% ex-transportation, May -0.9% and unch ex-transportation. June non-defense capital goods orders ex-aircraft expected +0.5%, May +0.7%.
	1500 ET	USDA Jun Cattle on Feed.
GER	0200 ET	German Aug GfK consumer confidence expected unch at 8.9.
	0400 ET	German Jul IFO business climate expected -0.3 to 109.4, Jun 109.7. Jul IFO current assessment expected -0.3 to 114.5, Jun 114.8. Jul IFO expectations expected -0.4 to 104.4, Jun 104.8.
EUR	0400 ET	Eurozone Jun M3 money supply expected +1.2% y/y and +1.0% 3-mo avg y/y, May +1.0% y/y and +0.9% 3-mo avg y/y.
UK	0430 ET	UK Q2 GDP expected +0.8% q/q and +3.1% y/y, Q1 +0.8% q/q and +3.0% y/y.
	0430 ET	UK May index of services expected +0.2% m/m and +1.0% 3-mo/3-mo, Apr +0.3% m/m and +0.9% 3-mo/3-mo.

U.S. STOCK CALENDAR07/25/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Aon PLC	AON US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.201
LyondellBasell Industries NV	LYB US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.921
AbbVie Inc	ABBV US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.759
DTE Energy Co	DTE US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.754
Stanley Black & Decker Inc	SWK US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.364
Moody's Corp	MCO US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.017
Tyco International Ltd	TYC US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	0.536
Xerox Corp	XRX US	7:00	Q2 2014 Earnings Release	Q2 2014	0.261
Stanley Black & Decker Inc	SWK US	8:00	Q2 2014 Earnings Call	Q2 2014
Tyco International Ltd	TYC US	8:00	Q3 2014 Earnings Call	Q3 2014
Aon PLC	AON US	8:30	Q2 2014 Earnings Call	Q2 2014
Avery Dennison Corp	AVY US	8:30	Q2 2014 Earnings Release	Q2 2014	0.794
Covidien PLC	COV US	8:30	Q3 2014 Earnings Call	Q3 2014
American Electric Power Co Inc	AEP US	9:00	Q2 2014 Earnings Call	Q2 2014
AbbVie Inc	ABBV US	9:00	Q2 2014 Earnings Call	Q2 2014
DTE Energy Co	DTE US	9:00	Q2 2014 Earnings Call	Q2 2014
Leggett & Platt Inc	LEG US	9:00	Q2 2014 Earnings Call	Q2 2014
Xerox Corp	XRX US	10:00	Q2 2014 Earnings Call	Q2 2014
Principal Financial Group Inc	PFG US	10:00	Q2 2014 Earnings Call	Q2 2014
LyondellBasell Industries NV	LYB US	11:00	Q2 2014 Earnings Call	Q2 2014
Charles Schwab Corp/The	SCHW US	11:30	Business Update Call
Moody's Corp	MCO US	11:30	Q2 2014 Earnings Call	Q2 2014
Avery Dennison Corp	AVY US	12:00	Q2 2014 Earnings Call	Q2 2014
Safeway Inc	SWY US	16:30	Annual General Meeting - M&A Vote	Y 2014
American Electric Power Co Inc	AEP US		Q2 2014 Earnings Release	Q2 2014	0.754
Covidien PLC	COV US		Q3 2014 Earnings Release	Q3 2014	1.006

