BARCHART MORNING CALL 7/6

BARCHART MORNING CALL

Monday, July 6th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.63%) are down -0.62% at a 3-month low and European stocks are down -1.73% at a 4-3/4 month low after Greek voters voted 'No' to austerity measures. The ECB will meet today to discuss its next move and German Chancellor Merkel will meet with French President Hollande today before Eurozone leaders meet on Tuesday. Stocks recovered from their worst levels after Greek Finance Minister Vaoufakis resigned, which boosted speculation a last-minute deal with Greece's creditors was possible. Another positive for European stocks was the upward revision to the Eurozone Jun Markit composite PMI which was revised higher to its best level since the data series began in 2012. Asian stocks closed mostly lower: Japan -2.08%, Hong Kong -3.18%, China +2.41%, Taiwan -1.09%, Australia -1.14%, Singapore -0.29%, South Korea -2.50%, India +0.41%. China's Shanghai Composite closed higher after the government over the weekend suspended initial public offerings and the PBOC said it would provide liquidity for margin trading.
Commodity prices are mostly lower. Aug crude oil (CLQ15 -2.32%) is down -4.67% at a 2-1/2 month low, Aug gasoline (RBQ15 -1.57%) is down -3.31%. Metals prices are mixed. Aug gold (GCQ15 -0.30%) is up +0.07%. Sep copper (HGU15 -3.04%) is down -3.93% at a 5-month low. Agricultural prices are weaker as a stronger dollar and drier weather pressured grain prices.
The dollar index (DXY00 +0.38%) is up +0.35% at a 1-month high. EUR/USD (^EURUSD) is down -0.71% at a 1-week low. USD/JPY (^USDJPY) is up +0.09%.

Sep T-note prices (ZNU15 +0.26%) are up ticks at a 5-week high as global government bonds rally after the Sunday's Greek 'No' vote to austerity increases the chances that Greece will be forced to exit the Eurozone.
In an attempt to stop the recent plunge in Chinese stocks, China's State Council suspended initial public offerings and the China Securities Regulatory Commission (CSRC) said 21 brokerages pledged not to reduce any proprietary investments in the equity market as long as the Shanghai Composite Index stays below 4,500. The PBOC also said it will offer China Securities Finance Corp., which manages China's short selling and margin trading, liquidity support, according to a statement on the CSRC website on Sunday.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Jun Markit U.S. services PMI (expected +0.1 to 54.9 after prelim-Jun -1.4 to 54.8), (2) Jun ISM non-manufacturing index (expected +0.7 to 56.4 after May's -2.1 to 55.7), and (3) Jun Labor Market Conditions Index (expected 2.0 vs May's 1.3).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: NephroGenex (NRX).
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Celanese (CE +2.39%) was downgraded to 'Neutral' from 'Buy' at UBS.
Intuitive Surgical (ISRG +0.09%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
Guess (GES -0.88%) was upgraded to 'Neutral' from 'Underweight' at Piper Jaffray.
Aegerion (AEGR -1.27%) was downgraded to 'Sell' from 'Neutral' at Guggenheim.
VMware (VMW +0.40%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital.
Bank of America (BAC -1.10%) and Citigroup (C -0.56%) both fell over 1% in pre-market trading as financial stocks fell across the globe following the results of the Greek referendum.
Humana (HUM -2.92%) jumped over 8% in pre-market trading after Aetna agreed to buy the health insurer for about $35 billion,
The Financial Times reported that Royal Bank of Scotland (RBS +0.89%) could potentially face a judgment of nearly $13 billion in a case related to the subprime mortgage crisis.
Pershing Square reported a 13.2% stake in Howard Hughes (HHC -0.81%) .
Man Group reported a 5.31% stake in Perfect World (PWRD -0.25%) .
Point72 Asset Management reported a 5.1% passive stake in SPX Corp. (SPW -0.65%) .
Frigate Ventures reported a 6.8% passive stake in Novogen (NVGN unch) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 -0.63%) this morning are down -12.75 points (-0.62%0 at a 3-month low. Thursday's closes: S&P 500 -0.03%, Dow Jones -0.16%, Nasdaq +0.09%. The S&P 500 on Thursday settled slightly lower on (1) the slightly weaker-than-expected +223,000 increase in U.S. Jun payrolls and the downward revision in May payrolls to +254,000 from +280,000, and (2) the -1.0% drop in U.S. May factory orders, weaker than expectations of -0.5%. On the supportive side for stocks, the U.S. Jun unemployment rate fell -0.2 to a 7-year low of 5.3%, a bigger decline than expectations of -0.1 to 5.4%.
Sep 10-year T-notes (ZNU15 +0.26%) this morning are up +24.5 ticks at a 5-week high. Thursday's closes: TYU5 +13.00, FVU5 +10.00. Sep T-notes on Thursday closed higher on the weaker-than-expected +223,000 increase in U.S. Jun payrolls and Jun average hourly earnings, which may push back the timing of a Fed interest rate increase.
The dollar index (DXY00 +0.38%) this morning is up +0.341 (+0.35%) at a 1-month high. EUR/USD (^EURUSD) is down -0.0079 (-0.71%) at a 1-week low. USD/JPY (^USDJPY) is up +0.11 (+0.09%). Thursday's closes: Dollar Index -0.197 (-0.20%), EUR/USD +0.00312 (+0.28%), USD/JPY -0.116 (-0.09%). The dollar index on Thursday settled lower on (1) the weaker-than-expected U.S. Jun payroll and average hourly earnings reports, which may push back a Fed interest rate increase, and (2) strength in EUR/USD on short covering ahead of the July 5 Greek referendum.
Aug WTI crude oil (CLQ15 -2.32%) this morning is down sharply by -$2.66 (-4.67%) at a 2-1/2 month low. Aug gasoline (RBQ15 -1.57%) is down -0.0673 (-3.31%). Thursday's closes: CLQ5 -0.03 (-0.05%), RBQ5 +0.0275 (+1.37%). Aug crude oil and gasoline on Thursday settled mixed. Crude oil received support from a weaker dollar and the close-to-expected increase in U.S. Jun payroll report, which signals moderate economic growth that is beneficial for energy demand. Crude oil prices were undercut by the afternoon report from Baker Hughes that U.S. active oil rigs rose by +12 rigs to 640 rigs, the first increase in nearly 7 months.

