MORNING CALL 10/10

Barchart Morning Call

Barchart.com - Tue Oct 10, 6:41AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.12%) this morning are up +0.15% on optimism about U.S. company quarterly earnings ahead of the start of quarterly earnings results from S&P 500 companies later this week. European stocks are down -0.19%, led by losses in Spanish stocks, with Spain's IBEX Stock Index down -1.05% before a meeting of Catalan's regional parliament later today. According to people familiar with the matter, Spanish police are ready to arrest Catalan President Puigdemont immediately if he declares independence in today's parliament meeting. Losses in European stocks were limited on signs of strength in Germany's economy, Europe's largest, after German Aug exports and imports rose more than expected. Asian stocks settled mostly higher: Japan +0.64%, Hong Kong+0.58%, China +0.26%, Taiwan closed for holiday, Australia -0.02%, Singapore -0.08%, South Korea +1.97%, India +0.24%. Japanese markets reopened after Monday's holiday and the Nikkei Stock Index jumped to a new 2-year high after Friday's stronger-than-expected U.S. Sep wage data bolstered confidence that the global economic recovery can continue.

The dollar index (DXY00 -0.25%) is down -0.28% at a 1-week low on concern that President Trump's feud with Senator Corker may undercut support for his tax reform plan. EUR/USD (^EURUSD) is up +0.36% at a 1-week high on hawkish comments from ECB Executive Board member Lautenschlaeger who said the ECB should exit QE "as soon as possible." USD/JPY (^USDJPY) is down -020% at a 1-week low.

Dec 10-year T-note prices (ZNZ17 +0.02%) are up +2 ticks.

ECB Executive Board member Lautenschlaeger said the ECB should exit QE "as soon as possible because financial stability risks increase and the benefits decrease."

The German Aug trade balance widened to a surplus of +20.0 billion euros, larger than expectations of +19.5 billion euros. Aug exports rose +3.1% m/m, stronger than expectations of +1.1% m/m and the biggest increase in a year. Aug imports rose +1.2% m/m, stronger than expectations of +0.5% m/m.

Japan Sep eco watchers survey outlook expectations fell -0.1 to 51.0, stronger than expectations of -0.6 to 50.5. The Sep eco watchers survey current conditions rose +1.6 to 51.3, stronger than expectations of +0.5 to 50.1 and the highest in 9-months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Minneapolis Fed President Neel Kashkari (voter) speaks at a regional economic conference hosted by his bank, (2) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at a Stanford Institute for Economic Policy Research Associates Meeting, (3) USDA weekly grain export inspections, (4) USDA crop conditions and progress report.

Notable Russell 1000 earnings reports today include: none.

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

Equity conferences this week: Cerner Health Conference on Mon-Wed, HR Technology Conference on Tue-Fri, National HUBZone Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

McKesson (MCK -2.08%) was upgraded to 'Outperform' from 'Market Perform' at Cowen with a price target of $189.

Transocean (RIG +1.94%) was initiated a new 'Buy' at Deutsche Bank with a price target of $13.

Union Pacific (UNP -0.06%) was downgraded to 'Hold' from 'Buy' at Aegis Capital.

Apache (APA +1.51%) cut its Q3 crude production estimate to 206,000 bpd to 208,000 bpd from a prior estimate of 208,000 to 214,000 bpd and cut its Q4 crude production estimate to 218,000 bpd to 224,000 bpd from a prior view of 225,000 bpd to 237,000 bpd due to the impact of Hurricane Harvey.

Caterpillar (CAT -0.04%) gained +0.2% in after-hours trading after Goldman Sachs reiterated its 'Buy' rating on the stock and raised its 12-month target price to $158 from $143.

American Homes (AMH +0.42%) was initiated a new 'Buy' at BTIG with a price target of $26.

SRC Energy ({=SRCI was initiated a new 'Buy' at Jeffries with a price target of $12.

Clovis Oncology (CLVS -1.05%) gained almost 1% in after-hours trading after it said it submitted a Supplemental New Drug Application with the FDA for its rucaparib drug for maintenance treatment for patients with platinum-sensitive recurrent ovarian cancer.

American International Group (AIG -0.77%) fell nearly 1% in after-hours trading after it said its sees Q3 pre-tax catastrophe losses net of reinsurance of $2.9 billion-$3.1 billion.

PDC Energy (PDCE +1.05%) was initiated a new 'Buy' at Jeffries with a price target of $60.

Leidos Holdings (LDOS +0.40%) rose over 3% in after-hours trading after it received a contract from the Social Security Administration to provide IT support for the Social Security Administration's Strategic Plan.

Ichor Holdings Ltd (ICHR +1.89%) climbed 6% in after-hours trading after the company said it entered into a "substantial" agreement to produce liquid delivery systems for a key customer.

Chesapeake Energy (CHK -0.24%) lost 1% in after-hours trading after it was downgraded to 'Underperform' from 'Hold' at Jeffries with a price target of $2.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.12%) this morning are up +3.75 points (+0.15%). Monday's closes: S&P 500 -0.18%, Dow Jones -0.06%, Nasdaq -0.10%. The S&P 500 on Monday closed lower on negative carry-over from last Friday's U.S. Sep average hourly earnings report of +2.9% that bolstered the case for additional Fed tightening. There was also some long liquidation pressure ahead of quarterly earnings results from major U.S. banks later this week. Energy stocks received a boost from the +0.59% rally in crude oil prices.

Dec 10-year T-note prices (ZNZ17 +0.02%) this morning are up +2 ticks. Monday's closes: TYZ7 +2.00, FVZ7 +1.25. Dec 10-year T-notes on Monday closed higher on carry-over support from a rally in German bund prices and on weakness in stocks.