BARCHART MORNING CALL 7/8

BARCHART MORNING CALL 

Tuesday, July 8th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.16%) this morning are down -0.14% and European stocks are down -0.40% on concern the economic recovery is slowing in Europe after German May exports fell more than expected and after UK manufacturing unexpectedly contracted by the most in 16 months. Asian stocks closed mixed: Japan -0.42%, Hong Kong unchanged, China +0.19%, Taiwan +0.11%, Australia -0.14%, Singapore -0.25%, South Korea -0.01%, India -1.98%. Commodity prices are mixed. Aug crude oil (CLQ14 -0.12%) is down -0.15%. Aug gasoline (RBQ14 -0.38%) is down -0.45% at a 3-week low. Aug gold (GCQ14 +0.55%) is up +0.28%. Sep copper (HGU14 +0.17%) is up +0.20%. Agriculture and livestock prices are mostly higher. The dollar index (DXY00 +0.04%) is up +0.08%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is down -0.13%. Sep T-note prices (ZNU14 +0.15%) are up +6.5 ticks.
The German May trade balance widened to a surplus of +17.8 billion euros, more than expectations of +16.2 billion euros and the largest surplus in 6 months. May exports fell -1.1% m/m, more than expectations of -0.4% m/m, and May imports unexpectedly dropped -3.4% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 1-1/2 years.
The German May current account balance shrank to a surplus of +13.2 billion euros, less than expectations of +14.5 billion euros and the smallest surplus in 9 months.
UK May industrial production unexpectedly fell -0.7% m/m, weaker than expectations of a +0.3% m/m increase and the largest decline in 9 months. On an annual basis, May industrial production rose +2.3% y/y, less than expectations of +3.2% y/y.
UK May manufacturing production unexpectedly fell -1.3% m/m, weaker than expectations of +0.4% and the largest decline in 16 months. On an annual basis May manufacturing production rose +3.7% y/y, less than expectations of +5.6% y/y.
The Japan Jun eco watchers survey outlook unexpectedly fell -0.5 to 53.3 when expectations were for a +0.7 point increase to 54.5. The Jun eco watchers survey current rose +2.6 to 47.7, a smaller increase than expectations of +3.8 to 48.9.

U.S. STOCK PREVIEW

Today’s May consumer credit report is expected to show another large increase of +$20.0 billion following the April surge of +$26.847 billion. The Treasury today will sell $27 billion of 3-year T-notes. There are two of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.12), and Hertz Global Holdings (0.08). Equity conferences this week include: MicroStrategy Global User Conference on Tue, SEMICON West Conference on Tue, and Paris Europlace Financial Forum: Europe 2020 a Driver to Global Growth? on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

The Fresh Market (TFM -3.34%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
3M Company (MMM -0.34%) was upgraded to 'Buy' from 'Hold' at Argus.
Range Resources (RRC -2.05%) was upgraded to 'Hold' from 'Reduce' at KLR Group.
Covidien (COV -1.05%) and Medtronic (MDT -1.46%) were both added to short-term buy list at Deutsche Bank.
Groupon (GRPN -3.30%) was upgraded to 'Buy' from 'Neutral' at B. Riley.
Guess (GES -0.47%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a price target of $32.
Rio Tinto (RIO -0.97%) was upgraded to 'Overweight' from 'Equal Weight' at Barclays.
CA Technologies (CA +0.10%) lowered guidance on fiscal 2015 EPS view to $2.42-$2.49 from $2.45-$2.52, below consensus of $2.50.
683 Capital reported an 18.9% stake in Body Central (BODY -3.75%) .
Full Moon reported a 15.4% passive stake in Cellular Biomedicine (CBMG +1.72%) .
Vertex (VRTX -1.98%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer.
Novel Century Ventures reported a 15.46% passive stake in ExOne (XONE -10.76%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.16%) this morning are down -2.75 points (-0.14%). The S&P 500 index on Monday closed lower. Bearish factors for stocks included (1) negative carry-over from a slide in European stocks after German May industrial production unexpectedly fell -1.3% m/m, the sharpest drop in 2 years, and (2) interest rate concerns after Goldman Sachs moved up its forecast for the Fed to start raising interest rates to Q3-2015 from Q1-2016, saying the economy is “accelerating to an above-trend pace.” Closes: S&P 500 -0.39%, Dow Jones -0.26%, Nasdaq -0.31%.
Sep 10-year T-notes (ZNU14 +0.15%) this morning are up +6.5 ticks. Sep 10-year T-note futures prices on Monday closed higher. Supportive factors included (1) concerns about the global economy after IMF Managing Director Lagarde hinted that the IMF may cut its global growth forecasts, saying investment is still weak, and (2) increased safe-haven demand for T-notes after stock prices faltered. Closes: TYU4 +5.00, FVU4 +0.25.
The dollar index (DXY00 +0.04%) this morning is up +0.065 (+0.08%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%). USD/JPY (^USDJPY) is down -0.13 (-0.13%). The dollar index on Monday retreated from a 1-week high and closed lower as a drop in the 10-year T-note yield reduced the dollar’s interest rate differentials. The dollar earlier posted a 1-week high on speculation the Fed may raise interest rates sooner than the market expects after Goldman Sachs moved up its forecast for the Fed to start raising interest rates to Q3-2015 from Q1-2016. EUR/USD had slipped to a 2-week low after German May industrial production unexpectedly plunged by the most in 2 years. Closes: Dollar index -0.051 (-0.06%), EUR/USD +0.00108 (+0.08%). USD/JPY -0.215 (-0.21%).
Aug WTI crude oil (CLQ14 -0.12%) this morning is down -16 cents (-0.15%). Aug gasoline (RBQ14 -0.38%) is down -0.0134 (-0.45%) at a new 3-week low. Aug crude and gasoline prices on Monday fell to 3-week lows and closed lower. Bearish factors included (1) reduced gasoline demand after Hurricane Arthur swept up the East Coast over the Fourth of July holiday, a typically strong time of year for gasoline consumption, and (2) increased supplies when Libya’s Oil Minister said his country has 7.5 million bbl of oil ready for export after the Es Sider and Ras Lanuf oil export facilities were reopened when the government reached an agreement with rebels who had blockaded the ports for the past year. Closes: CLQ4 -0.24 (-0.23%) RBQ4 -0.0306 (-1.02%).

