Morning Call 11/13

Barchart Morning Call

Barchart.com - 25 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.24%) this morning are down -0.15% on long liquidation spurred on by market doubts over the trajectory of U.S. tax reform. European stocks are down -0.37% at a 2-week low after Kepler Cheuvreux downgraded European equities to 'Underweight' from perspective of international allocation. Asian stocks settled mostly lower: Japan -1.32%, Hong Kong +0.21%, China +0.44%, Taiwan -0.45%, Australia -0.13%, Singapore -0.03%, South Korea -0.49%, India -0.84%. China's Shanghai Composite rose to a new 1-3/4 year high, led by a rally in bank stocks. China 10-year note yield jumped to a 3-year high of 3.98% on signs the government's attempt to reduce leverage is working after China Oct aggregate financing, the broadest measure of credit growth, rose by a less-than-expected 1.04 trillion yuan, the smallest increase in a year.

The dollar index (DXY00 +0.13%) is up +0.16%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is down -0.16%.

Dec 10-year T-note prices (ZNZ17 +0.13%) are up +5 ticks.

Philadelphia Fed President Harker said he's looking for another Fed rate hike this year and that the balance sheet unwind will be "boring." He added that he would be more confident with three rate hikes next year if underlying inflation picks up above 2%.

ECB Vice President Constancio said "the Eurozone economy is experiencing a broad-based, robust and resilient recovery, but we know that this process still relies significantly on our monetary policy support."

China Oct new yuan loans were +663.2 billion yuan, weaker than expectations of +783.0 billion yuan and the least amount of new loans in a year. Oct aggregate financing increase 1.04 trillion yuan, weaker than expectations of 1.10 trillion yuan and the smallest increase in a year.

Japan Oct PPI of +0.3% m/m and +3.4% y/y was stronger than expectations of +0.1% m/m and +3.1% y/y with the +3.4% y/y gain the sharpest year-on-year increase in 3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct monthly budget statement (expected -$58.0 billion, Sep +$8.0 billion), (2) USDA weekly grain export inspections, (3) USDA crop conditions and progress report.

Notable Russell 2000 earnings reports today include: Tyson Foods (1.36).

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

Equity conferences during the remainder of this week: UBS Global Technology Conference on Mon-Tue, J.P. Morgan Ultimate Services Investor Conference on Tue, NAREIT REITWorld Convention on Tue, Stifel Nicolaus Health Care Conference on Tue, Bank of America Merrill Lynch Future of Financials Conference on Tue-Wed, Goldman Sachs Industrials Conference on Tue-Wed, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Barclays Global Automotive Conference on Wed, MoffettNathanson Inaugural Software Forum on Wed, Morgan Stanley Global Chemicals and Agriculture Conference on Wed, UBS Industrial and Transportation Conference on Wed, Universal Companion Diagnostic Test Personalized Medicine Conference on Wed, Jefferies London Health Care Conference on Wed-Thu, Morgan Stanley European Technology, Media & Telecom Conference on Wed-Thu, Deutsche Bank Lithium Supply Chain and Energy Storage Conference on Thu, MKM Partners Entertainment, Travel & Technology Conference on Thu, Bank of America Merrill Lynch Global Energy Conference on Thu-Fri, Gabelli & Co Financial Services Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

General Electric (GE +2.50%) said it will cut its quarterly dividend by 50% to 12 cents a share from 24 cents a share.

Equifax (EFX -0.19%) was downgraded to 'Hold' from 'Buy' at Stifel.

Time Warner (TWX +4.08%) was upgraded to 'Buy' from 'Neutral' at Rosenblatt Securities with a price target of $103.

MercadoLibre (MELI +1.67%) was downgraded to 'Sell' from 'Fairly Valued' at Nau Securities with a price target of $240.

TD Ameritrade (AMTD +0.99%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Nvidia (NVDA +5.27%) was upgraded to 'Market Perform' from 'Underperform' at BMO Capital Markets.

Autodesk (ADSK +0.58%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a price target of $150.

