MORNING CALL 3/23

MORNING CALL

Wednesday, March 23rd, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.01%) are down -0.02% and European stocks are up +0.40%. The upside in U.S. stock index futures was limited as Nike fell nearly 6% in pre-market trading after it forecast sales during the next fiscal year will increase by a high-single-digit percentage, less than consensus of a 10% increase. Weakness in EUR/USD gave European automakers a boost to lead European stocks higher and Credit Suisse Group AG is up 2% after it announced an additional 2,000 job cuts. Asian stocks settled mixed: Japan -0.28%, Hong Kong -0.25%, China +0.35%, Taiwan -0.22%, Australia -0.47%, Singapore +0.05%, South Korea -0.07%, India +0.03%.

The dollar index (DXY00 +0.22%) is up +0.17%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is up +0.25%.

Jun T-note prices (ZNM16 -0.01%) are down -1 tick.

In an Economic Bulletin published by the ECB, the ECB said that a 1% decline in China GDP would have an impact of just 0.08% on Eurozone trade, while the effect of an equivalent demand shock in the U.S. would be more than three time bigger. "The trade impact on the Eurozone from a demand disturbance in the U.S. is likely to be substantial through both bilateral trade effects and echo effects. A similar shock in China would have less impact on Eurozone activity."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -3.3% with purchase sub-index +0.3% and refi sub-index -5.6%), (2) St. Louis Fed President James Bullard's speech on Bloomberg TV and radio, (3) Feb new home sales (expected +3.2% to 510,000, Jan -9.2% to 494,000), and (4) the Treasury's auction of $13 billion of 2-year floating-rate T-notes.

There are 2 of the Russell 1000 companies that report earnings today: General Mills (consensus $0.62), PVH Corp (1.46).

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

Equity conferences during the remainder of this week include: Bank of America Merrill Lynch New York Auto Summit on Wed, BB&T Capital Markets Commercial & Industrial Investors Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Nike (NKE +0.28%) dropped nearly 6% in pre-market trading after it reported Q3 revenue of $8.03 billion, well below consensus of $8.20 billion.

Red Hat (RHT +1.08%) slipped 2% in after-hours trading after it said Q4 billings growth was only 10.9% q/q, below the 14.9% q/q growth rate from Q3.

Charles Schwab (SCHW +0.46%) was rated a new 'Buy' at Argus Research.

Merk (MRK +0.44%) rose nearly 3% in after-hours trading after it won a jury verdict that allows it to seek royalties from Gilead Sciences for its Hepatitis C cure. Gilead Sciences (GILD +1.13%) fell almost over 3% on the news.

Steelcase (SCS +1.42%) rallied 5% in after-hours trading after it boosted its dividend to 12 cents a share from 11.25 cents a share.

Five Below (FIVE -1.59%) dropped nearly 5% in after-hours trading after it said it sees fiscal year EPS of $1.27-$1.31, below the midpoint of consensus of $1.31.

Biogen (BIIB +1.32%) slid over 2% in after-hours trading after the U.S. Patent Trial and Appeal Board said Kyle Bass has shown a reasonable likelihood of success to challenge the Biogen patent on Tecfidera.

Cintas (CTAS +0.19%) gained over 1% in after-hours trading after it raised guidance on fiscal 2016 EPS continuing operations to $3.98-$4.03 from a prior estimate of $3.83-$3.90, above consensus of $3.92.

Shell Midstream Partners LP (SHLX +2.10%) fell over 4% in after-hours trading after it said it started a 8.5 million-unit secondary offering.

Aratana Therapeutics ({=PETX gained almost 1% in after-hours trading after it said it is seeking FDA approval for its Entyce appetite-stimulation drug for dogs.

Affymetrix (AFFX -0.21%) climbed over 5% in after-hours trading after Origin Technologies increased its all-cash offer to buy Affymetrix for $17 a share.

Krispy Kreme Doughnuts (KKD -0.90%) slumped 7% in after-hours trading after it said it sees fiscal year adjusted EPS of 87 cents-91 cents, below consensus of 93 cents.

Pieris Pharmaceuticals (PIRS +3.30%) jumped over 10% in after-hours trading after it reported a Q4 loss of -7 cents, a smaller loss than consensus of-12 cents.

MARKET COMMENTS

Jun E-mini S&Ps (ESM16 +0.01%) this morning are down -0.50 (-0.02%). Tuesday's closes: S&P 500 -0.09%, Dow Jones -0.23%, Nasdaq +0.24%. The S&P 500 on Tuesday shook off early losses and rallied to a 2-1/2 month high and closed little changed. Stocks were boosted by upbeat comments from Chicago Fed President Evans who said he expects U.S. 2016 GDP between 2.0% and 2.5% and that "the fundamentals are really quite good for the economy going forward." Stocks also received a boost from technology stocks, which were led by a +0.8% increase in Apple. Stocks saw early weakness in leisure and travel-related stocks due to the terrorist bombings in Belgium.

Jun 10-year T-notes (ZNM16 -0.01%) this morning are down -1 tick. Tuesday's closes: TYM6 -7.00, FVM6 -5.25. Jun T-notes on Tuesday erased early gains and closed lower on reduced safe-haven demand for government debt after stocks recovered from early losses and on Chicago Fed President Evans' comment that U.S. economic fundamental are "really quite good," which may lead to further Fed interest rate increases. T-notes opened higher on safe-haven demand after the terrorist bombings in Belgium.

The dollar index (DXY00 +0.22%) this morning is up +0.166 (+0.17%). EUR/USD (^EURUSD) is down -0.0021 (-0.19%). USD/JPY (^USDJPY) is up +0.28 (+0.25%). Tuesday's closes: Dollar Index +0.360 (+0.38%), EUR/USD -0.0024 (-0.21%), USD/JPY +0.42 (+0.38%). The dollar index on Tuesday closed higher on increased safe-haven demand for the dollar after the terrorist bombings in Brussels. In addition, GBP/USD saw weakness after a smaller-than-expected increase in UK Feb CPI reduced the chance of a BOE rate increase, which was negative for the British pound.