GLOBAL EVENT CALENDAR07/08/2014

US	1300 ET	Treasury auctions $27 billion 3-year T-notes.
	1300 ET	Richmond Fed President Jeffrey Lacker speaks on the economic outlook to the Rotary Club of Charlotte.
	1345 ET	Minneapolis Fed President Narayana Kocherlakota speaks on monetary policy and the economy to the Minnesota Business Partnership.
	1500 ET	May consumer credit expected +$20.0 billion, Apr +$26.847 billion.
JPN	0100 ET	Japan Jun eco watchers survey outlook expected +0.7 to 54.5, May 53.8. Jun eco watchers survey current expected +3.8 to 48.9, May 45.1.
	0200 ET	Japan Jun bankruptcies, May -20.19% y/y.
GER	0200 ET	German May trade balance expected +16.2 billion euros, Apr +17.4 billion euros. May exports expected -0.4% m/m, Apr +2.9% m/m. May imports expected +0.5% m/m, Apr +0.2% m/m.
UK	0430 ET	UK May industrial production expected +0.3% m/m and +3.2% y/y, Apr +0.4% m/m and +3.0% y/y.
	0430 ET	UK May manufacturing production expected +0.4% m/m and +5.6% y/y, Apr +0.4% m/m and +4.4% y/y.
	1901 ET	UK Jun BRC shop price index, May -1.4% y/y.
CHI	2130 ET	China Jun CPI expected +2.4% y/y, May +2.5% y/y. Jun PPI expected -1.0% y/y, May -1.4% y/y.

U.S. STOCK CALENDAR07/08/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
General Mills Inc	GIS US	10:00	Investor Day	Y 2014
Lam Research Corp	LRCX US	12:00	Analyst and Investor Meeting	Y 2014
ServiceNow Inc	NOW US	14:30	Annual General Meeting
Alcoa Inc	AA US	17:00	Q2 2014 Earnings Call	Q2 2014
Alcoa Inc	AA US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.124
Hertz Global Holdings Inc	HTZ US		Q1 2014 Earnings Release	Q1 2014	0.078

