Morning Call 11/20

Barchart Morning Call

Barchart.com - 27 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.02% on concern over passage of U.S. tax reform legislation. European stocks are up +0.23%, led by strength in automakers, after Volkswagen AG raised its 2020 sales growth forecast to 25%, up from a forecast of 20% in March. The upside in European stocks was limited after German Chancellor Merkel's attempt to form a new government collapsed after a month of coalition talks fell apart over disputes about migration policies that prompted the Free Democrats to walk out of the negotiations late Sunday night. That may spur Chancellor Merkel to ask German President Steinmeier to order a second national election, most likely in the spring, or form a minority government headed by her Christian Democratic bloc. Asian stocks settled mixed: Japan -0.60%, Hong Kong +0.21%, China +0.28%, Taiwan -0.35%, Australia -0.19%, Singapore +0.12%, South Korea =0.38%, India +0.05%. China's Shanghai Composite rebounded from a 1-1/2 month low and closed higher as property developers and home building stocks rallied after China Oct new home prices increased from Sep.

The dollar index (DXY00 +0.08%) is up +0.12%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.13%.

Dec 10-year T-note prices (ZNZ17 +0.10%) are up +2 ticks.

China Oct new home prices rose in 50 of the 70 cities tracked by the government, an improvement from 44 of the 70 that rose in Sep.

German Oct PPI rose +0.3% m/m and +2.7% y/y, right on expectations.

The Japan Oct trade balance shrank to a surplus of +285.4 billion yen, narrower than expectations of +330.0 billion yen. Oct exports rose +14.0% y/y, weaker than expectations of +15.7% y/y. Oct imports rose +18.9% y/y, weaker than expectations of +20.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct leading indicators (expected +0.7%, Sep -0.2%), (2) USDA weekly grain export inspections, (3) USDA crop conditions and progress report.

Notable Russell 2000 earnings reports today include: Intuit (consensus $0.04), Brocade Communicates (0.18), Palo Alto (0.68), Urban Outfitters (0.33), Agilent Technologies (0.62).

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Wal-Mart (WMT -2.16%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Monster Beverage (MNST +0.27%) was downgraded to 'Negative' from 'Neutral' at Susquehanna Financial with a price target of $51.

Verizon (VZ +1.45%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a target price of $50.

General Motors (GM +0.64%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities.

Delphi Automotive Plc (DLPH -0.54%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $120.

Cardinal Health (CAH +0.16%) was downgraded to 'Underweight' from 'Equal weight' at Morgan Stanley with a price target of $51.

Resolute Energy (REN +4.02%) was upgraded to 'Overweight' from suspended coverage at Barclays with a 12-month target price of $37.

Jack in the Box (JACK +0.56%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.

WGL Holdings (WGL -0.17%) reported a Q4 operating loss of -17 cents per share, narrower than consensus of -20 cents.

Advanced Accelerator Applications SA (AAAP -0.05%) American depository receipts were downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Pointer Telocation (PNTR -1.13%) was downgraded to 'Neutral' from 'Buy' at Roth Capital Partners.

Johnson & Johnson (JNJ -0.63%) said patients treated with its Invokana for type 2 diabetes had a 43% reduced risk for all-cause mortality and hospitalization for heart failure after an average of 1.6 years, compared to similar patients treated with a non-SGLT2i medication.

California Resources (CRC +4.46%) fell 4% in after-hours trading after it entered into an equity distribution pact with Morgan Stanley to sell up to 6 million shares of common stock from time to time.

Etsy (ETSY +0.30%) gained almost 1% in after-hours trading after the company announced a $100 million stock buyback program.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -0.50 points (-0.02%). Friday's closes: S&P 500 -0.26%, Dow Jones -0.43%, Nasdaq -0.39%. The S&P 500 on Friday closed lower on some concern that Senate Republicans may not have the support to pass tax reform legislation and the -7 point decline in the U.S. Nov Kansas City Fed manufacturing activity to 16, weaker than expectations of -2 to 21. Stocks were supported by news that U.S. Oct housing starts rose +13.7% to a 1-year high of 1.29 million, stronger than expectations of +5.6% to 1.19 million.

Dec 10-year T-note prices (ZNZ17 +0.10%) this morning are up +2 ticks. Friday's closes: TYZ7 +1.50, FVZ7 +0.25. Dec 10-year T-notes on Friday closed higher on the the decline in stocks, which boosted the safe-haven demand for T-notes, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-week low.

