MORNING CALL 3/14

MORNING CALL

Monday, March 14th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.21%)are down -0.15% as investors focus on the outcome of the Fed's 2-day policy meeting that begins tomorrow. Also, a-1.92% decline in crude oil prices has undercut energy producing stocks. European stocks are up +0.92% as a weak euro boosts automakers and as strength in copper prices lifts mining stocks with Glencore Plc and Anglo American Plc both up at least 4.5%. European stocks also found support on signs of strength in manufacturing activity after Eurozone Jan industrial production rose at the fastest pace in over 6 years. Asian stocks settled higher: Japan +1.74%, Hong Kong +1.17%, China +1.75%, Taiwan +0.48%, Australia +0.37%, Singapore +0.64%, South Korea +0.07%, India +0.35%. The Nikkei Stock Index climbed to a 1-1/4 month high after Japan Jan machine orders jumped +15.0% m/m, the largest increase in 12 years.

The dollar index (DXY00 +0.30%) is up +0.34%. EUR/USD (^EURUSD) is down -0.36%. USD/JPY (^USDJPY) is down -0.16%.

Jun T-note prices (ZNM16 -0.05%) are up +0.5 of a tick.

Japan Jan machine orders jumped +15.0% m/m, stronger than expectations of +1.9% m/m and the largest monthly increase in 12 years.

China Feb industrial production rose +5.4% y/y, weaker than expectations of +5.6% y/y and the slowest pace of increase in nearly 7 years.

China Feb retail sales rose +10.2% y/y, weaker than expectations of +11.0% y/y and the slowest pace of increase in 12 years.

Eurozone Jan industrial production rose +2.1% m/m, stronger than expectations of +1.7% m/m and the biggest increase in 6-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: none.

There is 1 of the Russell 1000 companies that reports earnings today: 3D Systems (consensus $0.03).

U.S. IPO's scheduled to price today: BioLight Life Sciences (BOLT).

Equity conferences this week include: Citi Global Property CEO Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Capital Global Health Care Conference on Tue-Thu,
3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Equinix (EQIX +3.68%) was downgraded to "market Perform' from 'Outperform' at Oppenheimer.

Noble Corp. Plc (NE +1.18%) was downgraded to 'Accumulate' from 'Buy' at Seaport Global Securities.

Starwood Hotels & Resorts (HOT +1.54%) received an unsolicited purchase proposal of $76 a share, a 7.9% premium to Friday's closing price.

Tesla Motors (TSLA +1.13%) is up 1.5% in pre-market trading after it was upgraded to 'Outperform' from 'Neutral' at Robert Baird Ltd with a 12-month price target of $300.

Cirrus Logic (CRUS +3.40%) was rated a new 'Buy" at Needham & Cp. with a 12-month price target of $50.

Rowan Cos. (RDC +4.11%) was upgraded to 'Buy' from 'Neutral' at Seaport Global Securities.

Epizyme (EPZM +3.93%) was upgraded to 'Buy' from 'Neutral' at HC Wainwright & Co, LLC with a 12-month price target of $25.

Quanex Building Products (NX +4.49%) was upgraded to 'Outperform' from 'Neutral' at Wedbush with a 12-month price target of $23.

Chemours (CC +2.84%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Comerica (CMA +3.27%) was upgraded to 'Outperform' from 'Sell' at CLSA.

CyberArk Software Ltd. (CYBR +2.91%) was upgraded to a 'Buy' at Summit Research.

HCA Holdings (HCA +3.81%) was upgraded to 'Overweight" from 'Neutral' at JPMorgan Chase with a price target of $85.

Constellation Brands (STZ +1.11%) was upgraded to 'Buy' at SunTrust with a price target of $170.

Autoliv (ALV +2.39%) was downgraded to 'Sell' from 'Neutral' at Evercore.

MARKET COMMENTS

Jun E-mini S&Ps (ESM16 -0.21%) this morning are down -3.00 points (-0.15%). Friday's closes: S&P 500 +1.64%, Dow Jones +1.28%, Nasdaq +1.75%. The S&P 500 on Friday rallied to a 2-1/4 month high and closed higher on optimism that Thursday's ECB rate cut and QE expansion will boost European growth to the benefit of the global economy. Stocks also received a boost from energy producers, which rallied as crude oil climbed to a 3-month high. There was also carryover support for U.S. stocks from a rally in Asian markets after the yuan rose to a 2-1/2 month high against the dollar when the PBOC strengthened its daily reference rate for the yuan by 0.34%.

Jun 10-year T-notes (ZNM16 -0.05%) this morning are up +0.5 of a tick. Friday's closes: TYM6 -9.50, FVM6 -6.50. Jun T-notes on Friday fell to a 1-1/2 month low and closed lower on reduced safe-haven demand for T-notes after the S&P 500 rallied to a 2-month high and on the rally in crude oil to a 3-month high, which boosted inflation expectations.

The dollar index (DXY00 +0.30%) this morning is up +0.33 (+0.34%). EUR/USD (^EURUSD) is down -0.0040 (-0.36%). USD/JPY (^USDJPY) is down-0.18 (-0.16%). Friday's closes: Dollar Index +0.106 (+0.11%), EUR/USD -0.0021 (-0.19%), USD/JPY +0.67 (+0.59%). The dollar index on Friday closed higher on weakness in EUR/USD on negative carryover from Thursday's action by the ECB to cut interest rates and expand QE. USD/JPY also gained srength as a rally in stocks reduced safe-haven demand for the yen.

Apr WTI crude (CLJ16 -2.29%) this morning is down -74 cents (-1.92%) and Apr gasoline (RBJ16 -1.04%) is down -0.0107 (-0.74%). Friday's closes: CLJ6 +0.66 (+1.74%), RBJ6 +0.0053 (+0.37%). Apr crude and gasoline on Friday closed higher with Apr crude at a 3-month high on the IEA's cut in its 2016 non-OPEC crude production estimate to 750,000 bpd, down -150,000 from 900,000 bpd estimated last month. In addition, Baker Hughes reported late Friday that U.S. active oil rigs declined for a 12th straight week by -6 rigs to a 6-1/4 year low of 386 rigs.