May WTI crude (CLK16 -0.99%) this morning is down -41 cents (-0.99%) and May gasoline (RBK16 +0.17%) is up +0.0040 (+0.26%). Tuesday's closes: CLK6 -0.07 (-0.17%), RBK6 +0.0348 (+2.33%). May crude and gasoline on Tuesday settled mixed with May gasoline at a 2-1/2 month high. Crude oil prices were undercut by a stronger dollar and by expectations for EIA crude inventories to increase by +2.5 million bbl on Wednesday. Gasoline rallied on expectations that Wednesday's EIA gasoline supplies will decline by -2.5 million bbl.

GLOBAL EVENT CALENDAR03/23/2016

US	0700 ET	Weekly MBA mortgage applications, previous -3.3% with purchase sub-index +0.3% and refi sub-index -5.6%.
	0900 ET	St. Louis Fed President James Bullard speaks on Bloomberg TV and radio.
	1000 ET	Feb new home sales expected +3.2% to 510,000, Jan -9.2% to 494,000.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $13 billion 2-year floating-rate T-notes.
EUR	1100 ET	Eurozone Mar consumer confidence expected +0.5 to -8.3, Feb -8.8.
JPN	2300 ET	Japan Mar Nikkei manufacturing PMI, Feb 50.1.

U.S. STOCK CALENDAR03/23/2016

Company	Ticker	Time	Event Description	Period	Estimate
General Mills Inc	GIS US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.621
Principal Financial Group Inc	PFG US	8:00	Roadshow - Frankfurt	Y 2016
CIT Group Inc	CIT US	8:00	Business Update Call
General Mills Inc	GIS US	8:30	Q3 2016 Earnings Call	Q3 2016
First Niagara Financial Group Inc	FNFG US	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
KeyCorp	KEY US	11:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Starbucks Corp	SBUX US	13:00	Annual General Meeting	Y 2016
PVH Corp	PVH US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.464
Raymond James Financial Inc	RJF US		February 2016 Sales and Revenue Release - Operating Data	2016
Hewlett Packard Enterprise Co	HPE US		Annual General Meeting	Y 2016

BARCHART MORNING CALL 12/10

BARCHART MORNING CALL

Wednesday, December 10th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.10%) this morning are down -0.06% and European stocks are up +0.56% after Die Zeit reported that ECB President Draghi called German Finance Minister Schaeuble after the Dec 4 ECB meeting in an attempt to garner support in Germany for a government-bond purchase plan to be decided as soon as next month. Asian stocks closed mixed: Japan -2.25%, Hong Kong +0.16%, China +3.69%, Taiwan -1.06%, Australia -0.45%, Singapore +0.18%, South Korea -1.52%, India +0.12%. Chinese stocks rallied nearly 4% after a slowdown in inflation bolstered the case for more monetary easing after China Nov CPI rose less than expected at the slowest pace in 5 years. Commodity prices are mostly lower. Jan crude oil (CLF15 -1.91%) is down -1.93% after OPEC cut its 2015 global demand forecast for its crude to a 12-year low. Jan gasoline (RBF15 -2.09%) is down -2.16% at a fresh 5-year low. Feb gold (GCG15 -0.34%) is down -0.33%. Mar copper (HGH15 -0.92%) is down -0.70%. Agriculture prices are mixed. The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.33%. Mar T-note prices (ZNH15 unch) are unch.
China Nov CPI rose +1.4% y/y, less than expectations of +1.6% y/y and the smallest pace of increase in 5 years. China Nov PPI fell -2.7% y/y, a larger decline than expectations of -2.4% y/y and the steepest drop in 1-1/2 years.
The Japan Nov consumer confidence index unexpectedly fell -1.2 to 37.7, weaker than expectations of +0.6 to 39.5 and the lowest in 7 months.
The Japan Q4 BSI large all-industry business conditions fell -6.1 to 5.0, a bigger decline than expectations of -1.1 to 10.0. Q4 BSI large manufacturing business conditions fell -4.6 to 8.1.
Japan Nov PPI fell -0.2% m/m, a smaller decline than expectations of -0.3% m/m. On an annual basis, Nov PPI rose +2.7% y/y, more than expectations of +2.6% y/y but still the slowest pace of increase in 8 months.

