Morning Call 9/21

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.02% with mining stocks leading losses in the overall market as metals prices decline with Dec COMEX gold (GCZ17 -1.51%) down -1.48% to a 3-1/2 week low and Dec COMEX copper (HGZ17 -1.18%) down -0.94% to a 1-month low. Metals prices retreated after the Fed signaled Wednesday afternoon, after metals markets had closed, that it will start trimming its balance sheet next month and projected another interest rate increase for this year. European stocks are up +0.55% at a 2-1/2 month high due to a rally in bank stocks and insurance companies on rising bond yields as the 10-year German bund climbed to a 1-1/2 month high of 0.484%. Asian stocks settled mostly lower: Japan +0.18%, Hong Kong -0.06%, China -0.24%, Taiwan +0.56%, Australia -0.94%, Singapore -0.13%, South Korea -0.07%, India -0.09%. Chinese stocks fell back after S&P Global Ratings cut China's sovereign credit rating by one step to A+ from AA-, citing the risks from soaring debt. Japan's Nikkei Stock Index rallied to a new 2-year high after the BOJ kept its benchmark interest rate at a record low and maintained its QE program. The divergence in monetary policies between the Fed and BOJ also weakened the yen, which boosted Japanese exporter stocks as USD/JPY climbed to a 2-month high.

The dollar index (DXY00 +0.03%) is down -0.06%. EUR/USD (^EURUSD) is up +0.08%. USD/JPY (^USDJPY) is up +0.29% to a 2-month high.

Dec 10-year T-note prices (ZNZ17 +0.01%) are up +1 tick.

As expected, the BOJ kept its benchmark interest rate at -0.1% and said it will maintain its purchases of government bonds to keep the 10-year bond yield at about zero percent.

S&P Global Ratings cut China's sovereign credit rating by one step to A+ from AA-, the first cut since 1999, saying "China's prolonged period of strong credit growth has increased its economic and financial risks."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +16,000 to 300,000, previous -14,000 to 284,000) and continuing claims (expected +31,000 to 1.975 million, previous -7,000 to 1.944 million), (2) Sep Philadelphia Fed business outlook index (expected -1.7 to 17.2, Aug -0.6 to 18.9), (3) Jul FHFA house price index (expected +0.4% m/m, Jun +0.1% m/m), (4) Aug leading indicators (expected +0.3%, Jul +0.3%), (5) Treasury auctions $11 billion of 10-year TIPS, (6) USDA weekly Export Sales.

Notable Russell 1000 earnings reports today include: none.

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

Equity conferences this week: Electronic Design Process Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

PRA Group (PRAA +0.17%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.

Netflix (NFLX -0.09%) was initiated with a 'Buy' at Buckingham Research Group with a 12-month target price of $214.

Anadarko Petroleum (APC +2.40%) jumped over 4% in after-hours trading after its board authorized a $2.5 billion share repurchase program through the end of 2018.

Nvidia (NVDA -0.81%) slid 2% in after-hours trading after CNBC reported that AMD is working with Tesla on a chip for autonomous driving. Nvidia currently supplies Tesla with graphics processing units.

Advanced Micro Devices (AMD +4.73%) climbed 4% in after-hours trading after it said it was working with Tesla on an AI self-drive chip.

Herman Miller (MLHR unch) lost nearly 2% in after-hours trading after the CEO said the company faces "some challenges resulting from the recent storms in Texas and the South East."

Global Blood Therapeutics (GBT +0.35%) rose 3% in after-hours trading after Needham initiated coverage on the stock with a 'Buy' and a price target of $59.

Juno Therapeutics (JUNO +3.22%) fell over 4% in after-hours trading after it announced a $225 million secondary offering of its common stock.

Amphastar Pharmaceuticals (AMPH -0.13%) gained almost 3% in after-hours trading after the company received approval from the FDA for its sodium bicarbonate injection prefilled syringe system.

GSE Systems (GVP +1.82%) rose 2% in after-hours trading after it purchased Absolute Consulting for $8.75 million in cash.

Blue Apron Holdings (APRN -5.26%) gained 3% in after-hours trading on take-over speculation after Albertsons agreed to purchase Plated, another meal-kit service.