GLOBAL EVENT CALENDAR03/14/2016

US	1100 ET	USDA weekly grain export inspections.
EUR	0600 ET	Eurozone Jan industrial production expected +1.7% m/m and +1.5% y/y, Dec -1.0% m/m and -1.3% y/y.
JPN	n/a	BOJ begins 2-day policy meeting.

U.S. STOCK CALENDAR03/14/2016

Company	Ticker	Time	Event Description	Period	Estimate
3D Systems Corp	DDD US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.028
3D Systems Corp	DDD US	8:30	Q4 2015 Earnings Call	Q4 2015
SS&C Technologies Holdings Inc	SSNC US	9:00	Acquisition of Citi's Alternative Investor Services Business by SS&C Technologi
Cooper Cos Inc/The	COO US		Annual General Meeting	Y 2016
Questar Corp	STR US		Roadshow - Chicago	Y 2016
Viacom Inc	VIAB US		Annual General Meeting
LPL Financial Holdings Inc	LPLA US		Roadshow-New York

BARCHART MORNING CALL 9/28

BARCHART MORNING CALL 

Monday, September 28th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.51%) are down -0.68% and European stocks are down -1.60%, led by weakness in mining companies as the price of copper (ZNZ15 +0.21%) slid to a 1-month low. Chinese growth concerns weighed on stocks as well after China Aug industrial profits fell by the most in 4 years. Weakness in European automakers was another negative for European stocks, led by a -6% decline in shares of Volkswagen AG, as the company remains embroiled in the emissions-cheating scandal. Asian stocks settled mixed: Japan -1.32%, China +0.27%, Hong Kong, Taiwan and South Korea closed for holiday, Australia +1.42%, Singapore -1.44%, India -0.95%. China's Shanghai Composite erased losses of as much as 1.6% and closed higher as a rally in technology companies overshadowed data that showed industrial companies' profits fell by the most since the data began in 2011.

The dollar index (DXY00 +0.07%) is unch. EUR/USD (^EURUSD) is down -0.18% after ECB Executive Board member Lautenschlaeger said it's "too early" to talk about expanding QE. USD/JPY (^USDJPY) is down -0.43% as eh slide in stocks boosts the safe-haven demand for the yen.

Dec T-note prices (ZNZ15 +0.21%) are up +8.5 ticks.

ECB Executive Board member Lautenschlaeger said there are "some recovery signs" in the interbank money market and "it is too early to talk about concrete measures about broadening QE."

China Aug industrial profits were down -8.8% y/y, the largest decline since the data series began in 2011. Jan through Aug industrial profits are down -1.9%y/y to 3.77 trillion yuan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug personal spending (expected +0.3%), Aug personal income (expected 0.4%), Aug PCE deflator (expected unch m/m and +0.3% y/y), Aug PCE core deflator (expected +0.1% m/m and +1.2% y/y), (2) Aug pending home sales (expected +0.5% m/m and +7.8% y/y), (3) Sep Dallas Fed manufacturing activity (expected +6.8 to -9.0), (4) New York Fed President William Dudley speaks on monetary policy in an interview with the Wall Street Journal, (5) Chicago Fed President Charles Evans delivers a speech titled “A Perspective on Monetary Policy” at the Marquette University Business Leaders Forum in Milwaukee, WI, (6) San Francisco Fed President John Williams speaks on the economic outlook to the UCLA Anderson School of Management.

Five of the companies in the Russell 2000 index report earnings today: Cal-Maine Foods (consensus $3.14), Vail Resorts (-1.89), Comtech Communications (0.39), Synnex (1.44), Energy XXI Ltd. (-1.25).

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

Equity conferences this week include: BMO Capital Markets North American Real Estate Conference on Mon, Invest Japan Seminar 2015 on Mon, ESMO European Cancer Congress on Mon, Johnson Rice & Co Energy Conference on Mon-Wed, Deutsche Bank Leveraged Finance Conference on Tue, Jefferies West Coast Electronic Payments Summit on Tue, Wolfe Research Power and Gas Leaders Conference on Tue-Wed, D. A. Davidson & Co Engineering & Construction Conference on Wed, Leerink Partners Rare Disease Roundtable Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

RBC's chief market strategist cut his 2015 S&P 500 target to 2100 from 2325 and cut his 2015 EPS target to $120 from $128 due to commodity weakness and slower global growth.

Liberty Global Plc (LBTYA -0.48%) fell 2% in pre-market trading after Vodaphone Group Plc said talks about an exchange of assets with the companies have ended.

Comcast (CMCSA -0.49%) climbed nearly 3% in pre-market trading after it said it will buy a 51% stake in USJ. Co.

Cal-Maine (CALM +0.88%) reported Q1 EPS of $2.95, weaker than consensus of $3.14.

Citigroup (C +2.89%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse with a price target of $62.

Alcoa (AA -1.20%) jumped over 4% in pre-market trading after the company announced that it will separate into two public companies.

Stoneridge (SRI -5.35%) was raised to 'Bu' from 'Hold' at BB&T with a price target of $14.

A large study found that Bristol-Myers Squibb's (BMY -2.52%) drug Opdivo extended the lives of patients with advanced kidney cancer in a Phase 3 study.

Novo Nordisk A/S (NVO -0.18%) won FDA approval for its once-a-day Tresiba injection for adults with type 1 and 2 diabetes mellitus and also won approval for its Ryzodeg insulin drug.

Huntsman (HUN -0.86%) said that lower prices for titanium-dioxide, strength in the dollar, and "soft" demand in the Asia Pacific region will weigh on Q3 and Q4 earnings.

According to a Krebs on Security report, gift shops and restaurants at a "large number" of Hilton Hotel (HLT -0.43%) and franchise properties across the U.S. have been tied to a pattern of credit card fraud.