Exact Sciences (EXAS +2.01%) was downgraded to 'Neutral' from 'Outperform' with a price target of $56.

JM Smucker (SJM +1.48%) was upgraded to 'Positive' from 'Neutral' at Susquehanna Financial with a price target of $127.

Mattel (MAT +4.95%) surged over 20% in pre-market trading after the WSJ reported Hasbro has discussed an acquisition of Mattel. Hasbro (HAS +3.11%) moved up nearly 3% on the news.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.24%) this morning are down -3.75 points (-0.15%). Friday's closes: S&P 500 -0.09%, Dow Jones -0.17%, Nasdaq -0.05%. The S&P 500 on Friday closed lower on long liquidation in stocks fueled by pessimism U.S. legislators will be able to pass tax reform legislation after the Senate revealed Thursday that its tax plan would delay corporate tax cuts until 2019. Stocks were also undercut by the unexpected -2.9 point decline in the U.S. Nov University of Michigan consumer sentiment index to 97.8 (weaker than expectations of +0.1 to 100.8) and by interest rate concerns as the 10-year T-note yield rose to a 2-week high on hawkish comments from San Francisco Fed President Williams who said he expects a Fed rate hike at next month's FOMC meeting and three more rate hikes next year.

Dec 10-year T-note prices (ZNZ17 +0.13%) this morning are up +5 ticks. Friday's closes: TYZ7 -15.50, FVZ7 -6.75. Dec 10-year T-notes on Friday dropped to a 2-week low and closed lower on negative carry-over from a fall in 10-year German bunds to a 2-week low and on hawkish comments from San Francisco Fed President Williams who said he expects a Fed rate hike at next month's FOMC meeting and three more next year. T-note prices were also undercut by increased inflation expectations after the 10-year T-note breakeven inflation expectations rate rose to a 6-month high.

The dollar index (DXY00 +0.13%) this morning is up +0.155 (+0.16%). EUR/USD (^EURUSD) is down -0.0010 (-0.09%) and USD/JPY (^USDJPY) is down -0.18 (-0.16%). Friday's closes: Dollar Index -0.053 (-0.06%), EUR/USD +0.0023 (+0.20%), USD/JPY +0.06 (+0.05%). The dollar index on Friday fell to a 2-week low and closed lower on the unexpected decline in the U.S. Nov University of Michigan consumer sentiment and on strength in GBP/USD which rose to a 1-week high after UK Sep industrial production and manufacturing production rose more than expected, which was hawkish for BOE monetary policy.

Dec crude oil (CLZ17 +0.14%) this morning is up +13 cents (+0.23%) and Dec gasoline (RBZ17 +0.58%) is up +0.0125 (+0.69%). Friday's closes: Dec WTI crude -0.43 (-0.75%), Dec gasoline -0.0073 (-0.40%). Dec crude oil and gasoline on Friday closed lower on weakness in stocks, which undercuts optimism in the economic outlook and energy demand, and on the 9-rig increase in U.S. active oil rigs in the week ended Nov 10 to 738 rigs, which may lead to stronger future U.S. crude output.

Metals prices this morning are higher with Dec gold (GCZ17 +0.36%) +4.7 (+0.37%), Dec silver (SIZ17 +0.02%) +0.014 (+0.08%) and Dec copper (HGZ17 +0.08%) +0.009 (+0.29%). Friday's closes: Dec gold -13.3 (-1.03%), Dec silver -0.104(-0.61%), Dec copper -0.0100 (-0.32%). Metals on Friday closed lower on hawkish comments from San Francisco Fed President Williams who said he expects a Fed rate hike next month and three more rate hikes next year and on the +18.198 MT increase in weekly Shanghai copper inventories to 145,471, a 7-week high.

