Morning Call 9/19

Barchart Morning Call

Barchart.com - 5 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.05%) this morning are up +0.10% and European stocks are up +0.03% after a gauge of German investor confidence rose for the first time in 4 months. Also, energy stocks are higher with Nov WTI crude oil (CLX17 +0.58%) up +0.93% after Iraqi Oil Minister Jabbar al-Luaibi said OPEC should cut its oil output by an additional 1% to help rebalance the global oil market. Gains in stocks were limited ahead of the start of the 2-day FOMC meeting today where the Fed is expected to set out a plan to reduce its $4.5 trillion balance sheet. Asian stocks settled mostly lower: Japan +1.96%, Hong Kong -0.38%, China -0.18%, Taiwan -0.52%, Australia -0.12%, Singapore -0.49%, South Korea -0.13%, India -0.07%. China's Shanghai Composite fell to a 2-week low as exporter stocks fell on trade concerns after U.S. Trade Representative Lighthizer said China's economic model represents an "unprecedented" threat to the world trading system that can't be addressed under current global rules. Japan's Nikkei Stock Index surged to a 2-year high, led by a rally in exporter stocks, after USD/JPY climbed to a fresh 1-1/2 month high, which improves the earnings prospects of exporters with the weaker yen.

The dollar index (DXY00 -0.20%) is down -0.20%. EUR/USD (^EURUSD) is up +0.32% at a 1-week high on the stronger than expected German Sep ZEW investor confidence. USD/JPY (^USDJPY) is down -0.04%.

Dec 10-year T-note prices (ZNZ17 +0.07%) are up +2 ticks.

The German Sep ZEW survey expectations of economic growth rose +7.0 to 17.0, stronger than expectations of +2.0 to 12.0.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug housing starts (expected +1.7% to 1.175 million, Jul -4.8% to 1.155 million), (2) Aug import price index (expected +0.4% m/m and +2.2%, July +0.1% m/m and +1.5% y/y), (3) Q2 current account balance (expected -$112.4 billion, Q1 -$116.8 billion), (4) FOMC begins 2-day policy meeting, (5) EIA Weekly Petroleum Status Report.

Notable Russell 1000 earnings reports today include: FedEx (consensus $3.10) Adobe (1.01), Autozone (15.11), Bed Bath Beyond (0.95), Copart (0.31).

U.S. IPO's scheduled to price today: Krystal Biotech (KRYS), Despegar.com Corp (DESP), Celcuity LLC (CELC), Zai Lab (ZLAB), BEST Inc (BSTI).

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

Michael Kors (KORS -0.60%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with a price target of $55.

Tesla (TSLA +1.37%) slid over 1% in pre-market trading after it was initiated with an 'Underperform' at Jeffries with a price target of $280.

Nike (NKE -0.69%) was downgraded to 'Neutral' from 'Positive' at Susquehanna.

Acacia Communications (ACIA +2.57%) was initiated a new 'Buy' at MKM Partners with a 12-month price target of $64.

Walgreens Boots Alliance ({=WBA =}) was initiated a new 'Outperform' at RBC Capital Markets with a 12-month price target of $96

Quintiles IMS Holdings (Q +0.64%) was initiated a new 'Outperform' at RBC Capital Markets with a 12-month price target of $116.

Total System Services (TSS -0.49%) was downgraded to 'Hold' from 'Buy' at Stifel.

Watts Water (WTS +4.53%) was initiated a new 'Buy' at Oppenheimer with a 12-month price target of $72.

Quality Systems (QSII -0.88%) was initiated a new 'Underperform' at RBC Capital Markets with a price target of $12.

Beacon Roofing Supply (BECN +1.15%) slid almost 5% in after-hours trading after it announced an underwritten public offering of $300 million in shares of its common stock.

Mirati Therapeutics (MRTX -3.57%) gained almost 1% in after-hours trading after it was initiated a new 'Outperform' at Oppenheimer with an 18-month price target of $18.

Steelcase (SCS +0.70%) rose almost 4% in after-hours trading after it reported Q2 revenue of $775.6 million, better than consensus of $758.3 million.