QLogic (QLGC -0.41%) said its board approved a restructuring plan that cuts jobs and consolidates and eliminates certain engineering activities.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.51%) this morning are down -13.00 points (-0.68%). Friday's closes: S&P 500 -0.05%, Dow Jones +0.70%, Nasdaq -0.85%. The S&P 500 Friday erased an early rally and settled little changed after a slide in the biotechnology sector dragged down health-care stocks. A 1.60% fall in China's Shanghai Composite also undercut the market. Stocks had opened higher after Fed Chair Yellen said the Fed is on course to raise interest rates this year, which suggests the U.S. economy is strong enough to handle higher interest rates. Another supportive factor was the upward revision to U.S. Q2 GDP to 3.9% q/q annualized from +3.7% q/q annualized as Q2 personal consumption was revised upward to +3.6% from +3.2%.

Dec 10-year T-notes (ZNZ15 +0.21%) this morning are up +8.5 ticks. Friday's closes: TYZ5 -9.00, FVZ5 -5.00. Dec T-notes Friday closed lower after Fed Chair Yellen said she expects the Fed to raise interest rates sometime this year. T-notes remained lower after U.S. Q2 GDP was revised higher and after the Sep University of Michigan consumer sentiment rose more than expected.

The dollar index (DXY00 +0.07%) this morning is unchanged. EUR/USD (^EURUSD) is down -0.0020 (-0.19%). USD/JPY (^USDJPY) is down -0.52(-0.18%). Friday's closes: Dollar Index +0.275 (+0.29%), EUR/USD -0.0035 (-0.31%), USD/JPY +0.52 (+0.43%). The dollar index rose to a 5-week high Friday on comments from Fed Chair Yellen who said she expects the Fed to raise interest rates this year and on the upward revision to U.S. Q2 GDP. Also, a rally in USD/JPY to a 2-week high boosted the dollar as an early rally in stocks curbed the safe-haven demand for the yen.

Nov crude oil (CLX15 -2.01%) this morning is down -83 cents (-1.82%)and Nov gasoline (RBX15 -2.06%) is down -0.0282 (-2.04%). Friday's closes: CLX5 +0.79 (+1.76%), RBX5 +0.0214 (+1.58%). Nov crude oil and gasoline closed higher Friday as stocks rallied, which bolstered confidence in the economic outlook and energy demand. Energy prices also found support after U.S. Q2 GDP was revised upward to +3.9% q/q annualized from +3.7% q/q annualized, which signals stronger energy consumption and demand. Gains were limited after the dollar index rose to a 5-week high.

GLOBAL EVENT CALENDAR09/28/2015

US	0830 ET	Aug personal spending expected +0.3%, Jul +0.2%. Aug personal income expected +0.4%, Jul +0.4%.
	0830 ET	Aug PCE deflator expected unch m/m and +0.3% y/y, Jul +0.1% m/m and +0.3% y/y. Aug PCE core deflator expected +0.1% m/m and +1.3% y/y, Jul +0.1% m/m and +1.2% y/y.
	0830 ET	New York Fed President William Dudley speaks on monetary policy in an interview with the Wall Street Journal.
	1000 ET	Aug pending home sales expected +0.4% m/m and +8.0% y/y, Jul +0.5% m/m and +7.2% y/y.
	1030 ET	Sep Dallas Fed manufacturing activity expected +7.8 to -10.0, Aug -11.2 to -15.8.
	1100 ET	USDA weekly grain export inspections.
	1330 ET	Chicago Fed President Charles Evans delivers a speech titled A Perspective on Monetary Policy at the Marquette University Business Leaders Forum in Milwaukee, WI.
	1600 ET	USDA weekly crop progress.
	1700 ET	San Francisco Fed President John Williams speaks on the economic outlook to the UCLA Anderson School of Management.
JPN	0100 ET	Revised Japan Jul leading index CI, previous 104.9. Revised Jul coincident index, previous 112.2.

U.S. STOCK CALENDAR09/28/2015

Company	Ticker	Time	Event Description	Period	Estimate
FedEx Corp	FDX US	9:00	Annual General Meeting	Y 2015
DTE Energy Co	DTE US	11:30	Investor Day	Y 2015
Exelon Corp	EXC US		Exelon Corp Final Day to Appeal Decision to Reject Proposal of Pepco Holdings
Questar Corp	STR US		Roadshow - San Francisco	Y 2015
United Parcel Service Inc	UPS US		Roadshow - Paris	Y 2015
King Digital Entertainment Plc	KING US		Annual General Meeting

BARCHART MORNING CALL 6/5

BARCHART MORNING CALL

Friday, June 5th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.21%) this morning are down -0.33% and European stocks are down -1.42% at a 4-week low ahead of U.S. May non-farm payrolls. Stocks took a hit after Greece said it would defer a debt payment due today to the IMF until the end of the month, which bolsters concern that Greece may be close to bankruptcy. Greece's ASE Stock Index tumbled -4.55% and the 10-year Greek bond yield rose 40 bp to a three-session high of 11.32% on Greek default concerns. Asian stocks closed mostly lower: Japan -0.13%, Hong Kong -1.06%, China +1.54%, Taiwan -0.09%, Australia -0.11%, Singapore -0.34%, South Korea -0.21%, India -0.17%. Chinese socks rallied and bucked the negative trend as the China's Shanghai Composite Index climbed to a 7-1/3 year high amid speculation the government will boost stimulus measures to bolster the economy along with cross-borders sales of mutual funds that may widen access to financial markets and increase equity inflows.
Commodity prices are mixed. Jul crude oil (CLN15 +0.40%) is down -0.50% at a 1-week low on speculation that OPEC will leave its production targets unchanged as the cartel meets today in Vienna. Jul gasoline (RBN15 +0.93%) is up +0.37%. Metals prices are mostly lower. Aug gold (GCQ15 -0.10%) is down -0.11%. Jul copper (HGN15 +0.09%) is down -0.13%% at a 6-week low on concern that U.S. copper demand will weaken after the IMF cut its 2015 U.S. GDP estimate to 2.5% from an earlier forecast of 3.1%. Agricultural prices are mixed.
The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.11%. USD/JPY (^USDJPY) is up +0.36%.