GLOBAL EVENT CALENDAR11/13/2017

		Monday, Nov 13
US	1100 ET	USDA weekly grain export inspections.
	1400 ET	Oct monthly budget statement expected -$50.0 billion, Sep +$8.0 billion.
	1600 ET	USDA crop conditions and progress report.
		Tuesday, Nov 14
US	0305 ET	Chicago Fed President Charles Evans (voter) takes part in a panel discussion at an ECB conference in Frankfurt on Communications Challenges for Policy Effectiveness, Accountability and Reputations.
	0500 ET	Fed Chair Janet Yellen takes part in a ECB panel discussion on Challenges and Opportunities of Central Bank Communication with ECB President Mario Draghi, BOJ Governor Haruhiko Kuroda and BOE Governor Mark Carney.
	0830 ET	Oct PPI final demand expected +0.1% m/m and +2.3% y/y, Sep +0.4% m/m and +2.6% y/y. Oct PPI ex food & energy expected +0.2% m/m and +2.2% y/y, Sep +0.4% m/m and +2.2% y/y.
	1305 ET	Atlanta Fed President Raphael Bostic (non-voter) speaks on the economic outlook and monetary policy at a forum in Montgomery, Alabama.

U.S. STOCK CALENDAR11/13/2017

Name	Ticker	Time	Description	Period	Estimate
Equifax Inc	EFX US	08:30	Q3 2017 Earnings Call	Q3 17
WW Grainger Inc	GWW US	10:00	Annual General Meeting
WW Grainger Inc	GWW US	10:00	Analyst Meeting
Rayonier Inc	RYN US	10:30	Investor Day
Humana Inc	HUM US		Investor Meeting
Maxim Integrated Products Inc	MXIM US	13:00	Annual General Meeting

Morning Call 9/18

Morning Call

Barchart Morning Call

Barchart.com - Mon Sep 18, 6:41AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.18%) this morning are up +0.22% at a new record nearest-futures high and European stocks are up +0.38% at a 2-month high. Increased M&A activity is giving equity markets a boost after Northrop Grumman agreed to buy Orbital ATK for $7.8 billion. European stocks found support on an upbeat monthly report from the Bundesbank that said, "the German economy may continue its path of strong expansion in Q3 of 2017." The rally in global equity markets has reduced the safe-haven demand for gold with Dec COMEX gold (GCZ17 -0.48%) down -0.48%at a 2-week low. Asian stocks settled mostly higher: Japan closed for holiday, Hong Kong +1.27%, China +0.28%, Taiwan +0.48%, Australia +0.45%, Singapore +1.01%, South Korea +1.67%, India +0.47%. Chinese stocks rose, led by gains in developers and property stocks, on the prospects of less property restrictions after China Aug new home prices showed the smallest amount of increases since Jan.

The dollar index (DXY00 -0.03%) is down -0.02%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.37% at a 1-1/2 month high.

Dec 10-year T-note prices (ZNZ17 -0.06%) are down -2.5 ticks.

In its monthly report for Sep, the Bundesbank said, "the German economy may continue its path of strong expansion in Q3 of 2017, even if with slightly less momentum than in the first half of the year."

China Aug new home prices rose in 46 of 70 cities tracked by the government, down from 56 cities that rose in Jul, the smallest number of increases since Jan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Sep NAHB housing market index (expected -1 to 67, Aug +4 to 68), (2) USDA weekly grain export inspections, (3) USDA crop conditions and progress report.

Notable Russell 1000 earnings reports today include: none.

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

Equity conferences this week: Stephens Bank CEO Forum on Mon-Tue, CECP CEO Investor Forum on Tue, Forum International Supply Chain Expo on Tue, J.P. Morgan U.S. All Stars Conference on Tue, Raymond James North America Equities Conference on Tue, D.A. Davidson Engineering & Construction Conference on Wed, Electronic Design Process Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

Orbital ATK (OA +1.52%) surged 20% in pre-market trading after the company was acquired by Northrop Grumman for $7.8 billion, or $134.50 a share.

Tech Data (TECD +1.09%) was initiated a new 'Buy' at Needham & Co. with a 12-month target price of $100.

Caterpillar (CAT +0.74%) was upgraded to 'Buy' from 'Neutral' at UBS with a price target of $140.

Resolute Energy (REN +9.21%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital Markets.

