MORNING CALL 4/5

Barchart Morning Call

Barchart.com - Wed Apr 5, 6:37AM CDT

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.12%) this morning are little changed, down -0.03%, and European stocks are up +0.03%. European stocks found support on reduced political risks from France's presidential election after anti-EU candidate Marine Le Pen was seen to have struggled in a televised debate among French presidential candidates on Tuesday night. A rally in crude oil is boosting energy producing stocks with May WTI crude (CLK17 +1.08%) up +0.90% at a 4-week high. Crude oil gained after API late Tuesday showed U.S. oil inventories fell -1.83 million bbl. U.S. equities are in a holding pattern ahead of today's data on Mar ADP employment and the minutes of the Mar-14-15 FOMC meeting. Asian stocks settled mostly higher: Japan +0.27%, Hong Kong +0.57%, China +1.48%, Taiwan +1.41%, Australia +0.34%, Singapore -0.08%, South Korea -0.06%, India +0.21%.

The dollar index (DXY00 -0.01%) is little changed, down -0.01%. EUR/USD (^EURUSD) is down -0.05%. USD/JPY (^USDJPY) is up +0.09%.

Jun 10-year T-note prices (ZNM17 -0.02%) are down -3 ticks.

The Eurozone Mar Markit composite PMI was revised lower to 56.4 from the originally reported 56.7, still the fastest pace of expansion since the data series began in 2014.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -0.8% with purchase sub-index +1.2% and refi sub-index -2.9%), (2) Mar ADP employment change (expected +195,000, Feb +298,000), (3) revised Mar Markit services PMI (expected +0.2 to 53.1, prelim-Mar -0.9 to 52.9), (4) Mar ISM non-manufacturing index (expected -0.6 to 57.0, Feb +1.1 to 57.6), (5) minutes of Mar 14-15 FOMC meeting, (6) EIA Weekly Petroleum Status Report.

Notable Russell 1000 earnings reports today include: Monsanto (consensus $2.79), Walgreens (1.36), Bed, Bath & Beyond (1.77), Yum China Holdings (0.38).

U.S. IPO's scheduled to price today: Elevate Credit (ELVT), Schneider National (SNDR).

Equity conferences: AACR Meeting on Mon-Wed, Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Panera Bread (PNRA -3.05%) jumped 13% in pre-market trading after JAB Holding said it will acquire Panera for about $7.5 billion.

Exelon (EXC +0.89%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo.

Wynn Resorts Ltd (WYNN +0.34%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $135.

Tenet Healthcare (THC -2.52%) was rated a new 'Buy' at Deutsche Bank with a price target of $28.

Citigroup (C unch) was upgraded to 'Outperform' from 'Market Perform' at Keefe, Bruyette & Woods with a price target of $69.

Wells Fargo & Co. (WFC -0.52%) was upgraded to 'Outperform' from 'Market Perform' at Keefe, Bruyette & Woods with a price target of $63.

A Schulman (SHLM -0.33%) rallied over % in after-hours trading after it said it sees full-year revenue of $2.5 billion to $2.6 billion, above consensus of $2.44 billion.

Sygenta AG (SYT +0.35%) rose nearly 1% in after-hours trading after China National Chemical Corp. won U.S. antitrust approval for its $43 billion takeover of Sygenta.

New Relic (NEWR +0.30%) gained almost 2% in after-hours trading after it reported preliminary Q4 revenue of $73 million-$73.1 million, above a February 7 estimate of $71.3 million.

Tenet Healthcare (THC -2.52%) gained nearly 1% in after-hour trading after it was rated a new 'Buy' at Deutsche Bank with a price target of $28.

Adecoagro (AGRO unch) slipped 3% in after-hours trading after a block of 9 million shares was offered via Morgan Stanley at $11.20 to $11.30.

Guidance Software (GUID +0.34%) was rated new 'Overweight' at Piper Jaffray with a 12-month price target of $8.50.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 -0.12%) this morning are down -0.75 points (-0.03%). Tuesday's closes: S&P 500 +0.06%, Dow Jones +0.19%, Nasdaq +0.15%. The S&P 500 on Tuesday closed higher on the U.S. Feb trade deficit of -$43.6 billion, narrower than expectations of -$44.6 billion, which is positive for Q1 GDP. There was also strength in energy producing stocks after crude oil prices climbed to a 3-week high. Stocks were undercut by reduced optimism in the U.S. economic outlook after Monday's Mar auto sales report fell to a 2-year low.