Sep T-note prices (ZNU15 -0.25%) are down -8.5 ticks.
Greece notified the IMF that a 300 million euro payment due to the IMF today would be deferred and bundled with three more payments due at the end of the month. Greece is the first country since the 1980s to defer a payment to the IMF and underscores the state of Greece's shrinking finances.
ECB Governing Council member and National Bank of Belgium Governor Smets said "there's no chance" that the ECB will end its quantitative easing earlier than planned.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) the May unemployment report (May payrolls expected +227,000 after April's +223,000; May unemployment rate expected unchanged at 5.4% after April's -0.1 point decline to 5.4%), (2) Apr consumer credit (expected +$16.0 billion after March's +$20.523 billion), and (3) a speech by New York Fed President William Dudley on the economy and monetary policy at a gathering of the Economic Club of Minnesota.
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: Ardelyx (ARDX).
Equity conferences today include: none.

OVERNIGHT U.S. STOCK MOVERS

DISH (DISH +4.86%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.
Cardinal Health (CAH -0.47%) will acquire Harvard Drug Group for $1.115 billion.
Under Armour (UA -0.43%) was upgraded to 'Buy' from 'Neutral' at DA Davidson.
DreamWorks (DWA +0.55%) was upgraded to 'Buy' from 'Hold' at Stifel with a $34 price target.
Charles Schwab (SCHW -0.09%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
LifePoint (LPNT -1.05%) was initiated with a 'Conviction Buy' at Goldman Sachs with a price target of $92.
Team Health (TMH -0.20%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Lockheed Martin (LMT -0.90%) was awarded a $920.35 million government contract for the manufacture and delivery of 94 F-35 Lightning II aircraft.
Thor Industries (THO -1.43%) reported Q3 EPS of $1.19, less than consensus of $1.21.
UTi Worldwide (UTIW -3.29%) reported a Q1 EPS loss of -35 cents, a much bigger loss than consensus of -15 cents.
Esterline (ESL -1.53%) reported Q2 adjusted EPS of $1.20, below consensus of $1.33.
Cooper Companies (COO -2.54%) reported Q2 adjusted EPS of $1.72, weaker than consensus of $1.76.
Verifone (PAY -1.49%) reported Q2 adjusted EPS of 44 cents, higher than consensus of 42 cents.
Gap (GPS +0.81%) reported that May same-store-sales were down 1% y/y.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.21%) this morning are down -7.00 points (-0.33%). Thursday's closes: S&P 500 -0.86%, Dow Jones -0.94%, Nasdaq -0.73%. The S&P 500 on Thursday sold off to a 3-week low on a rout in global bond markets that temporarily sent the 10-year German bund yield up to an 8-1/4 month high and the 10-year T-note yield up to a 5-1/4 month high. There was also weakness in commodity producer stocks after metals and crude oil fell. A positive factor was the -8,000 decline in initial unemployment claims.
Sep 10-year T-notes (ZNU15 -0.25%) this morning are down -8.5 ticks. Thursday's closes: TYU5 +14.50, FVU5 +7.50. Sep T-notes on Thursday recovered from a 5-month low and closed higher. Supportive factors included a recovery in German bund prices from an 8-1/4 month low and increased safe-haven demand for Treasuries after stocks plunged.
The dollar index (DXY00 +0.21%) this morning is up +0.228 (+0.24%). EUR/USD (^EURUSD) is down -0.0012 (-0.11%). USD/JPY (^USDJPY) is up +0.45 (+0.36%). Thursday's closes: Dollar Index -0.004 (-0.01%), EUR/USD -0.00368 (-0.33%), USD/JPY +0.122 (+0.10%). The dollar index on Thursday fell to a 2-week low and closed lower on strength in EUR/USD on improved EUR interest rate differentials with the German 10-year bund yield rising to an 8-1/4 month high.
July WTI crude oil (CLN15 +0.40%) this morning is down -29 cents (-0.50%) at a 1-week low. July gasoline (RBN15 +0.93%) is up +0.0074 (+0.37%). Thursday's closes: CLN5 -1.64 (-2.75%), RBN5 -0.0568 (-2.78%). Jul crude and gasoline on Thursday closed lower on expectations for OPEC on Friday to maintain its production target and news that Iraq will increase its oil exports by +100,000 bpd this month.

GLOBAL EVENT CALENDAR06/05/2015

US	0830 ET	May non-farm payrolls expected +226,000, Apr +223,000. May private payrolls expected +220,000, Apr +213,000. May manufacturing payrolls expected +5,000, Apr +1,000. May unemployment rate expected unch at 5.4%, Apr -0.1 to 5.4%.
	0830 ET	May average hourly earnings expected +0.2% m/m and +2.2% y/y, Apr +0.1% m/m and +2.2% y/y. May average weekly hours all-employees expected unch at 34.5 hours.
	1230 ET	New York Fed President William Dudley speaks on the economy and monetary policy at a gathering of the Economic Club of Minnesota.
	1500 ET	Apr consumer credit expected +$16.000 billion, Mar +$20.523 billion.
JPN	0100 ET	Japan Apr leading index CI expected +1.2 to 107.2, Mar 106.0. Apr coincident index expected +1.5 to 110.7, Mar 109.2.
GER	0200 ET	German Apr factory orders expected +0.5% m/m and -0.6% y/y, Mar +0.9% m/m and +1.9% y/y.
UK	0430 ET	BOE May quarterly inflation attitudes survey.
EUR	0500 ET	Revised Eurozone Q1 GDP, previous +0.4% q/q and +1.0% y/y.