VEON Ltd (VEON -0.71%) dropped 4% in after-hours trading after it announced that Telenor East Holding II is offering for sale 90 million shares of VEON.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -0.50 points (-0.02%). Wednesday's closes: S&P 500 +0.06%, Dow Jones +0.19%, Nasdaq -0.29%. The S&P 500 on Wednesday rose to a new record high and settled higher on the FOMC's confidence in the economy as displayed by its willingness to issue a hawkish interest rate forecast and also raise its 2017 GDP estimate to +2.4% from 2.2%. There was also strength in energy stocks as crude oil prices rose +1.58% to a 3-3/4 month high. Stocks were undercut by the weaker-than-expected U.S. Aug existing home sales report of -1.7% to a 1-year low of 5.35 million (vs expectations of +0.2% to 5.45 million) and the jump in the 10-year T-note yield to a 1-1/2 month high after the FOMC maintained its projection for one more 25 bp rate hike this year and three more next year.

Dec 10-year T-note prices (ZNZ17 +0.01%) this morning are up +1 tick. Wednesday's closes: TYZ7 -11.50, FVZ7 -8.00. Dec 10-year T-notes on Wednesday fell to a 1-1/2 month low and closed lower on the FOMC's projections for one more 25 bp rate hike this year and three more next year and the FOMC's hike in its U.S. 2017 GDP estimate to 2.4% from 2.2%.

The dollar index (DXY00 +0.03%) this morning is down -0.058 (-0.06%). EUR/USD (^EURUSD) is up +0.0010 (+0.08%) and USD/JPY (^USDJPY) is up +0.32 (+0.29%) at a 2-month high. Wednesday's closes: Dollar Index +0.715 (+0.78), EUR/USD -0.0102 (-0.85%), USD/JPY +0.63 (+0.56%). The dollar index on Wednesday rallied to a 2-week high and closed higher on the FOMC's hike in its 2017 U.S. GDP estimate to 2.4% from 2.2% and the FOMC's projections for one more 25 bp rate hike this year and three more rate hikes next year.

Nov crude oil (CLX17 -1.01%) this morning is down -29 cents (-0.57%) and Nov gasoline (RBX17 -0.72%) is -0.0079(-0.49%). Wednesday's closes: Nov WTI crude +0.79 (+1.58%), Nov gasoline +0.0099 (+0.62%). Nov crude oil and gasoline on Wednesday closed higher on the -2.13 million bbl decline in EIA gasoline inventories to a 1-3/4 year low and the -5.693 bbl fall in EIA distillate stockpiles to a 2-year low, more than expectations of -1.95 million bbl.

Metals prices this morning are weaker with Dec gold (GCZ17 -1.51%) -19.5 (-1.48%) at a 3-1/2 week low, Dec silver (SIZ17-1.90%) -0.349 (-2.01%) at a 3-1/2 week low and Dec copper (HGZ17 -1.18%) -0.028 (-0.94% at a 1-month low. Wednesday's closes: Dec gold +5.8 (+0.44%), Dec silver +0.055 (+0.32%), Dec copper -0.0005 (-0.02%). Metals on Wednesday settled mixed. Metals were supported by early weakness in the dollar and by short-covering ahead of the outcome of Wednesday's 2-day FOMC meeting, which happened after the close of metals trading. Copper closed lower after U.S. Aug existing home sales unexpectedly fell -1.7% to a 1-year low of 5.35 million, a sign of weaker copper demand.

GLOBAL EVENT CALENDAR09/21/2017

		Thursday, Sep 21
US	0830 ET	Weekly initial unemployment claims expected +16,000 to 300,000, previous -14,000 to 284,000. Weekly continuing claims expected +31,000 to 1.975 million, previous -7,000 to 1.944 million.
	0830 ET	Sep Philadelphia Fed business outlook index expected -1.7 to 17.2, Aug -0.6 to 18.9.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Jul FHFA house price index expected +0.4% m/m, Jun +0.1% m/m.
	1000 ET	Aug leading indicators expected +0.3%, Jul +0.3%.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Sep 26-28.
	1300 ET	Treasury auctions $11 billion 10-year TIPS.
		Friday, Sep 22
US	0600 ET	San Francisco Fed President John Williams (non-voter) speaks to media prior to taking part in a closed academic conference at the Swiss National Bank in Zurich.
	0930 ET	Kansas City Fed President Esther George delivers opening keynote speech at a conference on global oil supply and demand hosted jointly by the Kansas City and Dallas Fed titled Global Oil Supply & Demand; Prospects for Greater Balance.
	0945 ET	Preliminary-Sep Markit U.S. manufacturing PMI expected +0.2 to 53.0, Aug -0.5 to 52.8. Sep Markit U.S. services PMI expected -0.2 to 55.8, Aug +1.3 to 56.0.
	1330 ET	Dallas Fed President Robert Kaplan speaks in a moderated Q&A at a conference on global oil supply and demand hosted jointly by the Kansas City and Dallas Fed.
	1500 ET	USDA Aug Cold Storage.
	1500 ET	USDA Aug Cattle on Feed.