Jun 10-year T-notes (ZNM17 -0.02%) this morning are down -3 ticks. Tuesday's closes: TYM7 unch, FVM7 unch. Jun 10-year T-notes on Tuesday closed little changed. T-notes opened higher as the 10-year yield fell to a 5-week low on carry-over support from a rally in German bunds to a 1-month high. However, T-notes then fell back on the recovery in stocks and on the rally in crude oil to a 3-week high, which boosted inflation expectations.

The dollar index (DXY00 -0.01%) this morning is down -0.01 (-0.01%). EUR/USD (^EURUSD) is down -0.0005 (-0.05%) and USD/JPY (^USDJPY) is up +0.10 (+0.09%). Tuesday's closes: Dollar index -0.03 (-0.03%), EUR/USD +0.0004 (+0.04%), USD/JPY -0.16 (-0.14%). The dollar index on Tuesday rose to a 2-week high but fell back and closed little changed. The dollar found support on the smaller-than-expected U.S. Feb trade deficit, which is positive for Q1 GDP, and on early weakness in EUR/USD which fell to a 2-1/2 week low after ECB Governing Council member Nowotny said the ECB's monetary stance "has to stay accommodative." Dollar gains were limited after the 10-year T-note yield fell to a 5-week low, which undercuts the dollar's interest rate differentials.

May WTI crude oil prices (CLK17 +1.08%) this morning are up +46 cents (+0.90%) at a 4-week high and May gasoline (RBK17 +0.56%) is up +0.0070 (+0.41%) at a 1-1/2 year nearest-futures high. Tuesday's closes: May crude +0.79 (+1.57%), May gasoline +0.0280 (+1.65%). May crude oil and gasoline on Tuesday climbed to 3-week highs and settled higher on expectations that Wednesday's EIA data will show U.S. crude inventories fell -150,000 bbl and gasoline stockpiles fell -1.75 million bbl. Another supportive factor was strength in the crack spread which rose to a 5-month high and may boost refinery demand for crude to refine into gasoline.

GLOBAL EVENT CALENDAR04/05/2017

		Wednesday, April 5
US	0700 ET	Weekly MBA mortgage applications, previous -0.8% with purchase sub-index +1.2% and refi sub-index -2.9%.
	0815 ET	Mar ADP employment change expected +195,000, Feb +298,000.
	0945 ET	Revised Mar Markit services PMI expected +0.2 to 53.1, prelim-Mar -0.9 to 52.9. Revised Mar Markit composite PMI, prelim-Mar -0.9 to 53.2.
	1000 ET	Mar ISM non-manufacturing index expected -0.6 to 57.0, Feb +1.1 to 57.6.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Minutes of Mar 14-15 FOMC meeting.
		Thursday, April 6
US	n/a	President Trump and Chinese President Xi Jinping hold talks on Thu-Fri at Mar-a-Lago, Florida.
	0700 ET	Mar Challenger job cuts, Feb -40.0% y/y.
	0830 ET	Weekly initial unemployment claims expected -8,000 to 250,000, previous -3,000 to 258,000. Weekly continuing claims expected -22,000 to 2.030 million, previous +65,000 to 2.052 million.
	0830 ET	USDA weekly Export Sales.
	0930 ET	San Francisco Fed President John Williams (non-voter) speaks on a ECB panel in Frankfurt on Do monetary policy frameworks need to be adjusted in a world of (potentially) low natural interest rates? If so, how?
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Apr 10-12.