Aldeyra Therapeutics (ALDX +2.25%) dropped 12% in after-hours trading after it announced an underwritten public offering of 2.7 million shares of common stock.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.05%) this morning are up +2.50 points (+0.10%). Friday's closes: S&P 500 +0.15%, Dow Jones +0.28%, Nasdaq -0.11%. The S&P 500 on Monday climbed to a new record high and closed higher on carry-over support from a rally in European stocks to a 2-month high after the Bundesbank in its monthly report said, “the German economy may continue its path of strong expansion in Q3 of 2017." There was also strength in defense contractor stocks on signs of increased M&A activity after Northrop Grumman agreed to buy Orbital ATK for $7.8 billion. Stocks fell back from their best levels after the U.S. Sep NAHB housing market index fell -3 to 64, weaker than expectations of -1 to 67.

Dec 10-year T-note prices (ZNZ17 +0.07%) this morning are up +2 ticks. Friday's closes: TYZ7 -7.50, FVZ7 -3.25. Dec 10-year T-notes on Monday fell to a 1-month low and closed lower on negative carry-over from an increase in the German 10-year bund yield to a 1-month high and increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 4-month high.

The dollar index (DXY00 -0.20%) this morning is down -0.181 (-0.20%). EUR/USD (^EURUSD) is up +0.0038 (+0.32% at a 1-week high and USD/JPY (^USDJPY) fell back from a new 1-1/2 month high in overnight trade and is down -0.04 (-0.04%). Friday's closes: Dollar Index +0.164 (+0.18), EUR/USD +0.0009 (+0.08%), USD/JPY +0.74 (+0.67%). The dollar index on Monday closed higher on the rally in the S&P 500 to a new all-time high, which reduced safe-haven demand for the yen and sent USD/JPY up to a 1-1/2 month high. The dollar also found support on the rise in 10-year T-note yields to a 1-month high, which improves the dollar's interest rate differentials.

Nov crude oil (CLX17 +0.58%) this morning is up +47 cents (+0.93%) and Nov gasoline (RBX17 +0.28%) is up +0.0064 (+0.40%). Friday's closes: Nov WTI crude -0.09 (-0.18%), Nov gasoline -0.0048 (-0.30%). Nov crude oil and gasoline on Monday closed lower on a stronger dollar and on demand concerns as the refining maintenance season begins, which will reduce refinery demand for crude oil as refiners shut down for maintenance.

Metals prices this morning are higher with Dec gold (GCZ17 +0.02%) up +0.6 (+0.05%), Dec silver (SIZ17 +0.17%) +0.044 (+0.26%) and Dec copper (HGZ17 +0.32%) +0.009 (+0.29%). Friday's closes: Dec gold -14.4 (-1.09%), Dec silver -0.545(-3.08%), Dec copper +0.0200 (+0.68%). Metals on Monday settled mixed with Dec gold at a 2-week low and Dec silver at a 3-week low. Metals prices fell on a stronger dollar and on reduced safe-haven demand after the S&P 500 rose to a new record high. Copper closed higher after LME canceled warrants, a sign of demand, rose by +12,275 MT, the biggest increase in 3-months.

GLOBAL EVENT CALENDAR09/19/2017

		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.
		Wednesday, Sep 20
US	0700 ET	Weekly MBA mortgage applications, previous +9.9% with purchase sub-index +10.9% and refi sub-index +8.9%.
	1000 ET	Aug existing home sales expected +0.4% to 5.46 million, Jul -1.3% to 5.44 million.
	1030 ET	EIA weekly Petroleum Status Report.
	1400 ET	FOMC announces policy decision; no change expected to 1.00%-1.25% fed funds target range but Fed may announce the start date of its balance sheet reduction program.

