BARCHART MORNING CALL 4/24

BARCHART MORNING CALL

Thursday, April 24th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.31%) this morning are up +0.41% and European stocks are up +0.83% at 2-week highs after earnings results from Apple and Facebook beat analysts’ estimates. Another positive for European equities is the unexpected increase in German Apr IFO business confidence. Ukraine troops stepped up an offensive as they entered the eastern Ukraine town of Slovyansk and killed five pro-Russian separatists, while Russian President Putin said the use of force by Ukraine would have consequences. Asian stocks closed mixed: Japan -0.97%, Hong Kong +0.24%, China -0.19%, Taiwan -0.13%, Australia +0.24%, Singapore +0.80%, South Korea -0.05%, India closed for holiday. Commodity prices are mixed. Jun crude oil (CLM14 +0.35%) is up +0.41%. Jun gasoline (RBM14 +0.08%) is up +0.02%. Jun gold (GCM14 -0.81%) is down -0.58%. May copper (HGK14 +0.98%) is up +1.11% at a 1-1/2 month high after LME copper inventories tumbled -1,025 MT to a 17-1/2 month low. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.05%) is down -0.06%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is down -0.08%. June T-note prices (ZNM14 -0.09%) are down -4.5 ticks.
ECB President Draghi said that any worsening of the medium-term outlook for inflation in the Eurozone "would be the context for a more broad-based asset purchase program."
The ECB reported that excess liquidity in the Eurozone financial system today declined to 92.9 billion euros, the lowest level since December, 2011. This may increase pressure on the ECB to expand its stimulus measures.
The German Apr IFO business climate unexpectedly rose +0.5 to 111.2, better than expectations of -0.3 to 110.4. Apr IFO current assessment rose +0.1 to 115.3, less than expectations of +0.4 to 115.6 but still the highest in 2 years. Apr IFO expectations unexpectedly rose +0.9 to 107.3, better than expectations of -0.6 to 105.8.
UK Apr CBI reported sales jumped +17 to 30, much better than expectations of +4 to 17
The Japan Mar corporate services price index rose +0.7% y/y, right on expectations.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show an increase of +11,000 to 315,000, adding to last week’s increase of +2,000 to 304,000. Meanwhile, continuing claims are expected to show an increase of +6,000 to 2.745 million after last week’s decline of -11,000 to 2.739 million. Today’s March durable goods orders report is expected to be solid with a headline increase of +2.0% and a +0.6% increase ex-transportation. That would follow the Feb report of +2.2% and +0.1% ex-transportation. The Treasury today will sell $29 billion of 7-year T-notes, concluding this week’s $96 billion T-note package.
There are 64 of the S&P 500 companies that report earnings today. Notable reports include Microsoft (consensus 0.63), Amazon ($0.23), Visa (2.18), UPS (1.08), Caterpillar (1.23), Starbucks (0.56), Verizon (0.87), Time Warner (1.67), GM (0.04), Nasdaq (0.71). There are no equity conferences during the remainder of this week.

OVERNIGHT U.S. STOCK MOVERS

Aetna (AET +0.29%) reported Q1 EPS of $1.98, well above consensus of $1.55.
Time Warner Cable (TWC +1.04%) reported Q1 EPS of $1.78, higher than consensus of $1.67.
Texas Instruments (TXN unch) reported Q1 EPS with items of 44 cents, higher than consensus of 41 cents.
Lam Research (LRCX unch) reported Q3 adjusted EPS of $1.26, better than consensus of $1.17.
Apple (AAPL -1.31%) jumped over 7% in after-hours trading after it reported Q2 EPS of $11.62, well above consensus of $10.18, and announced a 7-for-1 stock split.
Cheesecake Factory (CAKE -2.50%) reported Q1 adjusted EPS of 43 cents, below consensus of 49 cents, and then lowered guidance on fiscal 2014 EPS to $2.24-$2.33, below consensus of $2.36.
Flowserve (FLS -0.74%) reported Q1 EPS of 78 cents, better than consensus of 75 cents.
E-Trade (ETFC unch) reported Q1 EPS of 33 cents, higher than consensus of 23 cents.
Assurant (AIZ +0.36%) reported Q1 adjusted EPS of $1.68, stronger than consensus of $1.54.
Safeway (SWY -0.21%) reported Q1 EPS of 6 cents, well below consensus of 18 cents.
Chicago Bridge & Iron (CBI -0.88%) reported Q1 adjusted EPS of 87 cents, weaker than consensus of $1.10.
LSI Corporation (LSI +0.09%) reported Q1 EPS of 17 cents, better than consensus of 15 cents.
United Stationers (USTR +0.34%) reported Q1 adjusted EPS of 56 cents, weaker than consensus of 57 cents.
Stryker (SYK -0.44%) reported Q1 adjusted EPS of $1.06, below consensus of $1.08.
Facebook (FB -2.65%) rose over 5% in pre-market trading after it reported Q1 EPS of 34 cents, well above consensus of 24 cents.
Qualcomm (QCOM unch) reported Q2 adjusted EPS of $1.31, better than consensus of $1.22, and raised guidance on fiscal 2014 adjusted EPS view to $5.05-$5.25 from $5.00-$5.20.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.31%) this morning are up +7.75 points (+0.41%) at a 2-week high. The S&P 500 index on Wednesday closed lower. Bearish factors included (1) the unexpected -14.5% slide in U.S. Mar new home sales to an 8-month low of 384,000, weaker than expectations of a +2.3% increase to 450,000, and (2) concern over Chinese economic growth after the China Apr HSBC manufacturing PMI rose +0.3 to 48.3, the fourth month that manufacturing activity in China has contracted. Closes: S&P 500 -0.22%, Dow Jones -0.08%, Nasdaq -0.88%.
Jun 10-year T-notes (ZNM14 -0.09%) this morning are down -4.5 ticks. Jun 10-year T-note futures prices on Wednesday closed higher. Bullish factors included (1) the unexpected drop in U.S. Mar new home sales to the lowest in 8 months, and (2) increased safe-haven demand for T-notes on concern that tensions in Ukraine may escalate after Ukraine's First Deputy Prime Minister said that the country's security forces are seeking to eliminate all pro-Russian militias operating in the eastern part of the country. Closes: TYM4 +10.50, FVM4 +6.00.
The dollar index (DXY00 -0.05%) this morning is down -0.048 (-0.06%). EUR/USD (^EURUSD) is up +0.0005 (+0.04%). USD/JPY (^USDJPY) is down -0.08 (-0.08%). The dollar index on Wednesday closed lower. Negative factors included (1) the unexpected slide in U.S. Mar new home sales to the lowest in 8 months, and (2) strength in EUR/USD after the Eurozone Apr Markit composite PMI unexpectedly rose +0.9 to 54.0, better than expectations of -0.1 to 53.0 and the fastest pace of expansion in 2-3/4 years. Closes: Dollar index -0.041 (-0.05%), EUR/USD +0.00117 (+0.08%), USD/JPY -0.077 (-0.08%).
Jun WTI crude oil (CLM14 +0.35%) this morning is up +42 cents (+0.41%) and Jun gasoline (RBM14 +0.08%) is up +0.0006 (+0.02%). Jun crude and gasoline prices on Wednesday closed lower with Jun crude oil at a 2-week low. Bearish factors included (1) the +3.524 million bbl increase in weekly EIA crude inventories to 397.659 million bbl, the most since EIA data began in 1982, and (2) the +0.7% increase in U.S. crude oil production for the week ended Apr 18 to a 26-yr high of 8.36 million bpd. Declines in crude were limited after crude inventories at Cushing, OK, the delivery point of WTI futures, fell -788,000 bbl to a 4-1/2 yr low of 26.04 million bbl. Closes: CLM4 -0.31 (-0.30%). RBM4 -0.0042 (-0.14%).