U.S. STOCK CALENDAR04/05/2017

Company	Ticker	Time	Event Description	Period	Estimate
Carnival Corp	CCL US	04:30	Annual General Meeting
Monsanto Co	MON US	Bef-mkt	Q2 2017 Earnings Release	Q2 17	2.792
Walgreens Boots Alliance Inc	WBA US	07:00	Q2 2017 Earnings Release	Q2 17	1.36
Walgreens Boots Alliance Inc	WBA US	08:30	Q2 2017 Earnings Call	Q2 17
NetApp Inc	NTAP US	08:30	Analyst Day
Schlumberger Ltd	SLB US	09:00	Annual General Meeting
Monsanto Co	MON US	09:30	Q2 2017 Earnings Call	Q2 17
Sempra Energy	SRE US	12:00	Analyst Conference
LyondellBasell Industries NV	LYB US	12:30	Investor Day
Dell Technologies Inc Class V	DVMT US	13:30	Investor Meeting
Broadcom Ltd	AVGO US	14:00	Annual General Meeting
Bed Bath & Beyond Inc	BBBY US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	1.773
Yum China Holdings Inc	YUMC US	16:30	Q1 2017 Earnings Release	Q1 17	0.38
Bed Bath & Beyond Inc	BBBY US	17:00	Q4 2017 Earnings Call	Q4 17
Yum China Holdings Inc	YUMC US	20:00	Q1 2017 Earnings Call	Q1 17

MORNING CALL 12/21

MORNING CALL

Monday, December 21st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.85%) are up +0.87% and European stocks are up +0.31% as technology stocks rose with Apple up over 1% in pre-market trading and Ericsson AG up 7% after Apple settled a patent dispute with Ericsson AB and agreed to a 7-year licensing agreement with the company. Also, Disney rose nearly 2% in pre-market trading after its "Star Wars: The Force Awakens" movie collected a record $238 million in weekend ticket sales in the U.S. and Canada. On the negative side, Spain's benchmark IBEX 35 Stock Index is down more than 2% and the yield on the 10-year Spanish government bond jumped to a 5-week high of 1.88% after Prime Minister Rajoy lost his majority in Sunday's election, which threatens Spain with a period of instability. Asian stocks settled mostly higher: Japan -0.37%, Hong Kong +0.17%, China +1.77%, Taiwan +0.30%, Australia +0.05%, Singapore -0.26%, South Korea +0.31%, India +0.85%. China's Shanghai Composite rallied to a 3-week high on signs the government may boost stimulus measures after a statement from the government's Central Economic Work Conference said that monetary policy must be more "flexible" and that the country's fiscal policy must be more "forceful" as leaders create "appropriate monetary conditions for structural reforms."

The dollar index (DXY00 +0.07%) is up +0.05%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.19%.

Mar T-note prices (ZNH16 -0.04%) are down -2 ticks.

ECB Executive Board member Praet said that "seeping pessimism" is a key risk for Eurozone prospects in coming years and that the ECB "will pursue an accommodative monetary policy for as long as necessary."

The German Nov PPI that fell -0.2% m/m and -2.5% y/y was weaker than expectations of -0.2% m/m and -2.4% y/y with the -2.5% y/y drop the largest annual decline in 5-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Chicago Fed national activity index (expected +0.14 to 0.10, Oct +0.25 to -0.04).

There are 3 of the Russell 3000 companies that report earnings today: Cintas (consensus $1.00), Steelcase (0.33), Neogen (0.26).

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Apple (AAPL -2.71%) is up 1.6% in pre-market trading after it settled a patent dispute with Ericsson AB and agreed to pay Ericsson royalties as part of a 7-year licensing agreement.

Disney (DIS -3.83%) gained nearly 2% in pre-market trading after the company said its "Star Wars: The Force Awakens" movie had topped ticket sales of $100 million on Friday alone, the first time a movie had surpassed $100 million in a single day, and that weekened ticket sales in the U.S. and Canada were a record $238 million.

General Dynamics (GD -1.05%) was upgraded to 'Buy' from 'Hold' at Drexel Hamilton LLC with a 12-month price target of $153.

Ross Stores (ROST -1.69%) were upgraded to 'Outperform' from 'Market Perform' at Cowen with a 12-month price target of $63.

The U.S. Department of Defense awarded Ratheon (RTN -1.66%) a $2.35 billion award modification to deliver SM-3 Block IB missiles and related support and recertification.

Merck (MRK -1.94%) said that its Keytruda drug had won expanded FDA approval for treatment of patients with unresectable or metastatic melanoma.

Century Aluminum (CENX +7.91%) rose over 2% in after-hours trading after saying it will keep its Goose Creek plant operating at half capacity while the South Carolina legislature pursues a "long-term solution" to access market power for all of its power supply.