U.S. STOCK CALENDAR06/05/2015

Company	Ticker	Time	Event Description	Period	Estimate
Actavis plc	ACT US	3:30	Annual General Meeting	Y 2015
Wal-Mart Stores Inc	WMT US	8:30	Annual General Meeting	Y 2015
Goodyear Tire & Rubber Co/The	GT US	9:00	Goodyear Tire & Rubber Co. and Sumitomo Rubber Industries, Ltd Joint Venture Ag
Cardinal Health Inc	CAH US	10:00	Investors and Analysts Meeting - Dublin	Y 2015
Flowers Foods Inc	FLO US	11:00	Annual General Meeting	Y 2015
ResMed Inc	RMD US	12:00	Investor Day	Y 2015
Wal-Mart Stores Inc	WMT US	13:30	Investment Community Meeting and Q&A Session	Y 2015
Questar Corp	STR US		Roadshow - Europe - Day 5	Y 2015
Garmin Ltd	GRMN US		Annual General Meeting	Y 2015

BARCHART MORNING CALL 6/1

BARCHART MORNING CALL

Monday, June 1st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.23%) this morning are little changed, down -0.06% ahead of U.S. economic data on May ISM manufacturing and Apr personal spending that are expected to show a pickup in growth. European stocks are up +0.02& as they hover just above a 2-week low. Gains in European stocks were limited as Greece's debt payment deadlines draw closer amid a standoff with creditors. Asian stocks closed mixed: Japan +0.03%, Hong Kong +0.63%, China +4.71%, Taiwan -0.78%, Australia -0.72%, Singapore closed for holiday, South Korea -0.63%, India +0.07%. Chinese stocks closed sharply higher after a gauge of Chinese manufacturing activity expanded or a third month. Another positive for Chinese stocks was a report from people familiar with the situation that China was considering doubling the size of a local bond-swap program to 1 trillion yuan ($81 billion) from 500 billion yuan that would be authorized to swap bonds issued by provinces and cities in an attempt to clean up local government finances. The bond-swap program includes inducements for banks to buy new, longer-maturity bonds that may alleviate a funding crunch among Chinese provinces that had threatened to deepen China's economic slowdown.
Commodity prices are mostly lower. Jul crude oil (CLN15 -1.19%) is down -1.04% and Jul gasoline (RBN15 -0.67%) is down -0.61. Metals prices are weaker. Aug gold (GCQ15 -0.26%) is down -0.31% and Jul copper (HGN15 -0.38%) is down -0.24%. Agricultural prices are lower.
The dollar index (DXY00 +0.44%) is up +0.46%. EUR/USD (^EURUSD) is down -0.56%. USD/JPY (^USDJPY) is down -0.07%.

Sep T-note prices (ZNU15 -0.24%) are down -8 ticks.
Speaking at an event in Beijing, San Francisco Fed President John Williams said the U.S. economy is "basically in a good place," and he doesn't worry about a strong dollar weakening U.S. growth. He added that long-term interest rates are expected to rise and to be more normal in the next few years.
The China May manufacturing PMI rose +0.1 to 50.2, weaker than expectations of +0.2 to 50.3. The May non-manufacturing PMI fell -0.2 to 53.2, the slowest pace of expansion in 6-1/3 years.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) Apr personal spending (expected +0.2% after March's +0.4%) and Apr personal income (expected +0.3% after March's unchanged), (2) Apr PCE deflator (expected +0.2% y/y after March's +0.3% y/y) and Apr PCE core deflator (+1.3% y/y after March's +1.3% y/y), (3) a speech by Boston Fed President Eric Rosengren at the 2015 Workforce Stars Breakfast in Hartford, CT, (4) Apr construction spending (expected +0.7% m/m after March's -0.6% m/m), (5) May ISM manufacturing index (expected +0.5 to 52.0 after April's unchanged at 51.5), and (6) final-May Markit manufacturing PMI (expected unrevised at 53.8 vs prelim-May -0.3 to 53.8).
There is 1 of the Russell 1000 companies that reports earnings today: PVH Corp (consensus $1.38).
U.S. IPO's scheduled to price today include: none.
Equity conferences today include: Stifel Financial Corp WasteExpo Inestor Summit on Mon, American Society of Clinical Oncology Meeting on Mon-Tue, Andean Institutional Real Estate Forum on Mon-Tue, RBC - Conference: Global Energy & Power Executive Conference - New York on Mon-Tue, Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on Tue, Keefe, Bruyette, & Woods Mortgage Finance Conference on Tue, RBC Global Energy Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O'Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip - 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Juniper (JNPR +0.54%) was downgraded to 'Sell' from 'Neutral' at MKM Partners.
Wells Fargo said it sees a potential for 75% upside in DISH (DISH +0.70%) shares.
Duke Energy (DUK -0.29%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
Verifone (PAY +0.37%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.
Enbridge (ENB -1.40%) and Boyd Gaming (BYD -0.28%) were both upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Coca-Cola (KO -0.44%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
According to DigiTimes, data from Gartner showed Q1 global server shipments up 13% y/y.
Citigroup (C -0.86%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Altera (ALTR +4.00%) jumped over 6% in pre-market trading after people familiar with the matter said that Intel INTC is near a deal to acquire the chipmaker.
Stonepine Capital reported a 5.2% passive stake in Aegerion (AEGR -1.02%) .
O'Reilly Automotive (ORLY -1.41%) increased its stock repurchase authorization by $500 million to $5.5 billion.
Ryanair (RYAAY -2.06%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Point72 reported a 5.0% passive stake in Achillion (ACHN +5.89%) .

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.23%) this morning are down -1.25 points (-0.06%). Friday's closes: S&P 500 -0.63%, Dow Jones -0.64%, Nasdaq -0.60%. The S&P 500 on Friday settled lower on the unresolved Greek situation and on the unexpected -6.1 point drop in the May Chicago PMI to 46.2, weaker than expectations of +0.7 to 53.0. Stocks found some support from the final-May U.S. consumer sentiment index, which rose +2.1 to 90.7, stronger than expectations of +0.9 to 89.5.
Sep 10-year T-notes (ZNU15 -0.24%) this morning are down -8 ticks. Friday's closes: TYU5 +9.50, FVU5 +6.50. Sep 10-year T-notes on Friday rallied to a 1-month high on ideas the Fed will be forced to delay a rate hike after Q1 GDP was revised lower to -0.7% from +0.2% and the Chicago PMI was expectedly weak at -6.1 points to 46.2. T-notes also found some carry-over support from a rally in German bunds to a 3-week high on the unresolved Greek debt crisis.
The dollar index (DXY00 +0.44%) this morning is u[ +0.443 (+0.46%). EUR/USD (^EURUSD)is down -0.0062 (-0.56%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Friday's closes: Dollar Index -0.058 (-0.06%), EUR/USD +0.00413 (+0.38%), USD/JPY +0.153 (+0.12%). The dollar index on Friday closed lower on talk of a delayed Fed rate hike after the downward revision for U.S. Q1 GDP to -0.7% and the unexpected -6.1 point decline in the May Chicago PMI.
July WTI crude oil (CLN15 -1.19%) this morning is down 63 cents (-1.04%). July gasoline (RBN15 -0.67%) is down -0.0126 (-0.61%). Friday's closes: CLN5 +2.62 (+4.54%), RBN5 +0.0922 (+4.68%). Jul crude oil and gasoline on Friday settled sharply higher on the weaker dollar and on the EPA's cut in its corn ethanol mandate levels to 13.4 billion gallons 2015 and 14 billion gallons for 2016 (from 15 billion gallons), which will increase U.S. gasoline usage levels.