GLOBAL EVENT CALENDAR04/24/2014

US	0830 ET	Weekly initial unemployment claims expected +11,000 to 315,000, previous +2,000 to 304,000. Weekly continuing claims expected +6,000 to 2.745 million, previous -11,000 to 2.739 million.
	0830 ET	Mar durable goods orders expected +2.0% and +0.6% ex transportation, Feb +2.2% and +0.1% ex transportation. March non-defense capital goods orders ex-aircraft expected +1.0%, Feb -1.4%.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 2-year floating-rate notes to be auctioned Apr 29 (previous $13 billion).
	1300 ET	Treasury auctions $29 billion 7-year T-notes.
GER	0400 ET	German Apr IFO business climate expected -0.3 to 110.4 Mar 110.7. Apr IFO current assessment expected +0.4 to 115.6, Mar 115.2. Apr IFO expectations expected -0.6 to 105.8, Mar 106.4.
EUR	0500 ET	ECB President Mario Draghi speaks at a conference in Amsterdam.
UK	0600 ET	UK Apr CBI reported sales expected +4 to 17, Mar 13.
JPN	1930 ET	Japan Mar national CPI expected +1.6% y/y, Feb +1.5% y/y. Mar national CPI ex-fresh food expected +1.4% y/y, Feb +1.3% y/y. Mar national CPI ex food & energy expected +0.7% y/y, Feb +0.8% y/y.
	1930 ET	Japan Apr Tokyo CPI expected +3.1% y/y, Mar +1.3% y/y. Apr Tokyo CPI ex-fresh food expected +2.8% y/y, Mar +1.0% y/y. Apr Tokyo CPI ex food & energy expected +2.1% y/y, Mar +0.4% y/y.