U.S. STOCK PREVIEW

Today’s Nov monthly Treasury budget statement is expected to show a deficit of -$65.0 billion, which would be substantially better than the -$135.2 billion deficit seen a year ago in Nov 2013. The Treasury today will sell $21 billion of 10-year T-notes in a reopening of last month’s 2-1/4% 10-year note of Nov 2024. There are 2 of the Russell 1000 companies that report earnings today: Toll Brothers (consensus $0.73), Costco (1.09).
Equity conferences during the remainder of this week include: Goldman Sachs Financial Services Conference on Tue-Wed, Barclays Capital Global Technology Conference on Tue-Wed, Wells Fargo Energy Symposium on Tue-Wed, Barclays Real Estate Conference on Wed, BMO Technology Conference on Wed, Mitsubishi UFJ Securities Property REIT Conference on Wed, Wells Fargo Securities Research, Economics & Strategy Energy Symposium on Wed, Credit Lyonnais Securities Asia Ltd Americas Innovation Summit on Wed, Oppenheimer Healthcare Conference on Wed, Bank of America Merrill Lynch US Basic Materials Conference on Wed-Thu, Capital One Southcoast Energy Conference on Wed-Thu, Bank of America Merrill Lynch Animal & Dental Health Summit on Thu, and Desjardins Securities Materials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Goldman Sachs (GS +0.14%) was downgraded to 'Neutral' from 'Positive' at Susquehanna.
Disney (DIS -0.92%) was downgraded to 'Hold' from 'Buy' at Topeka due to valuation.
Genesco (GCO +1.16%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
British Petroleum (BP -0.90%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Costco Wholesale (COST +0.50%) reported Q1 EPS of $1.12, higher than consensus of $1.09.
Yum! Brands (YUM -1.62%) fell nearly 5% in pre-market trading after the company said 2014 EPS, excluding some items, wil rise by a mid-single-figit percentage, well below a previous forecast of 20% growth.
Krispy Kreme (KKD +0.50%) fell over 4% in after-hours trading after it reported Q3 adjusted EPS of 18 cents, less than consensus of 19 cents.
Korn/Ferry (KFY +1.71%) rose over 3% in after-hours trading after it reported Q2 EPS of 51 cents, better than consensus of 45 ccents.
Lazard reported a 5.072% passive stake in Mobile TeleSystems (MBT -0.31%) .
CHC Group (HELI +7.35%) reported a Q3 EPS loss of -31 cents, a smaller loss than consensus of -38 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.10%) this morning are down -1.25 points (-0.06%). The S&P 500 index on Tuesday fell to a 3-week low and closed lower, although stocks recovered from their worst levels after energy producers and technology companies rose: S&P 500 -0.02%, Dow Jones -0.29%, Nasdaq +0.38%. Bearish factors included (1) carry-over weakness from a slide in world equity markets after China tightened collateral rules for short-term loans and sparked a sharp sell-off in Chinese stocks, and (2) renewed Greek debt concerns after the Greek government brought forward the process for choosing a new President this month, a move that risks triggering parliamentary elections that could put a party in power that opposes the terms of Greece’s bailout by the EU.
Mar 10-year T-notes (ZNH15 unch) this morning are unch. Mar 10-year T-note futures prices on Tuesday closed higher: TYH5 +12.00, FVH5 +6.75. Bullish factors included (1) reduced inflation expectations after the 10-year break-even rate fell to a new low, and (2) increased safe-haven demand for Treasuries after the S&P 500 tumbled to a 3-week low.
The dollar index (DXY00 unch) this morning is down -0.022 (-0.02%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.39 (-0.33%). The dollar index on Tuesday closed lower. Closes: Dollar index -0.351 (-0.39%), EUR/USD +0.00571 (+0.46%), USD/JPY -0.99 (-0.82%). Bearish factors included (1) strength in the yen as USD/JPY fell to a 1-week low after a slide in global equity markets boosted the safe-haven demand for the yen, and (2) strength in EUR/USD which rallied after German Nov exports were a bit stronger than expected.
Jan WTI crude oil (CLF15 -1.91%) this morning is down -$1.23 a barrel (-1.93%) and Jan gasoline (RBF15 -2.09%) is down -0.0372 (-2.16%) at a 5-year low. Jan crude Tuesday rebounded from a 5-1/3 year low and Jan gasoline prices recovered from a 5-year low and closed higher. Closes: CLF5 +0.77 (+1.22%), RBF5 +0.017 (+1.00%). Supportive factors included (1) short covering in most commodities after the dollar index fell, and (2) expectations for Wednesday’s weekly EIA crude inventories to fall -2.7 million bbl.

GLOBAL EVENT CALENDAR12/10/2014

US	0700 ET	Weekly MBA mortgage applications, previous -7.3% with purchase sub-index +2.5% and refi sub-index -13.4%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	USDA Dec WASDE crop production.
	1300 ET	Treasury auctions $21 billion 10-year T-notes.
	1400 ET	Nov monthly budget statement expected -$65.0 billion, Nov-2013 -$135.2 billion.
JPN	0000 ET	Japan Nov consumer confidence index expected +0.6 to 39.5, Oct 38.9.
	1850 ET	Japan Oct tertiary industry index expected -0.2% m/m, Sep +1.0% m/m.
	1850 ET	Japan Oct machine orders expected -1.7% m/m and -0.3% y/y, Sep +2.9% m/m and +7.3% y/y.
UK	1901 ET	UK Nov RICS house price balance expected 15%, Oct 20%.

U.S. STOCK CALENDAR12/10/2014

Company	Ticker	Time	Event Description	Period	Estimate
Toll Brothers Inc	TOL US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.727
Costco Wholesale Corp	COST US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.091
BioMarin Pharmaceutical Inc	BMRN US	8:00	Investor Day	Y 2014
Diebold Inc	DBD US	9:00	Investment Community Conference	Y 2014
Tyson Foods Inc	TSN US	9:30	Investor Day	Y 2014
McDonald's Corp	MCD US	11:00	Investor Meeting	Y 2014
Costco Wholesale Corp	COST US	11:00	Q1 2015 Earnings Call	Q1 2015
Brown-Forman Corp	BF/B US	13:00	Analyst Meeting	Y 2014
Pall Corp	PLL US	13:00	Annual General Meeting
Bunge Ltd	BG US	13:00	Investor Day	Y 2014
Toll Brothers Inc	TOL US	14:00	Q4 2014 Earnings Call	Q4 2014
Altera Corp	ALTR US	16:45	Q4 2015 Guidance Call	Q4 2015
Kennametal Inc	KMT US		November 2014 Monthly Orders Release
Progressive Corp/The	PGR US		November 2014 Sales and Revenue Release	2014
Charles Schwab Corp/The	SCHW US		November 2014 Sales and Revenue Release - Activity Report	2014

Barchart Moring Call 8/12

Barchart Morning Call

BC - Mon Aug 12, 6:46AM CDT

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.39%) this morning are down -0.49% at a 2-week low and European stocks are down -0.52%. Asian stocks closed mostly higher: Japan -0.70%, Hong Kong +2.13%, China +2.92%, Taiwan +0.60%, Australia +1.06%, Singapore +0.07%, South Korea +0.27%, India +0.84%. Japanese stocks fell and U.S. and European shares slipped on weaker-than-expected Japan Q2 GDP, while China's Shanghai Stock Index rose to its best level in 1-1/2 months after China's securities regulator said it will make decisions on financing for real estate projects based on the examination of companies and land ministry assessments, which boosted speculation that property developers will gain access to equity funding. Commodity prices are mixed. Sep crude oil (CLU13 +0.03%) is up +0.23%, Sep gasoline (RBU13 +0.04%) is down -0.01%, Dec gold (GCZ13 +1.01%) is up +1.04% at a 1-week high, and Sep copper (HGU13 -0.02%) is down -0.06%. Agricultural prices are mixed. The dollar index (DXY00 +0.34%) is up +0.32%. EUR/USD (^EURUSD) is down -0.32% and USD/JPY (^USDJPY) is up +0.51%. September T-note prices (ZNU13 -0.09%) are down -4 ticks.
Japan Q2 GDP rose +0.6% q/q and +2.6% annualized, weaker than expectations of +0.9% q/q and +3.6% annualized, while Q1 GDP was revised lower to +0.9% q/q and +3.8% annualized from the previously reported +1.0% q/q and +4.1% annualized.
Japan Q2 GDP deflator fell -0.3% y/y, a smaller decline than expectations of -0.7% y/y. Q2 GDP consumer spending slowed to an +0.8% q/q increase from +0.9% q/q in Q1, while Q2 GDP business spending unexpectedly contracted -0.1% q/q, weaker than expectations of a +0.6% q/q increase and the sixth straight quarter that business spending has contracted.
Japan Jun industrial production was revised up to -3.1% m/m and -4.6% y/y from the originally reported -3.3% m/m and -4.8% y/y.
Japan July machine tool orders fell -12.1% y/y from a -12.4% y/y decrease in June and have now contracted on a year-over-year basis for fifteen consecutive months.
Japan July domestic CGPI rose +0.5% m/m and +2.2% y/y, a larger increase than expectations of +0.2% m/m and +1.9% y/y.
Greece Q2 GDP shrank -4.6% y/y from -5.6% y/y in Q1 and has now contracted for twenty consecutive quarters.