Syngenta (SYT +0.93%) climbed over 2% in after-hours trading after China National Chemical improved its offer to purchase the company.

40 North Management said it raised its stake in Mattress Firm (MFRM +1.36%) to 8.3% from 6.9%.

Sunstone Hotel Investors (SHO -2.51%) rose nearly 2% in after-hours trading after it sold its leasehold interest in the 468-room Doubletree Guest Suites in Times Square for $540 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.85%) this morning are up +17.25 points (+0.87%). Friday's closes: S&P 500 -1.78%, Dow Jones -2.10%, Nasdaq -1.81%. The S&P 500 on Friday closed sharply lower on year-end tax selling, weakness in energy producers after crude oil fell to a new 6-3/4 year low, and the-2.4 point decline in the U.S. Dec Markit services PMI to 53.7, weaker than expectations of -0.2 to a 1-year low of 55.9.

Mar 10-year T-notes (ZNH16 -0.04%) this morning are down -2 ticks. Friday's closes: TYH6 +11.50, FVH6 +7.75. Mar T-notes on Friday closed higher on safe-haven demand with the sharp sell-off in stocks and the weaker-than-expected Dec Markit services PMI which slowed to its slowest pace in a year.

The dollar index (DXY00 +0.07%) this morning isup +0.047 (+0.05%). EUR/USD (^EURUSD) is down -0.0004 (-0.04%). USD/JPY (^USDJPY) is up +0.23 (+0.19%). Friday's closes: Dollar Index -0.567 (-0.57%), EUR/USD +0.0042 (+0.39%), USD/JPY -1.40 (-1.149%). The dollar index on Friday closed lower on the weaker-than-expected U.S. Dec Markit services PMI. Meanwhile, USD/JPY which retreated from a 2-week high and closed lower after details of the BOJ's new stimulus measures indicated a fine-tuning rather than an extensive expansion of stimulus, which was supportive for the yen.

Jan crude oil (CLF16 -1.38%) this morning is down -36 cents (-1.04%) and Jan gasoline (RBF16 -3.37%) is down -0.0315 (-2.47%). Friday's closes: CLF6 -0.40 (-1.14%), RBF6 +0.0001 (+0.01%). Jan crude oil and gasoline on Friday settled mixed with Jan crude at a fresh 6-3/4 year low. Crude oil prices were undercut by (1) an increase in U.S. oil rigs as Baker Hughes reporting that active U.S oil rigs rose by 17 rigs in the week ended Dec 18 to 541, the first increase in 5 weeks, and (2) the ongoing crude oil glut as U.S. oil inventories are 130 million bbl above the 5-year seasonal average. Crude oil prices received a boost as Congress approved legislation dropping the 40-year old U.S. export ban on crude oil exports, which expands demand for U.S. oil.

GLOBAL EVENT CALENDAR12/21/2015

US	0830 ET	Nov Chicago Fed national activity index expected +0.14 to 0.10, Oct +0.25 to -0.04.
	1100 ET	USDA weekly grain export inspections.
GER	0200 ET	German Nov PPI expected -0.2% m/m and -2.4% y/y, Oct -0.4% m/m and -2.3% y/y.
UK	0600 ET	UK Dec CBI reported sales expected +14 to 21, Nov 7.
	1905 ET	UK Dec GfK consumer confidence expected +1 to 2, Nov 1.
EUR	1000 ET	Eurozone Dec consumer confidence expected unch at -5.9.
CHI	2100 ET	China Nov leading economic index (Conference Board).

U.S. STOCK CALENDAR12/21/2015

Company	Ticker	Time	Event Description	Period	Estimate
Neogen Corp	NEOG US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.26
NeoGenomics Inc	NEO US	10:00	Special Meeting
Neogen Corp	NEOG US	11:00	Q2 2016 Earnings Call	Q2 2016
Puma Biotechnology Inc	PBYI US	16:15	Business Update Call
Lannett Co Inc	LCI US	16:30	Business Update Call
Cintas Corp	CTAS US	17:00	Q2 2016 Earnings Call	Q2 2016
Cintas Corp	CTAS US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.998
Steelcase Inc	SCS US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.33