GLOBAL EVENT CALENDAR06/01/2015

US	0830 ET	Apr personal spending expected +0.2%, Mar +0.4%. Apr personal income expected +0.3%, Mar unch.
	0830 ET	Apr PCE deflator expected +0.1% m/m and +0.2% y/y, Mar +0.2% m/m and +0.3% y/y. Apr PCE core deflator expected +0.2% m/m and +1.3% y/y, Mar +0.1% m/m and +1.3% y/y.
	0905 ET	Boston Fed President Eric Rosengren speaks from a prepared text at the 2015 Workforce Stars Breakfast in Hartford, CT.
	0945 ET	Final-May Markit manufacturing PMI expected unrevised at 53.8, prelim-May -0.3 to 53.8.
	1000 ET	Apr construction spending expected +0.7% m/m, Mar -0.6% m/m.
	1000 ET	May ISM manufacturing index expected +0.5 to 52.0, Apr unch at 51.5. May ISM new orders, Apr +1.7 to 53.5. May ISM employment, Apr -1.7 to 48.3. May ISM prices paid expected +2.5 to 43.0, Apr +1.5 to 40.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan May vehicle sales, Apr +5.0% y/y.
	2130 ET	Japan Apr labor cash earnings expected +0.4% y/y, Mar unch y/y. Apr real cash earnings, Mar -2.7% y/y.
GER	0355 ET	Revised German May Markit/BME manufacturing PMI, previous -0.7 to 51.4.
	0800 ET	German May CPI (EU harmonized) expected unch m/m and +0.6% y/y, Apr -0.1% m/m and +0.3% y/y.
EUR	0400 ET	Revised Eurozone May Markit manufacturing PMI, previous +0.3 to 52.3.
UK	0430 ET	UK May Markit manufacturing PMI expected +0.6 to 52.5, Apr 51.9.

U.S. STOCK CALENDAR06/01/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Water Works Co Inc	AWK US	8:45	Annual General Meeting - Second Call	Y 2015
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Staples Inc	SPLS US	16:00	Annual General Meeting
PVH Corp	PVH US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.384
Windstream Holdings Inc	WIN US	Aft-mkt	Talen Energy Replaces Windstream Holdings in S&P MidCap 400
Arthur J Gallagher & Co	AJG US		Annual General Meeting
Questar Corp	STR US		Roadshow - Europe - Day 1	Y 2015
UnitedHealth Group Inc	UNH US		Annual General Meeting
Hospitality Properties Trust	HPT US		Annual General Meeting - Proxy Fight
Arista Networks Inc	ANET US		Annual General Meeting

BARCHART MORNING CALL 4/7

BARCHART MORNING CALL

Tuesday, April 7th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.22%) this morning are little changed. The Euro Stoxx 50 index is up +1.21% as the European markets reopened after the Easter holiday and reacted positively to hopes for an easier Fed policy after last Friday's weaker-than-expected U.S. payroll report of +126,000. Asian stocks today settled mostly higher: Japan +1.25%, China +2.15%, Taiwan +0.43%, Australia +0.46%, Singapore +0.37%, South Korea -0.02%, India +0.04%, and Turkey -0.77%. The dollar index (DXY00 +0.71%) is sharply higher by +0.76% on higher U.S. inflation expectations after Monday's +5.8% surge in Brent crude oil prices. EUR/USD (^EURUSD) is down -0.0060 (-0.55%) and USD/JPY (^USDJPY) is up +0.36 (+0.30%). Jun T-note prices (ZNM15 -0.06%) are down -2 ticks.
Commodity prices are down -0.39% this morning as the energy and metals markets fell back after Monday's surge and as this morning's stronger dollar takes its toll. May crude oil (CLK15 -0.96%) is down -0.59 (-1.13%) and May gasoline (RBK15 -0.15%) is down -0.0069 (-0.37%). Jun gold (GCM15 -0.60%) is down -9.0 (-0.74%), May silver (SIK15 -1.43%) is down -0.300 (-1.75%), and May copper (HGK15 +1.31%) is up +0.021 (+0.75%). Grain and softs prices are trading mostly lower.
The Australian dollar saw some strength today after the Australian central bank today kept its key interest rate unchanged, which was more hawkish than market expectations of about a 50-50 chance of a rate cut. The markets are now expecting the Australian central bank to cut rates in May.
European bond yields fell today after last Friday's weak U.S. payroll report of +126,000 caused market participants to defer expectations of Fed tightening and after Greece indicated over the weekend that it will make its 500 million euro payment to the IMF this Thursday. 10-year bond yields fell by -5 bp to 1.25% for Italy, -7 bp to 1.64% for Portugal, and -22 bp to 11.84% for Greece.

U.S. STOCK PREVIEW

Key news today includes (1) the Feb JOLTS job openings report (expected +5,000 to 5.003 million after Jan's +121.000 to 4.998 million, (2) the Feb consumer credit report (expected +$12.25 billion after Jan's +$11.562 billion), (3) a speech by Minneapolis Fed President Narayan Kocherlakota at a breakfast meeting at the Bismark-Mandan Chamber of Commerce, and (4) the Treasury's auction of $24 billion of 3-year T-notes.
None of the Russell 1000 companies report earnings today.
There are no U.S. IPO's that scheduled to price or trade today.
Equity conferences this week include: Internet of Things (IoT) Asia 2015 on Wed-Thu, and JP Morgan Spring Fling Conference on Thu

June E-mini S&Ps this morning are little changed, consolidating after yesterday's gains. Monday's closes: S&P 500 +0.67%, Dow Jones +0.66%, Nasdaq +0.62%. The stock market rallied fairly sharply on Monday on hopes for a delayed Fed rate hike due to last Friday's poor March payroll report of +126,000. In addition, petroleum stocks rallied sharply on Monday on the +5.7% surge in May crude oil prices. The ISM non-manufacturing index was net positive for the stock market since the -0.4 decline to 56.5 was in line with market expectations while the new orders sub-index rose by +1.1 to 57.8 and the employment sub-index rose by +0.2 points to 56.6.