U.S. STOCK CALENDAR09/19/2017

Name	Ticker	Time	Description	Period	Estimate
AutoZone Inc	AZO US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	15.113
AutoZone Inc	AZO US	10:00	Q4 2017 Earnings Call	Q4 17
CDW Corp/DE	CDW US		Annual General Meeting
Ameren Corp	AEE US		Fixed Income Meeting
Humana Inc	HUM US		Investors Meeting
Equifax Inc	EFX US		Investor Meeting
Best Buy Co Inc	BBY US	14:00	Investor Day
Bed Bath & Beyond Inc	BBBY US	Aft-mkt	Q2 2018 Earnings Release	Q2 18	0.947
Copart Inc	CPRT US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	0.308
Adobe Systems Inc	ADBE US	16:05	Q3 2017 Earnings Release	Q3 17	1.007
FedEx Corp	FDX US	16:15	Q1 2018 Earnings Release	Q1 18	3.1
Bed Bath & Beyond Inc	BBBY US	17:00	Q2 2018 Earnings Call	Q2 18
FedEx Corp	FDX US	17:00	Q1 2018 Earnings Call	Q1 18
Adobe Systems Inc	ADBE US	17:00	Q3 2017 Earnings Call	Q3 17

MORNING CALL 6/1

MORNING CALL

Wednesday, June 1st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.38%) are down -0.31% and European stocks are down -0.89% on signs of lackluster global manufacturing activity. The German May Markit/BME manufacturing PMI was revised lower, Japan's May Nikkei PMI contracted at the steepest pace in over 3 years, and China's May manufacturing PMI remained basically flat. A -1.22% slide in July WTI crude oil (CLN16 -1.20%) to a 1-week low undercut energy producers, and U.S. stocks were under pressure after the OECD revised its U.S. 2016 GDP forecast downward. Asian stocks settled mostly lower: Japan -1.62%, Hong Kong -0.26%, China -0.11%, Taiwan +0.72%, Australia -1.03%, Singapore -0.02%, South Korea -0.02%, India +0.17%.

The dollar index (DXY00 -0.38%) is down -0.34% after the OECD cut its U.S. 2016 GDP forecast and EUR/USD (^EURUSD) is up +0.26% after the OECD raised its Eurozone 2016 GDP forecast to 1.6% from a Feb estimate of 1.4%. USD/JPY (^USDJPY) is down -1.11%.

Sep T-note prices (ZNU16 +0.06%) are up +1 tick.

The OECD cut its U.S. 2016 GDP estimate to 1.8% from a Feb projection of 2.0% and raised its Eurozone 2016 GDP forecast to 1.6% from a Feb estimate of 1.4%. The OECD kept its global 2016 GDP estimate unchanged at 3.0%, but warned that the global economy is slipping into a self-fulfilling "low-growth trap" where ultra-loose monetary policy risks doing more harm than good.

The China May manufacturing PMI was unchanged at 50.1, stronger than expectations of -0.1 to 50.0.

The German May Markit/BME manufacturing PMI was revised downward to 52.1 from the originally reported 52.4.

The Japan May Nikkei manufacturing PMI was revised upward to 47.7 from the originally reported 47.6, still the steepest pace of contraction since the data series began in 2013.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +2.3% with purchase sub-index +4.8% and refi sub-index +0.4%), (2) revised-May Markit U.S. manufacturing PMI (expected unrevised at 50.5, preliminary-May -0.3 to 50.5), (3) May ISM manufacturing index (expected -0.5to 50.3, Apr -1.0 to 50.8), (4) Apr construction spending (expected +0.6%, Mar +0.3%), (5) Fed Beige Book, (6) May total vehicle sales (expected 17.30 million, Apr 17.32 million).

There are 2 of the Russell 1000 companies that report earnings today: Michael Kors Holdings (consensus $0.97), Alere (0.58).

U.S. IPO's scheduled to price today: Nant Health LLC (NH).