U.S. STOCK CALENDAR09/21/2017

Name	Ticker	Time	Description	Period	Estimate
Darden Restaurants Inc	DRI US		Annual General Meeting
NIKE Inc	NKE US	13:00	Annual General Meeting

MORNING CALL 11/27

Barchart Morning Call

Barchart.com - 2 days ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.20%) are up +0.16% at a new all-time nearest-futures high as trading resumes from Thursday's Thanksgiving holiday. Stock prices are still getting a boost on optimism that President-elect Trump's pledges to increase fiscal spending and cut taxes will spur economic growth and corporate profits. European stocks are little changed, down -0.09%, as energy producing stocks decline with crude oil prices (CLF17 -1.15%) down -1.36%. Algeria's Energy Minister Boutarfa will travel to Tehran on Saturday in an effort to get Iran on board with other OPEC members in cutting production. Iran is insisting that it should be allowed to keep increasing output to pre-sanctions levels of about 4 million bpd. Also, some members in OPEC are adamant that Russia cut production as well if any OPEC plan to curb output is to succeed, according to people briefed on the matter because of the sensitive nature of the talks. Asian stocks settled higher: Japan +0.36%, Hong Kong +0.51%, China +0.62%, Taiwan +0.08%, Australia +0.41%, Singapore +0.55%, South Korea +0.09%, India +1.76%. Asian markets gained on strength in metals and commodity producing stocks, with Japan's Nikkei Stock Index climbing to a 10-1/2 month high, as the price of copper (HGZ16 +1.46%) jumps +1.51% to a 2-week high.

The dollar index (DXY00 -0.22%) is down -0.26%. EUR/USD (^EURUSD) is up +0.33%. USD/JPY (^USDJPY) is down -0.27%.

Dec 10-year T-note prices (ZNZ16 -0.12%) are down -6 ticks at a 2-year nearest-futures low as the rally in stocks to a new record high reduces the safe-haven demand for T-notes.

ECB Governing Council member Stournaras said the ECB has a long way to go to meet its inflation target so it's "far too early" to discuss the gradual removal of QE.

The German Nov IFO business climate was unch at 110.4, slightly weaker than expectations of unch at 110.5.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct wholesale inventories (expected +0.2%, Sep +0.1%. Oct retail inventories, Sep +0.3%), (2) Nov Markit services PMI (expected unch at 54.8, Oct +2.5 to 54.8), (3) USDA weekly Export Sales.

Russell 1000 earnings reports today include: none.

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

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Deere & Co. (DE +11.04%) was upgraded to 'Neutral' from 'Underperform' at Longbow Research.

Molson Coors (TAP -1.09%) was downgraded to 'Neutral' from 'Buy' at Bryan Garnier.

Eli Lilly (LLY -10.51%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities LLP.

Juno Therapeutics (JUNO -24.50%) was downgraded to 'Hold' from 'Buy' at SunTrust.

Ctrip.com (CTRIP) reported Q3 adjusted EPS of 17 cents, better than consensus of 11 cents, and said it will buy Skyscanner in a $1.74 billion deal.

Lockheed Martin (LMT -0.10%) received a $1,28 billion down payment from the Pentagon to continue production of the F-35 jet while negotiations continue a contract for 90 aircraft, worth as much as $7.19 billion.

A Federal jury late Wednesday found that Wal-Mart (WMT +1.01%) failed to pay hundreds of California truck drivers minimum wage and awarded then $54 million in damages.

Insteel Industries (IIIN +2.12%) jumped over 5% in after-hours trading after it was announced that it will replace Littelfuse in the S&P SmallCap 600 Index as of the close of trading Monday, November 28.

Airgain (AIRG +0.75%) fell 5% in after-hours trading after it announced a release of lock-up restriction on shares of common stock that will take effect after the close of trading Monday, November 28 and it will offer $40 million shares on behalf of selling holders.