U.S. STOCK PREVIEW

This week’s U.S. economic schedule is fairly busy with key reports including Tuesday’s July retail sales report (expected +0.3% overall and +0.4% ex-autos), Thursday’s initial unemployment claims report (expected +2,000 after last week’s +5,000 report), Thursday’s July CPI report (expected +2.0% y/y vs +1.8% in June), Friday’s July housing starts (expected +8.3%), and Friday’s early-Aug U.S. consumer confidence report (expected +0.2 to 85.3). Only one S&P 500 company reports earnings today: Sysco (consensus $0.54).
Conferences this week include: Jefferies Healthcare Summit on Mon, Piper Jaffray Semiconductor Summit on Mon, Pacific Crest Global Technology Leadership Forum on Mon-Tue, Jefferies Global Industrials Conference on Mon-Thu, EnerCom The Oil & Gas Conference on Mon-Wed, Needham Advanced Industrial Technologies Conference on Tue, UBS Metals & Materials Mini Conference on Tue, Wedbush Life Sciences Management Access Conference on Tue, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, JP Morgan Auto Conference on Tue-Wed, J.P. Morgan Auto Conference on Tue-Wed, Jefferies Global Clean Technology Conference on Tue-Wed, Avondale 2013 Healthcare Conference on Wed, and Canaccord Genuity Growth Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Tesla (TSLA -0.31%) was downgraded to "Neutral" from "Buy" at Lazard Capital.
Cablevision (CVC +0.67%) was upgraded to "Buy" from "Neutral" at Guggenheim.
Lowe's (LOW -1.04%) was upgraded to "Hold" from "Sell" at Canaccord who also raised their price target on the stock to $48 from $28.
Broadcom (BRCM -0.91%) was downgraded to "Neutral" from "Buy" at Goldman.
Juniper (JNPR -5.60%) was downgraded to "Sector Perform" from "Outperform" at RBC Capital.
The U.S. Navy has awarded Northrop Grumman (NOC -0.13%) a $617 million contract for five full-rate production Lot 1 E-2D Advanced Hawkeye aircraft.
DaVita (DVA +0.62%) declares a two-for-one split of its common stock for stockholders of record on August 23.
Krispy Kreme (KKD +1.71%) upgraded to "Buy" from "Neutral" at Janney Capital.
Lazard reported a 5.22% passive stake in Advance Auto Parts (AAP +1.86%) .
Bloomberg reported that Apple (AAPL -1.42%) won a patent infringement suit against Samsung (SSNLF -3.25%) , with the U.S. International Trade Commission saying Samsung violated Apple's patent rights and would be blocked from importing Samsung smartphones into the U.S. However, the ban is subject to a review by President Barack Obama on public policy grounds, which will allow Samsung to import phones during the review.
Cubist CBST reported a 27.5% stake in Trius Therapeutics (TSRX -0.29%) .
Health Management (HMA -0.15%) reported Q2 adjusted EPS of 7 cents, well below consensus of 16 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 -0.39%) this morning are down -8.25 points (-0.49%) at a 2-week low. The S&P 500 index on Friday closed lower as profit-taking and long liquidation set in on expectations the Fed will soon begin to taper QE3. Declines were limited on signs that the Chinese economy may be stabilizing after China July industrial production rose +9.7% y/y, stronger than expectations of +8.9% y/y and its fastest pace in 5-months, and after China July new yuan loans climbed 699.9 billion yuan, more than expectations of 640.0 billion yuan. Closes: S&P 500 -0.36%, Dow Jones -0.47%, Nasdaq 100 -0.37%.
Sep 10-year T-notes (ZNU13 -0.09%) this morning are down -4 ticks. Sep 10-year T-note prices on Friday closed unchanged as weak stocks offset expectations the Fed may soon taper its bond buying. Another negative for T-notes was the stronger-than-expected Chinese economic data on industrial production and new loans, which signals strength in China's economy that benefits the global economic outlook and reduces the safe-haven demand for Treasuries. Closes: TYU3 unch, FVU3 unch.
The dollar index (DXY00 +0.34%) this morning is up +0.259 (+0.32%). EUR/USD (^EURUSD) is down -0.0043 (-0.32%) and USD/JPY (^USDJPY) is up +0.49 (+0.51%). The dollar index on Friday closed higher on weak stocks, which boosted the safe-haven demand for the dollar, along with expectations the Fed will curb its stimulus measures before other global central banks do, which may boost the dollar's interest rate differentials against other world currencies. Closes: Dollar index +0.149 (+0.18%), EUR/USD -0.0041 (-0.31%), USD/JPY -0.491 (-0.51%).
Sep WTI crude oil (CLU13 +0.03%) this morning is up +24 cents (+0.23%) and Sep gasoline (RBU13 +0.04%) is down -0.0002 (-0.01%). Sep crude oil and gasoline prices on Friday closed sharply higher on signs that China's economy is stabilizing after China July industrial production rose a more than expected +9.7% y/y, the most in 5-months. Another positive for crude was increased demand from China, the world's second-biggest crude consumer, after China July crude imports rose to a record 25.9 MMT, up +13% m/m. Closes: CLU3 +2.63 (+2.54%), RBU3 +0.0512 (+1.79%).