The dollar index (DXY00 +0.08%) this morning is up +0.111 (+0.12%). EUR/USD (^EURUSD) is down -0.0014 (-0.12%) and USD/JPY (^USDJPY) is up +0.15 (+0.13%). Friday's closes: Dollar Index -0.270 (-0.29%), EUR/USD +0.0020 (+0.17%), USD/JPY -0.96 (-0.85%). The dollar index on Friday closed lower on the slump in stocks, which sent USD/JPY to a 1-month low on increased safe-haven demand for the yen. The dollar was also undercut by the decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials.

Dec crude oil (CLZ17 -0.55%) this morning is down -20 cents (-0.35%) and Dec gasoline (RBZ17 -0.91%) is -0.0056 (-0.32%). Friday's closes: Dec WTI crude +1.41 (+2.56%), Dec gasoline +0.0310 (+1.81%). Dec crude oil and gasoline on Friday closed higher on a weaker dollar and on comments by Saudi Arabian Energy Minister Khalid Al-Falih that OPEC should announce an extension of output cuts when it meets on Nov 30.

Metals prices this morning are lower with Dec gold (GCZ17 -0.35%) -5.9 (-0.46%), Dec silver (SIZ17 -1.08%) -0.213 (-1.23%) and Dec copper (HGZ17 -0.18%) -0.002 (-0.07%). Friday's closes: Dec gold +18.3 (+1.43%), Dec silver +0.301 (+1.76%), Dec copper +0.0190 (+0.62%). Metals prices on Friday closed higher with Dec gold and Dec silver at 1-month highs. Metals prices were boosted by a weaker dollar and the stronger-than-expected U.S. Oct housing starts and building permits, which is positive for copper consumption. Copper prices were also supported by tighter supplies after LME copper inventories fell -3,850 MT to a 2-month low of 247,700 MT.

GLOBAL EVENT CALENDAR11/20/2017

		Monday, Nov 20
US	1000 ET	Oct leading indicators expected +0.7%, Sep -0.2%.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
		Tuesday, Nov 21
US	0830 ET	Oct Chicago Fed national activity index expected +0.03 to 0.20, Sep +0.54 to +0.17.
	1000 ET	Oct existing home sales expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million.
	1300 ET	Treasury auctions $13 billion of 2-year floating-rate notes.
	1800 ET	Fed Chair Janet Yellen speaks at New York Universitys Stern Business School.

U.S. STOCK CALENDAR11/20/2017

Name	Ticker	Time	Description	Period	Estimate
Brocade Communications Systems Inc	BRCD US		Q4 2017 Earnings Release	Q4 17	0.18
Intuit Inc	INTU US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	0.044
Palo Alto Networks Inc	PANW US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	0.683
Urban Outfitters Inc	URBN US	Aft-mkt	Q3 2018 Earnings Release	Q3 18	0.333
Agilent Technologies Inc	A US	16:05	Q4 2017 Earnings Release	Q4 17	0.624
Intuit Inc	INTU US	16:30	Q1 2018 Earnings Call	Q1 18
Palo Alto Networks Inc	PANW US	16:30	Q1 2018 Earnings Call	Q1 18
Agilent Technologies Inc	A US	16:30	Q4 2017 Earnings Call	Q4 17
Urban Outfitters Inc	URBN US	17:00	Q3 2018 Earnings Call	Q3 18

MORNING CALL 3/14

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.19%) this morning are down -0.14% and European stocks are down -0.29% as the FOMC begins its 2-day policy meeting today where the markets are expecting a 25 bp rate hike in the federal funds rate. European stocks fell and GBP/USD slid -0.74% to a 1-3/4 month low after the UK Parliament voted to allow the government the go-head to invoke Article 50 of the Lisbon Treaty, which will allow Prime Minster May to announce the formal start of Brexit. European stocks and EUR/USD were also undercut by weaker-than-expected economic data on Eurozone Jan industrial production. Losses were contained ahead of Wednesday's elections in the Netherlands where the pro-EU Liberal party has moved ahead in the polls against the anti-EU Freedom Party. Asian stocks settled mixed: Japan -0.12%, Hong Kong -0.01%, China +0.07%, Taiwan +0.48%, Australia +0.03%, Singapore -0.12%, South Korea +0.90%, India +1.71%. China's Shanghai Composite climbed to a 1-week high on signs of strength in China's economy after China Feb industrial production rose at the fastest pace in 1-1/2 years.

The dollar index (DXY00 +0.28%) is up +0.27%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is up +0.16%.