BARCHART MORNING CALL 6/16

BARCHART MORNING CALL

Monday, June 16th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.27%) this morning are down -0.23% and European stocks are down -0.49% as sectarian strife in Iraq spreads and threatens to throw the country into civil war. Concern is mounting that the U.S. will be forced to intervene in Iraq to stop insurgents from taking over the country. Also, violence in Ukraine escalated over the weekend after 49 Ukraine soldiers were killed after pro-Russian insurgents shot down a military transport plane. Asian stocks closed mixed: Japan -1.09%, Hong Kong -0.08%, China +0.72%, Taiwan +0.07%, Australia +0.13%, Singapore -0.09%, South Korea +0.26%, India -0.15%. China's Shanghai Stock Index rallied up to a 1-3/4 month high on signs the central bank is widening its easing measures after the PBOC expanded the group of lenders covered by a reserve-ratio cut that was announced on Jun 9. The Chinese government is trying to boost funding for small businesses and agriculture in an attempt to spur economic growth. Commodity prices are mostly higher. July crude oil (CLN14 +0.10%) is down -0.02% as crude prices shed overnight gains on speculation that the spread of violence will not disrupt crude supplies from Iraq, OPEC's second-largest producer. July gasoline (RBN14 +0.01%) is up +0.10%. Aug gold (GCQ14 +0.59%) is up +0.49% at a 2-1/2 week high as intensifying violence in Iraq spurs safe-haven demand for gold. July copper (HGN14 +0.91%) is up +0.74%. Agriculture prices are higher. The dollar index (DXY00 +0.04%) is up +0.03%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.20%. Sep T-note prices (ZNU14 +0.13%) are up +4 ticks as the slide in equities boosts the safe-haven demand for Treasuries.
UK Jun Rightmove house prices rose +0.1% m/m and +7.7% y/y, slower than May's +3.6% m/m and +8.9% y/y increase.
The Eurozone May CPI fell -0.1% m/m, right on expectations, and was left unrevised at +0.5% y/y. The May core CPI was also left unrevised at +0.7% y/y.

U.S. STOCK PREVIEW

Today’s June Empire manufacturing index is expected to show a -4.01 point decline to 15.00, falling back a bit after the +17.27 point surge to 19.01 seen in May. Today’s May industrial production report is expected to rebound higher by +0.5%, reversing most of the -0.6% decline seen in April. Today’s June NAHB housing market index is expected to show a +2 point increase to 47, recovering a bit after the -1 point drop to a 1-year low of 45 seen in May. There are no Russell 1000 companies that report earnings today.
Equity conferences this week include: American Diabetes Association Conference on Mon, Deutsche Bank 1x1 Insurance Conference on Mon, Natural Gas for Off Road Applications USA Conference on Mon, Wall Street Journal CFO Network Annual Meeting on Mon-Tue, Canadian Telecom Summit 2014 on Mon-Wed, RBC Capital Markets Global Mining & Materials Conference on Tue, Sterne Agee Executive Summit on Tue, Deutsche Bank Global Consumer Conference on Tue-Wed, Wells Fargo Securities Healthcare Conference on Tue-Wed, Predictive Analytics World Conference on Tue-Thu, Jefferies Global Consumer Conference on Wed-Thu, Nomura Corporate Day on Wed, Citi CorpGlobal Water Conference on Thu, Goldman Sachs European Chemicals Vision Conference on Thu, J.P. Morgan Oil & Gas Corporate Access Day on Thu, Morgan Stanley China Industrials Summit on Thu, and Noia Conference 2014 on Thu.

OVERNIGHT U.S. STOCK MOVERS

Norwegian Cruise Line (NCLH -0.18%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
AK Steel (AKS +0.63%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
Williams (WMB +0.70%) was upgraded to 'Buy' from 'Hold' at Jefferies with a price target of $65.
CenterPoint Energy (CNP +0.25%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
DISH (DISH -0.14%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.
RenaissanceRe (RNR +0.85%) was downgraded to 'Market Perform' from 'Outperform' at JMP Securities due to valuation.
Micron (MU +1.04%) was upgraded to 'Outperform' from 'Neutral' at RW Baird.
GNC Holdings (GNC -5.51%) was downgraded to 'Neutral' from 'Outperform' at RW Baird.
Medtronic (MDT -0.15%) jumped 11% in pre-market trading after Sanford C. Bernstein said that Medtronic's acquisition of Covidien will allow it to challenge Johnson & Johnson as the world's biggest medical device company.
Covidien Plc (COV -0.03%) surged 35% in pre-maket trading after Medtronic agreed to buy the company for $42.9 billion.