GLOBAL EVENT CALENDAR08/12/2013

US	1100 ET	USDA weekly grain export inspections.
	1200 ET	Aug WASDE crop production report.
	1400 ET	July monthly budget statement expected -$90.0 billion, Jun +$116.5 billion.
	1600 ET	USDA Crop Progress.
JPN	0030 ET	Revised Japan Jun industrial production, previous -3.3% m/m and -4.8% y/y. Revised Jun capacity utilization, previous +2.3% m/m.
	1950 ET	Japan Jun machine orders expected -7.0% m/m and +2.6% y/y, May +10.5% m/m and +16.5% y/y.
UK	1901 ET	UK July RICS house price balance expected 25%, Jun +21%.

U.S. STOCK CALENDAR08/12/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Sysco Corp	SYY US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.543
WW Grainger Inc	GWW US	8:00	July 2013 Sales and Revenue Call	2013
WW Grainger Inc	GWW US	8:00	July 2013 Sales and Revenue Release	2013
Sysco Corp	SYY US	10:00	Q4 2013 Earnings Call	Q4 2013
Yum! Brands Inc	YUM US	Aft-mkt	July 2013 Sales and Revenue Release	2013

Barchart Morning Call 3/18

BARCHART MORNING CALL 3/18

Monday, March 18th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 -0.79%) this morning are sharply lower by -0.95% after Eurozone officials with their Cyprus bailout agreement on Saturday managed to spark contagion concerns for other Eurozone countries with an ill-advised tax on bank deposits. The Euro Stoxx 50 index is down sharply by -1.90% today. The Euro Stoxx 600 Bank stock index this morning is down -2.21%. Asian stocks closed sharply lower across the board thanks to the Cyprus bank deposit tax plan. The Japanese Nikkei index closed -2.71% today, the Hong Kong Hang Seng closed -2.00%, and the Chinese CSI 300 index closed -1.47%. Global stocks are also reacting negatively to the strong Chinese property price report released on Sunday night, which is likely to attract further government measures to try to halt the rise in prices. Commodity prices are sharply lower by -0.80% on the sharp rally in the dollar index and fears about weaker economic growth and commodity demand. April crude oil (CLJ13 -1.02%) is down -1.22%, April gasoline (RBJ13 -1.38%) is down -1.88%, April gold (GCJ13 +0.62%) is up +0.43%, May copper (HGK13 -2.26%) is down -2.51%, and grain and softs prices are lower across the board. The dollar index (DXY00 +0.50%) is up +0.43% this morning, while EUR/USD (^EURUSD) is down -0.94% and USD/JPY (^USDJPY) is down -0.40%. June 10-year T-notes (ZNM13 +0.36%) are sharply higher by +17 ticks.
The Cyprus parliament is due to vote today on a tax levy on bank deposits that would effectively confiscate part of depositor funds in banks to contribute toward the bailout that the Cyprus government and banking system needs to stay afloat. The tax will be 6.75% on deposits up to 100,000 billion euros and 9.9% on deposits in accounts with more than 100,000 euros. There is a report that the president of Cyprus is trying to get those tax rates reduced by Eurozone officials to make the plan more palatable to the Cyprus parliament. Eurozone officials made the deposit tax a condition of a 10 billion euro bailout package agreed upon on Saturday. Cypriot depositors lined up over the weekend at ATMs to try to withdraw cash from bank accounts before the tax takes effect. However, a bank holiday has been declared for today to allow time for the tax to be approved by the Cypriot parliament and for the tax to be withheld. There is no guarantee that the Cyprus parliament today will approve the tax. If the tax is not approved, then there will be an even bigger mess since there will be a huge bank run as soon as the banks reopen. The tax on depositors is the first time that a Eurozone bailout has forced depositors to contribute to a bank and government bailout that was caused, not by the depositors, but by the government and bank management. The deposit tax is likely to cause a continued slow bank run at other banks in the Eurozone such as in Italy and Spain as depositors fear that their cash might be next for a tax. Eurozone officials have once again shot themselves in the foot in trying to contain the Eurozone debt crisis as politics intrudes on sensible solutions.
The bank deposit levy in Cyprus has caused the Italian 10-year bond yield today to rise by 9 bp to 4.68% and the Spanish 10-year bond yield to rise by 9 bp to 5.00%. Meanwhile, the German 10-year bond yield today fell by 6 bp to 1.39% on safe-haven demand.
The Eurozone Jan trade balance (seasonally adjusted) of 9.0 billion euros was narrower than market expectations of 10.9 billion euros and was down from a revised 10.3 billion euros in Dec (prelim 12.0 bln euros).
UK March Rightmove house prices rose by +1.7% m/m and +1.2% y/y, which was stronger than market expectations of +1.7% m/m and +1.1% y/y.
China's Feb property price report, released Sunday night NY time, showed a further increase in Chinese property prices that is likely to cause the government to institute further controls to try to halt the surge in property prices. Prices on new residential apartments rose on a year-on-year basis in 62 of the 70 cities surveyed, up from 53 in Jan, 40 in Dec, 25 in Nov and 12 in Oct. Prices on existing residential prices rose in 49 of the 70 cities surveyed, up from 36 in Jan and 25 in Dec. On a month-on-month basis, prices in Feb rose in 66 of 70 cities surveyed on new residential apartments and in 66 of 70 cities surveyed on existing residential apartments.