Finish Line (FINL +2.84%) was downgraded to 'Underweight' from 'Neutral' with a 12-month target price of $8.

Applied Materials (AMAT +0.19%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital Markets with a target price of $55.

Brookfield Infrastructure Partners LP (BIP +0.07%) rose over 2% in after-hours trading after Exame reported that it is weighing a possible bid for JBS SA, the world's largest meat producer

Weibo (WB -0.81%) lost -0.3% in after-hours trading after Chief Financial Officer Herman Yu resigned to "pursue other opportunities."

Horizon Pharma (HZNP -1.46%) gained almost 1% in after-hours trading after Reuters reported that people familiar with the situation said the company was working with Morgan Stanley to review strategic options for its primary care unit, including a potential sale.

Equifax (EFX -3.81%) said its Chief Information Officer David Webb and Chief Security Officer Susan Mauldin are retiring effective immediately.

Neos Therapeutics (NEOS +2.22%) rose over 3% but then reversed course and dropped 6% in after-hours trading. The stock rallied initially after it received FDA approval for its Adzenys ER drug for treatment of Attention Deficit Hyperactivity Disorder in patients 6 years and older. However, the stock erased its gains and headed lower after a BMO Capital Markets analyst said there may be some "financing overhang" on the stock as the company may need additional funding in the future to get to breakeven.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.18%) this morning are up +5.50 points (+0.22%) at a new record-nearest-futures high. Friday's closes: S&P 500 +0.18%, Dow Jones +0.29%, Nasdaq +0.32%. The S&P 500 on Friday rose to a new all-time high and closed higher on strength in technology stocks and on the stronger-than-expected Sep Empire manufacturing index of -0.8 to 24.4 (stronger than expectations of -7.2 to 18.0). There was also technical buying with the new all-time high. Stocks were undercut by geopolitical tensions after North Korea fired another missile over Japan and by the unexpected -0.2% decline in the U.S. Aug retail sales report (vs expectations of +0.1%).

Dec 10-year T-note prices (ZNZ17 -0.06%) this morning are down -2.5 ticks. Friday's closes: TYZ7 -3.00, FVZ7 -2.75. Dec 10-year T-notes on Friday closed lower on negative carry-over from a rise in global yields after the 10-year UK Gilt yield rose to a 7-1/4 month high and the German bund yield climbed to a 1-month high. There was also reduced safe-haven demand for T-notes after the S&P 500 rose to a new record high. T-notes were supported by the unexpected declines in U.S Aug retail sales and Aug manufacturing production.

The dollar index (DXY00 -0.03%) this morning is down -0.014 (-0.02%). EUR/USD (^EURUSD) is up +0.0023 (+0.19%) and USD/JPY (^USDJPY) is up +0.41 (+0.37%) at a 1-1/2 month high. Friday's closes: Dollar Index -0.252 (-0.27), EUR/USD +0.0026 (+0.22%), USD/JPY +0.59 (+0.54%). The dollar index on Friday closed lower on the weaker-than-expected U.S. Aug retail sales and manufacturing production reports, which were dovish for Fed policy. There was also strength in GBP/USD which soared to a 14-1/2 month high on carry-over from Thursday's BOE meeting where the BOE said it sees scope for stimulus reduction in the coming months.

Oct crude oil (CLV17 -0.54%) this morning is down -7 cents (-0.14%) and Oct gasoline (RBV17 -0.26%) is +0.0021 (+0.13%). Friday's closes: Oct WTI crude unch, Oct gasoline +0.0330 (+2.03%). Oct crude oil and gasoline on Friday settled mixed. Crude oil prices were supported by the weaker dollar and by an increase in the crack spread for the first time in the last 3 sessions, which may boost refinery demand for crude to refine into gasoline. Crude oil prices were undercut by the weaker-than-expected U.S. Aug retail sales and manufacturing production reports, which signaled reduced energy demand.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.48%) -6.3 (-0.48%) at a 2-week low, Dec silver (SIZ17-0.71%) -0.121 (-0.68%) at a 2-week low and Dec copper (HGZ17 +0.76%) +0.022 (+0.75%). Friday's closes: Dec gold -4.1(-0.31%), Dec silver -0.088 (-0.49%), Dec copper -0.0085 (-0.29%). Metals on Friday closed lower with Dec copper at a 1-month low. Metals prices were undercut by the rally in the S&P 500 to a new record high, which curbed safe-haven demand for precious metals, and by the unexpected decline in U.S. Aug manufacturing production, which signals reduced demand for industrial metals.