Corbus Pharmaceuticals Holdings (CRBP +0.63%) dropped almost 7% in after-hours trading after it filed an agreement to offer as much as $35 million in common stock via Cantor Fitzgerald.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.20%) this morning are up +3.50 points (+0.16%) at a new record nearest-futures high. Wednesday's closes: S&P 500 +0.08%, Dow Jones +0.31%, Nasdaq -0.41%. The S&P 500 on Wednesday closed slightly higher on positive economic reports that included +0.4% increase in U.S. Oct capital spending (stronger than expectations of +0.3%) and the unexpected +2.2 point increase in U.S. Nov University of Michigan consumer sentiment index to a 6-month high of 93.8 (stronger than expectations of unchanged at 91.6). Stocks were undercut by the -1.9%decline in U.S. Oct new home sales to 563,000 (weaker than expectations of -0.5% to 590,000) and long liquidation pressure in stocks after the 10-year T-note yield surged to a 16-month high.

Dec 10-year T-notes (ZNZ16 -0.12%) this morning are down -6 ticks at a new 2-year nearest-futures low. Wednesday's closes: TYZ6 -11.00, FVZ6 -9.50. Dec 10-year T-notes on Wednesday plunged to a 2-year nearest-futures low and settled lower. T-note prices were undercut by the stronger-than-expected U.S. economic data on Oct durable goods orders and Nov University of Michigan consumer sentiment and by a surge in inflation expectations as the 10-year T-note breakeven inflation rate rose to a 2-year high.

The dollar index (DXY00 -0.22%) this morning is down -0.260 (-0.26%). EUR/USD (^EURUSD) is up +0.0035 (+0.33%). USD/JPY (^USDJPY) is down -0.31 (-0.27%). Wednesday's closes: Dollar index +0.660 (+0.65%), EUR/USD -0.0074 (-0.70%), USD/JPY +1.38 (+1.24%). The dollar index on Wednesday soared to a 13-1/2 year high and closed higher on the stronger-than-expected U.S. Oct durable goods orders report and on the surge in the 10-year T-note yield to a 16-month high, which improves the dollar's interest rate differentials.

Jan crude oil prices (CLF17 -1.15%) this morning are down -65 cents (-1.36%) and Jan gasoline (RBF17 -1.14%) is -0.0159(-1.12%). Wednesday's closes: Jan crude -0.09 (-0.19%), Jan gasoline +0.0114 (+0.81%). Jan crude oil and gasoline prices on Wednesday settled mixed with Jan gasoline at a 3-week high. Crude oil prices were undercut by the rally in the dollar index to 13-1/2 year high and by the +2.317 million bbl increase in EIA gasoline inventories (vs expectations of +900,000 bbl). Crude oil prices were boosted by comments from Iraq Prime Minister Haider Al-Abadi who said Iraq will bear part of an oil-output cut at next week's OPEC meeting. Crude oil prices also received a boost from the unexpected -1.255million bbl decline in EIA crude inventories versus expectations for a build of +1.0 million bbl.

GLOBAL EVENT CALENDAR11/25/2016

		Friday, Nov 25
US	0830 ET	Oct wholesale inventories expected +0.2%, Sep +0.1%. Oct retail inventories, Sep +0.3%.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Nov Markit services PMI expected unch at 54.8, Oct +2.5 to 54.8.
		Monday, Nov 28
US	1030 ET	Nov Dallas Fed manufacturing activity expected +3.5 to 2.0, Oct -1.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.

U.S. STOCK CALENDAR11/25/2016

Company	Ticker	Time	Event Description	Period	Estimate
no events

MORNING CALL 7/13

MORNING CALL 

Wednesday, July 13th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.03%) are up +0.12% and European stocks are up +0.30% at a 2-week high on speculation central bank actions will be sufficient to contain the fallout from the Brexit vote. The BOE is expected to lower interest rates Thursday and Japanese Prime Minister Abe has ordered more fiscal stimulus. Strength in commodity producers is leading the overall market higher as the price of copper (HGU16 +1.42%) jumped +1.42% to a 2-1/4 month high. On the negative side, energy producers are lower as the price of crude oil (CLQ16 -1.26%) is down -1.37% after API data late yesterday showed U.S. crude stockpiles unexpectedly rose +2.2 million bbl. Asian stocks settled higher: Japan +0.84%, Hong Kong +0.46%, China +0.37%, Taiwan +0.18%, Australia +0.66%, Singapore +0.30%, South Korea +0.85%, India +0.03%. Asian stock markets followed other global bourses higher as China's Shanghai Composite rose to a 2-3/4 month high and Japan's Nikkei Stock Index climbed to a 1-month high.