GLOBAL EVENT CALENDAR07/06/2015

US	0945 ET	Final-Jun Markit U.S. services PMI expected +0.1 to 54.9, prelim-Jun -1.4 to 54.8. Final-Jun Markit U.S. Composite PMI, prelim-Jun -1.4 to 54.6.
	1000 ET	Jun ISM non-manufacturing index expected +0.7 to 56.4, May -2.1 to 55.7.
	1000 ET	Jun Labor Market Conditions Index expected 2.0, May 1.3.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan May leading index CI expected -0.1 to 106.3, Apr 106.4. May coincident index expected -1.7 to 109.3, Apr 111.0.
GER	0200 ET	German May factory orders expected unch m/m and +4.4% y/y, Apr +1.4% m/m and +0.4% y/y.
	0330 ET	German Jun Markit construction PMI, May 50.8.
UK	0400 ET	UK Jun new car registrations, May +2.4% y/y.
EUR	0430 ET	Eurozone Jul Sentix investor confidence expected -1.6 to 15.5, Jun 17.1.

U.S. STOCK CALENDAR07/06/2015

Company	Ticker	Time	Event Description	Period	Estimate
Aetna	AET US	8:30	Acquisition of Humana Inc by Aetna Inc Call
Humana	HUM US	8:30	Acquisition of Humana Inc by Aetna Inc Call
A Schulman Inc	SHLM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.77

BARCHART MORNING CALL 6/15

BARCHART MORNING CALL

Monday, June 15th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.43%) are down -0.32% and European stocks are down -1.44% as the Greek credit crisis remains unresolved. Greece's ASE Stock Index plunged -4.47% and the Greek 10-year bond yield jumped to a 1-1/2 month high of 12.46% after the European Commission said that negotiations on Sunday broke down after just 45 minutes because of huge differences between Greece and its creditors. The commission said that Greece's plan still had gaps and were 2 billion euros short of meeting their fiscal targets. The markets will now look to Thursday's meeting of Eurozone finance ministers as a make-or-break session deciding on Greece's ability to avert default and remain in the Eurozone. Asian stocks closed mostly lower: Japan -0.09%, Hong Kong -1.53%, China -2.00%, Taiwan -0.46%, Australia -0.12%, Singapore -0.92%, South Korea -0.37%, India +0.61%. Chinese shares dropped -2.00% as brokerage stocks led the market lower after China's securities regulator said it plans to cap how much money they can lend to margin traders.
Commodity prices are mostly lower. Jul crude oil (CLN15 -1.27%) is down -1.13%, Jul gasoline (RBN15 -1.04%) is down -0.84%. Metals prices are mostly lower. Aug gold (GCQ15 +0.16%) is down -0.36%. Jul copper (HGN15 -1.70%) is down -1.66% at a 2-3/4 month low on fund selling after China failed to add stimulus over the weekend. Agricultural prices are lower as favorable growing conditions are boosting the chances of bumper U.S. crops.
The dollar index (DXY00 +0.33%) is up +0.34%. EUR/USD (^EURUSD) is down -0.47%. USD/JPY (^USDJPY) is up +0.19%.

Sep T-note prices (ZNU15 +0.16%) are up +5.5 ticks at a 1-week high.
The European Commission said that talks in Brussels Sunday between Greece and its creditors broke down after just 45 minutes as both sides remain far apart from an agreement. The latest attempt to resolve the crisis failed to unlock as much as 7.2 billion euros of new bailout funds for Greece as the current Eurozone bailout expires in just over 2 weeks. The commission said that the gap between the parties on fiscal measures needed is "in the order" of 2 billion euros annually. Greek Prime Minister Tsipras has refused to meet creditor demands to bridge that gap with pension cuts and a value-added tax. After the failed meeting Sunday, Bundesbank President Weidmann said "the likelihood that no agreement will be reached is rising" and that "time is running out."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) June Empire manufacturing survey of general business conditions (expected +2.91 to 6.00 after May's +4.28 to 3.09), (2) May industrial production (expected +0.2% after April's -0.3% m/m) and May capacity utilization (expected +0.1 to 78.3% after April's -0.3 to 78.2%), and (3) June NAHB housing market index (expected +2 to 56 after May's -2 to 54).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: 2015 EIA Energy Conference on Tue, Bloomberg Technology Conference 2015 on Tue, Stifel Industrials Conference on Tue, BIO International Convention on Tue-Wed, Real Estate Investment World Asia 2015 on Wed, Goldman Sachs dotCommerce Day on Thu, JP Morgan Oil & Gas Forum on Thu, Leerink Health Care Services Conference on Thu, Telsey Advisory Group Advertising Trends Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

21st Century Fox (FOXA -0.64%) was downgraded to 'Hold' from 'Buy' at Topeka.
CVS Health (CVS -0.40%) agreed to acquire Target's (TGT -0.75%) pharmacy and clinic businesses for $1.9 billion.
BHP Billiton (BHP -0.53%) was upgraded to 'Hold' from 'Reduce' at HSBC.
Crown Holdings (CCK -1.03%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
EMC (EMC -0.84%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital.
Teradata (TDC +0.03%) was downgraded to 'Underperform' from 'Market Perform' at JMP Securities.
Micron (MU +0.44%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
Alleghany (Y -0.30%) was upgraded to 'Buy' from 'Neutral' at Janney Capital.
SanDisk (SNDK -0.84%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.
United Technologies (UTX -0.61%) announced that it will pursue the separation of the Sikorsky Aircraft business from United Technologies.
comScore (SCOR +0.12%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Farallon Capital reported an 8.6% stake in Perfect World (PWRD -0.45%) .
American Securities reported a 13.96% stake in Xerium Technologies (XRM +0.64%) .
OZ Management reported a 9.02% passive stake in PennTex (PTXP +0.25%) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 -0.43%) this morning are down -6.75 points (-0.32%). Friday's closes: S&P 500 -0.70%, Dow Jones -0.78%, Nasdaq -0.77%. The S&P 500 on Friday closed lower on Greek default concerns and weakness in energy producers as crude oil prices declined. Stocks received support from news that the early-June U.S. consumer sentiment index rose +3.9 to 94.6, stronger than expectations of +0.5 to 91.2.
Sep 10-year T-notes (ZNU15 +0.16%) this morning are up +5.5 ticks at a 1-week high. Friday's closes: TYU5 -1.50, FVU5 -1.00. Sep T-notes on Friday closed slightly lower on the stronger-than-expected increase in the early-Jun U.S. consumer sentiment index, and speculation that FOMC at its Jun 16-17 FOMC meeting will be more hawkish as it prepares the markets for an eventual interest rate increase. T-notes received support from Greek default concerns, which hammered stocks and boosted the safe-haven demand for T-notes.
The dollar index (DXY00 +0.33%) this morning is up +0.32 (+0.34%). EUR/USD (^EURUSD) is down -0.0053 (-0.47%). USD/JPY (^USDJPY) is up +0.23 (+0.19%). Friday's closes: Dollar Index -0.004 (-0.01%), EUR/USD -0.00014 (-0.01%), USD/JPY -0.092 (-0.07%). The dollar index on Friday closed little changed. The British pound climbed to a 3-week high against the dollar after BOE policy maker McCafferty said the time to begin policy tightening is approaching. The dollar received support from the stronger-than-expected early-June U.S. consumer sentiment index.
July WTI crude oil (CLN15 -1.27%) this morning is down -68 cents (-1.13%). July gasoline (RBN15 -1.04%) is down -0.0179 (-0.84%). Friday's closes: CLN5 -0.81 (-1.33%), RBN5 -0.0170 (-0.80%). Jul crude and gasoline on Friday closed lower on the sell-off in stocks, and concern that the global oil glut will persist after the IEA reported that Saudi Arabian May oil production rose to a record 10.25 million bpd and that Iraq May crude output rose to a record 3.85 million bpd.