Eminence Capital reported a 5.1% passive stake in Allscripts (MDRX -1.63%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.27%) this morning are down -4.50 points (-0.23%). The S&P 500 index on Friday closed higher. Bullish factors included (1) the unexpected -0.2% m/m drop in May PPI, weaker than expectations of +0.1% m/m, which boosted speculation the Fed may delay any hike in interest rates, and (2) strength in technology stocks led by a rally in Intel after the world’s largest semiconductor maker said annual sales will increase for the first time in 3 years. Strength in stocks was limited after early-June U.S. consumer confidence unexpectedly fell -0.7 to 81.2, weaker than expectations of +1.1 to 83.0. Closes: S&P 500 +0.31%, Dow Jones +0.25%, Nasdaq +0.31%.
Sep 10-year T-notes (ZNU14 +0.13%) this morning are up +4 ticks. Sep 10-year T-note futures prices on Friday closed lower. Bearish factors included (1) negative carry-over from a drop in British gilts after BOE Governor Carney said that interest rate increases “could happen sooner than markets currently expect,” and (2) reduced safe-haven demand for T-notes as stocks erased early losses and settled higher. Closes: TYU4 -8.00, FVU4 -6.00.
The dollar index (DXY00 +0.04%) this morning isup +0.022 (+0.03%). EUR/USD (^EURUSD) is up +0.0004 (+0.03%). USD/JPY (^USDJPY) is down -0.20 (-0.20%). The dollar index on Friday closed unchanged. EUR/USD weakened after ECB Executive Board member Coeure said that the ECB’s measures introduced Jun 5 created “stability and predictability of rates, with low rates close to zero for a long period of time.” Gains in the dollar were muted after stocks recovered from early losses and closed higher, which reduced safe-haven demand for the dollar. Closes: Dollar Index unch, EUR/USD -0.0017 (-0.13%), USD/JPY +0.310 (+0.30%).
July WTI crude oil (CLN14 +0.10%) this morning is down -2 cents (-0.02%). July gasoline (RBN14 +0.01%) is up +0.0030 (+0.10%). July crude and gasoline prices on Friday settled mixed. July crude posted an 8-3/4 month high and closed higher after Islamist fighters extended their advance into Iraq, which risks starting a civil war that disrupts oil supplies from Iraq, OPEC’s second-largest producer. July gasoline retreated from a 1-1/2 month high and closed lower after early-Jun U.S. consumer confidence index unexpectedly declined. Closes: CLN4 +0.38 (+0.36%) RBN4 -0.026 (-0.84%).

GLOBAL EVENT CALENDAR06/16/2014

US	0830 ET	Jun Empire manufacturing index expected -4.01 to 15.00, May +17.72 to 19.01.
	0915 ET	May industrial production expected +0.5%, Apr -0.6%. May capacity utilization expected +0.3 to 78.9%, Apr was -0.7 to 78.6%.
	1000 ET	Jun NAHB housing market index expected +2 to 47, May -1 to 45.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Revised Eurozone May CPI, previous +0.5% y/y. Revised May core CPI, previous +0.7% y/y.

U.S. STOCK CALENDAR06/16/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Affiliated Managers Group Inc	AMG US	9:00	Annual General Meeting
Principal Financial Group Inc	PFG US		Roadshow - Boston	Y 2014

BARCHART MORNING CALL 6/11

BARCHART MORNING CALL

Wednesday, June 11th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 -0.47%) this morning are down -0.40% and European stocks are down -0.64% after the World Bank cut its global 2014 GDP forecast to 2.8% from a Jan estimate of 3.2%. Also undercutting European stocks was a 4% drop in Airbus after Emirates airlines canceled a deal for $16 billion of A350 planes, the biggest-ever order cancelation. In addition, Lufthansa tumbled 14% after it lowered its earnings forecasts for this year and next. Asian stocks closed mostly lower: Japan +0.50%, Hong Kong -0.25%, China -0.02%, Taiwan +0.08%, Australia -0.29%, Singapore -0.11%, South Korea -0.01%, India -0.43%. Commodity prices are mixed. July crude oil (CLN14 +0.16%) is up +0.15% after Saudi Oil Minister Ali al-Naimi, speaking before OPEC's meeting in Vienna today, said that crude supply, demand and prices are good. July gasoline (RBN14 +0.67%) is up +0.43%. Aug gold (GCQ14 +0.25%) is up +0.18% at a 2-week high. July copper (HGN14 -0.41%) is down -0.44%. Agriculture and livestock prices are mixed ahead of the Jun WASDE crop production report later today. The dollar index (DXY00 -0.16%) is down -0.04%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is down -0.30% at a 1-week low. Sep T-note prices (ZNU14 +0.06%) are down -1.5 ticks.
The World Bank cut its 2014 global growth forecast to 2.8% from a Jan estimate of 3.2%. It also lowered its U.S. 2014 GDP forecast to 2.1% from a Jan estimate of 2.8% and cut its China 2014 GDP estimate to 7.6% from 7.7% estimated in Jan.
UK May jobless claims fell -37,400, more than expectations of -25,000, and Apr was revised to show a -28,400 decrease, more than the originally reported -25,100. The May claimant count rate fell -0.1 to 3.2%, right on expectations and the lowest in 5-1/2 years.
The UK Apr unemployment rate fell -0.2 to 6.6% for the 3-months ended Apr, a bigger decline than expectations of -0.1 to 6.7% and the lowest in 4-1/3 years.
The UK Apr average weekly earnings 3-month avg was +0.7% y/y, less than expectations of +1.2% y/y and the smallest increase in 13 months. UK Apr average weekly earnings ex-bonus 3-month avg rose +0.9% y/y, less than expectations of +1.2% y/y and the smallest increase in 6 months.
The Japan Q2 BSI large all industry business conditions tumbled to -14.6 from 12.7 in Q1. The Q2 BSI large manufacturing business conditions fell to -13.9 from 12.5 in Q1. Both fell to 3-year lows.
Japan May domestic CGPI rose +0.3% m/m and +4.4% y/y, more than expectations of +0.1% m/m and +4.1% y/y, with the +4.4% y/y gain the largest annual increase in 5-1/2 years.