GLOBAL EVENT CALENDAR09/18/2017

		Monday, Sep 18
US	1000 ET	Sep NAHB housing market index expected -1 to 67, Aug +4 to 68.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
		Tuesday, Sep 19
US	0830 ET	Aug housing starts expected +1.7% to 1.175 million, Jul -4.8% to 1.155 million. Aug building permits expected -0.8%to 1.220 million, Jul -3.5% to 1.230 million.
	0830 ET	Aug import price index expected +0.4% m/m and +2.2%, July +0.1% m/m and +1.5% y/y. Aug import price index ex-petroleum expected +0.2%, July unchanged. Aug export price index expected +0.2% m/m, Jul +0.4% m/m and +0.8% y/y.
	0830 ET	Q2 current account balance expected -$112.4 billion, Q1 -$116.8 billion
	1030 ET	EIA Weekly Petroleum Status Report.
	1030 ET	FOMC begins 2-day policy meeting.

U.S. STOCK CALENDAR09/18/2017

Name	Ticker	Time	Description	Period	Estimate
Patterson Cos Inc	PDCO US		Annual General Meeting

Morning Call 11/30

Barchart Morning Call

Barchart.com - 3 hours ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.26%) are up +0.22% and European stocks are up +0.32% at a 1-week high as strength in energy producing stocks leads the overall market higher. Jan WTI crude oil (CLF17 +7.96%) has surged +7.12% to a 1-week high after OPEC ministers expressed optimism about a deal to cut oil production and prop up oil prices. Iraqi Oil Minister Jabbar al-Luaibi said OPEC ministers were unanimous in favor of a cut and Iran Oil Minister Bijan Namdar Zanganeh said producers will reach agreement without his country freezing production and that Russia was ready to abandon its previous position and participate in curbing oil production. European stocks also received a boost after German Oct retail sales rose more than expected at the fastest pace in 2-3/4 years. Asian stocks settled mixed: Japan +0.01%, Hong Kong +0.23%, China -1.00%, Taiwan +0.53%, Australia -0.31%, Singapore +0.86%, South Korea +0.53%, India +0.98%. The Chinese yuan rose to a 1-1/2 week high against the dollar after people familiar with the matter said the PBOC is adding curbs to stop capital outflows and that it won't approve requests to bring the yuan overseas for the purpose of converting into foreign currencies unless applicants provide a valid business reason. The equivalent of $275 billion exited China via yuan payments this year through Oct, versus a $101.5 billion outflow in the same period of 2015.

The dollar index (DXY00 +0.28%) is up +0.12%. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is up +0.76%.

Dec 10-year T-note prices (ZNZ16 -0.39%) are down -12 ticks.

German Oct retail sales rose +2.4% m/m, stronger than expectations of +1.0% m/m and the largest monthly increase in 2-3/4 years.

The Eurozone Nov CPI estimate rose +0.6% y/y, right on expectations. The Nov core CPI rose +0.8% y/y, also right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%), (2) Dallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York, (3) Nov ADP employment change (expected +169,000, Oct +147,000), (4) Oct personal spending (expected +0.5%, Sep +0.5%) and Oct personal income (expected +0.4%, Sep +0.3%), (5) Oct PCE deflator (expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y) and Oct core PCE (expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y), (6) Nov Chicago PMI (expected +1.9 to 52.5, Oct -3.6 to 50.6), (7) Oct pending home sales (expected unch m/m, Sep +1.5% m/m and +2.0% y/y), (8) Fed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C., (9) Fed Beige Book, (10) OPEC meeting in Vienna, (11) EIA Weekly Petroleum Status Report.