Equity conferences during the remainder of this week include: Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, BMO Capital Markets Energy & Power Conference on Wed, D. A. Davidson & Co Technology Forum on Wed, Stifel Dental & Veterinary Conference on Wed, Bank of America Merrill Lynch Global Technology Conference on Wed-Thu, Cowen and Company Technology, Media & Telecom Conference on Wed-Thu, RBC Capital Markets Consumer & Retail Conference on Wed-Thu, Bernstein Strategic Decisions Conference on Wed-Fri, Credit Suisse Engineering & Construction Conference on Thu, Keefe, Bruyette & Woods Asset Management Conference on Thu, American Society of Clinical Oncology (ASCO) Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

Nike (NKE -1.73%) fell 2% in pre-market trading after it was downgraded to 'Neutral' from 'Buy' at Bank of America/Merrill Lynch.

Whole Foods Markets (WFM +1.00%) jumped over 2% in pre-market trading after it was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.

Zoetis (ZTS +0.51%) was rated a new 'Buy' at Stifel with a 12-month price target of $58.

InterXion Holding NV (INXN +0.86%) rose nearly 1% in after-hours trading after it was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities.

Alibaba Group Holding Ltd. (BABA +1.27%) fell over 2% in pre-market trading after Softbank Group, the largest investor in Alibaba, said it will sell at least $7.9 billion of its Alibaba stake.

Under Armour (UA -0.50%) lost more than 3% in after-hours trading after it cut its full-year net revenue estimate to $4.925 billion from a prior view of $5 billion.

Quanex Building Products (NX +2.47%) reported Q2 adjusted EPS of 10 cents, better than consensus of 9 cents, and boosted its full-year Ebitda estimate to $117 million-$121 million from a December 14 estimate of $112 million-$120 million.

Ascena Retail (ASNA +1.12%) dropped nearly 6% in after-hours trading after it lowered guidance on full-year EPS to 67 cents-70 cents from a prior view of 75 cents-80 cents.

Zoe's Kitchen (ZOES +2.47%) climbed over 3% in after-hours trading after it reported Q1 adjusted EPS of 6 cents, better than consensus of 4 cents, and then raised its full-year revenue estimate to $277 million-$281 million from a prior estimate of $275 million-$289 million.

NCI Building Systems (NCS +2.48%) reported Q2 sales of $372.2 million, higher than consensus of $363.5 million.

Boyd Gaming (BYD +0.48%) rose more than 4% in after-hours trading after MGM Resorts International acquired Boyd's 50% stake in Atlantic City's Borgata hotel and casino for $900 million.

TiVo (TIVO -0.70%) slipped 3% in after-hours trading after it reported Q1 EPS of 4 cents, weaker than consensus of 8 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.38%) this morning are down -6.50 points (-0.31%). Tuesday's closes: S&P 500 -0.10%, Dow Jones -0.48%, Nasdaq +0.25%. The S&P 500 on Tuesday fell back from a 1-1/4 month high and closed lower on the unexpected -2.1 point decline in U.S. May consumer confidence (Conference Board) to 92.6 (weaker than expectations of +1.9 to 96.1 and a 6-month low) and the unexpected -1.1 point decline in the May Chicago PMI (weaker than expectations of +0.1 to 50.5). Stocks were boosted by the +1.0% m/m increase in U.S. Apr personal spending, stronger than expectations of +0.7% m/m and the largest increase in 6-1/2 years.

September 10-year T-note prices (ZNU16 +0.06%) this morning are up +1 tick. Tuesday's closes: TYU6 -0.50, FVU6 -0.25. Sep T-notes on Tuesday fell to a 1-month low but recovered and closed little changed. T-notes were undercut by negative carry-over from Friday's comments by Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate." T-notes were also undercut by the sharp +1.0% increase in U.S. Apr personal spending. T-notes found support on the decline in the U.S. May consumer confidence index to a 6-month low and by the weak May Chicago PMI.

The dollar index (DXY00 -0.38%) this morning is down -0.327 (-0.34%). EUR/USD (^EURUSD) is up +0.0029 (+0.26%). USD/JPY (^USDJPY) is down-1.23 (-1.11%). Tuesday's closes: Dollar Index +0.370 (+0.97%), EUR/USD -0.0006 (-0.05%), USD/JPY -0.39 (-0.35%). The dollar index on Tuesday closed higher on carryover support from Friday's hawkish comments Friday by Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate." The dollar was also boosted by the stronger-than-expected U.S. Apr personal spending of +1.0%, which rose at the fastest pace in 6-1/2 years and bolstered the case for a Fed rate hike.