U.S. STOCK PREVIEW

The Treasury today will sell $21 billion of 10-year T-notes. There is one of the Russell 1000 companies that report earnings today: H&R Block (consensus $3.23). Equity conferences during the remainder of this week include: Morgan Stanley Financials Conference on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Goldman Sachs Global Healthcare Conference on Tue-Thu, William Blair Growth Stock Conference on Tue-Thu, Credit Suisse Future of Payments & Commerce Conference on Wed, Goldman Sachs North American Energy Summit on Wed, Mexico Capital Projects & Infrastructure Summit on Wed, 2nd Annual Mexico Capital Projects & Infrastructure Summit on Wed-Thu, Morgan Stanley Leveraged Finance Conference on Wed-Thu, Drexel Hamilton Aerospace and Defense Conference on Thu, and Robert W. Baird & Co. Inc. Utility & Infrastructure Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

B. Riley kept its 'Sell' rating on Radio Shack (RSH -10.39%) and cut its price target on the stock to $0, saying a turnaround at RadioShack is unlikely given its balance sheet and limited cost cutting opportunities.
Stryker (SYK -0.47%) was upgraded to 'Buy' from 'Hold' at Argus.
Marvell (MRVL -0.07%) was upgraded to 'Buy' from 'Neutral' at Nomura.
Reynolds American (RAI -0.29%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill with a price target of $65.
Molson Coors (TAP +5.36%) was upgraded to 'Buy' from 'Underperform' at BofA/Merrill with a price target of $80.
Tiger Global Investments reported an 8% passive stake in Restoration Hardware (RH -0.94%) .
Covidien (COV -0.21%) announced U.S. FDA approval of its Apollo Onyx delivery micro catheter; the first detachable tip micro catheter available in the U.S.
Third Avenue reported a 16.36% passive stake in Spanish Broadcasting (SBSA +1.71%) .
Baker Bros. Advisors reported a 10.8% passive stake in Avanir (AVNR +2.43%) .
Sooner Holdings reported a 8.3% passive stake in Renewable Energy (REGI -0.38%) .
Ulta Salon (ULTA -0.12%) rose over 5% in after-hours trading after it reported Q1 EPS of 77 cents, better than consensus of 74 cents.
United Natural Foods (UNFI -0.85%) reported Q3 EPS of 73 cents, right on consensus.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.47%) this morning are down -7.75 points (-0.40%). The S&P 500 index on Tuesday settled mixed as profit-taking set in after the S&P 500 rose +7.8% in the past 2 months up to Monday’s all-time high. Losses in stocks were contained on optimism that Chinese economic growth can be sustained after the PBOC announced a -0.5 point cut in reserve requirements for some banks in a policy move aimed at supporting smaller companies and agriculture. Closes: S&P 500 -0.02%, Dow Jones +0.02%, Nasdaq +0.13%.
Sep 10-year T-notes (ZNU14 +0.06%) this morning are down -1.5 ticks. Sep 10-year T-note futures prices on Tuesday dropped to a 4-week low and closed lower. Bearish factors for T-notes included (1) supply pressures as the Treasury auctions $62 billion of T-notes this week, and (2) reduced safe-haven demand after stocks erased early losses and settled little changed. Closes: TYU4 -5.50, FVU4 -3.75.
The dollar index (DXY00 -0.16%) this morning is down -0.030 (-0.04%). EUR/USD (^EURUSD) is down -0.0014 (-0.10%). USD/JPY (^USDJPY) is down -0.31 (-0.30%). The dollar index on Tuesday closed higher. Supportive factors included (1) early weakness in stocks which boosted the safe-haven demand for the dollar, and (2) speculation that divergent monetary policies among global central banks will boost the dollar’s interest rate differentials versus the euro and yen as the Fed continues to taper QE3 while the BOJ and ECB expand their monetary stimulus measures. Closes: Dollar Index +0.167 (+0.21%), EUR/USD -0.00462 (-0.34%), USD/JPY -0.176 (-0.17%).
July WTI crude oil (CLN14 +0.16%) this morning is up +16 cents (+0.15%). July gasoline (RBN14 +0.67%) is up +0.0127 (+0.43%). July crude and gasoline prices on Tuesday closed lower. July crude posted a 3-1/4 month high on expectations that Wednesday’s weekly EIA inventory data will show crude stockpiles fell -1.5 million bbl. Prices fell back, however, and closed lower on bearish factors that included (1) a stronger dollar, and (2) reduced geopolitical concerns on the prospects for a cease-fire to be implemented in eastern Ukraine as peace talks continue between Russia and Ukraine. Closes: CLN4 -0.06 (-0.06%) RBN4 -0.0103 (-0.35%).