U.S. STOCK PREVIEW

This week’s main focus will be on (1) the Eurozone debt crisis with the weekend Cyprus bailout announcement, and (2) the 2-day FOMC meeting that concludes on Wednesday. The Senate and House this week need to iron out the continuing spending resolution that is necessary to keep the government operating past next Wednesday (March 27). Today’s March NAHB housing market index is expected to show a +1 point increase to 47, reversing the -1 point dip to 46 seen in February. This is a light earnings week with only 14 of the S&P 500 companies scheduled to release earnings. Key reports include Adobe on Tuesday; Lennar, FedEx and Oracle on Wednesday; Nike, Ross stores, and Discover Financial Services on Thursday; and Darden Restaurants and Tiffany on Friday.
Conferences this week include Barclays Select Series Insurance Forum on Monday, ROTH OC Growth Stock Conference on Mon, Consumer Analyst Group of Europe (CAGE) Conference on Mon-Wed, Howard Weil Energy Conference on Mon-Wed, ISI Group Retail Summit on Tue, Barclays Emerging Payments Forum on Tue-Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Tue-Thu, Gabelli Asset Management Specialty Chemicals & Agriculture Conference on Wed, International Strategy & Investment Group (ISI) Retail Summit on Wed, BB&T Commercial & Industrial Conference on Wed-Thu, J.P. Morgan Insurance Conference on Thu, National Coffee Association Annual Conference on Thu, Nomura Global Chemical Industry Leaders Conference on Thu, and The Future of Utilities - 18th Annual Conference on Tue-Thu.

June E-mini S&Ps this morning are sharply lower by -14.75 points (-0.95%) on the flare-up in the Eurozone debt crisis thanks to the Eurozone bailout for Cyprus that requires a tax on bank deposits. The S&P 500 index on Friday closed slightly lower. The S&P 500 eked out a fresh 5-1/3 year high early after Feb U.S. industrial production rose +0.7% m/m, better than expectations of +0.4%, but stocks fell back and closed lower after an unexpected drop in Mar U.S. University of Michigan consumer confidence to a 15-month low (-4.8 to 71.8 versus expectations of +0.4 to 78.0) led to profit taking. Limiting declines was the larger-than-expected increase in Feb capacity utilization to its best level in 4-3/4 years (+0.4 to 79.6% versus expectations of +0.3 to 79.4%). Closes: S&P 500 -0.16%, Dow Jones -0.17%, Nasdaq -0.28%.

OVERNIGHT U.S. STOCK MOVERS

• Siemens (SI -0.06%) was upgraded to Buy from Neutral at BofA/Merrill.
• Nike's (NKE +0.16%) price target was raised by BoA/Merrill to $68 from $60 and a Buy was reiterated on positive pricing and sales trends.
• Krispy Kreme (KKD -2.74%) issued FY2014 guidance of an adjusted EPS 53-57 cents, below the consensus of 58 cents.
• Toyota (TM +0.38%) is recalling 209,000 FJ Cruiser SUVs, according to a report in the Detroit News.
• Airbus (EADSY +1.47%) won a $20 billion order from Lion Air, according to a report by Reuters.
• Amerseco (AMRC -0.52%) reported Q4 EPS of 11 cents, below the consensus of 14 cents.
• Quicksilver Resources (KWK +1.09%) disclosed in a regulatory filing that on Friday that it will restate its quarterly reports for 2012 due to non-cash related errors to derivative accounting treatment. The restatement is expected to produce an overall increase to net income of $133 million.
• Crimson Exploration (CXPO +1.59%) reported a Q4 EPS loss ex-charges of -8 cents, worse than consensus of -4 cents.
• Boeing (BA +2.14%) was awarded a $99.9 million government contract for production assets, spares, repairs and sustainment for the joint direct attack munitions system. Work is expected to be completed by Jan. 31, 2016.
• Lockheed Martin (LMT +0.22%) is being awarded a $105.87 million government contract for contractor logistics support, legacy sustainment and combined task force support for the Space Based Infrared Systems. Work is expected to be completed by Sept. 30, 2016.
• Vascular Solutions (VASC -2.28%) issued a nationwide recall of Guardian II hemostasis valves used in catheterization procedures due to a defect in certain lots that pose a slightly increased risk of air leakage that may lead to an air embolism, which could result in serious injury or death. No injuries have been reported in association with this issue.

MARKET COMMENTS

June 10-year T-notes this morning are trading sharply higher by 17 ticks on increased safe-haven demand with the sharp sell-off in stocks and flare-up in the Eurozone debt crisis. June 10-year T-note prices on Friday climbed to a 1-week high and closed higher. Bullish factors included (1) the unexpected decline in Mar U.S. University of Michigan consumer confidence to a 15-month low, which undercut stocks and boosted the safe-haven demand for Treasuries, and (2) Treasury data that showed China, the world's biggest holder of U.S. debt, increased its U.S. debt holdings in Jan by $44.1 billion, the biggest increase in 1-1/2 years. Closes: TYM3 +13.0, FVM3 +7.0.
The dollar index this morning is up +0.36 points (+0.43%) on the Eurozone debt ceiling flare-up while EUR/USD is down -0.0123 (-0.94%. USD/JPY is down -0.38 yen (-0.40%). The dollar index on Friday slipped to a 1-week low and closed lower as an unexpected drop in the March U.S. University of Michigan consumer confidence fueled speculation the Fed will keep its dollar negative easy monetary policies in place. EUR/USD received a boost after EU members endorsed an easing of austerity terms for France and several other countries. Closes: Dollar index -0.333 (-0.40%), EUR/USD +0.00706 (+0.54%), USD/JPY -0.839 (-0.87%).
April WTI crude oil this morning is down -1.14 (-1.22%) while April gasoline is down -0.0595 (-1.88%). Crude oil and gasoline prices on Friday closed higher. The slide in the dollar index to a 1-week low helped propel April crude to a 2-1/2 week high, while the stronger-than-expected U.S. Feb industrial production bolstered the economic outlook and the prospects for energy demand. Closes: CLJ3 +0.42 (+0.45%), RBJ3 +0.0225 (+0.72%).

GLOBAL EVENT CALENDAR03/18/2013

US	1000 ET	Mar NAHB housing market index expected +1 to 47, Feb -1 to 46.
	1100 ET	USDA weekly grain export inspections.
	n/a	Iran expert-level nuclear talks with world powers in Istanbul.
EUR	0600 ET	Eurozone Jan trade balance (sa) expected +10.9 bln euros, Dec +12.0 bln euros. Jan trade balance expected -3.5 bln euros, Dec +11.7 bln euros.
CHI	2200 ET	China Feb leading economic index from Conference Board.