The dollar index (DXY00 -0.05%) is down -0.11%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.12%.

Sep T-note prices (ZNU16 +0.18%) are up +5 ticks.

Eurozone May industrial production fell -1.2% m/m, a bigger decline than expectations of -0.8% m/m.

The China Jun trade balance shrank to a surplus of $48.11 billion, a bigger surplus than expectations of $45.65 billion. Jun exports fell -4.8% y/y, a smaller decline than expectations of -5.0% y/y, and Jun imports fell -8.4% y/y, a bigger decline than expectations of -6.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +14.2% with purchase sub-index +4.3% and refi sub-index +20.8%), (2) Jun import price index (expected +0.5% m/m and -4.6% y/y, May +1.4% m/m and -5.0% y/y), (3) the Treasury's auction of $12 billion of 30-year T-bonds, (4) Jun monthly budget statement (expected +$23.0 billion, May -$52.507 billion), (5) Fed Beige Book, (6) Philadelphia Fed President Patrick Harker (non-voter) speaks on the economic outlook at an event in Philadelphia, and (7) EIA Weekly Petroleum Status Report.

Russell 1000 companies reporting earnings today: CSX (consensus $0.44), Yum Brands (0.74), PacWest Bancorp (0.69).

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

Equity conferences this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Bank of America (BAC +2.50%) was rated a new 'Buy' at Berenberg with a price target of $15.

Whiting Petroleum (WLL +12.53%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.

Darden Restaurants (DRI +0.29%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Alexion Pharmaceuticals (ALXN +0.04%) was rated a new 'Outperform' at RBC Capital Markets with a 12-month price target of $188.

Michaels Cos (MIK +0.14%) dropped over 3% in after-hours trading after it started a secondary offering of 11 million shares of common stock.

Chesapeake Lodging Trust (CHSP +1.09%) slipped nearly 1% in after-hours trading after it said Q2 pro forma revpar rose +2.2%, below an April 28 forecast of up +4%-6%, citing continued headwinds at the start of the second half of the year.

AAR Corp. (AIR +4.33%) sank 10% in after-hours trading after it said it sees 2017 EPS continuing operations of $1.30-$1.40, well below consensus of $2.07.

Teva Pharmaceutical Industries Ltd. (TEVA +3.00%) gained nearly 2% in after-hours trading after it raised guidance on Q2 revenue to $4.9 billion-$5.0 billion from a prior view of $4.8 billion-$4.9 billion.

Fastenal (FAST -3.46%) was downgraded to 'Hold' from 'Buy' at Edward Jones.

Minneapolis Fed President Kashkari (non-voter) said the Fed can continue to be patient on raising interest rates as "there's not a huge urgency to raise rates because inflation is coming up low."

Juno Therapeutics (JUNO +1.68%) surged 33% in after-hours trading after the FDA removed the clinical hold on Juno's Phase 2 study of JCAR015 to treat lymphoblastic leukemia.

Avinger (AVGR -0.44%) lowered guidance on 2016 revenue to $19 million-$23 million from a prior view of $25 million-$30 million.

Orexigen Therapeutics (OREX +0.50%) rallied over 4% in after-hours trading after its top shareholder, Baupost, said it may convert/exercise notes/warrants of up to 4.7 million common shares.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.03%) this morning are up +2.50 points (+0.12%). Tuesday's closes: S&P 500 +0.70%, Dow Jones +0.66%, Nasdaq +0.50%. The S&P 500 on Tuesday climbed to a fresh all-time high and closed moderately higher on carry-over support from a +1.7% rally in European stocks on reduced political uncertainty in Britain with Home Secretary May prepared to take over as the UK's next prime minister. Stocks were also boosted by a good beginning to U.S. Q2 company earnings season as Alcoa jumped 5% after it reported better-than-expected Q2 earnings.

Sep 10-year T-note prices (ZNU16 +0.18%) this morning are up +5 ticks. Tuesday's closes: TYU6 -20.50, FVU6 -9.25. Sep T-notes on Tuesday fell to a 1-week low and closed sharply lower on reduced safe-haven demand with the the rally in the S&P 500 to a new record high and on hawkish comments from Cleveland Fed President Mester who said she thinks "a gradual upward tilt for interest rates is appropriate for the U.S. economy."