U.S. STOCK CALENDAR04/24/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Mead Johnson Nutrition Co	MJN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.913
Noble Energy Inc	NBL US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.748
Nucor Corp	NUE US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.376
Diamond Offshore Drilling Inc	DO US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.652
Nielsen Holdings NV	NLSN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.414
PulteGroup Inc	PHM US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.203
Bemis Co Inc	BMS US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.565
T Rowe Price Group Inc	TROW US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.036
Cabot Oil & Gas Corp	COG US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.262
AmerisourceBergen Corp	ABC US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.004
SCANA Corp	SCG US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.148
Wyndham Worldwide Corp	WYN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.745
DR Horton Inc	DHI US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.337
Waste Management Inc	WM US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.446
Coca-Cola Enterprises Inc	CCE US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.441
Stanley Black & Decker Inc	SWK US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.964
Lorillard Inc	LO US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.719
Quest Diagnostics Inc	DGX US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.881
Time Warner Cable Inc	TWC US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.674
Entergy Corp	ETR US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	2.288
EQT Corp	EQT US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.887
Peabody Energy Corp	BTU US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.007
Helmerich & Payne Inc	HP US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.48
Hershey Co/The	HSY US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.143
Sigma-Aldrich Corp	SIAL US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.032
Celgene Corp	CELG US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.649
General Motors Co	GM US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.041
Delphi Automotive PLC	DLPH US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.087
Eli Lilly & Co	LLY US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.705
Starwood Hotels & Resorts Worldwide Inc	HOT US	6:00	Q1 2014 Earnings Release	Q1 2014	0.562
Aetna Inc	AET US	6:00	Q1 2014 Earnings Release	Q1 2014	1.552
Alexion Pharmaceuticals Inc	ALXN US	6:30	Q1 2014 Earnings Release	Q1 2014	1.264
Southwest Airlines Co	LUV US	6:30	Q1 2014 Earnings Release	Q1 2014	0.165
Altria Group Inc	MO US	7:00	Q1 2014 Earnings Release	Q1 2014	0.568
Raytheon Co	RTN US	7:00	Q1 2014 Earnings Release	Q1 2014	1.766
NASDAQ OMX Group Inc/The	NDAQ US	7:00	Q1 2014 Earnings Release	Q1 2014	0.711
3M Co	MMM US	7:30	Q1 2014 Earnings Release	Q1 2014	1.796
Zimmer Holdings Inc	ZMH US	7:30	Q1 2014 Earnings Release	Q1 2014	1.467
Verizon Communications Inc	VZ US	7:30	Q1 2014 Earnings Release	Q1 2014	0.869
Caterpillar Inc	CAT US	7:30	Q1 2014 Earnings Release	Q1 2014	1.23
Cameron International Corp	CAM US	7:30	Q1 2014 Earnings Release	Q1 2014	0.715
United Parcel Service Inc	UPS US	7:45	Q1 2014 Earnings Release	Q1 2014	1.08
Zimmer Holdings Inc	ZMH US	8:00	Q1 2014 Earnings Call	Q1 2014
Stanley Black & Decker Inc	SWK US	8:00	Q1 2014 Earnings Call	Q1 2014
Freeport-McMoRan Copper & Gold Inc	FCX US	8:00	Q1 2014 Earnings Release	Q1 2014	0.42
NASDAQ OMX Group Inc/The	NDAQ US	8:00	Q1 2014 Earnings Call	Q1 2014
Assurant Inc	AIZ US	8:00	Q1 2014 Earnings Call	Q1 2014
Pfizer Inc	PFE US	8:30	Annual General Meeting	Y 2014
Nielsen Holdings NV	NLSN US	8:30	Q1 2014 Earnings Call	Q1 2014
PulteGroup Inc	PHM US	8:30	Q1 2014 Earnings Call	Q1 2014
Verizon Communications Inc	VZ US	8:30	Q1 2014 Earnings Call	Q1 2014
Wyndham Worldwide Corp	WYN US	8:30	Q1 2014 Earnings Call	Q1 2014
CMS Energy Corp	CMS US	8:30	Q1 2014 Earnings Release	Q1 2014	0.724
Quest Diagnostics Inc	DGX US	8:30	Q1 2014 Earnings Call	Q1 2014
Time Warner Cable Inc	TWC US	8:30	Q1 2014 Earnings Call	Q1 2014
Equifax Inc	EFX US	8:30	Q1 2014 Earnings Call	Q1 2014
Hershey Co/The	HSY US	8:30	Q1 2014 Earnings Call	Q1 2014
United Parcel Service Inc	UPS US	8:30	Q1 2014 Earnings Call	Q1 2014
Aetna Inc	AET US	8:30	Q1 2014 Earnings Call	Q1 2014
3M Co	MMM US	9:00	Q1 2014 Earnings Call	Q1 2014
Altria Group Inc	MO US	9:00	Q1 2014 Earnings Call	Q1 2014
Raytheon Co	RTN US	9:00	Q1 2014 Earnings Call	Q1 2014
CMS Energy Corp	CMS US	9:00	Q1 2014 Earnings Call	Q1 2014
Celgene Corp	CELG US	9:00	Q1 2014 Earnings Call	Q1 2014
Delphi Automotive PLC	DLPH US	9:00	Q1 2014 Earnings Call	Q1 2014
Eli Lilly & Co	LLY US	9:00	Q1 2014 Earnings Call	Q1 2014
Mead Johnson Nutrition Co	MJN US	9:30	Q1 2014 Earnings Call	Q1 2014
Cabot Oil & Gas Corp	COG US	9:30	Q1 2014 Earnings Call	Q1 2014
Cameron International Corp	CAM US	9:30	Q1 2014 Earnings Call	Q1 2014
Noble Energy Inc	NBL US	10:00	Q1 2014 Earnings Call	Q1 2014
Diamond Offshore Drilling Inc	DO US	10:00	Q1 2014 Earnings Call	Q1 2014
Bemis Co Inc	BMS US	10:00	Q1 2014 Earnings Call	Q1 2014
T Rowe Price Group Inc	TROW US	10:00	Annual General Meeting	Y 2014
Regions Financial Corp	RF US	10:00	Annual General Meeting	Y 2014
Caterpillar Inc	CAT US	10:00	Q1 2014 Earnings Call	Q1 2014
Alexion Pharmaceuticals Inc	ALXN US	10:00	Q1 2014 Earnings Call	Q1 2014
DR Horton Inc	DHI US	10:00	Q2 2014 Earnings Call	Q2 2014
Waste Management Inc	WM US	10:00	Q1 2014 Earnings Call	Q1 2014
Coca-Cola Enterprises Inc	CCE US	10:00	Q1 2014 Earnings Call	Q1 2014
Freeport-McMoRan Copper & Gold Inc	FCX US	10:00	Q1 2014 Earnings Call	Q1 2014
CenterPoint Energy Inc	CNP US	10:00	Annual General Meeting	Y 2014
General Motors Co	GM US	10:00	Q1 2014 Earnings Call	Q1 2014
Johnson & Johnson	JNJ US	10:00	Annual General Meeting	Y 2014
Crown Castle International Corp	CCI US	10:30	Q1 2014 Earnings Call	Q1 2014
EQT Corp	EQT US	10:30	Q1 2014 Earnings Call	Q1 2014
Starwood Hotels & Resorts Worldwide Inc	HOT US	10:30	Q1 2014 Earnings Call	Q1 2014
Broadcom Corp	BRCM US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.457
Newmont Mining Corp	NEM US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.194
Republic Services Inc	RSG US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.444
Visa Inc	V US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	2.181
Chubb Corp/The	CB US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.56
Amazon.com Inc	AMZN US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.228
Stericycle Inc	SRCL US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.987
PerkinElmer Inc	PKI US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.437
Starbucks Corp	SBUX US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.557
Microsoft Corp	MSFT US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.63
Cerner Corp	CERN US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.371
Cincinnati Financial Corp	CINF US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.544
Leggett & Platt Inc	LEG US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.378
Masco Corp	MAS US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.175
Baker Hughes Inc	BHI US		Annual General Meeting
SCANA Corp	SCG US		Annual General Meeting
Edison International	EIX US		Annual General Meeting
Snap-on Inc	SNA US		Annual General Meeting
Intuitive Surgical Inc	ISRG US		Annual General Meeting
Ameren Corp	AEE US		Annual General Meeting

BARCHART MORNING CALL 1/28

BARCHART MORNING CALL

Tuesday, January 28th, 2014View Older Reports

Everything you need to know about the markets in one free daily newsletter.