U.S. STOCK CALENDAR03/18/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Numerex Corp	NMRX US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	0.125
Pernix Therapeutics Holdings	PTX US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	0.021
Ameresco Inc	AMRC US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	0.135
KiOR Inc	KIOR US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	-0.322
Sterling Construction Co Inc	STRL US	6:00	Q4 2012 Earnings Release	Q4 2012	0.036
Horizon Pharma Inc	HZNP US	8:00	Q4 2012 Earnings Call	Q4 2012
Ameresco Inc	AMRC US	8:30	Q4 2012 Earnings Call	Q4 2012
Numerex Corp	NMRX US	9:00	Q4 2012 Earnings Call	Q4 2012
Pernix Therapeutics Holdings	PTX US	9:00	Q4 2012 Earnings Call	Q4 2012
Cumulus Media Inc	CMLS US	9:00	Q4 2012 Earnings Release	Q4 2012	0.06
KCAP Financial Inc	KCAP US	9:00	Q4 2012 Earnings Call	Q4 2012
MDC Holdings Inc	MDC US	10:00	Annual General Meeting
Sterling Construction Co Inc	STRL US	10:00	Q4 2012 Earnings Call	Q4 2012
Miller Energy Resources Inc	MILL US	10:00	Annual General Meeting
KiOR Inc	KIOR US	10:00	Q4 2012 Earnings Call	Q4 2012
Crimson Exploration Inc	CXPO US	10:30	Q4 2012 Earnings Call	Q4 2012
Vantage Drilling Co	VTG US	10:30	Extraordinary Shareholders Meeting
Cumulus Media Inc	CMLS US	11:00	Q4 2012 Earnings Call	Q4 2012
Houston Wire & Cable Co	HWCC US	11:00	Q4 2012 Earnings Call	Q4 2012
West Coast Bancorp/OR	WCBO US	11:30	Extraordinary Shareholders Meeting
Greatbatch Inc	GB US	13:00	Investor Day	Y 2013
Parkervision Inc	PRKR US	16:30	Q4 2012 Earnings Call	Q4 2012
FalconStor Software Inc	FALC US	16:30	Q4 2012 Earnings Call	Q4 2012
Rockwell Medical Technologies Inc	RMTI US	16:30	Q4 2012 Earnings Call	Q4 2012
Intersections Inc	INTX US	17:00	Q4 2012 Earnings Call	Q4 2012
Towerstream Corp	TWER US	17:00	Q4 2012 Earnings Call	Q4 2012
Acorn Energy Inc	ACFN US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	-0.22
Parkervision Inc	PRKR US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012
FalconStor Software Inc	FALC US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012
Rockwell Medical Technologies Inc	RMTI US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	-0.657
Intersections Inc	INTX US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012
FutureFuel Corp	FF US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	0.19
Towerstream Corp	TWER US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	-0.107
CH Energy Group Inc	CHG US		Q4 2012 Earnings Release	Q4 2012	0.82
Maxwell Technologies Inc	MXWL US		Q4 2012 Earnings Release	Q4 2012	0.077
Central European Distribution Corp	CEDC US		Q4 2012 Earnings Release	Q4 2012
Cross Country Healthcare Inc	CCRN US		Q4 2012 Earnings Release	Q4 2012	-0.021
Gold Resource Corp	GORO US		Q4 2012 Earnings Release	Q4 2012	0.22
Houston Wire & Cable Co	HWCC US		Q4 2012 Earnings Release	Q4 2012	0.208
Employers Holdings Inc	EIG US		Investor Meeting -Day2	Y 2013
Horizon Pharma Inc	HZNP US		Q4 2012 Earnings Release	Q4 2012	-0.467

Barchart Morning Call 3/20

Barchart Morning Call

Barchart.com - 2 hrs 5 mins ago

Overnight Developments

• Global stocks this morning are lower with the Euro Stoxx 50 down -0.91% and Jun S&Ps down -8.30 points. The dollar and Treasuries are higher and most commodities retreated on signs of an economic slowdown in China. European automakers are leading a decline in equities, with BMW AG and Daimler AG both down more than 3%; after a deputy to the secretary general of the China Association of Automobile Manufacturers' said total vehicle deliveries to China, forecast to grow 8% this year, may fail to increase by even 5% because of the "difficult" economy. Mining companies also sold-off with BHP Billiton, the world's biggest mining company, down 3% after it said China's steel production has slowed as it switches its focus toward consumers and away from large building projects. Limiting weakness in the euro was the +0.4% increase in Feb German producer prices, weaker than expectations of +0.5% m/m.
• Asian stocks today closed mostly lower with Japan closed for holiday, China down -1.73%, Australia -0.37%, South Korea -0.22%, India +0.25%. Concerns over a slowdown in Chinese growth undercut Asian markets with energy and raw-material producers leading the declines. China's refiners are raising fuel prices for the second time in less than 6 weeks as they hiked their prices for gasoline and diesel by 7%, the biggest increase in more than 2 years, which may also slow Chinese economic output further. Chinese shipping companies also slumped after Morgan Stanley cut China's transportation industry to "underweight" due to rising oil prices. Concerns over company profits were another negative for Chinese stocks after data from China's Finance Ministry showed profits for state-owned companies fell -11% in the first 2 months of this year.

Overnight U.S. Stock News

• June S&Ps this morning are trading down -8.30 points on Chinese growth concerns. The U.S. stock market Monday shook off early losses and closed higher on increased optimism in the economic outlook: Dow Jones +0.05%, S&P 500 +0.40%, Nasdaq Composite +0.75%. The S&P 500 posted a 3-3/4 year high and the Nasdaq rose to an 11-year high. Bullish factors Monday included (1) increased optimism in the economic outlook after Apple posted a record high when it reinstated its dividend and said it plans to buy back $10 billion of its stock, (2) increased M&A activity after UPS agreed to buy TNT Express for $6.8 billion, and (3) reduced liquidity concerns for European banks after the cost to borrow in dollars declined to the lowest in 7-1/2 months as the 3-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, fell to 58 bp below the euro interbank offered rate, the lowest since Aug 4.
• Bearish factors Monday included (1) the weaker-than-expected Mar NAHB housing market index (unchanged at 28 versus expectations if +1 to 30), (2) comments from New York Fed President Dudley who said the U.S. expansion is not yet "out of the woods" as signs the U.S. economy is improving don't dispel "meaningful" risks to growth, including higher gasoline prices, fiscal cutbacks and a weak housing market, and (3) renewed Greek debt concerns after the IMF said Greece remains "accident prone" and may require further debt restructuring or additional financing from Euro-Zone countries.
• Walt Disney (DIS) fell nearly 1% in European trading after the company said that its film division will report a fiscal Q2 operating loss of $80 million to $120 million as a result of the movie "John Carter."