Jun 10-year T-note prices (ZNM17 -0.04%) are down -3 ticks on negative carry-over from a slide in 10-year German bund prices to a 13-3/4 month low.

The German Mar ZEW survey expectations of economic growth rose +2.4 to 12.8, weaker than expectations of +2.6 to 13.0.

Eurozone Jan industrial production rose +0.9% m/m and +0.6% y/y, weaker than expectations of +1.3% m/m and +0.9% y/y.

China Feb industrial production rose +6.3% year-to-date y/y, stronger than expectations of +6.2% year-to-date y/y and the fastest pace in 1-1/2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb PPI final demand (expected +0.1% m/m and +1.9% y/y, Jan +0.6% m/m and +1.6% y/y) and Feb PPI ex food & energy (expected +0.2% m/m and +1.5% y/y, Jan +0.4% m/m and +1.2% y/y), (2) FOMC begins 2-day policy meeting.

Notable Russell 1000 earnings reports today include: HD Supply (consensus $0.42).

U.S. IPO's scheduled to price today: Ardagh Finance Holdings (ARD).

Equity conferences: JP Morgan Aviation, Transportation & Industrials Conference on Mon-Wed, Bank of America Merrill Lynch Consumer and Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Global Health Care Conference on Tue-Thu, Gabelli & Co. Waste & Environmental Services Symposium on Thu, American College of Cardiology Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

Corning (GLW +0.54%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Disney (DIS +0.54%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a 12-month target price of $128.

GEO Group (GEO +2.84%) rose 1% in after-hours trading after it was announced that it will replace Synopsys in the S&P MidCap 400 before the market opens Thursday, March 16.

Synopsys (SNPS +0.36%) gained 1% in after-hours trading after it was announced that it will replace Harman International in the S&P 500 before the market opens Thursday, March 16.

Black Knight Financial Services (BKFS -1.04%) was rated new 'Outperform' at Wedbush with a 12-month target price of $44.

FedEx (FDX +0.50%) and CSX Corp (CSX +0.59%) were both was rated new 'Outperform' at Wells Fargo Securities.

Resolute Energy ({=REN climbed 8% in after-hours trading after it reported Q4 adjusted Ebitda of $49.0 million, better than consensus of $45.5 million.

Amphastar Pharmaceuticals (AMPH +0.82%) declined over 7% in after-hours trading after it reported a Q4 loss of -$2.7 million after reporting a profit the same period last year.

Valeant Pharmaceuticals (VRX -1.06%) sold-off 9% in after-hours trading after CNBC reported that Pershing Square Capital Management sold its entire stake of 27.2 million shares in Valeant.

Lantheus Holdings (LNTH +6.04%) dropped 10% in after-hours trading after it announced a public secondary offering of 3 million shares of common stock.

ON Semiconductor Corp. (ON +0.59%) lost 1% in after-hours trading after it said it will offer $500 million in convertible senior notes due 2023 in a private offering.

Physicians Realty Trust (DOC unch) slid 3% in after-hours trading after announced a public offering of 15 million shares of common stock.

Tilly's (TLYS -2.14%) tumbled over 10% in after-hours trading after it said it sees a Q1 loss per share of -7 cents to -15 cents, wider than consensus of a loss of -4 cents a share.

Aurinia Pharmaceuticals (AUPH +24.00%) slumped over 15% in after-hours trading after it announced a public offering of common stock, although no size was given.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 -0.19%) this morning are down -3.25 points (-0.14%). Monday's closes: S&P 500 +0.04%, Dow Jones -0.10%, Nasdaq +0.16%. The S&P 500 on Monday closed higher on positive carry-over from a rally in Chinese stocks on signs of reduced U.S.-China trade tensions after Steve Schwarzman, one of the Trump administration's top economic advisors, said in a CNN interview that President Trump will likely moderate his criticisms of China, including his campaign claim that the country manipulates its currency. Stocks were also boosted by M&A activity after Intel acquired Mobileye for $15 billion. Gains were limited by weakness in energy producing stocks after Apr WTI crude fell 0.19% to a 3-1/2 month low.

Jun 10-year T-notes (ZNM17 -0.04%) this morning are down -3 ticks. Monday's closes: TYM7 -7.00, FVM7 -3.25. Jun 10-year T-notes on Monday closed lower on hedge selling by bond dealers underwriting corporate bonds for Verizon and Humana and on expectations that the FOMC will raise interest rates after Wednesday's 2-day policy meeting.