The dollar index (DXY00 -0.05%) this morning is down -0.110 (-0.11%), EUR/USD (^EURUSD) is up +0.0021 (+0.19%) and USD/JPY (^USDJPY) is up +0.13 (+0.12%). Tuesday's closes: Dollar Index -0.130 (-0.13%), EUR/USD +0.0003 (+0.03%), USD/JPY +1.89 (+1.84%). The dollar index on Tuesday closed lower on the larger-than-expected decline in U.S. May JOLTS job openings to a 5-month low and strength in GBP/USD on reduced political uncertainty in Britain as Home Secretary May is prepared to take over as the UK's next prime minister. USD/JPY jumped to a 2-week high after Japanese Prime Minister Abe said he wants to "accelerate" Japan's exit from deflation, which suggests he favors additional yen-negative stimulus measures.

Aug WTI crude oil (CLQ16 -1.26%) prices this morning are down -64 cents (-1.37%) and Aug gasoline prices (RBQ16 -1.84%) are down -0.0268 (-1.87%). Tuesday's closes: CLQ6 +2.04 (+4.56%), RBQ6 +0.0466 (+3.37%). Aug crude oil and gasoline on Tuesday closed sharply higher on a weaker dollar, the rally in the S&P 500 to a record high, and expectations for Wednesday's weekly EIA data to show that U.S. crude inventories fell -3.5 million bbl.

GLOBAL EVENT CALENDAR07/13/2016

		Wednesday, July 13, 2016
US	0700 ET	Weekly MBA mortgage applications, previous +14.2% with purchase sub-index +4.3% and refi sub-index +20.8%.
	0830 ET	Jun import price index expected +0.5% m/m and -4.6% y/y, May +1.4% m/m and -5.0% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $12 billion of 30-year T-bonds.
	1400 ET	Jun monthly budget statement expected +$23.0 billion, May -$52.507 billion.
	1400 ET	Fed Beige Book.
	1800 ET	Philadelphia Fed President Patrick Harker (non-voter) speaks on the economic outlook at an event in Philadelphia.
		Thursday, July 14, 2016
US	0830 ET	Weekly initial unemployment claims expected +11,000 to 265,000, previous -16,000 to 254,000. Weekly continuing claims expected +6,000 to 2.130 million, previous -44,000 to 2.124 million.
	0830 ET	Jun PPI final demand expected +0.3% m/m and -0.1% y/y, May +0.4% m/m and -0.1% y/y. Jun PPI ex food & energy expected +0.1% m/m and +1.0% y/y, May +0.3% m/m and +1.2% y/y.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS (previous $11 billion) to be auctioned Jul 21.
	1115 ET	Atlanta Fed President Dennis Lockhart (non-voter) speaks at the Rocky Mountain Economic Summit in Victor, Idaho.
	1900 ET	Dallas Fed President Robert Kaplan (non-voter) speaks at the Official Monetary and Financial Institutions Forum in St. Louis about economic conditions and the role of monetary policy.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected -25 bp cut in benchmark rate to 0.25% from 0.50% and asset purchase target to remain unchanged at 375 billion pounds.
CHI	2200 ET	China Q2 GDP expected +1.6% q/q and +6.6% y/y, Q1 +1.1% q/q and +6.7% y/y.
	2200 ET	China Jun industrial production expected +5.9% y/y, May +6.0% y/y.
	2200 ET	China Jun retail sales expected +9.9% y/y, May +10.0% y/y.

U.S. STOCK CALENDAR07/13/2016

Company	Ticker	Time	Event Description	Period	Estimate
Ionis Pharmaceuticals Inc	IONS	8:30	R&D Day	Y 2016
General Mills Inc	GIS	10:00	Investor Day	Y 2016
CSX Corp	CSX	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.439
Yum! Brands Inc	YUM	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.74
JetBlue Airways Corp	JBLU		June 2016 Sales and Revenue Release - Traffic Results	2016
PacWest Bancorp	PACW		Q2 2016 Earnings Release	Q2 2016	0.689