GLOBAL EVENT CALENDAR06/15/2015

US	0830 ET	Jun Empire manufacturing survey of general business conditions expected +2.91 to 6.00, May +4.28 to 3.09.
	0915 ET	May industrial production expected +0.2%, Apr -0.3% m/m. May capacity utilization expected +0.1 to 78.3%, Apr -0.3 to 78.2%.
	1000 ET	Jun NAHB housing market index expected +2 to 56, May -2 to 54.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Eurozone Apr trade balance expected +22.5 billion euros (nsa), Mar +23.4 billion euros (nsa).
	0900 ET	ECB President Mario Draghi delivers introductory statement at the Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels, Belgium.

U.S. STOCK CALENDAR06/15/2015

Company	Ticker	Time	Event Description	Period	Estimate
Affiliated Managers Group Inc	AMG US	9:00	Annual General Meeting	Y 2015
Dun & Bradstreet Corp/The	DNB US	13:30	Investor Day	Y 2015
Stryker Corp	SYK US		Analyst Day

Barchart Morning Call 8/20

Barchart Morning Call

BC - Tue Aug 20, 6:46AM CDT

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 +0.18%) this morning are down -0.02% at a 6-week low and European stocks are down -1.32%. Asian stocks closed lower: Japan -2.63%, Hong Kong -2.20%, China -0.81%, Taiwan -0.86%, Australia -0.67%, Singapore -1.40%, South Korea -1.51%, India -0.34%. Stocks and commodity prices are mostly lower on speculation the Fed will begin cutting its bond purchases next month. Expectations increased for the Fed to begin tapering QE3 after Richmond Fed President Lacker in a Richmond Times-Dispatch newspaper interview said that the benefits of more bond purchases by the Fed "are likely to be negligible." Oct crude oil (CLV13 -0.65%) is down -0.66% and Oct gasoline (RBV13 -0.38%) is down -0.49%. Dec gold (GCZ13 -0.06%) is down -0.10%, and Sep copper (HGU13 -0.26%) is down -0.26%. Agricultural and livestock prices are mostly lower. The dollar index (DXY00 -0.20%) is down -0.20% at a 1-week low. EUR/USD (^EURUSD) is up +0.33% at a 2-month high and USD/JPY (^USDJPY) is down -0.29%. September T-note prices (ZNU13 +0.40%) are up +19 ticks on short-covering from the recent rout that sent Treasury yields to a 2-year high on Monday.
German July PPI unexpectedly fell -0.1% m/m, weaker than expectations of a +0.2% m/m increase as producer prices have now fallen in 5 of the last 6 months. On an annual basis July PPI rose +0.5% y/y, a smaller increase than expectations of +0.7% y/y.
Eurozone Jun construction output rose +0.7% m/m, up from a revised +0.5% in May that was originally reported as a -0.3% m/m decline. Year-over-year, Jun construction output fell -3.0% y/y, the eighteenth straight month that construction output has declined an on annual basis.
Japan July nationwide department store sales fell -2.5% y/y from a +7.2% increase in Jun, the first decline in a year.
The Japan Jun all-industry activity index fell -0.6% m/m, its first decline in 6 months, although a smaller decline than expectations of -0.7% m/m.
In the minutes of its Aug 6 policy meeting, the Reserve Bank of Australia (RBA) said the direction of the currency will be important in setting policy and signaled that further interest-rate cuts remain a possibility. The minutes stated that "A rate cut remains possible should the business sentiment and the non-mining economy show no meaningful signs of picking up in the next few months, or if the Australian dollar unexpectedly rallies."