Russell 1000 earnings reports today include: PVH Corp (consensus $2.40), Synopsys (0.77).

U.S. IPO's scheduled to price today: Supportingsmallbusiness Inc, Innovative Industrial Properties (IIPR).

Equity conferences during the remainder of this week include: Credit Suisse Technology, Media, and Telecom Conference on Mon-Wed, Citi Basic Materials Conference on Tue-Wed, Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed, NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

Celanese (CE +0.73%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $92.

AmSurg (AMSG +3.85%) will replace Legg Mason in the S&P 500 effective after the close of trading on Thursday, Dec 1.

Mid-America Apartment Communities (MAA +1.68%) will replace Owens-Illinois in the S&P 500 as of the close of trading Thursday, Dec 1.

Shutterfly (SFLY +0.22%) was rated a new 'Buy' at Alegis Capital with an 18-month target price of $62.

Advaxis (ADXS -3.82%) was rated a new 'Buy' at Cantor Fitzgerald with a 12-month target price of $19.

Splunk (SPLK -0.07%) rallied over 4% in after-hours trading after it reported Q3 adjusted EPS of 12 cents, above consensus of 8 cents, and then raised guidance on fiscal 2017 revenue view to $930 million-$932 million from a prior view of $910 million-$914 million.

Autodesk (ADSK +0.11%) dropped 3% in after-hours trading after it forecast a Q4 adjusted share loss of -32 cents to -39cents, a larger loss than consensus of -31 cents.

Hyatt Hotels (H -0.08%) slid over 1% in after-hours trading after a 6-million share block of shares was offered.

Guidewire Software (GWRE -1.40%) rose over 2% in after-hours trading after it reported an unexpected Q1 adjusted EPS profit of 2 cents, better than consensus of a -5 cent loss, and then raised guidance on fiscal 2017 revenue to $473 million-$483 million from a September 7 view of $471.5 million-$483.5 million.

Ooma (OOMA +4.40%) climbed over 4% in after-hours trading after it reported a Q3 adjusted loss of -2 cents a share, a smaller loss than consensus of -5 cents, and then raised guidance on 2017 adjusted EP loss to -16 cents to -19 cents from an August 30 view of -20 cents to -25 cents.

Evolent Health (EVH -7.14%) fell 7% in after-hours trading after it said it will offer $110 million in convertible senior notes due on 2021, convertible into Class A shares.

Costamare (CMRE -6.60%) sank 9% in after-hours trading after it announced a public offering of 11 million shares of common stock.

Arrowhead Pharmaceuticals (ARWR -1.57%) plunged 60% in after-hours trading after it said it will discontinue development of clinical stage drug candidates ARC-520, ARC-521 and ARC-AAT and will reduce its workforce by 30%.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.26%) this morning are up +4.75 points (+0.22%). Tuesday's closes: S&P 500 +0.13%, Dow Jones 0.12%, Nasdaq +0.33%. The S&P 500 on Tuesday closed higher on the upward revision to U.S Q3 GDP to 3.2% from +2.9%, stronger than expectations of +3.0% and the fastest pace of expansion in 2 years. Stocks were also boosted by the +6.3 point increase in U.S. Nov consumer confidence (Conference Board) to a 9-1/3 year high of 107.1, stronger than expectations of +2.9 to 101.5. Energy producer stocks were undercut by the -3.93% slide in crude oil prices to a 2-week low.

Dec 10-year T-notes (ZNZ16 -0.39%) this morning are down -12 ticks. Tuesday's closes: TYZ6 +4.00, FVZ6 +3.00. Dec 10-year T-note futures on Tuesday rebounded from early losses and closed higher on short-covering after the recent plunge and the sharp sell-off in crude oil to a 2-week low, which undercut inflation expectations as the 10-year T-note breakeven inflation rate fell to a 1-1/2 week low.