July WTI crude oil (CLN16 -1.20%) this morning is down -60 cents (-1.22%) at a 1-week low. July gasoline (RBN16 -0.60%) is down -0.0117 (-0.73%) at a 2-week low. Tuesday's closes: CLN6 -0.23 (-0.47%), RBN6 -0.0244 (-1.49%). July crude oil and gasoline on Tuesday closed lower on the stronger dollar and on expectations that OPEC members will be unable to agree on production cuts when the cartel meets on Thursday in Vienna.

GLOBAL EVENT CALENDAR06/01/2016

US	0700 ET	Weekly MBA mortgage applications, previous +2.3% with purchase sub-index +4.8% and refi sub-index +0.4%.
	0945 ET	Revised-May Markit U.S. manufacturing PMI expected unchanged at 50.5, preliminary-May -0.3 to 50.5.
	1000 ET	May ISM manufacturing index expected -0.5 to 50.3, Apr -1.0 to 50.8. May ISM new orders, Apr -2.5 to 55.8. May ISM employment, Apr +0.9 to 49.2. May ISM prices paid expected -1.0 to 58.0, Apr +7.5 to 59.0.
	1000 ET	Apr construction spending expected +0.6%, Mar +0.3%.
	1400 ET	Fed Beige Book.
	n/a	May total vehicle sales expected 17.30 million, Apr 17.32 million. May domestic vehicle sales expected 13.58 million, Apr 13.48 million.
JPN	0100 ET	Japan May vehicle sales, Apr +7,2% y/y.
GER	0355 ET	Revised German May Markit/BME manufacturing PMI, preliminary +0.6 to 52.4.
EUR	0400 ET	Revised Eurozone May Market manufacturing PMI, preliminary -0.2 to 51.5.
UK	0200 ET	UK My nationwide house prices expected +0.3% m/m and +4.8% y/y, Apr +0.2% m/m and +4.9% y/y.
	0430 ET	UK Apr net consumer credit expected +1.6 billion pounds, Mar +1.9 billion pounds.
	0430 ET	UK Apr mortgage approvals expected 67,900, Mar 71,400.
	0430 ET	UK Apr M4 money supply, Mar -0.4% m/m and +1.6% y/y.
	0430 ET	UK May Markit manufacturing PMI expected +0.4 to 49.6, Apr 49.2.

U.S. STOCK CALENDAR06/01/2016

Company	Ticker	Time	Event Description	Period	Estimate
Michael Kors Holdings Ltd	KORS US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.965
Michael Kors Holdings Ltd	KORS US	8:00	Q4 2016 Earnings Call	Q4 2016
Alkermes PLC	ALKS US	8:30	ALKS 5461 FORWARD-3 & FORWARD-4 Data Study Results Call
Ford Motor Co	F US	9:15	May 2016 Sales and Revenue Release	2016
Ford Motor Co	F US	10:00	May 2016 Sales and Revenue Call	2016
IPG Photonics Corp	IPGP US	10:00	Annual General Meeting
Gaming and Leisure Properties Inc	GLPI US	10:00	Annual General Meeting
Workday Inc	WDAY US	12:00	Annual General Meeting	Y 2016
Pandora Media Inc	P US	12:00	Annual General Meeting
Costco Wholesale Corp	COST US	21:00	May 2016 Sales and Revenue Release	2016
Equifax Inc	EFX US		Investor Meeting - San Francisco	Y 2016
MGM Resorts International	MGM US		Annual General Meeting
Taubman Centers Inc	TCO US		Annual General Meeting
American Tower Corp	AMT US		Annual General Meeting
Alere Inc	ALR US		Q4 2015 Earnings Release	Q4 2015	0.583
Equinix Inc	EQIX US		Annual General Meeting
Ulta Salon Cosmetics & Fragrance Inc	ULTA US		Annual General Meeting
Michaels Cos Inc/The	MIK US		Annual General Meeting
Rice Energy Inc	RICE US		Annual General Meeting