Today's Market Focus

• June 10-year T-notes this morning are up +11.5 ticks as global equities slide. T-note prices Monday relinquished early gains and slumped to a 4-1/2 month low and settled lower on reduced safe-haven demand after stocks rallied and after hawkish Fed speak from Dallas Fed President Fisher: TYM2 -21.0, FVM2 -11.0, EDU2 -0.5. The 10-year T-note yield climbed to a 4-1/2 month high of 2.388%. Bearish factors Monday included (1) reduced safe-haven demand for Treasuries as the S&P 500 posted a new 3-3/4 year high, and (2) hawkish comments from Dallas Fed President Fisher who said the U.S. economy does not need any further easing measures as "there is plenty of liquidity." Bullish factors included (1) the weaker-than-expected Mar NAHB housing market index (unchanged at 28 versus expectations if +1 to 30), (2) comments from New York Fed President Dudley who said the U.S. expansion is not yet "out of the woods" as signs the U.S. economy is improving don't dispel "meaningful" risks to growth, including higher gasoline prices, fiscal cutbacks and a weak housing market, (3) renewed European debt concerns that increased safe-haven demand for Treasuries after the IMF said Greece remains "accident prone" and may require further debt restructuring or additional financing from Euro-Zone countries, and (4) Treasury data that showed OPEC used the dollar proceeds from its crude sales to boost its holding of U.S. government debt by 20%, or $43.3 billion, to a record 258.8 billion in the 12-months ended Jan 31.
• The dollar index this morning is higher with the dollar/yen +0.32 yen and the euro/dollar -0.29 cents. The dollar index Monday gave back early gains and slipped to a 1-week low and settled lower on reduced safe-haven demand after stocks rallied: Dollar Index -0.341, USD/JPY -0.108, EUR/USD +0.00669. Bearish factors included (1) dollar negative comments from New York Fed President Dudley who said the signs the U.S. economy is improving don't dispel "meaningful" risks to growth, including higher gasoline prices, fiscal cutbacks and a weak housing market, and (2) reduced safe-haven demand for the dollar after the S&P 500 posted a fresh 3-3/4 year high and on reduced liquidity concerns after the cost for European banks to borrow in dollars declined to the lowest in 7-1/2 months as the 3-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, fell to 58 bp below the euro interbank offered rate, the lowest since Aug 4. Bullish factors included (1) dollar supportive comments from Dallas Fed President Fisher who said the U.S. economy does not need any further easing measures as "there is plenty of liquidity," and (2) increased safe-haven demand for the dollar after IMF Managing Director Lagarde warned that high oil prices, debt levels, and the risk of slowing growth in emerging markets threaten global economic stability.
• Apr crude oil prices this morning are down -75 cents a barrel and Apr gasoline is -2.10 cents per gallon. Crude oil and gasoline prices Monday rebounded from early losses and settled higher after the dollar weakened and equities rallied: CLJ12 +$1.03, RBJ +1.09. Apr crude posted a 1-week high and Apr gasoline climbed to a 2-week high. Bullish factors included (1) the fall in the dollar index to a 1-week low, which fuels investment demand in commodities and (2) the rally in the S&P 500 to a 3-3/4 year high, which boosts confidence in the economic outlook and energy demand. Bearish factors included (1) the statement from Saudi Arabia's cabinet that it will seek to guarantee sufficient oil supply and will work for return of a "fair" oil price for consumers and (2) concern the European debt crisis will drag on and curtail economic growth and fuel demand after the IMF warned that Greece remains "accident prone" and may require further debt restructuring or additional financing from Euro-Zone countries.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): ORCL-Oracle (BEST earnings consensus $0.56), TIF-Tiffany (1.41), JBL-Jabil Circuit (0.58), CTAS-Cintas (0.52), SAI-SAIC Inc. (0.34), JEF-Jeffries Group (0.29), DSW-DSW Inc. (0.50), AIR-AAR Corp. (0.49), KKD-Krispy Kreme Doughnuts (0.06).
Global Financial Calendar

Tuesday 3/29/12
United States
0745 ET	ICSC (Int?l Council of Shopping Centers) weekly retailer sales.
0830 ET	Feb housing starts expected +0.1% to 700,000, Jan +1.5% to 699,000. Feb building permits expected +0.6% to 686,000, Jan +1.6% to 682,000.
0855 ET	Redbook weekly retailer sales.
1000 ET	Treasury Secretary Timothy Geithner testifies before the House Financial Services Committee on the international finance system.
1130 ET	Weekly 4-week T-bill auction.
1245 ET	Fed Chairman Ben Bernanke delivers a lecture (1 of 4) at George Washington University School of Business on ?The Federal Reserve and its Role in Today?s Economy.?
1730 ET	Minneapolis Fed President Narayana Kocherlakota speaks at the Hyman P. Minsky Lecture Series at Washington University in St. Louis.
Germany
0300 ET	Feb German producer prices expected +0.5% m/m and +3.2% y/y, Jan +0.6% m/m and +3.4% y/y.
United Kingdom
0530 ET	Feb U.K. CPI expected +0.5% m/m and +3.3% y/y, Jan -0.5% m/m and +3.6% y/y. Feb core CPI expected +2.3% y/y, Jan +2.6% y/y.
0530 ET	Feb U.K. RPI expected +0.6% m/m and +3.5% y/y, Jan -0.6% m/m and +3.9% y/y. Feb RPI ex-mortgage interest payments expected +3.6% y/y, Jan +4.0% y/y.
0700 ET	Mar U.K. CBI trends total orders expected -5, Feb -3.
Euro-Zone
1000 ET	ECB Executive Board member Peter Praet delivers a speech at the University of Frankfurt on ?The Role of Central Banking in the New Institutional Framework.?
Japan
n/a	Japanese markets closed for Vernal Equinox Day.

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