GLOBAL EVENT CALENDAR06/11/2014

US	0700 ET	Weekly MBA mortgage applications, previous -3.1% with purchase sub-index -3.6% and refi sub-index -2.9%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	Jun WASDE crop production report.
	1300 ET	Treasury auctions $21 billion 10-year T-notes.
	1400 ET	May monthly budget statement expected -$142.500 billion, Apr +$106.853 billion.
UK	0430 ET	UK May jobless claims change expected -25,000, Apr -25,100. May claimant count rate expected -0.1 to 3.2%.
	0430 ET	UK Apr avg weekly earnings expected +1.2% 3-mo avg y/y, Mar +1.7% 3-mo avg y/y. Apr weekly earnings ex-bonus expected +1.2% 3-mo avg y/y, Mar +1.3% 3-mo avg y/y.
	0430 ET	UK Apr ILO unemployment rate expected -0.1 to 6.7% 3-months through Apr.
	1901 ET	UK May RICS house price balance expected 52%, Apr 54%.
JPN	1950 ET	Japan Apr machine orders expected -10.8% m/m and +13.3% y/y, Mar +19.1% m/m and +16.1% y/y.

U.S. STOCK CALENDAR06/11/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
H&R Block Inc	HRB US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	3.233
Rayonier Inc	RYN US	7:00	Business Update Call
H&R Block Inc	HRB US	8:30	Q4 2014 Earnings Call	Q4 2014
Caterpillar Inc	CAT US	9:00	Annual General Meeting	Y 2014
Triumph Group Inc	TGI US	9:00	Investor Day	Y 2014
Allegion PLC	ALLE US	9:30	Annual General Meeting
Teekay Corp	TK US	11:00	Annual General Meeting	Y 2013
SeaWorld Entertainment Inc	SEAS US	11:00	Annual General Meeting
Knowles Corp	KN US	11:00	Management Conference Call
NetSuite Inc	N US	11:30	Annual General Meeting	Y 2014
FireEye Inc	FEYE US	13:00	Annual General Meeting
Dick's Sporting Goods Inc	DKS US	13:30	Annual General Meeting	Y 2014
Target Corp	TGT US	14:30	Annual General Meeting	Y 2014
Progressive Corp/The	PGR US		May 2014 Sales and Revenue Release	2014
Alliant Energy Corp	LNT US		Roadshow-Day 2	Y 2014
United Parcel Service Inc	UPS US		Roadshow - Geneva	Y 2014
DreamWorks Animation SKG Inc	DWA US		Annual General Meeting
United Continental Holdings Inc	UAL US		Annual General Meeting
Zynga Inc	ZNGA US		Annual General Meeting