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.35%) this morning are up +0.48% and European stocks are up +0.73% as equities stabilize following recent losses. Technology stocks were weaker, however, as Apple tumbled -7% in pre-market trading after it projected that revenue in the current quarter may decline for what would be the first quarterly decline in 11 years. Asian stocks closed mixed: Japan -0.17%, Hong Kong -0.07%, China +0.18%, Taiwan closed for holiday, Australia -1.26%, Singapore +0.66%, South Korea +0.3%, India -0.12%. Chinese stocks rose and borrowing costs fell after a troubled trust product was bailed out. Industrial & Commercial Bank of China Ltd. said investors in the high-yield trust, which was issued by China Credit Trust Co. and set up to lend money to a coal miner that subsequently failed, can recoup their funds. India's stocks dropped and the rupee gained after the RBI unexpectedly raised interest rates. Commodity prices are mixed. Mar crude oil (CLH14 +0.44%) is up +0.53%. Mar gasoline (RBH14 +0.30%) is up +0.37%. Feb gold (GCG14 -0.64%) is down -0.71%. March copper (HGH14 +0.12%) is up +0.20%. Agriculture and livestock prices are higher. The dollar index (DXY00 +0.22%) is up +0.21% as the FOMC begins its 2-day meeting today where expectations are for the Fed to taper QE3 by another -$10 billion. EUR/USD (^EURUSD) is down -0.23%. USD/JPY (^USDJPY) is up +0.59%. March T-note prices (ZNH14 -0.04%) are down -3.5 ticks.
The Reserve Bank of India (RBI) unexpectedly raised the repurchase rate by 25 bp to 8.00% from 7.75% to fight inflation and boost the rupee. RBI Governor Rajan said "The gravest risk to the value of the rupee is from CPI inflation, which remains elevated close to double digits."
The German Dec import price index was unch m/m and fell -2.3% y/y, weaker than expectations of +0.2% m/m and -2.2% y/y and the twelfth consecutive month that prices have fallen on a year-over-year basis.
UK Q4 GDP rose +0.7% q/q and +2.8% y/y, right on expectations.
The UK Nov index of services climbed +0.4% m/m and +0.8% 3-mo/3-mo, higher than expectations of +0.3% m/m and +0.7% 3-mo/3-mo.
China Dec industrial profits rose +12.2% year-to-date y/y, the smallest increase in 5-months.

U.S. STOCK PREVIEW

The market consensus is that the FOMC at its 2-day meeting that starts today will taper its QE3 program by another $10 billion to $65 billion per month. Today’s Nov S&P/CaseShiller home price index is expected to show an increase of +0.80% m, which would be a bit smaller than the +1.05% increase seen in October. Today’s Jan U.S. consumer confidence index from the Conference Board is expected to show a -0.1 point decline to 78.0, falling back slightly after the +6.1 point surge to 78.1 seen in December. Today’s Dec durable goods orders report is expected to show a solid increase of +1.8% and +0.6% ex-transportation, adding to November’s increases of +3.4% and +1.2% ex-transportation. Today’s Jan Richmond Fed manufacturing index is expected to be unchanged at 13, remaining at 13 for the third straight month. The Treasury today will kick off this week’s $111 billion T-note package by selling $32 billion in 2-year T-notes.
There are 23 of the S&P 500 companies that report earnings today. Notable reports include AT&T (consensus $0.51), Comcast (0.68), Ford (0.28), Pfizer (0.52), Yahoo (0.38), Electronic Arts (1.23), Amgen (1.69). Equity conferences this week include: Real World Evidence on Mon-Wed, Stifel Nicolaus Senior Housing and Healthcare Real Estate Conference on Tue, Canadian Power Finance Conference on Tue, and Cloudcast'14 on Thu.