The dollar index (DXY00 +0.28%) this morning is up +0.27 (+0.27%). EUR/USD (^EURUSD) is down -0.0020 (-0.19%). USD/JPY (^USDJPY) is up +0.18 (+0.16%). Monday's closes: Dollar index +0.06 (+0.06%), EUR/USD -0.0020 (-0.19%), USD/JPY +0.09 (+0.08%). The dollar index on Monday recovered from a 1-1/2 week low and closed higher on weakness in EUR/USD on European political risks ahead of Wednesday's Dutch election where anti-EU and anti-Islam Freedom Party leader Wilders is running neck-to-neck with current Prime Minister Rutte's Liberal party.

Apr WTI crude oil prices (CLJ17 +0.56%) this morning are up +34 cents (+0.70%) and Apr gasoline (RBJ17 +0.68%) is +0.0103 (+0.65%). Monday's closes: Apr crude -0.09 (-0.19%), Apr gasoline -0.0194 (-1.21%). Apr crude oil and gasoline on Monday closed lower with Apr crude at 3-1/2 month low. Crude oil prices were undercut by negative carry-over from Friday's news from Baker Hughes that U.S. active oil rigs in the week ended Mar 10 rose 8 to a 17-1/2 month high of 617 rigs. Crude oil prices were also undercut by comments from Russia's biggest crude producer, Rosneft, that rising U.S. oil output is the "main threat" to any global output deal to curb crude production. Crude prices recovered from their worst levels on comments from Kuwait's Oil Minister who said his country supports extending OPEC's production cut agreement after June.

GLOBAL EVENT CALENDAR03/14/2017

		Tuesday, Mar 14
US	0830 ET	Feb PPI final demand expected +0.1% m/m and +1.9% y/y, Jan +0.6% m/m and +1.6% y/y. Feb PPI ex food & energy expected +0.2% m/m and +1.5% y/y, Jan +0.4% m/m and +1.2% y/y.
	n/a	President Trump and German Chancellor Merkel meet at the White House.
	1200 ET	FOMC begins 2-day policy meeting.
		Wednesday, Mar 15
US	0700 ET	Weekly MBA mortgage applications, previous +3.3% with purchase sub-index +1.7% and refi sub-index +5.2%.
	0830 ET	Mar Empire manufacturing survey general business conditions expected -3.7 to 15.0, Feb +12.2 to 18.7.
	0830 ET	Feb CPI expected unch m/m and +2.7% y/y, Jan +0.6% m/m and +2.5% y/y. Feb CPI ex food & energy expected +0.2% m/m and +2.2% y/y, Jan +0.3% m/m and +2.3% y/y.
	0830 ET	Feb retail sales expected +0.1% and +0.1% ex autos, Jan +0.4% and +0.8% ex autos.
	1000 ET	Mar NAHB housing market index expected unch at 65, Feb -2 to 65.
	1000 ET	Jan business inventories expected +0.3%, Dec +0.4%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	FOMC interest rate decision expected 25 bp increase in fed funds target range to 0.75%-1.00%. FOMC releases updated macroeconomic forecasts and Fed Chair Yellen holds a press conference.
	n/a	U.S. debt ceiling suspension expires, but Treasury has until Aug-Sep until default.

U.S. STOCK CALENDAR03/14/2017

Company	Ticker	Time	Event Description	Period	Estimate
HD Supply Holdings Inc	HDS US	06:00	Q4 2017 Earnings Release	Q4 17	0.432
HD Supply Holdings Inc	HDS US	08:00	Q4 2017 Earnings Call	Q4 17
Akamai Technologies Inc	AKAM US	08:30	Investor Summit
Extraction Oil & Gas Inc	XOG US	10:00	Q4 2016 Earnings Call	Q4 16
Hill-Rom Holdings Inc	HRC US	11:00	Annual General Meeting
Toll Brothers Inc	TOL US		Annual General Meeting

Morning Call 12/20

Barchart Morning Call

Barchart.com - 2 hours ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 +0.20%) are up +0.20% and European stocks are up +0.30% on improved prospects for global growth after Japan's Cabinet Office hiked its Japanese 2017 GDP forecast. Also, energy producing stocks are higher with the price of Feb WTI crude (CLG17 +0.53%) up +0.62%. Crude oil prices are higher on expectations that Wednesday's EIA data will show U.S. crude stockpiles fell for a fifth week, trimming an inventory glut. Asian stocks settled mixed: Japan +0.53%, Hong Kong -0.47%, China -0.49%, Taiwan +0.03%, Australia +0.52%, Singapore -0.06%, South Korea +0.25%, India -0.25%. China's Shanghai Composite fell to a 1-1/2-month low on concern over capital outflows with the yuan just above Friday's 8-1/2 year low against the dollar. Japan's Nikkei Stock Index rose to the highest in a year as exporter stocks rallied after the yen weakened when the BOJ said it will maintain its asset-purchase program.