MORNING CALL 11/18

MORNING CALL

Wednesday, November 18th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.11%) are up +0.16% ahead of the minutes of the Oct 27-28 FOMC meeting that may provide a clue as to the timing of a Fed interest rate increase. Increase M&A activity is giving U.S. stocks a lift with Fairchild Semiconductor International up nearly 7% in pre-market trading after ON Semiconductor Corp. agreed to buy the company for about $2.4 billion. European stocks are down -0.78% as a slide in metals prices has undercut mining stocks and raw material producers with the price of gold (GCZ15 +0.07%) falling to its lowest in 5-3/4 years. Asian stocks settled mixed: Japan +0.09%, Hong Kong -0.34%, China -1.01%, Taiwan -0.94%, Australia +0.29%, Singapore -1.05%, South Korea +0.07%, India -1.48%. China's Shanghai Composite closed lower after data showed China's home-price recovery slowed in Oct with new home price increases in 27 cities tracked by the government, fewer than 39 cities that rose in Sep. Japan's Nikkei Stock Index rallied up to a 2-3/4 month high as the yen remained just above the recent 2-3/4 month low, which improves the earnings prospects of Japanese exporters.

The dollar index (DXY00 -0.11%) is down -0.12%. EUR/USD (^EURUSD) is up +0.27% and recovered slightly from a 7-month low after ECB Executive Board member Mersch downplayed any negative economic aspects of the Paris terrorist attacks. USD/JPY (^USDJPY) is down -0.05%.

Dec T-note prices (ZNZ15 -0.06%) are down -1.5 ticks.

ECB Executive Board member Mersch said that "we have no indication of any economic pessimism as a result of the Paris attacks, let alone weaker hard data."

China Oct new home prices rose in 27 out of 70 cities tracked by the government m/m, less than 39 cities that rose in Sep. New home prices rose y/y n 16 of 70 cities in Oct compared with 12 cities that rose y/y in Sep.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.3% with purchase sub-index +0.1% and refi sub-index -2.2%), (2) an appearance by New York Fed President William Dudley, Atlanta Fed President Dennis Lockhart and Cleveland Fed President Loretta Mester on a panel about payment systems at the Clearing House Annual Conference in New York, (3) Oct housing starts (expected -3.8% to 1.160 million, Sep +6.5% to 1.206 million), (4) Dallas Fed President Rob Kaplan's speech at the University of Houston on “A Discussion of Economic Conditions and Federal Reserve Policy, and (5) minutes from the Oct 27-28 FOMC meeting.

There are 7 of the S&P 500 companies that report earnings today: Target (consensus $0.86), Lowe's (0.78), Staples (0.35), L Brands (0.53), Keurig Green Mountain (0.71), NetApp (0.57), Salesforce.com (0.19).

U.S. IPO's scheduled to price today: Square (SQ), Match Group (MTCH), Mimecast (MIME), Congatec Holding (CONG).

Equity conferences this week include: Bank of America Merrill Lynch Banking and Financial Services Conference on Tue-Wed, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Stifel Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Frontier Markets Conference on Wed, Barclays Global Automotive Conference on Wed, Vertical Research Partners Global Materials Conference on Wed, Canaccord Genuity Medical Technology and Diagnostics Forum on Thu, Jefferies Global Health Care Conference on Thu, Scotiabank Canadian Energy Infrastructure Conference on Thu, UBS Industrials and Transportation Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Apple (AAPL -0.43%) was added to the 'Conviction Buy' list at Goldman Sachs.

Staples (SPLS -2.05%) slid 3% in pre-market trading after it lowered guidance on Q4 EPS to 26 cents-30 cents, below consensus of 29 censts, and said it sees Q4 sales down y/y due to the unfavorable impact of a stronger dollar.

Syngenta AG (SYT +9.24%) rose nearly 2% in pre-market trading after Monsanto said it's considering another takeover bid for the company.

Fairchild Semiconductor International (FCS +0.68%) climbed nearly 7% in pre-market trading after ON Semiconductor Corp. agreed to buy the company for about $2.4 billion.

Lowe's (L -0.21%) rose over 1% in pre-market trading after it reported Q3 EPS of 80 cents, better than consensus of 78 cents.