OVERNIGHT U.S. STOCK MOVERS

DR Horton (DHI +0.29%) reported Q1 EPS od 36 cents, stronger than consensus of 30 cents.
Corning (GLW +0.05%) reported Q4 EPS of 29 cents, higher than consensus of 28 cents.
Pfizer (PFE -1.43%) reported Q4 EPS of 56 cents, better than consensus of 52 cents.
Ford Motor (F -0.76%) reported Q4 EPS of 31 cents, higher than consensus of 28 cents.
EI du Pont de Nemours (DD +0.45%) reported Q4 EPS of 59 cents, stronger than consensus of 55 cents.
Danaher (DHR -0.04%) reported Q4 EPS of 96 cents, better than consensus of 95 cents.
Comcast (CMCSA +0.17%) climbed 3% in European trading after people familiar with the matter said the company may buy Charter's cable assets in New York City, North Carolina and New England. The sale is contingent upon shareholder approval of Charter's takeover bid for Time Warner Cable.
The New York Times reported that Martin Marietta (MLM -1.48%) will acquire Texas Industries (TXI -4.69%) for $72 per share.
STMicroelectronics (STM +0.79%) reported a Q4 adjusted EPS loss of -1 cent, weaker than consensus of a 4 cent gain.
Rent-A-Center (RCII +0.61%) plunged 13% in after-hours trading after it reported Q4 EPS of 25 cents, well below consensus of 75 cents. and then lowered guidance on fiscal 2014 EPS to $2.30-$2,50, below consensus of $3.20.
Apple (AAPL +0.81%) tumbled 7% in after-hours trading after it reported Q1 EPS of $14.50, well ahead of consensus of$14.09, but then said it sees Q2 revenue of $42 billion-$44 billion, below consensus of $46.05 billion.
Swift Transport (SWFT -4.05%) reported Q4 EPS of 36 cents, higher than consensus of 35 cents.
Sanmina (SANM -2.89%) reported Q1 EPS of 41 cents, better than consensus of 38 cents.
Seagate (STX -0.89%) slid 6% in after-hours trading after it reported Q2 EPS of $1.32, weaker than consensus of $1.38.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.35%) this morning are up +8.50 points (+0.48%). The S&P 500 on Monday erased an early rally and fell to a 1-1/4 month low to finally close lower. Negative factors for stocks included (1) the -7.0% decline in U.S. Dec new home sales to 414,000, a bigger decline than expectations of -1.9% to 455,000, and (2) concern that the slump in emerging-market currencies will lead to a slowdown in the global economy. Limiting declines in stocks is strong Q4 stock earnings results with 74% of the 125 S&P 500 companies that have reported earnings results thus far beating expectations. Closes: S&P 500 -0.49%, Dow Jones -0.26%, Nasdaq 100 -0.92%.
Mar 10-year T-notes (ZNH14 -0.04%) this morning are down -3.5 ticks. Mar 10-year T-note futures prices on Monday settled lower. Weakness in stocks boosted safe-haven demand for T-notes in early trade, but concern the Fed will taper its monthly bond purchases by -$10 billion when it concludes its 2-day FOMC meeting on Wed took T-note prices lower. Closes: TYH4 --8.0, FVH4 -3.25.
The dollar index (DXY00 +0.22%) this morning is up +0.167 (+0.21%). EUR/USD (^EURUSD) is down -0.0031 (-0.23%). USD/JPY (^USDJPY) is up +0.60 (+0.59%). The dollar index on Monday closed slightly higher. EUR/USD fell back on European banking concerns after Italian bank stocks slumped when Banco Poplare, Italy’s fourth biggest bank, announced an unexpected loss and plans for a capital increase, which spurred concern about the quality of assets in Italian banks. USD/JPY recovered from a 1-1/2 month low after the yen weakened when Japan’s Dec exports rose less than expected and after Japan’s Dec trade deficit widened by the most in 11 months. Closes: Dollar index +0.066 (+0.08%), EUR/USD -0.00038 (-0.03%), USD/JPY +0.288 (+0.28%).
Mar WTI crude oil (CLH14 +0.44%) this morning is up +51 cents (+0.53%) and Mar gasoline (RBH14 +0.30%) is up +0.0098 (+0.37%). Mar crude oil and gasoline prices on Monday closed lower on bearish factors that included (1) the slide in the S&P 500 to a 1-1/4 month low, reducing confidence in the economic outlook and energy demand, (2) the larger-than-expected decline in U.S. Dec home sales, which fueled concern the economy will slow, and (3) speculation the Fed will taper QE3 further this week, which may boost the dollar and reduce investment demand in commodities, including crude oil. Closes: CLH4 -0.02 (-0.95%), RBH4 -0.0377 (-1.41%).

GLOBAL EVENT CALENDAR01/28/2014

US	0830 ET	Dec durable goods orders expected +1.8% and +0.6% ex transportation, Nov +3.4% and +1.2% ex transportation. Dec non-defense capital goods orders ex-transportation expected +0.3%, Nov +4.1%.
	0900 ET	Nov S&P/CaseShiller home price index expected +0.81% m/m and +13.76% y/y, Oct +1.05% m/m and +13.61% y/y.
	1000 ET	Jan U.S. consumer confidence (Conference Board) expected -0.1 to 78.0, Dec +6.1 to 78.1.
	1000 ET	Jan Richmond Fed manufacturing index expected unch at 13, Dec unch at 13.
	1030 ET	FOMC begins 2-day meeting.
	1300 ET	Treasury auctions $32 billion 2-year T-notes.
	2100 ET	President Obama delivers his State of the Union Address.
GER	0200 ET	German Dec import price index expected +0.2% m/m and -2.2% y/y, Nov +0.1% m/m and -2.9% y/y.
UK	0430 ET	UK Q4 GDP expected +0.7% q/q and +2.8% y/y, Q3 +0.8% q/q and +1.9% y/y.
	0430 ET	UK Nov index of services expected +0.3% m/m and +0.7% 3-mo/3-mo, Oct +0.1% m/m and +0.8% 3-mo/3-mo.