The 5 Best of the IBD 50

Each week Investors Business Daily publishes the IBD 50 which is their 50 top rated stocks.  I use Barchart to sort those 50 stocks first by the Barchart technical buy signals, then I use the Flipchart feature to review the chart of consistent upward momentum.  Today's list includes:

Michael Kors (KORS), Ellie Mae (ELLI), Equity Lifestyle Properties (ELS), TAL Education Group (XRS) and Edwards Lifesciences (EW).

Michael Kors (KORS)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 44.29% in the last month
• Relative Strength Index 78.11%
• Technical support level at 53.28
• Recently traded at 55.44 with a 50 day moving average of 43.11

Ellie Mae (ELLI)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 27.20% in the last month
• Relative Strength Index 67.76%
• Technical support level at 77.05
• Recently traded at 83.74 with a 50 day moving average of 66.47

Equity Lifestyle Properties (ELS)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 6 new highs and up 3.01% in the last month
• Relative Strength Index 60.24%
• Technical support level at 6893
• Recently traded at 69.11 with a 50 day moving average of 66.04

TAL Education Group (XRS)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 15.39% in the last month
• Relative Strength Index 64.71%
• Technical support level at 49.60
• Recently traded at 50.82 with a 50 day moving average of 46.27

Edwards Lifesciences (EW)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 10.22% in the last month
• Relative Strength Index 64.17%
• Technical support level at 85.32
• Recently traded at 87.05 with a 50 day moving average of 79.77

BARCHART MORNING CALL 10/7

BARCHART MORNING CALL

Wednesday, October 7th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.65%) are up +0.44% and European stocks are up +0.61%, both at 2-1/2 week highs, as a +1.65% rally in Nov crude oil (CLX15 +1.94%) to a 5-week high and a +0.51% increase in Dec copper (HGZ15 +1.10%) to a 2-week high boosted energy and commodity producers. Also, Morgan Stanley upgraded their recommendation on miners to 'Attractive,' which boosted Anglo American Plc, Rio Tinto Group and BHP Billiton Ltd. to up more than 4%. In addition, increased M&A activity boosted stocks as SABMiller gained over 1% after Anheuser-Busch InBev NV raised its offer for SABMiller to $104 billion. Asian stocks settled higher: Japan +0.75%, Hong Kong +3.13%, China closed for holiday, Taiwan +1.20%, Australia +0.59%, Singapore +2.22%, South Korea +1.39%, India +0.38%. Japan's Nikkei Stock Index climbed to a 2-1/2 week high as the rally in crude oil bolstered energy producers. USD/JPY is weaker after the BOJ refrained from additional stimulus measures following today's 2-day policy meeting and after BOJ Governor Kuroda said that inflation will climb toward the BOJ's 2.0% target once the effect of lower oil prices dissipates. The BOJ will update its outlook for inflation and economic growth on Oct 30.

The dollar index (DXY00 +0.02%) is up +0.03%. EUR/USD (^EURUSD) is down -0.11%% on speculation the ECB may expand QE after German Aug industrial production unexpectedly fell. USD/JPY (^USDJPY) is down -0.12%.

Dec T-note prices (ZNZ15 -0.19%) are down -8 ticks.

German Aug industrial production unexpectedly fell -1.2%, weaker than expectations of +0.2% m/m and the biggest decline in a year. On an annual basis, Aug industrial production rose +2.3% y/y, weaker than expectations of +3.3% y/y.

UK Aug industrial production rose +1.0% m/m, stronger than expectations of +0.3% m/m and the largest increase in 18 months. On an annual basis, Aug industrial production rose +1.9% y/y, stronger than expectations of +1.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -6.7% with purchase sub-index -5.6% and refi sub-index -7.5%), (2) San Francisco Fed President John Williams' speech at the Gonzaga University School of Business Administration, (3) Aug consumer credit (expected +$19.500 billion, Jul +$19.097 billion), (4) the Treasury's auction of $21 billion of 10-year T-notes.