OVERNIGHT U.S. STOCK MOVERS

• International Speedway (ISCA +0.74%) reported Q1 non-GAAP EPS of 33 cents, which was better than the consensus of 29 cents.
• Starbucks' (SBUX +0.14%) losses on its European division have raised suspicions among European regulators, according to WSJ
• An affiliate of Berkshire Hathaway (BRK.A -0.10%) acquired 20 million shares of Axalta (AXTA +1.43%) worth $560 million from The Carlyle Group.
• Domino's Pizza (DPZ -0.18%) CEO said on CNBC that he believes a wage hike may be necessary.
• A. Schulman (SHLM +0.52%) reported fiscal Q2 adjusted EPS of 39 cents, just under the consensus of 40 cents.

MARKET COMMENTS

Jun 10-year T-notes this morning are down -2 ticks: Monday's closes: TYM5 -15.50, FVM5 -7.75. June 10-year T-note prices on Monday fell fairly sharply as the +5.70% surge in May crude oil prices boosted inflation expectations. T-note prices were also undercut by (1) reduced safe-haven demand with the higher close in the stock market, and (2) supply overhang as the Treasury on Tuesday will begin selling this week's $58 billion coupon package.
The dollar index this morning is sharply higher by +0.76% on higher U.S. inflation expectations after Monday's +5.8% surge in Brent crude oil prices. EUR/USD is down -0.0060 (-0.55%) and USD/JPY is up +0.36 (+0.30%). Monday's closes: Dollar index +0.494 (+0.51%), EUR/USD -0.0033 (-0.30%), USD/JPY +0.51 (+0.43%). The dollar index on Monday rallied moderately on some short-covering after last week's losses and on ideas that Monday's surge in oil prices may accelerate a Fed tightening due to higher inflation expectations.
May crude oil is down -0.59 (-1.13%) and May gasoline is down -0.0069 (-0.37%) on this morning's stronger dollar and on some long liquidation pressure after Monday's sharp gains. Monday's closes: CLK5 +2.80 (+5.70%), RBK5 +0.0795 (+4.51%). May crude oil and gasoline prices on Monday rallied very sharply after Saudi Arabia raised its May prices to Asian customers by 30 cents per barrel due to stronger demand and wider refining margins. In addition, pessimism about the Iran nuclear agreement grew after the Obama administration said that there is effectively no agreement with Iran yet about exactly how sanctions will be dropped and after Israeli PM Netanyahu made a full court press to try to scuttle the deal. May crude oil prices shook off expectations that Wednesday's EIA report will show a further +3.0 million bbl gain in U.S. crude oil inventories.

GLOBAL EVENT CALENDAR04/07/2015

US	0850 ET	Minneapolis Fed President Narayan Kocherlakota speaks at a breakfast meeting of the Bismark-Mandan Chamber of Commerce.
	1000 ET	Feb JOLTS job openings expected +5,000 to 5.003 million, Jan +121.000 to 4.998 million.
	1300 ET	Treasury auctions $24 billion 3-year T-notes.
	1500 ET	Feb consumer credit expected +$12.25 billion, Jan +$11.562 billion.
GER	0355 ET	German Final-Mar Markit services PMI expected unrevised from prelim-Mar of +0.6 to 55.3.
EUR	0400 ET	Eurozone final-Mar Markit composite PMI expected unrevised from prelim-Mar of +0.8 to 54.1.
	0500 ET	Eurozone Feb PPI expected +0.1% m/m and -2.9% y/y, Jan -0.9% m/m and -3.4% y/y.
UK	0430 ET	UK Mar Markit/CIPS services PMI expected +03 to 57.0, Feb 56.7.
	1901 ET	UK Mar BRC shop price index, Feb -1.7% y/y.

U.S. STOCK CALENDAR04/07/2015

Company	Ticker	Time	Event Description	Period	Estimate
Marvell Technology Group Ltd	MRVL US	10:00	Carnegie Mellon Univ. vs. Marvell Tech. Arguments Begin in US Ct of Appeals
American Airlines Group Inc	AAL US		March 2015 Sales and Revenue Release - Traffic Results	2015
Questar Corp	STR US		Roadshow - Midwest- Day 2	Y 2015
Brocade Communications Systems Inc	BRCD US		Annual General Meeting