U.S. STOCK CALENDAR01/28/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Pentair Ltd	PNR US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.845
Air Products & Chemicals Inc	APD US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.333
Nucor Corp	NUE US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.404
Pfizer Inc	PFE US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.522
T Rowe Price Group Inc	TROW US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.034
DR Horton Inc	DHI US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.296
Corning Inc	GLW US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.275
NextEra Energy Inc	NEE US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.965
Danaher Corp	DHR US	6:00	Q4 2013 Earnings Release	Q4 2013	0.954
EI du Pont de Nemours & Co	DD US	6:00	Q4 2013 Earnings Release	Q4 2013	0.547
Harris Corp	HRS US	6:30	Q2 2014 Earnings Release	Q2 2014	1.178
Ford Motor Co	F US	7:00	Q4 2013 Earnings Release	Q4 2013	0.276
Waters Corp	WAT US	7:00	Q4 2013 Earnings Release	Q4 2013	1.612
Comcast Corp	CMCSA US	7:00	Q4 2013 Earnings Release	Q4 2013	0.679
Danaher Corp	DHR US	8:00	Q4 2013 Earnings Call	Q4 2013
Illinois Tool Works Inc	ITW US	8:00	Q4 2013 Earnings Release	Q4 2013	0.913
Corning Inc	GLW US	8:30	Q4 2013 Earnings Call	Q4 2013
Waters Corp	WAT US	8:30	Q4 2013 Earnings Call	Q4 2013
Comcast Corp	CMCSA US	8:30	Q4 2013 Earnings Call	Q4 2013
Harris Corp	HRS US	8:30	Q2 2014 Earnings Call	Q2 2014
Pentair Ltd	PNR US	9:00	Q4 2013 Earnings Call	Q4 2013
EI du Pont de Nemours & Co	DD US	9:00	Q4 2013 Earnings Call	Q4 2013
Ford Motor Co	F US	9:00	Q4 2013 Earnings Call	C4 2013
NextEra Energy Inc	NEE US	9:00	Q4 2013 Earnings Call	Q4 2013
Air Products & Chemicals Inc	APD US	10:00	Q1 2014 Earnings Call	Q1 2014
Pfizer Inc	PFE US	10:00	Q4 2013 Earnings Call	Q4 2013
DR Horton Inc	DHI US	10:00	Q1 2014 Earnings Call	Q1 2014
Illinois Tool Works Inc	ITW US	10:00	Q4 2013 Earnings Call	Q4 2013
Ford Motor Co	F US	11:00	Q4 2013 Earnings Call - Fixed Income	Q4 2013
Becton Dickinson and Co	BDX US	13:00	Annual General Meeting	Y 2014
Nucor Corp	NUE US	14:00	Q4 2013 Earnings Call	Q4 2013
Monsanto Co	MON US	14:30	Annual General Meeting	Y 2014
Total System Services Inc	TSS US	16:00	Q4 2013 Earnings Release	Q4 2013	0.473
United States Steel Corp	X US	16:00	Q4 2013 Earnings Call	Q4 2013
AT&T Inc	T US	16:30	Q4 2013 Earnings Call	Q4 2013
Total System Services Inc	TSS US	17:00	Q4 2013 Earnings Call	Q4 2013
Yahoo! Inc	YHOO US	17:00	Q4 2013 Earnings Call	Q4 2013
Electronic Arts Inc	EA US	17:00	Q3 2014 Earnings Call	Q3 2014
Amgen Inc	AMGN US	17:00	Q4 2013 Earnings Call	Q4 2013
Owens-Illinois Inc	OI US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.523
AT&T Inc	T US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.506
ACE Ltd	ACE US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	2.015
Boston Properties Inc	BXP US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	1.246
Yahoo! Inc	YHOO US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.383
Electronic Arts Inc	EA US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	1.231
Amgen Inc	AMGN US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	1.689
Hormel Foods Corp	HRL US	21:00	Annual General Meeting	Y 2014
Verizon Communications Inc	VZ US		Special Meeting
Hormel Foods Corp	HRL US		Annual General Meeting
Merck & Co Inc	MRK US		FDA Adcomm, Ragwitek, ragweed pollen allergy, immunotherapy tablet

Barchart Morning Call 1/29

Barchart Morning Call

BC - 37 mins ago

Overnight Developments

• March E-mini S&Ps this morning are mildly lower as the market runs into some long liquidation pressure ahead of today's consumer confidence and Case-Shiller home price reports, a full slate of earnings reports, and the beginning of the 2-day FOMC meeting. The FOMC at tomorrow's post-meeting announcement is unanimously expected to leave its QE3 program unchanged at $85 billion per month. European stocks this morning are down -0.32%. Asian stocks closed mixed today. Japan closed +0.39%, Hong Kong closed -0.07%, and China closed +0.91%. Commodity prices are mildly higher by +0.14%. March crude oil is up +0.03%, March gasoline is down -0.64%, Feb gold is up +0.56%, March copper is up +0.12%, grains are slightly higher, livestock is slightly lower, and softs are mostly higher. The dollar index is little changed while EUR/USD is down -0.15%. USD/JPY is down -0.40%. March 10-year T-notes are up 5 ticks.
• Italy today successfully sold 8.5 billion euros of 6-month bills at 0.731%, the lowest rate in nearly 3 years and down from 0.95% at the last sale of that security in December. The lower 6-month bill rate is another indicator of the containment for the time being of the European debt crisis.
• The German Feb GfK consumer confidence index edged higher to 5.8 from 5.6 in January and was slightly stronger than market expectations of 5.7.
• China's Dec leading index rose to 100.50 from a revised 100.37 in November (preliminary 100.21).
• India cut its key repurchase rate by 25 bp to 7.75% from 8.00%, which was in line with market expectations. That was the first rate cut since April. The Reserve Bank of India was able to cut the rate to give some support to the economy after inflation fell to a 3-year low.
  Market Comments
  • March E-mini S&Ps this morning are down -0.35% on long liquidation pressure after the recent rally and on the -0.32% sell-off in European stocks this morning. The S&P 500 index on Monday opened higher on carry-over strength from a rally in the Shanghai stock index to a 7-month high after Chinese industrial companies' profits gained for a fourth month and after U.S. Dec durable goods a rose more than expected, but stock prices fell back and closed mixed when U.S. Dec pending home sales unexpectedly declined. Closes: S&P 500 -0.18%, Dow Jones -0.10%, Nasdaq +0.21%. U.S. Dec pending home sales fell -4.3% m/m, weaker than expectations of +0.1% m/m, while Dec durable goods orders rose +4.6% and +1.3% ex transportation, stronger than expectations of +2.0% and +0.8% ex transportation. Another positive for stocks is strong earnings results as 75% of the 150 S&P 500 companies that have released earnings this quarter have beaten estimates.
  • March 10-year T-notes this morning are up 5 ticks on short-covering after the steep recent losses and on this morning's lower trade in E-mini S&Ps. March 10-year T-note prices on Monday slumped to a 9-month nearest-futures low on reduced safe-haven demand after Dec durable goods orders rose more than expected along with supply pressures as the Treasury auctions $99 billion of T-notes this week. Closes: TYH3 -6.0, FVH3 -4.25. The 10-year T-note yield rose to a 9-month high of 2.003%.
  • The dollar index this morning is slightly higher by +0.02 (+0.03%), while EUR/USD is down -0.0020 (-0.15%). USD/JPY is down -0.36 yen (-0.40%). The dollar index on Monday closed slightly higher as the stronger-than-expected Dec durable goods orders reduced speculation of additional Fed easing, which is dollar supportive. USD/JPY rallied to another fresh 2-1/2 year high as the prospects of further BOJ quantitative easing undercut the yen. Closes: Dollar index +0.051 (+0.06%), EUR/USD -0.00086 (-0.06%), USD/JPY -0.024 (-0.02%).
  • March WTI crude oil this morning is up +0.03 (+0.03%) and March gasoline is -0.0189 (-0.64%). Mar crude oil and gasoline Monday closed higher on economic optimism after Dec durable goods orders increased more than expected, while gasoline jumped to a 3-1/2 month high after Hess Corp. said it was closing its 70,000 barrel-a-day refinery in Port Reading, New Jersey next month. Crude prices also received a boost after OPEC Secretary General Abdalla El-Badri said the cartel sees no price collapse in 2013 on expected global demand growth. Closes: CLH3 +0.56 (+0.58%), RBH3 +0.0511 (+1.77%).
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings ReportsEarnings reports (ranked by market cap): PFE-Pfizer (consensus $0.44), AMZN-Amazon.com (0.79), LLY-Eli Lilly (0.79), EMC-EMC Corp (0.52), F-Ford Motor (0.25), DHR-Danaher (0.86), NEE-Nextera Energy (0.95), ITW-Illinois Tool (0.91), ACE-ACE Ltd (1.28), VLO-Valero Energy (1.20), BRCM-Broadcom (0.74), IP-International Paper (0.65), TROW-T Rowe Price (0.89), GLW-Corning (0.32), BXP-Boston Properties (0.39), NUE-Nucor (0.30), TYC-Tyco International (0.39), HOG-Harley-Davidson (0.33), PNR-Pentair (0.44), VRTX-Vertex Pharm (0.11), BSX-Boston Scientific (0.11).
    Global Financial Calendar