U.S. STOCK PREVIEW

There are no U.S. econonmic reports today.  There are 7 of the S&P 500 companies that report earnings today: Home Depot (consensus $1.21), Best Buy (0.12), Medtronic (0.88), JC Penney (-1.07), TJX (0.63), Intuit (-0.01), Analog Devices (0.54).  Equity conferences during the remainder of this week include CRM Evolution Conference & Exhibition 2013 on Tue-Wed, Morgan Stanley Semiconductor & Semi-Cap Equipment Corporate Access Day on Wed, Citi One on One Midstream/Infrastructure Conference on Wed, and Raymond James Bank Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Target (TGT -0.50%) and Wal-Mart (WMT -0.72%) were both downgraded to "Neutral" from "Positive" at Susquehanna.
Dick's Sporting (DKS +1.20%) reported Q2 EPS of 71 cents, weaker than consensus of 74 cents.
JC Penney (JCP -1.34%) reported a Q2 EPS loss of -$2.16, a bigger loss than consensus of -$1.01.
Best Buy (BBY +1.19%) jumped 11% in pre-market trading after it reported Q2 EPS of 32 cents, well ahead of consensus of 12 cents.
Home Depot (HD -0.23%) reported Q2 EPS of $1.24, better than consensus of $1.21.
Robert Kopple reported a 19.99% stake in Cardero Resource (CDY +13.33%) .
Perfect World (PWRD +2.49%) reported Q2 adjusted EPS of 33 cents, better than consensus of 30 cents.
Aegean Marine (ANW +1.11%) reported Q2 adjusted EPS of 13 cents, below consensus of 17 cents.
Facebook (FB +1.97%) was initiated with a "Buy" at Janney Capital with a price target of $50.
Urban Outfitters (URBN +0.45%) rose nearly 7% in after-hours trading after it reported Q2 EPS of 51 cents, stronger than consensus of 48 cents.
Bob Evans (BOBE -0.36%) reported Q1 EPS ex-charges of 58 cents, better than consensus of 57 cents, and raised its quarterly dividend to 31 cents from 27.5 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 +0.18%) this morning are little changed, down -0.25 of a point (-0.02%). The S&P 500 index on Monday fluctuated on both sides of unchanged and closed lower as strength in technology stocks was offset by concern that the Fed may be closer to cutting stimulus. Technology stocks rallied after Piper Jaffray raised its rating on bellwether Intel to neutral from underweight. Another positive for stocks was carry-over support from a gain in Japanese stocks after Japan's July exports climbed +12.2% y/y, their fastest pace in 2-1/2 years. Closes: S&P 500 -0.59%, Dow Jones -0.47%, Nasdaq 100 -0.14%.
Sep 10-year T-notes (ZNU13 +0.40%) this morning are up +19 ticks. Sep 10-year T-note prices on Monday fell to a 6-week low and the 10-year T-note yield rose to a 2-year high of 2.89% on concern that Wednesday's FOMC minutes from the July 30-31 policy meeting will show Fed members favored a tapering of their bond buying. Another negative for T-note prices was carry-over bearishness from a slide in bund prices after the German bund 10-year yield rose to a 1-1/3 year high after the Bundesbank warned in its monthly report that the ECB could still raise interest rates if inflation pressures emerge. Closes: TYU3 -16.5, FVU3 -6.75.
The dollar index this morning is down -0.166 (-0.20%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0044 (+0.33%) ata 2-month high and USD/JPY (^USDJPY) is down -0.28 (-0.29%). The dollar index on Monday closed little changed. EUR/USD received a boost after the Bundesbank warned in its monthly report that the ECB could still raise interest rates if inflation pressures emerge. Losses were limited in the dollar after the 10-year T-note yield rose to a 2-year high, which improves the dollar's interest rate differentials and may prompt increased foreign demand of dollar assets. Closes: Dollar index -0.031 (-0.04%), EUR/USD -0.0005 (-0.04%), USD/JPY +0.042 (+0.04%).
Oct WTI crude oil (CLV13 -0.65%) this morning is down -71 cents (-0.66%) and Oct gasoline (RBV13 -0.38%) is down -0.0139 (-0.49%). Oct crude oil and gasoline prices on Monday closed lower on concern the Fed will soon cut stimulus along with reduced threats of damage or loss of production at oil platforms and refineries in or near the Gulf of Mexico after the NWS said there was no tropical cyclone activity in the Atlantic basin. Losses remain limited on concern the ongoing civil unrest in Egypt may spread throughout the Middle East and lead to a disruption of the region’s oil supplies. Closes: CLV3 -0.43 (-0.40%), RBV3 -0.0301 (-1.06%).

GLOBAL EVENT CALENDAR08/20/2013

US	0830 ET	July Chicago Fed national activity index expected -0.10, Jun -0.13.
	1630 ET	API weekly U.S. oil statistics.
JPN	0030 ET	Japan Jun all industry activity index expected -0.7%, May +1.1% m/m.
	0130 ET	Japan July nationwide department store sales, Jun +7.2% y/y.
GER	0200 ET	German July PPI expected +0.2% m/m and +0.7% y/y, Jun unch m/m and +0.6% y/y.
EUR	0500 ET	Eurozone Jun construction output, May -0.3% m/m and -5.1% y/y.

U.S. STOCK CALENDAR08/20/2013

Company Name	Company Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	6:00	Q2 2014 Earnings Release	Q2 2014	1.211
Best Buy Co Inc	BBY US	7:00	Q2 2014 Earnings Release	Q2 2014	0.12
Medtronic Inc	MDT US	7:15	Q1 2014 Earnings Release	Q1 2014	0.881
JC Penney Co Inc	JCP US	7:30	Q2 2014 Earnings Release	Q2 2014	-1.074
Best Buy Co Inc	BBY US	8:00	Q2 2014 Earnings Call	Q2 2014
Medtronic Inc	MDT US	8:00	Q1 2014 Earnings Call	Q1 2014
JC Penney Co Inc	JCP US	8:30	Q2 2014 Earnings Call	Q2 2014
Home Depot Inc/The	HD US	9:00	Q2 2014 Earnings Call	Q2 2014
TJX Cos Inc	TJX US	9:30	Q2 2014 Earnings Release	Q2 2014	0.632
TJX Cos Inc	TJX US	11:00	Q2 2014 Earnings Call	Q2 2014
Intuit Inc	INTU US	16:00	Q4 2013 Earnings Release	Q4 2013	-0.005
Intuit Inc	INTU US	16:30	Q4 2013 Earnings Call	Q4 2013
Analog Devices Inc	ADI US	17:00	Q3 2013 Earnings Call	Q3 2013
Analog Devices Inc	ADI US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.543