BARCHART MORNING CALL 4/6

BARCHART MORNING CALL

Monday, April 6th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.75%) this morning are sharply lower by -14.25 points (-0.69%) due to last Friday's weaker-than-expected March payroll report of +126,000. The European markets are closed today for Easter Monday. Asian stocks today settled mixed with some markets closed for the holiday: Japan -0.19%, Singapore (-0.02%), South Korea (+0.07%), India +0.86%, Turkey -0.40%. The dollar index (DXY00 +0.07%) this morning is slightly higher by +0.13 points (+0.13%), while EUR/USD (^EURUSD) is up +0.0016 (+0.15%) and USD/JPY (^USDJPY) is up +0.11 (+0.09%). The euro is receiving a boost today after Greece Finance Minister reassured IMF Director Lagarde late last week that Greece will make the 450 million euro payment that is due to the IMF this Thursday (April 9). Jun T-note prices (ZNM15 unch) are down -1.5 ticks.
Commodity prices are up +1.01% this morning due to a rally in energy and metals. May crude oil (CLK15 +2.48%) is up +1.43 (+2.91%) and May gasoline (RBK15 +2.23%) is up +0.0444 (+2.52%) on some short-covering after last Thursday's losses on the Iran agreement and on today's news that Saudi Arabia is raising prices for its Asian customers for May sales. Jun gold (GCM15 +1.48%) is up +18.1 (+1.51%), May silver (SIK15 +2.54%) is up +0.429 (+2.57%), and May copper (HGK15 +1.85%) is up +0.054 (+1.98%). Grain prices this morning are mixed.
Last Friday's March payroll report of +126,000 was substantially weaker than market expectations of +245,000, but much of the weakness was due to bad weather. The payroll report also showed a total of -69,000 in downward revisions for Jan-Feb payrolls. The March unemployment rate of 5.5% was unchanged from Feb's 6-3/4 year low. The U.S. stock exchanges were closed last Friday for Good Friday.
Saudi Arabia raised its pricing for May sales to its Asian customers for the second straight month, suggesting that global oil demand is increasing. Higher Saudi oil prices also reflect higher refining margins in Asia.
Japan's preliminary-Feb leading indicator fell by -0.4 points to 105.1 from 105.5 in Jan, which was weaker than market expectations of -0.2 to 105.3. The preliminary-Feb coincident index fell by -2.8 points to 110.5 from Jan's 113.3, which was a bit weaker than market expectations of -2.6 to 110.7.

U.S. STOCK PREVIEW

Key news today includes (1) the March ISM non-manufacturing PMI (expected -0.4 to 56.5 after Feb's +0.2 to 56.9), (2) the final-March Markit U.S. services PMI (expected unrevised from early-March at 58.6), and (3) comments by New York Fed President William Dudley on the the national and regional economies at the New Jersey Performing Arts Center.
None of the Russell 1000 companies report earnings today.
There are no U.S. IPO's that scheduled to price or trade today.
Equity conferences this week include: Internet of Things (IoT) Asia 2015 on Wed-Thu, and JP Morgan Spring Fling Conference on Thu

Jun E-mini S&Ps this morning are down -14.25 points (-0.69%) on last Friday's weaker-than-expected March payroll report of +126,000 (versus expectations of +245,000). Thursday's closes: S&P 500 +0.35%, Dow Jones +0.37%, Nasdaq +0.11%. The stock market on Thursday closed higher on the unexpected -20,000 decline in U.S. weekly initial unemployment claims to a 2-month low of 268,000 and strength in consumer companies after a +9% jump in CarMax on better-than-expected Q4 earnings.

OVERNIGHT U.S. STOCK MOVERS

• Barrick Gold's chairman (ABX -1.08%) said the company is open to sell-offs and joint ventures, according to the Financial Times.
• UnitedHealth (UNH -0.08%) shares are expensive at current levels and are ripe for profit taking, according to a weekend Barron's article.
• Monsanto (MON -0.56%) deserves a second look, according to a weekend Barron's article.
• Gabelli reported a 21.51% stake in Myers Industries (MYE +0.62%).
• Cadian Capital reported a 9.1% passive stake in Workiva (WK +0.92%).
• Blue Holdings I reported a 14.3% stake in J.M. Smucker (SJM +0.46%).

MARKET COMMENTS

Jun 10-year T-notes this morning are down -1.5 ticks after closing +24 ticks higher during last Friday's abbreviated electronic session on the weak payroll report. Thursday's closes: TYM5 -6.50, FVM5 -1.75. June 10-year T-notes on Thursday closed lower due to the larger-than-expected decline in U.S. weekly jobless claims to a 2-month low and the unexpected increase in U.S. Feb factory orders.
The dollar index this morning is slightly higher by +0.13 points (+0.13%), while EUR/USD is up +0.0016 (+0.15%) and USD/JPY is up +0.11 (+0.09%). The euro is seeing some strength this morning after Greek officials are making assurances that Greece with make this Thursday's 450 million euro payment to the IMF. Thursday's closes: Dollar index -0.749 (-0.76%), EUR/USD +0.01167 (+1.08%), USD/JPY -0.043 (-0.04%). The dollar index on Thursday closed lower on long liquidation pressure ahead of Friday's payroll report, but gained support from the decline in the U.S. Feb trade deficit to a 5-1/3 year low of -$35.4 billion.
May crude oil is up +1.43 (+2.91%) and May gasoline is up +0.0444 (+2.52%) on some short-covering after last Thursday's losses on the Iran agreement and on today's news that Saudi Arabia is raising prices for its Asian customers for May sales. Thursday's closes: CLK5 -0.95 (-1.90), RBK5 -0.0595 (-3.25%). May crude oil and gasoline prices on Thursday closed lower on negative carry-over from Wednesday’s +4.77 mln bbl increase in U.S. crude oil inventories to a record high and +2.63 mln bbl increase in Cushing crude oil inventories to a record high 58.9 million bbl. Crude oil prices were also undercut by Thursday’s framework Iranian nuclear agreement, which if finalized by the end-June deadline could lead to the lifting of sanctions on Iranian oil production and exports by year-end.

GLOBAL EVENT CALENDAR04/06/2015

US	0830 ET	New York Fed President William Dudley speaks on the national and regional economy at the New Jersey Performing Arts Center.
	0945 ET	Final-March Markit U.S. services PMI expected unrevised at 58.6, prelim-Mar +1.5 to 58.6. Final-Mar Markit Composite PMI, preliminary-Mar +1.3 to 58.5.
	1000 ET	Mar ISM non-manufacturing PMI expected -0.4 to 56.5, Feb +0.2 to 56.9.
	1100 ET	USDA weekly grain export inspections.
JPN	0100 ET	Japan Feb leading index CI expected -0.4 to 105.1, Jan 105.5. Feb coincident index expected -2.6 to 110.7, Jan 113.3.
EUR	0430 ET	Eurozone Apr Sentix investor confidence expected +2.2 to 20.8, Mar 18.6.
	n/a	European markets closed for Easter Monday.
UK	n/a	UK markets closed for Easter Monday.

U.S. STOCK CALENDAR04/06/2015

Company	Ticker	Time	Event Description	Period	Estimate
A Schulman Inc	SHLM US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.393
Questar Corp	STR US		Roadshow - Midwest- Day 1	Y 2015