The dollar index (DXY00 +0.28%) this morning is up +0.120 (+0.12%). EUR/USD (^EURUSD) is down -0.0002 (-0.02%). USD/JPY (^USDJPY) is up +0.85 (+0.76%). Tuesday's closes: Dollar index -0.400 (-0.39%), EUR/USD +0.0036 (+0.34%), USD/JPY +0.44 (+0.39%). The dollar index on Tuesday closed lower on strength in EUR/USD after Eurozone Nov economic confidence rose +0.1 to an 11-month high of 106.5. The dollar was also undercut by the decline in 10-year T-note yields, which reduced the dollar's interest rate differentials and spurred liquidation of long dollar positions.

Jan crude oil prices (CLF17 +7.96%) this morning are up sharply by +$3.22 a barrel (+7.12%) and Jan gasoline (RBF17+5.98%) is +0.0744 (+5.40%), both at 1-week highs. Tuesday's closes: Jan crude -1.85 (-3.93%), Jan gasoline -0.0381(-2.69%). Jan crude oil and gasoline in Tuesday sold off sharply with Jan crude at a 2-week low. Crude oil prices fell on doubts that OPEC will be able to agree on any production cuts when it meets Wednesday in Vienna as Iran and Iraq continue to resist calls to cut output and Saudi Arabia says it is ready to reject a deal unless Iran and Iraq compromise.

GLOBAL EVENT CALENDAR11/30/2016

		Wednesday, Nov 30
US	0700 ET	Weekly MBA mortgage applications, previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%.
	0800 ET	Dallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York.
	0815 ET	Nov ADP employment change expected +169,000, Oct +147,000.
	0830 ET	Oct personal spending expected +0.5%, Sep +0.5%. Oct personal income expected +0.4%, Sep +0.3%.
	0830 ET	Oct PCE deflator expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y. Oct core PCE expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y.
	0945 ET	Nov Chicago PMI expected +1.9 to 52.5, Oct -3.6 to 50.6.
	1000 ET	Oct pending home sales expected unch m/m, Sep +1.5% m/m and +2.0% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1145 ET	Fed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C.
	1400 ET	Fed Beige Book.
	n/a	OPEC meeting in Vienna.
		Thursday, Dec 1
US	0730 ET	Nov Challenger job cuts, Oct -39.1% y/y.
	0830 ET	Weekly initial unemployment claims expected +2,000 to 253,000, previous +18,000 to 251,000. Weekly continuing claims expected -10,000 to 2.033 million, previous +60,000 to 2.043 million.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Dallas Fed President Robert Kaplan (non-voter) speaks in a moderated Q&A at St. Marys University Forum on Entrepreneurship.
	0945 ET	Final-Nov Markit manufacturing PMI expected unch at 53.9, prelim-Nov +0.5 to 53.9.
	1000 ET	Oct construction spending expected +0.6%, Sep -0.4%.
	1000 ET	Nov ISM manufacturing index expected +0.4 to 52.3, Oct +0.4 to 51.9. Nov ISM new orders, Oct -3.0 to 52.1. Nov ISM employment, Oct +3.2 to 52.9. Nov ISM prices paid expected -0.5 to 54.0, Oct +1.5 to 54.5.
	n/a	Nov total vehicle sales expected 17.70 million, Oct 17.91 million. Nov domestic vehicle sales expected 14.00 million, Oct 14.05 million.

U.S. STOCK CALENDAR11/30/2016

Company	Ticker	Time	Event Description	Period	Estimate
Pilgrim's Pride Corp	PPC US	9:00	Acquisition of GNP Company by Pilgrim's Pride Corp Call
Equifax Inc	EFX US	10:00	Business Update Call
Microsoft Corp	MSFT US	11:00	Annual General Meeting	Y 2016
Synopsys Inc	SNPS US	17:00	Q4 2016 Earnings Call	Q4 2016
PVH Corp	PVH US	Aft-mkt	Q3 2017 Earnings Release	Q3 2017	2.401
Synopsys Inc	SNPS US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.768
Costco Wholesale Corp	COST US	21:00	November 2016 Sales and Revenue Release	2016