Barchart Morning Call 8/27

Barchart Morning Call

BC - 1 hr 45 mins ago

Overnight Developments

• Sep E-mini S&Ps this morning are trading mildly higher by +0.25%, supported by the small +0.18% rally in European stocks and by the continued press by Chinese Premier Wen Jiabao for more growth measures. E-mini S&Ps have been able to shake off the disappointing German confidence report and the poor Chinese industrial profits report. Commodity prices this morning are trading up by an average +0.37% with Oct crude oil up +0.90%, Oct gasoline up +3.00%, Dec gold up +0.03%, Sep copper up +0.09%, and agricultural prices trading mixed. The dollar index is trading slightly lower by -0.04% and EUR/USD is up +0.10%. Sep 10-year T-notes are up +0.5 tick. The UK markets are closed today for a summer bank holiday.
• Asian stocks closed mostly lower on worries about weaker Asian economic growth and profits: Japan +0.16%, Hong Kong -0.41%, China -2.09%, Taiwan -0.12%, Australia -0.12%, Singapore -0.20%, South Korea -0.38%, India -0.59%, Turkey -0.19%.
• Apple won a $1 billion patent infringement court case against Samsung last Friday in a federal court in California. Apple is trading 2% higher in European trading and Samsung's stock is down 7.5% today. Nokia is up 11% since the U.S. may ban some Samsung handsets, thus boosting demand for competitive Nokia phones.
• Chicago Fed President Charles Evans said today at a speech in Hong Kong that the Fed should begin an open ended QE3 program and continue buying securities until unemployment steadily declines for two or three quarters. Mr. Evans said, "At the moment economic growth is not much above stall speed. Another negative shock could send the economy into recession. And if a recessionary dynamic takes hold, it would be especially difficult to regain momentum." Mr. Evans is not a voting FOMC this year, but he will be next year.
• Bundesbank President and ECB Council member Jens Weidmann in a Der Spiegel interview published over the weekend continued to voice his opposition to the ECB's bond buying plans. Mr. Weidmann said that ECB financing of budgets can "become addictive like a drug." Mr. Weidmann said that such decisions on government financing should be taken by "parliaments rather than central banks." French Finance Minister Pierre Moscovici meets today with German Finance Minister Wolfgang Schaeuble.
• Tropical Storm Isaac has passed the Florida keys and is now gathering strength in the warm waters of the Gulf of Mexico. The storm is expected to strengthen into a category 2 hurricane today or tomorrow and is expected to make landfall near Biloxi, Mississippi early Wednesday morning with winds of about 105 mph.
• Germany's August IFO business climate index fell 1.0 point to a 2-1/2 year low of 102.3 from 103.3 in July, which was the fourth consecutive monthly decline and was weaker than market expectations for a 0.6 point decline to 102.7.
• Year-to-date profits for China's industrial companies in July fell -2.7% y/y, gathering downside momentum after the -2.2% decline seen in June. July profits were down -5.4% y/y, worse than the -1.7% decline in June and -5.3% in May.
• China's Premier Wen Jiabao said that "Stabilizing economic growth is the key task for second-half economic work." Wen toured Guangdong as he sought to give a confidence boost to China's exporters.
  Market Comments
  • Sep E-mini S&Ps this morning are up 3.50 points (+0.25%) on the mildly higher +0.18% trade in the Euro Stoxx 50 and on support from Chinese Premier Wen Jiabao's push for additional growth measures. In addition, Chicago Fed President Evans in a speech today in Hong Kong called even more strongly for QE3 than he has before. Bearish factors for S&Ps this morning include the weaker-than-expected German IFO business confidence report, further opposition by Bundesbank President Weidmann to the ECB's bond buying plans, and a poor Chinese industrial profits report. The stock market on Friday rebounded from early losses and finished higher after Fed Chairman Bernanke said he saw "scope for further action," on additional Fed stimulus: S&P 500 +0.65%, Dow Jones +0.77%, Nasdaq 100 +0.58%. Stocks had opened lower after July durable goods orders ex-transportation unexpectedly fell -0.4% m/m, weaker than expectations of +0.5%, along with concern the European debt crisis will persist after unnamed ECB officials said the ECB may wait until after a Sep 12 German court ruling on the legality of Europe's permanent bailout fund before it implements a bond purchase program.
  • Sep 10-year T-notes this morning are up +0.5 tick as the market hopes for further hints from Fed Chairman Bernanke in his speech on Friday at the Fed's Jackson Hole conference. T-note prices on Friday erased early gains and closed lower after a rally in stocks reduced the safe-haven demand for Treasuries: TYU2 -3.5, FVU2 -2.0.
  • The dollar index this morning is slightly lower by -0.04 points (-0.04%) with EUR/USD up +0.0013 (+0.10%). USD/JPY is slightly higher by +0.02 points (+0.03%). The dollar index on Friday closed higher, although well off its best levels, after Fed Chairman Bernanke hinted at additional Fed stimulus: Dollar index +.234 (+0.29%), EUR/USD -0.00444 (-0.35%), USD/JPY +0.132 (+0.17%). The dollar had rallied Friday after a report said the ECB would put off its bond buying program until a German court rules on Europe's permanent bailout fund next month. However, dollar gains were limited on speculation the Fed may implement QE3 at next month's FOMC meeting.
  • Oct WTI crude oil prices this morning are up +0.87 (+0.90%) and Oct gasoline is up +0.0872 (+3.00%). Bullish factors include (1) news that Venezuela's Amuay refinery, the nation's largest, was forced to shut down after an explosion and fire on Saturday, and (2) Tropical Storm Isaac, which is now expected to take a more westerly direction than previously thought and cause even more disruption in the Gulf of Mexico. The storm has so far caused the shut-down of 24% of U.S. oil production and 8% of natural gas production in the Gulf of Mexico due to rig evacuations. Oct crude oil prices on Friday fluctuated on both sides of unchanged and finally settled lower after July durable goods orders ex-transportation unexpectedly declined and offset concern Tropical Storm Isaac may curtail oil production operations in the Gulf of Mexico: CLV2 -0.12 (-0.12%), RBU2 -0.0379 (-1.29%). Crude oil prices also gained as stock prices rose on increased speculation the Fed will provide additional stimulus to boost economic growth.
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    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): TIF-Tiffany & Co. (Consensus $0.73), PVH-PVH Corp. (1.21), DCI-Donaldson (0.47), GAME-Shanda Games Ltd. (0.18), PWRD-Perfect World Co. Ltd. (0.56).
    Global Financial Calendar
    

    Monday 8/27/12
    United States
    0600 ET	Chicago Fed President Evans speaks at an MNI Seminar in Hong Kong.
    1030 ET	Dallas Fed Aug manufacturing index expected -8.0, July -13.2.
    1100 ET	USDA weekly grain export inspections.
    1130 ET	Weekly 3-mo and 6-mo T-bill auctions.
    1215 ET	Cleveland Fed President Pianalto speaks on the economic outlook and monetary policy in Newark, OH.
    1600 ET	USDA Crop Progress
    Japan
    0200 ET	Japan July machine tool orders, June -6.8% y/y.
    Germany
    0200 ET	German July import price index expected +0.9% m/m and +1.4% y/y, Jun -1.5% m/m and +1.3% y/y.
    0400 ET	German Aug IFO business climate index expected -0.6 to 1-2.7, July 103.3. Aug IFO current assessment index expected -0.8 to 110.6, July 111.6. Aug FIO expectations index expected -0.6 to 95.0, July 95.6.
    United Kingdom
    n/a	U.K. markets and government offices closed for Summer Bank Holiday.