The dollar index (DXY00 +0.34%) is up +0.27%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.72% after the BOJ kept its yield-curve and asset-purchase programs unchanged, while Japan's Cabinet Office cut its Japan CPI estimate for next year.

Mar 10-year T-note prices (ZNH17 -0.15%) are down -4 ticks.

The BOJ kept its rate on bank reserves at -0.1% and reiterated its pledge to keep the yield on the 10-year Japanese government bond at around 0% following today's policy meeting.

Japan's Cabinet Office raised its Japan 2017 GDP forecast to 1.5%, up from a Jul estimate of +1.2%, and said Japan 2017 CPI will climb 1.1%, down from a Jul estimate of 1.4%.

German Nov PPI rose +0.3% m/m and +0.1% y/y, stronger than expectations of +0.1% m/m and -0.2% y/y with the +0.1% y/y gain the first year-on-year increase in 3-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) no economic reports or Fed speakers scheduled.

Russell 1000 earnings reports today include: Carnival (consensus $0.58), Valspar (1.49), Darden Restaurants (0.64), General Mills (0.86), Factset (1.70), CarMax (0.70), FedEx (2.91), NIKE (0.43), Patheon (0.38).

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Regeneron Pharmaceuticals (REGN -1.87%) was upgraded to 'Outperfom' from 'Neutral' at Credit Suisse with a target price of $485.

Alcoa (AA -0.37%) was upgraded to 'Outperform' from 'Neutral' at Macquarie Research with a 12-month target prce of $39.

Salesforce.com (CRM -0.50%) was rated a new 'Buy' at Drexel Hamilton LLC with a 12-month target price of $100.

Arch Coal (ARCH +1.05%) was rated a new 'Buy' at MKM Partners with a 12-month target price of $103.

Hubbell (HUBB -0.23%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a 12-month target price of $131.

Amgen (AMGN -1.09%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse with a target price of $180.

Teck Resources (TECK +0.59%) was rated a new 'Buy' at MKM Partners with a 12-month target price of $29.

Donegal Group (DGICA +4.45%) was downgraded to 'Market Perform' from 'Outperform' at Keefe, Bruyette & Woods.

Sucampo Pharmaceuticals (SCMP +6.03%) sank 8% in after-hours trading after it said it plans to offer $225 million of convertible senior notes due 2021.

Worthington Industries (WOR +0.92%) dropped almost 3% in after-hours trading after it reported Q2 EPS of 72 cents, weaker than expectations of 84 cents.

Ionis Pharmaceuticals (IONS -0.26%) gained over 1% in after-hours trading after its subsidiary Akcea Therapeutics said a Phase 3 Compass study met its primary endpoint in patients with severe hypertriglyceridemia,

NeoPhotonics (NPTN -0.87%) plunged over 15% in after-hours trading after it lowered guidance on Q4 adjusted EPS to 3 cents-11 cents from a November 3 view of 13 cents-21 cents, citing delayed shipments and higher manufacturing costs.

Resolute Energy (REN +4.81%) fell over 5% in after-hours trading after it announced a public offering of 3.8 million shares of common stock.

Canatus Pharmaceuticals (CNAT +2.62%) exploded over 150% higher in after-hours trading after it entered into a license agreement with Novartis for the liver disease drug Emricasan.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.20%) this morning are up +4.50 points (+0.20%). Monday's closes: S&P 500 +0.20%, Dow Jones +0.20%, Nasdaq +0.41%. The S&P 500 on Monday closed higher on reduced interest rate concerns after the 10-year T-note yield fell -5 bp and on an increase in German business confidence as the German Dec IFO business climate rose +0.6 to a 2-3/4 year high of 111.0. Stocks were undercut by heightened geopolitical tensions after the Russian ambassador to Turkey was assassinated in Ankara.

Mar 10-year T-notes (ZNH17 -0.15%) this morning are down -4 ticks. Monday's closes: TYH7 +14.00, FVH7 +7.25. Mar 10-year T-notes on Monday closed higher on carry-over support from a rally in German bunds to a 2-1/2 week high after ECB Governing Council member Visco said the ECB stands ready to expand asset purchases if inflation fails to climb toward the ECB's target. T-notes were also boosted by heightened geopolitical tensions after the Russian ambassador to Turkey was assassinated in Ankara and by reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 3-week low.