BARCHART MORNING CALL 7/9

BARCHART MORNING CALL

Thursday, July 9th, 2015View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +1.02%) are up +1.01% and European stocks are up +1.74% following a rebound in Chinese equities. Greece extended its bank holiday and capital controls through Monday and has until midnight Thursday to present European leaders with a plan that includes spending cuts in exchange for fresh bailout funds. European leaders will then meet on Sunday to decide their response to the proposals. Asian stocks closed mostly higher: Japan +0.60%, Hong Kong +3.73%, China +5,76%, Taiwan -0.69%, Australia +0.03%, Singapore -0.54%, South Korea +0.75%, India -0.41%. China's Shanghai Composite recovered from a 3-3/4 month low and closed higher after regulators banned majority stockholders from selling their shares for at least 6 months. Investors continue to sell shares bought on margin funds as data showed traders unloaded a record 112 billion yuan ($18 billion) of shares bought with borrowed money on the Shanghai exchange Wednesday, the 13th straight day of declines.
Commodity prices are mixed. Aug crude oil (CLQ15 +2.88%) is up +1.65%, Aug gasoline (RBQ15 +0.85%) is down -0.60%. Metals prices are mixed. Aug gold (GCQ15 -0.11%) is down -0.16%. Sep copper (HGU15 +1.62%) is up +1.40%. Agricultural prices are higher.
The dollar index (DXY00 +0.10%) is up +0.21%. EUR/USD (^EURUSD) is down -0.23%. USD/JPY (^USDJPY) is up +0.68%.

Sep T-note prices (ZNU15 -0.31%) are down -11 ticks as the rally in global stocks reduces the safe-haven demand for Treasuries.
As Greece extended its bank holiday and capital controls through Monday, the ECB on Wednesday kept the cap on Emergency Liquidity Assistance (ELA) to Greece's central bank at 88.6 billion euros, the level it has been frozen at since Jun 26. A Greek official with direct knowledge of the matter said at the current level of ELA, Greek banks have sufficient liquidity to last through Monday.
As expected, the BOE at the conclusion of today's policy meeting kept its benchmark interest rate at 0.50% and maintained its asset purchase target at 375 billion pounds.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 275,000 after last week's +10,000 to 281,000) and continuing claims (expected -14,000 to 2.250 million after last week's +15,000 to 2.264 million), (2) the Treasury's auction of $13 billion of 30-year T-bonds, (3) an appearance by Minneapolis Fed President Narayana Kocherlakota on central banks and fiscal authorities as a panelist at the Deutsche Bundesbank Conference, and (4) a speech by Kansas City Fed President Esther George on the U.S. economy and monetary policy at OSU in Stillwater, OK.
There are two of the Russell 1000 companies that report earnings today: PepsiCo (consensus $1.24), Walgreens (0.87).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Knight Transportation (KNX -0.52%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Con-way (CNW -3.88%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
Regeneron (REGN -1.61%) was downgraded to 'Sell' from 'Neutral' at UBS.
J.B. Hunt (JBHT -1.45%) was upgraded to 'Buy' from 'Neutral' at Longbow.
Amgen (AMGN -1.98%) was downgraded to 'Neutral' from 'Buy' at UBS.
Dunkin' Brands (DNKN -1.60%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Panera Bread (PNRA -0.47%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Conn's (CONN -2.21%) reports that its June same-store-sales were up +1.1% y/y.
HSBC (HSBC -2.68%) was upgraded to 'Neutral' from 'Underperform' at Exane BNP Paribas.
Costco (COST -0.43%) reports that its June same-store-sales were down 1% y/y.
Walgreens Boots Alliance (WBA -1.54%) reported Q3 EPS of $1.02, stronger than consensus of 87 cents.
PepsiCo (PEP -0.82%) jumped over 2% in pre-market trading after it reported Q2 EPS of $1.32, higher than consensus of $1.24.
Yahoo! (YHOO -2.62%) rose over 2% in pre-market tradign after the company said it will roll out a new sports-fantasy service designed for use on mobile devices.
Alcoa (AA -5.06%) reported Q2 EPS of 19 cents, below consensus of 23 cents.
Celgene Rivot reported a 9.1% stake in Juno Therapeutics (JUNO -6.24%) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 +1.02%) this morning are up +20.50 points (+1.01%) as Chinese stocks stabilized. Wednesday's closes: S&P 500 -1.67%, Dow Jones -1.47%, Nasdaq -1.75%. The S&P 500 on Wednesday closed sharply lower on Grexit concerns, the plunge in China's Shanghai Composite to a 3-1/2 month low, and the +$16.086 billion increase in U.S. May consumer credit, less than expectations of +$18.5.
Sep 10-year T-notes (ZNU15 -0.31%) this morning are down -11 ticks. TYU5 +8.00, FVU5 +6.00. Sep T-notes on Wednesday rose to a 5-week high and closed higher on (1) safe-haven demand from concerns about Grexit and the plunge in the Chinese stock market, and (2) expectations that the Fed's first rate hike will be delayed by Greek and Chinese concerns.
The dollar index (DXY00 +0.10%) this morning is up +0.201 (+0.21%). EUR/USD (^EURUSD) is down -0.0026 (-0.23%). USD/JPY (^USDJPY) is up +0.82 (+0.68%). Dollar Index -0.637 (-0.66%), EUR/USD +0.00649 (+0.59%), USD/JPY -1.829 (-1.49%). The dollar index on Wednesday closed lower on some safe-haven demand for the yen and a rally in EUR/USD tied to relief that the ECB maintained the Greek 89 billion euro ELA lifeline.
Aug WTI crude oil (CLQ15 +2.88%) this morning is up +85 cents (+1.65%). Aug gasoline (RBQ15 +0.85%) is down -0.0119 (-0.60%). CLQ5 -0.68 (-1.30%), RBQ5 +0.0572 (+2.93%). Aug crude and gasoline on Wednesday settled mixed. The EIA report was bearish with the +384,000 bbl increase in EIA crude inventories, more than expectations for no change, and the +1.22 million bbl increase in EIA gasoline supplies, more than expectations of no change. Other negative factors included concern about the negative economic fall-out from Greece and China and expectations that Iranian oil exports will double if there is a near-term Iranian nuclear agreement. The main supportive factor for crude oil prices was the weaker dollar.