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Barchart Morning Call 3/15

Barchart Morning Call

Barchart.com - 1 hr 3 mins ago

Overnight Developments

• Global stocks this morning are mixed with the Euro Stoxx 50 down -0.12% and Jun S&Ps up +2.40 points. 10-year Treasuries dropped to a 4-1/2 month low and the dollar index fell back from a 1-3/4 month high as the market awaits U.S. reports on unemployment claims and manufacturing activity. The euro rebounded from a 4-week low against the dollar after strong demand was seen at Spanish and French auctions of government debt. Spain sold 3 billion euros of securities maturing between 2015 and 2018 and had a bid-to-cover ratio of 4.13 on 976 million euros of 3.25% notes due in 2016, stronger than the 2.21 ratio seen at a similar auction in Jan, while France sold 3.26 billion euros of benchmark 5-year debt at an average yield of 1.78%, below the 1.93% seen at a similar auction last month. The British pound weakened against the dollar after Fitch Ratings lowered the outlook on Britain's sovereign debt to "negative" from "stable," indicating a "slightly greater" than 50% chance its AAA credit rating will be reduced within 2 years.
• Asian stocks today closed mostly lower with Japan up +0.72%, China -0.75%, Australia -0.22%, South Korea -0.03%, India -1.36%. Japan's Nikkei 225 Stock Index climbed to a 7-1/2 month high as a fall in the yen to an 11-month low against the dollar buoyed the earnings outlook for exporters. Mining stocks in Australia and China declined and dragged their respective bourses lower as gold and copper prices slumped. As expected, the RBI kept interest rates unchanged for a third consecutive month after it left India's repurchase rate at 8.5%, although it kept its easing bias intact when it said "recent growth-inflation dynamics have prompted the Reserve Bank to indicate that no further tightening is required and that future actions will be towards lowering the rates."

Overnight U.S. Stock News

• June S&Ps this morning are trading up +2.40 points. The U.S. stock market Wednesday fell back from their best levels and settled a tad higher on increased economic optimism from the Fed's upbeat assessment of the economy on Tuesday along with strength in most bank stocks that passed the Fed's stress tests: Dow Jones +0.12%, S&P 500 -0.12%, Nasdaq Composite +0.03%. The S&P 500 posted a 3-3/4 year high, the Dow rose to a 4-year high and the Nasdaq climbed to an 11-year high. Bullish factors Wednesday included (1) carry-over support from Tuesday's rally after the Fed said economic conditions improved, (2) strength in most U.S. bank stocks after the Fed said 15 of the nation's 19 largest banks could maintain adequate capital levels even in a recession, (3) increased economic optimism after the VIX volatility index or "fear gauge" that typically moves in a direction opposite to stock prices, held near Tuesday's 5-year low of 13.99, and (4) reduced European sovereign-debt concerns after Fitch Ratings raised Greece's credit rating 4 levels to B- from restricted default with a stable outlook.
• Bearish factors Wednesday included (1) weakness in insurance companies on speculation the industry may face tighter capital rules, (2) comments from former Fed Chairman Volcker who said he sees a "long slog" before the U.S. attains adequate economic growth, and (3) the surge in the 10-year T-note yield to a 4-1/4 month high of 2.287%.
• Guess? (GES) may be active on the downside today after the company forecast full-year earnings of no more than $2.65 a share, well below analysts' estimates of $3.16 a share.

Today's Market Focus

• June 10-year T-notes this morning are down -7 ticks. T-note prices Wednesday plunged to a 3-1/4 month low on carry-over weakness from Tuesday's slide in prices after the Fed's upbeat assessment of the economy reduced speculation for further easing: TYM2 -1-11.5/32, FVM2 -23.7, EDU2 -1.0. The 10-year T-note yield climbed to a 4-1/4 month high of 2.287%. Bearish factors Wednesday included (1) increased inflation expectations after the 10-year break-even rate, a gauge of the outlook for consumer prices derived from the difference between yields on conventional and inflation-linked bonds, rose to 2,39 bp, the highest in 7-1/2 months, (2) reduced safe-haven demand for Treasuries as the S&P 500 climbed to a 3-3/4-year high and after Fitch Ratings raised Greece's credit rating 4 levels to B- from restricted default with a stable outlook, and (3) technical selling as T-note prices accelerated lower to their lowest level this year. Bullish factors included (1) the weaker-than-expected Feb U.S. import price index (+0.4% m/m and +5.5% y/y versus expectations of +0.6% m/m and +5.9% y/y with the +5.5% annual gain the smallest increase in 14 months, and (2) decent demand for the Treasury's $13 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.70, stronger than the 12-auction average of 2.68.
• The dollar index this morning is weaker with the dollar/yen -0.24 yen and the euro/dollar +0.16 cents. The dollar index Wednesday rallied to a 1-3/4 month high as interest rate differentials moved in the dollar's favor and after the yen plunged to an 11-month low against the dollar after a MOF official said Japan's fiscal situation is worse than Greece: Dollar Index +0.372, USD/JPY +0.785, EUR/USD -0.00509. Bullish factors included (1) improved U.S. interest rate differentials that increases demand for dollars after the spread between U.S. and German 2-year note yields increased to 17 bp, the most since June 2010, (2) weakness in the yen after the International Bureau at Japan's MOF said Japan's debt-to-GDP ratio has risen to 230% and that the large amount of the nation's debt held by domestic financial institutions makes the Japanese financial system more vulnerable to fiscal shocks than Europe, and (3) the fall in the euro to a 3-week low against the dollar after Jan Euro-Zone industrial production was weaker than expected. Bearish factors included (1) the larger-than-expected increase in the Q4 U.S. current account balance which widened to a deficit of -$124.1 billion, the most in 3 years and (2) reduced safe-haven demand for the dollar after Fitch Ratings raised Greece's credit rating 4 levels to B- from restricted default with a stable outlook on optimism that a debt swap will reduce the risk that Greece reneges on its debt obligations.
• Apr crude oil prices this morning are up +17 cents a barrel and Apr gasoline is -0.80 of a cent per gallon. Crude oil and gasoline prices Wednesday settled lower as a stronger dollar and Saudi comments that it will meet any supply shortages overshadowed record Chinese crude imports: CLJ12 -$1.28, RBJ -0.76. Apr gasoline posted a 1-1/2 week high but erased its gains and closed lower. Bullish factors included (1) the larger-than-expected decline in weekly DOE distillate supplies to a 3-1/2 month low (-4.68 million bbl to 134.8 million bbl versus expectations of -1.45 million bbl) and (2) strong crude demand in China, the world's second-largest oil consumer, after Feb China crude imports rose to a record 23.64 MMT, up +1% m/m and +18.5% y/y. Bearish factors included (1) the rally in the dollar index to a 1-3/4 month high, which discourages investment demand in commodities, (2) the as-expected +1.75 million bbl increase in weekly DOE crude stockpiles to a 6-month high of 347.4 million bbl, and (3) comments from Saudi Arabian Oil Minister Ali al-Naimi who said "Saudi Arabia and others remain poised to make good any shortfall, perceived or real, in global crude supplies."