Exxon Mobile (XOM -1.16%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.

Sally Beauty Holdings (SBH +4.65%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Norfolk Southern (NSC -1.51%) jumped over 6% in after-hours trading after Canadian Pacific Railway proposed a merger with Norfolk and promised a "sizable premium" for the company. CSX Corp. (CSX -0.51%) also gained on the news and rose over 2%.

Universal Insurance (UVE -30.73%) jumped nearly 7% in after-hours trading after the company said statements made by short sellers Lakewood Capital are "misleading" and contain "partial" information.

Jack in the Box (JACK -0.72%) climbed over 3% in after-hours trading after it reported Q4 adjusted EPS of 62 cents, below consensus of 65 cents, but said it sees adjusted fiscal 2016 EPS of $3.55-$3.70, above the consensus estimate of $3.55.

Vipshop Holdings (VIPS +0.24%) rose nearly 2% in after-hours trading after it reported Q3 earnings per ADS were 12 cents, right on consensus, and said its board approved a $300 million stock buyback program over the next 2 years.

Citrix Systems (CTXS -1.26%) fell over 3% in after-hours trading after it said it sees 2016 non-GAAp EPS of $4.40-$4.50, above consensus of $4.22, but said it foresees 2016 revenue rising by 1% to 2%, below current consensus of a 4.7% increase.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.11%) this morning are up +3.25 points (+0.16%). Tuesday's closes: S&P 500 -0.13%, Dow Jones +0.04%, Nasdaq +0.01%. The S&P 500 on Tuesday closed slightly lower on the unexpected -0.2% decline in U.S. Oct industrial production (weaker than expectations of +0.1%) and the unexpected -2 point decline in the Nov NAHB housing market index to 62 (versus expectations of 64). Stocks found support from a rally in European stocks on optimism that the ECB may consider adding to stimulus next month when Executive Board member Praet said there's a risk of inflation expectations becoming de-anchored. There was also strength in retailers led by rallies in Wal-Mart and Home Depot after both companies reported higher-than-forecast Q3 earnings results.

Dec 10-year T-notes (ZNZ15 -0.06%) this morning are down -1.5 ticks. Tuesday's closes: TYZ5 +4.50, FVZ5 +3.50. Dec T-notes on Tuesday closed little changed. T-notes found support on the unexpected decline in U.S. Oct industrial production and the unexpected drop in the Nov NAHB housing market index. T-notes were undercut by the as-expected increase in U.S. Oct core CPI of +1.9% y/y, which bolstered expectations for the Fed to raise interest rates at next month's FOMC meeting.

The dollar index (DXY00 -0.11%) this morning is down -0.120 (-0.12%). EUR/USD (^EURUSD) is up +0.0029 (+0.27%). USD/JPY (^USDJPY) is down-0.06 (-0.05%). Tuesday's closes: Dollar Index +0.189 (+0.19%), EUR/USD -0.0044 (-0.41%), USD/JPY +0.27 (+0.22%). The dollar index on Tuesday rallied to a 7-month high and closed higher on weakness in EUR/USD, which slumped to a 7-month low after ECB Executive Board member Praet said the ECB may consider adding to stimulus next month because there's a risk of inflation expectations becoming de-anchored. Meanwhile, USD/JPY rallied to a 1-week high on carryover from Monday's gains on speculation the larger-than-expected contraction in Japan Q3 GDP will prompt the BOJ to expand stimulus.

Dec crude oil (CLZ15 +1.62%) this morning is up +63 cents (+1.55%) and Dec gasoline (RBZ15 +2.42%) is up +0.0271 (+2.19%). Tuesday's closes: CLZ5 -0.62 (-1.49%), RBZ5 +0.0094 (+0.76%). Dec crude oil and gasoline on Tuesday settled mixed. Crude oil was undercut by the rally in the dollar index to a 7-month high and comments from Iran's Oil Minister Zanganeh who said that Iran won't negotiate with or seek permission from OPEC before boosting its oil exports by a planned 500,000 bpd once sanctions are removed and is unconcerned about the impact the additional supply may have on crude prices. Crude oil prices were also undercut by expectations for Wednesday' EIA data to show crude inventories rose +2.0 million bbl. Gasoline found support on expectations for Wednesday' EIA data to show gasoline supplies fell -1.5 million bbl.