There are 7 of the Russell 2000 companies report earnings today: Monsanto (consensus -$0.03), Constellation Brands (1.32), RMP Intl (0.81), Global Payments (1.43), Acuity Brands (1.62), Lumentum Holdings (0.20).

U.S. IPO's scheduled to price today: CPI Card Group (PMTS), CytomX Therapeutics (CTMX), Allegiance Bancshares (ABTX).

Equity conferences during the remainder of this week include: Barclays Select Series Biosimilars Symposium on Wed, Capital Link Shipping Marine Services and Offshore Forum on Wed, and Goldman Sachs EMEA Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Anglo American Plc (AAUKY +4.59%) , Rio Tinto Group (RIO +0.43%) and BHP Billiton Ltd. (BHP +1.63%) are all up more than 4% in pre-market trading after Morgan Stanley upgraded the metals and mining sectors to 'Attractive' saying the sectors trade at historically attractive valuations.

Exxon-Mobile (XOM +1.41%) and Schlumberger (SLB +2.57%) are both up over 1% in pre-market trading as the price of crude oil rose to a 5-week high.

SABMiller (SBMRY -3.45%) is up over 1% in pre-market trading after Anheuser-Busch InBev NV raised its offer for the company to $104 billion.

Ross Stores (ROST -2.97%) were rated a new 'Buy' at Citigroup with a price target of $59.

Michael Kors (KORS -1.18%) were rated a new 'Sell' at Citigroup with a price target of $38.

Team Inc. (TISI -3.22%) reported Q1 EPS of 23 cents, better than consensus of 22 cents.

Nu Skin (NUS +1.57%) sank over 12% in after-hours trading after it reported preliminary Q3 revenue of $570 million-$573 million, less than consensus of $600 million-$620 million.

Yum! Brands (YUM +0.45%) slumped over 15% in after-hours trading after it reported Q2 adjusted EPS of $1.00, lower than consensus of $1.06 and said the pace of recovery in China is below expectations.

Allegheny Technologies (ATI +2.12%) forecast a Q3 adjusted loss of -27 cents to -32 cents, wider than consensus of a -23 cent loss.

U.S. Steel (X +3.24%) fell 1% in after-hours trading after it said it was examining consolidation of its North American flat-rolled steel operations and may temporarily idle its Granite City, Il plant and cut jobs.

Adobe (ADBE -0.80%) tumbled over 7% in after-hours trading after it said it sees fiscal 2016 adjusted EPS of $2.70, well below consensus of $3.20.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.65%) this morning are up +8.75 points (+0.44%). Tuesday's closes: S&P 500 -0.36%, Dow Jones +0.08%, Nasdaq -0.57%. The S&P 500 on Tuesday closed lower on the IMF's cut its global growth forecast for 2015 to 3.1% from July's estimate of 3.3% and for 2016 to 3.6% from July's 3.8%. In addition, there was weakness in health-care companies after Celgene and Vertex Pharmaceuticals both lost more than 5%. On the positive side, energy producers rose as crude oil prices climbed to a 1-month high.

Dec 10-year T-notes (ZNZ15 -0.19%) this morning are down -8 ticks. Tuesday's closes: TYZ5 +6.50, FVZ5 +2.75. Dec T-note prices on Tuesday settled higher on weakness in stocks, which boosted the safe-haven demand for T-notes, and on global growth concerns that may further delay a Fed interest rate increase after the IMF cut its 2015/16 global GDP estimates.

The dollar index (DXY00 +0.02%) this morning is up +0.030 (+0.03%). EUR/USD (^EURUSD) is down -0.0012 (-0.11%). USD/JPY (^USDJPY) is down-0.14 (-0.12%). Tuesday's closes: Dollar Index -0.651 (-0.68%), EUR/USD +0.0084 (+0.75%), USD/JPY -0.23 (-0.19%). The dollar index on Tuesday closed lower on continued negative carryover from last Friday's weaker-than-expected U.S. Sep payroll report that pushed back expectations for a Fed interest rate increase from this year to Q1-2016. EUR/USD received a boost on reduced expectations of additional ECB stimulus after ECB Governing Council member Liikanen said speculation of additional ECB easing is "premature."