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): ROST-Ross Stores (BEST earnings consensus $0.85), AMCX-AMC Networks (0.60), SCHL-Scholastic (-0.70), PWRD-Perfect World Co. Ltd. (0.56), RNF-Rentech Nitrogen Partners LP (0.63), DOLE-Dole Food (-0.09), QRE-QR Energy LP (0.37), CATO-Cato Corp. (0.34), NAT-Nordic American Tankers Ltd. (-0.34), GEVA-Synageva BioPharma (-0.38), GTY-Getty Realty (0.48), MAPP-MAP Pharmaceuticals (-0.29).
Global Financial Calendar

Thursday 3/15/12
United States
0830 ET	Weekly initial unemployment claims expected -5,000 to 357,000, previous +8,000 to 362,000. Weekly continuing claims expected -8,000 to 3.408 million, previous +10,000 to 3.416 million.
0830 ET	Mar Empire manufacturing index expected -2.0 to 17.5, Feb +6.0 to 19.5.
0830 ET	Feb PPI expected +0.5% m/m and +3.3% y/y, Jan +0.1% m/m and +4.1% y/y. Feb PPI ex food and energy expected +0.2% m/m and +2.9% y/y, Jan +0.4% m/m and +3.0% y/y.
0900 ET	Jan net long-term TIC flows expected +$38.5 billion, Dec+$17.9 billion.
1000 ET	Mar Philadelphia Fed manufacturing index expected +1.8 to 12.0, Feb +2.9 to 10.2.
1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Mar 22 (previous $15 billion).
1630 ET	Weekly money supply report and Fed balance sheet.
Euro-Zone
0500 ET	ECB publishes monthly report for March.
0600 ET	Q4 Euro-Zone employment, Q3 -0.1% q/q and +0.3% y/y.
0600 ET	Q4 Euro-Zone labor costs expected +2.3% y/y, Q3 +2.7% y/y.
n/a	G-20 begins 2-day summit in Mexico City.

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Barchart Morning Call 3/7

Barchart Morning Call

Barchart.com - Wed Mar 07, 7:00AM CST

Overnight Developments

• Global stocks this morning are mixed with the Euro Stoxx 50 up +0.10% and Mar S&Ps up +5.90 points. Treasuries weakened as the euro and commodities rose amid speculation private investors will accept terms of a Greek bond exchange needed for it to receive a second bailout package. Greece's six largest banks said they plan to accept the offer, according to the Greek Finance Ministry, while Societe Generale SA, France's second-biggest bank, Assicurazioni Generali SpA and UniCredit SpA joined other lenders saying they will participate in Greece's debt swap. The Greek government, which set a 75% participation rate as a threshold for proceeding with the transaction, said it will use collective action clauses to force holders of Greek-law bonds to accept the swap if it receives sufficient consent from investors. Another bullish factor for stocks and the euro is the decline in dollar finding costs for European banks after the 3-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, declined to 65.5 bp below the euro interbank offered rate, a 7-month low. Limiting gains in European stocks was the unexpected decline in Jan German factory orders which fell -2.7% m/m, weaker than expectations of a +0.6% m/m increase.
• Asian stocks today closed lower with Japan down -0.64%, China -0.69%, Australia -1.45%, South Korea -0.95%, India -0.16%. Most Asian stock markets finished lower as financial stocks weakened on concern Greece's debt-swap deal were threatened by reluctant bond holders. Chinese stocks also fell after Commerce Minister Chen Deming said exports rose about 7% over the first two months of this year, which suggests that Feb China exports, to be released on Mar 10, will be less than the +32% y/y gain expected. Australian stocks tumbled and the Australian dollar slid to a 6-week low against the dollar after Q4 Australia GDP expanded +0.4% q/q, weaker than expectations of +0.8% q/q.

Overnight U.S. Stock News

• March S&Ps this morning are trading up +5.90 points. The U.S. stock market Tuesday tumbled and settled lower for a third day on global growth concerns along with concern that Greece may not be able to finalize a voluntary debt-swap deal by Thursday's deadline: Dow Jones -1.57%, S&P 500 -1.54%, Nasdaq Composite -1.36%. The S&P 500 posted a 3-week low, the Dow slumped to a 1-month low while the Nasdaq slipped to a 1-week low. Bearish factors Tuesday included (1) global growth concerns after Q4 Euro-Zone GDP remained unrevised at -0.3% q/q and +0.7% y/y, (2) concern that Greece will struggle to complete a debt-swap by Thursday's deadline as only 20% of the private creditors have agreed to the voluntary debt swap, below the 75% participation rate the Greek government has set as a threshold for proceeding with the transaction, and (3) weakness in mining companies and raw material and energy producers as strength in the dollar along with demand concerns fueled a decline in the prices of most commodities.
• Bullish factors included (1) positive comments from EU Commissioner for Economic and Monetary Affairs, Ollie Rehn, who said the Euro-Zone economy will likely be "turning the tide in the coming months," and (2) reduced liquidity concerns in Europe after the Euribor-OIS spread, a measure of European banks' reluctance to lend to one another that's measured as the difference between the borrowing benchmark and overnight indexed swaps, narrowed to a 7-month low of 59 bp.
• Netflix (NFLX) rose 1.8% in European trading after CEO Hastings said the company is considering partnerships with cable operators to offer its service as part of their premium lineup.