The dollar index (DXY00 +0.34%) this morning is up +0.280 (+0.27%). EUR/USD (^EURUSD) is down -0.0021 (-0.20%). USD/JPY (^USDJPY) is up +0.84 (+0.72%). Monday's closes: Dollar index +0.230 (+0.22%), EUR/USD -0.0049 (-0.47%), USD/JPY -0.84 (-0.71%). The dollar index on Monday closed higher on upbeat comments from Fed Chair Yellen who said job creation in the U.S. is continuing at a steady pace with layoffs low and indications that wage growth is picking up. There was also weakness in EUR/USD after ECB Governing Council member Visco said the ECB stands ready to expand asset purchases if inflation fails to climb toward the ECB's target.

Feb WTI crude oil prices (CLG17 +0.53%) this morning are up +33 cents (+0.62%) and Feb gasoline (RBG17 +0.73%) is +0.0122 (+0.77%). Monday's closes: Feb crude +0.19 (+0.26%), Feb gasoline +0.0063 (+0.40%). Feb crude oil and gasoline on Monday closed higher on the action by Libyan oil-facility guards to prevent two of Libya's biggest oil fields from resuming production. Crude oil prices were also boosted by expectations for Wednesday's EIA crude inventories to decline by -2.5 million bbl. Crude oil prices were undercut by the rally in the dollar and by news that Iran Oct crude production rose +7.3% m/m to 3.98 million bpd.

GLOBAL EVENT CALENDAR12/20/2016

		Tuesday, Dec 20
US	n/a	No economic reports or Fed speakers scheduled.
		Wednesday, Dec 21
US	0700 ET	Weekly MBA mortgage applications, previous -4.0% with purchase sub-index -3.3% and refi sub-index -3.6%.
	1000 ET	Nov existing home sales expected -1.8% to 5.50 million, Oct +2.0% to 5.60 million.
	1030 ET	EIA Weekly Petroleum Status Report.

U.S. STOCK CALENDAR12/20/2016

Company	Ticker	Time	Event Description	Period	Estimate
Carnival Corp	CCL US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.583
Valspar Corp/The	VAL US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.491
Darden Restaurants Inc	DRI US	Bef-mkt	Q2 2017 Earnings Release	Q2 2017	0.635
General Mills Inc	GIS US	7:00	Q2 2017 Earnings Release	Q2 2017	0.862
FactSet Research Systems Inc	FDS US	7:00	Q1 2017 Earnings Release	Q1 2017	1.701
CarMax Inc	KMX US	7:00	Q3 2017 Earnings Release	Q3 2017	0.702
Patheon NV	PTHN US	8:00	Q4 2016 Earnings Call	Q4 2016
General Mills Inc	GIS US	8:30	Q2 2017 Earnings Call	Q2 2017
Biogen Inc	BIIB US	8:30	Executive Update Call
Darden Restaurants Inc	DRI US	8:30	Q2 2017 Earnings Call	Q2 2017
CarMax Inc	KMX US	9:00	Q3 2017 Earnings Call	C3 2017
CarMax Inc	KMX US	9:00	Q3 2017 Earnings Call	Q3 2017
Carnival Corp	CCL US	10:00	Q4 2016 Earnings Call	Q4 2016
NorthStar Realty Finance Corp	NRF US	10:00	Extraordinary Shareholders Meeting
NorthStar Asset Management Group Inc	NSAM US	10:00	Special Meeting - M&A Vote
FactSet Research Systems Inc	FDS US	11:00	Q1 2017 Earnings Call	Q1 2017
FactSet Research Systems Inc	FDS US	15:00	Annual General Meeting
FedEx Corp	FDX US	16:15	Q2 2017 Earnings Release	Q2 2017	2.908
NIKE Inc	NKE US	16:15	Q2 2017 Earnings Release	Q2 2017	0.431
FedEx Corp	FDX US	17:00	Q2 2017 Earnings Call	Q2 2017
NIKE Inc	NKE US	17:00	Q2 2017 Earnings Call	Q2 2017
Equifax Inc	EFX US		Investors Meeting	Y 2016
NorthStar Realty Finance Corp	NRF US		Special Meeting - M&A Vote
Patheon NV	PTHN US		Q4 2016 Earnings Release	Q4 2016	0.381