GLOBAL EVENT CALENDAR11/18/2015

US	0700 ET	Weekly MBA mortgage applications, previous -1.3% with purchase sub-index +0.1% and refi sub-index -2.2%.
	0800 ET	New York Fed President William Dudley, Atlanta Fed President Dennis Lockhart and Cleveland Fed President Loretta Mester speak on a panel about payment systems at the Clearing House Annual Conference in New York.
	0830 ET	Oct housing starts expected -3.8% to 1.160 million, Sep +6.5% to 1.206 million. Oct building permits expected +3.8% to 1.147 million, Sep -4.8% to 1.105 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	Dallas Fed President Rob Kaplan speaks at the University of Houston on A Discussion of Economic Conditions and Federal Reserve Policy.
	1400 ET	Minutes of the Oct 27-28 FOMC meeting.
EUR	0500 ET	Eurozone Sep construction output, Aug -0.2% m/m and -6.0% y/y.
JPN	1850 ET	Japan Oct trade balance expected -246.3 billion yen, Sep -115.8 billion yen. Oct exports expected -2.0% y/y, Sep +0.5% y/y. Oct imports expected -8.6% y/y, Sep -11.0% y/y.
	2330 ET	Japan Sep all-industry activity index expected +0.2% m/m, Aug -0.2% m/m.

U.S. STOCK CALENDAR11/18/2015

Company	Ticker	Time	Event Description	Period	Estimate
Target Corp	TGT US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.86
Lowe's Cos Inc	LOW US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.779
Aramark	ARMK US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.398
Staples Inc	SPLS US	6:00	Q3 2016 Earnings Release	Q3 2016	0.349
Staples Inc	SPLS US	8:00	Q3 2016 Earnings Call	Q3 2016
Towers Watson & Co	TW US	8:00	Extraordinary Shareholders Meeting
Towers Watson & Co	TW US	8:00	Special Meeting - M&A Vote
Owens Corning	OC US	8:30	Investor Day	Y 2015
Atmos Energy Corp	ATO US	9:00	Analysts Meeting	Y 2015
Lowe's Cos Inc	LOW US	9:00	Q3 2016 Earnings Call	C3 2016
Lowe's Cos Inc	LOW US	9:00	Q3 2016 Earnings Call	Q3 2016
Global Payments Inc	GPN US	9:00	Annual General Meeting
Monsanto Co	MON US	10:00	Analyst Meeting - Biennial Investor Event	Y 2015
Aramark	ARMK US	10:00	Q4 2015 Earnings Call	Q4 2015
Target Corp	TGT US	10:30	Q3 2016 Earnings Call	Q3 2016
Sysco Corp	SYY US	11:00	Annual General Meeting
Clorox Co/The	CLX US	12:00	Annual General Meeting
Oracle Corp	ORCL US	13:00	Annual General Meeting	Y 2015
Campbell Soup Co	CPB US	16:00	Annual General Meeting
Keurig Green Mountain Inc	GMCR US	17:00	Q4 2015 Earnings Call	Q4 2015
NetApp Inc	NTAP US	17:00	Q2 2016 Earnings Call	Q2 2016
salesforce.com inc	CRM US	17:00	Q3 2016 Earnings Call	Q3 2016
L Brands Inc	LB US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.528
Sigma-Aldrich Corp	SIAL US	Aft-mkt	Illumina Inc. Replaces Sigma-Aldrich Corp. in S&P 500
Keurig Green Mountain Inc	GMCR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.709
NetApp Inc	NTAP US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.569
Illumina Inc	ILMN US	Aft-mkt	Illumina Inc. Replaces Sigma-Aldrich Corp. in S&P 500
salesforce.com inc	CRM US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.187
Campbell Soup Co	CPB US		Annual General Meeting
Clorox Co/The	CLX US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Boston	Y 2015
Progressive Corp/The	PGR US		October 2015 Sales and Revenue Release	2015
Raymond James Financial Inc	RJF US		October 2015 Sales and Revenue Release - Operating Data	2015
Sysco Corp	SYY US		Annual General Meeting
Global Payments Inc	GPN US		Annual General Meeting