Today's Market Focus

• June 10-year T-notes this morning are down -4 ticks. T-note prices Tuesday traded in positive territory the entire day and settled higher as a slump in global equities spurred safe-haven demand for Treasuries along with concern that Greece may not be able to persuade creditors to agree to a debt-swap plan: TYM2 +17.5, FVM2 +8.0, EDU2 -0.5. Bullish factors Tuesday included (1) increased safe-haven demand for Treasuries after the S&P 500 slumped to a 3-week low, (2) a flight-to-quality into Treasuries on concern Greece will struggle to complete a debt-swap by Thursday's deadline, and (3) the Fed's purchase of $4.027 billion of Treasuries as part of its Operation Twist program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to keep borrowing costs low. Bearish factors included (1) reduced safe-haven demand for Treasuries as liquidity concerns diminished in Europe after the Euribor-OIS spread, a measure of European banks' reluctance to lend to one another that's measured as the difference between the borrowing benchmark and overnight indexed swaps, narrowed to a 7-month low of 59 bp, and (2) reduced safe-haven demand for Treasuries after the EU Commissioner for Economic and Monetary Affairs, Ollie Rehn, said the Euro-Zone economy will likely be "turning the tide in the coming months" as the ECB's actions have prevented a credit crunch, and "significant steps" by Italy and Spain have improved confidence and reduced tensions on government bond markets.
• The dollar index this morning is weaker with the dollar/yen -0.14 yen and the euro/dollar +0.22 cents. The dollar index Tuesday rallied to a 2-1/2 week high on increased safe-haven demand as the stock market slumped along with weakness in EUR/USD on concern Greece will struggle to complete a debt-swap by Thursday's deadline in order to receive a 130 billion-euro bailout: Dollar Index +0.540, USD/JPY -0.663, EUR/USD -0.01042. Bullish factors included (1) the fall in EUR/USD to a 2-1/2 week low on concern Greece will struggle to complete a debt-swap by Thursday's deadline as only 20% of the private creditors have agreed to the voluntary debt swap, below the 75% participation rate the Greek government has set as a threshold for proceeding with the transaction, (2) increased safe-haven demand for the dollar after the S&P 500 fell to a 3-week low, and (3) the increase in the ECB's balance sheet to a record 3.02 trillion euros, which increases inflation risks. Bearish factors included (1) euro positive comments from EU Commissioner for Economic and Monetary Affairs, Ollie Rehn, who said the Euro-Zone economy will likely be "turning the tide in the coming months" as the ECB's actions have prevented a credit crunch, and "significant steps" by Italy and Spain have improved confidence and reduced tensions on government bond markets, and (2) reduced dollar funding costs for European banks after the 3-month cross-currency basis swap, the rate banks pay to convert euro interest payments into dollars, fell to 67 bp below the euro interbank offered rate, a 7-month low.
• Apr crude oil prices this morning are up +62 cents a barrel and Apr gasoline is +2.81 cents per gallon. Crude oil and gasoline prices Tuesday settled lower as the dollar rallied and after the EU offered to restart negotiations with Iran over its nuclear program: CLJ12 -$2.02, RBJ -2.81. Apr crude posted a 2-week low. Bearish factors included (1) the rally in the dollar index to a 2-1/2 week high, which discourages investment demand in commodities, (2) reduced geopolitical concerns after EU foreign policy chief Ashton said she urged Iran's nuclear envoy to meet her to seek an accord on its nuclear program, and (3) the slide in the S&P 500 to a 3-week low, which erodes confidence in the economic outlook and energy demand. Bullish factors included (1) optimistic comments from the EU Commissioner for Economic and Monetary Affairs, Ollie Rehn, who said the Euro-Zone economy will likely be "turning the tide in the coming months," which would be positive for energy demand and consumption and (2) the outlook for Wednesday's weekly DOE inventory report to show that gasoline supplies fell for a third week as refiners shut plants for maintenance. Expectations for Wednesday's weekly DOE inventory report are for crude oil supplies to increase +1.5 million bbl, gasoline stockpiles to fall -1.75 million bbl, distillate inventories to decline -1.65 million bbl and the refinery utilization rate to remain unchanged at 83.6% of capacity.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): BF/B-Brown-Forman (BEST earnings consensus $1.01), PLL-Pall Corp. (0.74), HRB-H&R Block (0.07), AEO-American Eagle Outfitters (0.35), EXPR-Express (0.68), TFM-Fresh Market (0.37), MW-Men's Warehouse (-0.13), RLJ-RLJ Lodging Trust (0.18), SMTC-Semtech (0.31), CIEN-Ciena (-0.03), PLCE-Children's Place Retail Stores (0.90), PWRD-Perfect World Co. Ltd. (0.58), HTHT-China Lodging Group Ltd. (0.10), DK-Delek US Holdings (-0.17).
Global Financial Calendar

Wednesday 3/7/12
United States
0700 ET	Weekly MBA mortgage applications, previous -0.3% with purchase mortgage sub-index+8.2% and refinancing sub-index -2.2%.
0815 ET	Feb ADP employment change expected +215,000, Jan +170,000.
0830 ET	Revised Q4 non-farm productivity expected +0.8%, previous +0.7%. Revised Q4 unit labor costs expected no change at +1.2%.
1500 ET	Jan consumer credit expected +$10.8 billion, Dec +$19.308 billion.
Japan
0000 ET	Jan Japan coincident index CI expected 93.4, Dec 93.6. Jan leading index CI expected 95.0, Dec 94.0.
1850 ET	Revised Q4 Japan GDP expected -0.2% q/q and -0.6% y/y, previous -0.6% q/q and -2.3% y/y.
2330 ET	Feb Japan bankruptcies, Jan-5.4% y/y.
Germany
0600 ET	Jan German factory orders expected +0.6% m/m and -1.7% y/y, Dec +1.7% m/m and unchanged y/y.
Canada
0830 ET	Jan Canada building permits expected -3.0% m/m, Dec +11.1% m/m.

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