GLOBAL EVENT CALENDAR07/09/2015

US	0545 ET	Minneapolis Fed President Narayana Kocherlakota speaks on central banks and fiscal authorities as a panelist at the Deutsche Bundesbank Conference.
	0830 ET	Weekly initial unemployment claims expected -6,000 to 275,000, previous +10,000 to 281,000. Weekly continuing claims expected -14,000 to 2.250 million, previous +15,000 to 2.264 million.
	0830 ET	USDA weekly Export Sales.
	1300 ET	Kansas City Fed President Esther George speaks on the U.S. economy and monetary policy at OSU in Stillwater, OK.
	1300 ET	Treasury auctions $13 billion of 30-year T-bonds.
GER	0200 ET	German May trade balance expected +20.5 billion euros, Apr +21.8 billion euros. May exports expected -0.8% m/m, Apr +2.0% y/y. May imports expected +0.1% m/m, Apr -0.8% y/y.
	0200 ET	German May current account balance expected +16.0 billion euros, Apr +19.6 billion euros.
JPN	0200 ET	Japan Jun machine tool orders, May +15.0% y/y.
	1950 ET	Japan Jun PPI expected -0.1% m/m and -2.2% y/y, May +0.3% m/m and -2.1% y/y.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
CHI	n/a	China Jun new yuan loans expected +1.050 trillion yuan, May +900.8 billion yuan.

U.S. STOCK CALENDAR07/09/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	June 2015 Sales and Revenue Release - Traffic Results	2015
PepsiCo Inc	PEP US	6:30	Q2 2015 Earnings Release	Q2 2015	1.241
Walgreens Boots Alliance Inc	WBA US	7:00	Q3 2015 Earnings Release	Q3 2015	0.871
L Brands Inc	LB US	7:30	June 2015 Sales and Revenue Call	2015
PepsiCo Inc	PEP US	8:00	Q2 2015 Earnings Call	Q2 2015
Walgreens Boots Alliance Inc	WBA US	8:30	Q3 2015 Earnings Call	Q3 2015
T-Mobile US Inc	TMUS US	9:00	Un-Carrier Amped Announcement
United Continental Holdings Inc	UAL US	Aft-mkt	June 2015 Sales and Revenue Release - Operational Performance	2015
Gap Inc/The	GPS US		June 2015 Sales and Revenue Release	2015
Eli Lilly & Co	LLY US		FDA Adcomm, necitumumab, first-line squamous non-small cell lung cancer
L Brands Inc	LB US		June 2015 Sales and Revenue Release	2015