Nov crude oil (CLX15 +1.94%) this morning is up +80 cents (+1.65%) at a 2-week high and Nov gasoline (RBX15 +0.34%) is up +0.0011 (+0.08%). Tuesday's closes: CLX5 +2.27 (+4.91%), RBX5 +0.0411 (+2.97%). Nov crude oil and gasoline on Tuesday climbed to 1-month highs and settled sharply higher on a weaker dollar and on reduced U.S. crude production after the U.S. Energy Department in its Short-Term Energy Outlook said U.S. Sep crude output was down -120,000 bpd. Crude oil prices continue to see strength from Middle East tensions after at least one Russian fighter jet on Monday violated Turkish/NATO air space.

GLOBAL EVENT CALENDAR10/07/2015

US	0700 ET	Weekly MBA mortgage applications, previous -6.7% with purchase sub-index -5.6% and refi sub-index -7.5%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $21 billion of 10-year T-notes.
	1400 ET	San Francisco Fed President John Williams speaks at the Gonzaga University School of Business Administration.
	1500 ET	Aug consumer credit expected +$19.500 billion, Jul +$19.097 billion.
JPN	0100 ET	Japan Aug leading index CI expected -1.6 to 103.4, Jul 105.0. Aug coincident index expected -0.8 to 112.3, Jul 113.1.
	1950 ET	Japan Aug machine orders expected +2.3% m/m and +3.5% y/y, Jul -3.6% m/m and +2.8% y/y.
	n/a	BOJ announces interest rate decision followed by a press conference with BOJ Governor Haruhiko Kuroda.
GER	0200 ET	German Aug industrial production expected +0.2% m/m and +3.3% y/y, Jul +0.7% m/m and +0.5% y/y.
UK	0430 ET	UK Aug industrial production expected +0.3% m/m and +1.2% y/y, Jul -0.4% m/m and +0.8% y/y.
	0430 ET	UK Aug manufacturing production expected +0.3% m/m and -0.2% y/y, Jul -0.8% m/m and -0.5% y/y.
	1000 ET	UK Sep NIESR GDP estimate, Aug +0.5% q/q.
	1901 ET	UK Sep RICS house price balance expected 55%, Aug 53%.

U.S. STOCK CALENDAR10/07/2015

Company	Ticker	Time	Event Description	Period	Estimate
RPM International Inc	RPM US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.813
Constellation Brands Inc	STZ US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.32
Monsanto Co	MON US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	-0.026
Global Payments Inc	GPN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.425
Acuity Brands Inc	AYI US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.621
SunEdison Inc	SUNE US	8:00	Business Update Call
Global Payments Inc	GPN US	8:00	Q1 2016 Earnings Call	Q1 2016
Accenture PLC	ACN US	8:30	Investor & Analyst Meeting	Y 2015
Flowers Foods Inc	FLO US	8:30	Acquisitions of Daves Killer Bread and Alpine Valley Bread By Flowers Foods
Yum! Brands Inc	YUM US	9:15	Q3 2015 Earnings Call	Q3 2015
Monsanto Co	MON US	9:30	Q4 2015 Earnings Call	Q4 2015
RPM International Inc	RPM US	10:00	Q1 2016 Earnings Call	Q1 2016
Acuity Brands Inc	AYI US	10:00	Q4 2015 Earnings Call	Q4 2015
Constellation Brands Inc	STZ US	10:30	Q2 2016 Earnings Call	Q2 2016
IHS Inc	IHS US	12:00	Investor Day	Y 2015
Costco Wholesale Corp	COST US	21:00	September 2015 Sales and Revenue Release	2015
Xcel Energy Inc	XEL US		Investor Meeting - Day 2	Y 2015
Lumentum Holdings Inc	LITE US		Q4 2015 Earnings Release	Q4 2015	0.2