    Tuesday 1/29/13
    United States
    0900 ET	Nov S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.5% y/y, Oct +0.66% m/m and +4.31% y/y.
    1000 ET	Jan consumer confidence (Conference Board) expected -1.1 to 64.0, Dec -6.4 to 65.1.
    1300 ET	Treasury auction of $35 billion in 5-year T-notes.
    1630 ET	API weekly U.S. oil statistics.
    n/a	FOMC 2-day meeting begins.
    Germany
    0200 ET	German Feb GfK consumer confidence survey expected 5.7, Jan 5.6.
    Japan
    0000 ET	Japan Jan small business confidence, Dec 43.8.
    1850 ET	Japan Dec retail trade expected +0.4% m/m and +0.3% y/y, Nov -0.1% m/m and +1.2% y/y. Dec large retailer sales expected -1.0% y/y, Nov +0.9% y/y.

Barchart Morning Call 10/24

Barchart Morning Call

BC - 44 mins ago

Overnight Developments

• Dec E-mini S&Ps are mildly higher by +0.27% on support from a +0.42% rally in European stocks and the better than expected Chinese manufacturing PMI report. European and U.S. stock indexes were nevertheless undercut by today's weaker than expected German IFO October confidence report and German and Eurozone October PMI reports. Hong Kong stocks closed +0.31% today but the rest of the major Asian stock markets closed lower with Japan down -0.67% and China down -0.19%. Commodity prices are unchanged today on average with Dec crude oil slightly lower by -0.06%, Dec gold up +0.06%, Dec copper up +0.06%, grains and livestock higher, and softs mostly lower. The dollar index is slightly higher by +0.11% while EUR/USD is down -0.41% on today's weak German and Eurozone economic data. Dec 10-year T-notes are down 3.5 ticks.
• ECB President Draghi today appears before a joint session of three German parliamentary committees as he tries to minimize criticism of the ECB's bond-buying "Outright Monetary Transactions" (OMT) bailout program.
• The FHFA U.S. home price index, which was originally scheduled for release today, was released yesterday. The report of +0.7% m/m was stronger than market expectations of +0.3%. The index hit a new 2-year high and has now risen by 4.2% so far this year.
• Germany's Oct manufacturing PMI fell by 0.3 points to 45.7 from 46.1 in September and was weaker than market expectations for a 0.4 point increase to 46.5. The German Oct services PMI fell by 0.4 points to 49.3 from 49.7 in September and was weaker than market expectations for a 0.3 point increase to 50.0.
• The German Oct IFO business climate index fell by 1.4 points to a 2-1/2 year low of 100.00 from 101.4 in September, which was weaker than market expectations of +0.2 to 101.6. The IFO expectations index was unchanged at 93.2 and was weaker than market expectations for a 0.4 point increase to 93.6.
• The Eurozone Oct manufacturing PMI fell by 0.8 points to 45.3 from 46.1 in September and was weaker than market expectations for a 0.4 point increase to 46.5. The Oct services PMI rose by 0.1 point to 46.2 from 46.1 in September and was weaker than expectations for 0.3 point increase to 46.3.
• China's Oct HSBC flash manufacturing PMI index rose by 1.2 points to a 3-month high of 49.1 from 47.9 in September. The report has now been below the expansion-contraction level of 50.0 for twelve consecutive months, although the index has at least improved for the last two months in September and October.
  Market Comments
  • Dec E-mini S&Ps this morning are up 3.75 points (+0.27%) on some bargain-hunting after yesterday's sharp sell-off and on today's better-than-expected Chinese manufacturing PMI report. The S&P 500 index on Tuesday closed sharply lower: S&P 500 -1.44%, Dow Jones -1.82%, Nasdaq 100 -1.06%. Bearish factors included (1) the continued string of weak earnings reports, which have also shown weak revenue growth due to flat world economic growth, (2) the 11 point drop in the Richmond Fed manufacturing index to -7 from 4 in September (versus expectations of +1 to 5), (3) the sharp sell-off in commodity prices that greased the skids for mining and energy companies, and (4) the sharp 2.10% sell-off in the Euro Stoxx 50 index.
  • Dec 10-year T-notes this morning are down 3.5 ticks on today's higher trade in U.S. and European stocks. Dec 10-year T-note prices on Tuesday settled mildly higher: TYZ2 +8.5, FVZ2 +3.25. T-note prices rallied on the weak Richmond Fed index, concerns about weak global growth, and the sharp sell-off in U.S. and European stocks.
  • The dollar index this morning is slightly higher by +0.09 points (+0.11%) since EUR/USD is down -0.0051 (-0.41%) on today's weak German and Eurozone economic data. USD/JPY is down -0.06 points (-0.08%). The dollar index on Tuesday closed moderately higher: Dollar index +0.32 (+0.41%), EUR/USD -0.0073 (-0.56%), USD/JPY -0.09 (-0.11%). The dollar index rallied on increased safe-haven demand with the sharp sell-off in global stocks. In addition, EUR/USD was undercut by Moody's downgrade of five Spanish regions and by news that Greek Prime Minister Samaras again failed to receive approval from his coalition members for the austerity package that must be approved to qualify for the next tranche of aid.
  • Dec WTI crude oil prices this morning are down -0.05 (-0.06%) while Dec gasoline is up +0.0134 (+0.52%). Dec crude oil and gasoline prices on Tuesday closed sharply lower: CLZ2 -1.98 (-2.23%), RBZ2 -0.0437 (-1.66%). Bearish factors included (1) continued worries about weak global growth, (2) carry-over bearishness from Monday's news of the restart of the Keystone pipeline, and (3) expectations the third week of rising U.S. crude oil inventories and a possible new 17-1/2 year high in U.S. crude oil production. The market consensus for Wednesday's weekly DOE report is for a 1.8 million barrel rise in crude oil inventories, a 500,000 barrel rise in gasoline inventories, a 1.5 million barrel drop in distillate inventories, and a 0.5 point rise in the refinery utilization rate to 87.9%. The Keystone pipeline shut-down that began last Wednesday should not affect today's DOE report. API on Tuesday reported that crude oil inventories rose +313,000 barrels, gasoline inventories rose +181,000 barrels, and distillate inventories fell 890,000 barrels.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): AT&T (Consensus:$0.60), LLY-Eli Lilly (0.83), BMY-Bristol-Myer Squibb (0.42), BA-Boeing (1.12), EMC-EMC Corp (0.42), KMB-Kimerly-Clark (1.32), PX-Praxair (1.39), NEE-Nextera Energy (1.40), LMT-Lockheed Martin (1.85), GD-General Dynamics (1.78), AEP-American Electric (1.03), TMO-Thermo Fisher (1.16), GLW-Corning (0.32), ALXN-Alexion Pharm (0.47), CCI-Crown Castle (0.16), NOC-Northrop Grumman (1.69), EQR-Equity Residential (0.27), TROW-T Rowe Price (0.84), LO-Lorillard (2.23), REGN-Regeneron Pharm (1.11), MSI-Motorola Solutions (0.73), ABV-Avalonbay Community (0.78), AMP-Ameriprise Financial (1.19), SYMC-Symantec (0.38), CIXS-Citrix (0.65), WYNN-Wynn Resorts (1.34), RRC-Range Resources (0.18), DTE-DTE Energy (1.13), ORLY-O'Reilly Automotive (1.27), DPS-Dr Pepper Snapple (0.77), DAL-Delta Air (0.91), SRCL-Stericycle (0.82), WYN-Wyndham (1.10), FFIV-F5 Networks (1.18), SLG-SL Green Realty (0.23), TSCO-Tractor Supply (0.67), AKAM-Akamai Technology (0.41), NYB-NY Community Bancorp (0.29), CLF-Cliffs Natural (1.06), EFX-Equifax (0.73), RE-Everest Re Group (3.51), WLL-Whiting Petroleum (0.78).
    Global Financial Calendar
    

    Wednesday 10/24/12
    United States
    0700 ET	Weekly MBA mortgage applications, previous -4.2% with purchase sub-index +0.9% and refi sub-index -5.3%.
    1000 ET	Sep new home sales expected +3.2% to 385,000, Aug -0.3% to 373,000.
    1000 ET	Aug FHFA house price index expected +0.3%, July +0.2% m/m.
    1030 ET	DOE Weekly Petroleum Status Report.
    1300 ET	Treasury auction of $35 billion in 5-year T-notes.
    1415 ET	2-day FOMC meeting concludes with post-meeting statement (funds rate target range expected unchanged at zero to 0.25%).
    Germany
    0330 ET	German Oct manufacturing PMI expected +0.6 to 48.0, Sep 47.4. Oct services PMI expected +0.3 to 50.0, Sep 49.7.
    0400 ET	German Oct IFO business climate index expected +0.2 to 101.6, Sep 101.4. Oct current assessment index expected -0.3 to 110.0, Sep 110.3. Oct expectations index expected +0.4 to 93.6, Sep 93.2.
    0745 ET	ECB President Draghi briefs German lawmakers in Berlin on the debt crisis.
    Euro-Zone
    0400 ET	Eurozone Oct manufacturing PMI expected +0.4 to 46.5, Sep 46.1 Oct services PMI expected +0.3 to 46.4, Sep 46.1. Oct composite PMI expected +0.4 to 46.5, Sep 46.1.
    United Kingdom
    0600 ET	UK Oct CBI trends total orders expected -6, Sep -8. UK Oct CBI trends selling prices expected 6, Sep 3. UK Oct CBI business optimism expected -2, Sep -6.
    Japan
    1950 ET	Japan Sep corporate service price index expected -0.5% y/y, Aug -0.3% y/y.
    CHI
    2200 ET	China Sep leading economic indicator from the Conference Board.

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