The dollar index (DXY00 -0.25%) this morning is down -0.258 (-0.28%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0042 (+0.36%) at a 1-week high and USD/JPY (^USDJPY) is down -0.23 (-0.20%) at a 1-week low. Monday's closes: Dollar Index -0.125 (-0.13%), EUR/USD +0.0010 (+0.09%), USD/JPY +0.03 (+0.03%). The dollar index on Monday closed lower on strength in EUR/USD as political tensions eased in Spain after a senior member of the Catalan administration called for dialogue with the Spanish government. There was also strength in the yuan versus the dollar after China Sep foreign reserves rose for the eighth month in a row.

Nov crude oil (CLX17 +1.33%) this morning is up +68 cents (+1.37%) and Nov gasoline (RBX17 +1.05%) is +0.0188 (+1.21%). Monday's closes: Nov WTI crude +0.29 (+0.59%), Nov gasoline +0.0006 (+0.04%). Nov crude oil and gasoline on Monday closed higher on a weaker dollar and on comments from OPEC Secretary General Mohammed Barkindo who said the rebalancing of the oil market is underway and that OPEC may need to take further steps to sustain the recovery into 2018.

Metals prices this morning are higher with Dec gold (GCZ17 +0.65%) +8.0 (+0.62%) at a 1-week high, Dec silver (SIZ17+1.35%) +0.189 (+1.11%) at a 2-week high and Dec copper (HGZ17 +0.31%) +0.008 (+0.26%) at a 4-week high. Monday's closes: Dec gold +10.1 (+0.79%), Dec silver +0.181 (+1.08%), Dec copper -0.0020 (+0.07%). Metals on Monday closed higher with Dec gold at a 1-week high and Dec silver at a 1-1/2 week high. Metals prices were boosted by a weak dollar and by the German Aug industrial production report of +2.6% m/m, the biggest increase in 6 years, which is positive for copper consumption and demand. Copper prices were also boosted by the -2,450 MT decline in LME copper inventories to a 3-week low of 291,000 MT.

GLOBAL EVENT CALENDAR10/10/2017

		Tuesday, Oct 10
US	1000 ET	Minneapolis Fed President Neel Kashkari (voter) speaks at a regional economic conference hosted by his bank.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
	2000 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at a Stanford Institute for Economic Policy Research Associates Meeting.
		Wednesday, Oct 11
US	0700 ET	Weekly MBA mortgage applications, previous -0.4% with purchase sub-index +1.0% and refi sub-index -1.8%.
	0715 ET	Chicago Fed President Charles Evans (voter) takes part in a moderated discussion on the economy and monetary policy.
	1000 ET	Aug JOLTS job openings expected -10,000 to 6.16 million, Jul +54,000 to 6.17 million.
	1130 ET	Treasury auctions $24 billion of 3-year T-notes
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
	1400 ET	Minutes of the Sep 19-20 FOMC meeting.
	1440 ET	San Francisco Fed President John Williams gives a Community Leaders Speech at an event in San Francisco.

U.S. STOCK CALENDAR10/10/2017

Name	Ticker	Time	Description	Period	Estimate
Procter & Gamble Co/The	PG US	09:00	Annual General Meeting
Wal-Mart Stores Inc	WMT US	09:00	Investment Community Meeting Day - 2
Workday Inc	WDAY US	15:30	Analyst Day

MORNING CALL 10/2

Barchart Morning Call

Barchart.com - 36 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.17%) this morning are up +0.16% at a new record nearest-futures high on signs of strength in Chinese manufacturing activity that is positive for global economic growth after the China Sep manufacturing PMI unexpectedly rose +0.7 to 52.4, the fastest pace of expansion in 5-1/3 years. European stocks fell back from a 4-month high and are down -0.05% on rising tensions in Spain after a violence-marred vote in Catalonia spurred the regional government there to press for independence from Spain. Asian stocks settled mostly higher: Japan +0.22%, Taiwan +0.78%, Australia +0.84%, Singapore +1.31%. Hong Long, China, South Korea and India all closed for holiday. Japanese stocks closed higher on increased economic optimism after the Japan Q3 Tankan showed business conditions among large manufacturers rose to the highest in 10-years.

The dollar index (DXY00 +0.51%) is up +0.52%. EUR/USD (^EURUSD) is down -0.57%. USD/JPY (^USDJPY) is up +0.24%.

Dec 10-year T-note prices (ZNZ17 -0.09%) are down -3 ticks at a new 2-1/2 month low.

The China Sep manufacturing PMI unexpectedly rose +0.7 to 52.4, stronger than expectations of -0.1 to 51.6 and the fastest pace of expansion in 5-1/3 years.

The Eurozone Sep Markit manufacturing PMI was revised downward to 58.1 from the originally reported 58.2, still the highest since the data series began in 2014.

The Japan Q3 Tankan large manufacturing business condition rose +5 to 22, stronger than expectations of +1 to 18 and a 10-year high.

ECB Governing Council member Georghadji said a pickup in inflation is "still largely dependent on the ECB's accommodative monetary policy stance and that only a sustained adjustment in the path of inflation would warrant the gradual withdrawal of our exceptional degree of monetary policy accommodation."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised-Sep U.S. Markit manufacturing (expected unchanged at 53.0, prelim-Sep +0.2 to 53.0), (2) Sep ISM U.S. manufacturing index (expected -0.8 to 58.0, Aug +2.5 to 58.8), (3) Aug construction spending (expected +0.4%, Jul -0.6% m/m), (4) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an event hosted by the El Paso branch of the Dallas Fed, (5) USDA weekly grain export inspections, (6) USDA crop conditions and progress report.

Notable Russell 1000 earnings reports today include: Whiting Petroleum (consensus -$0.20).

U.S. IPO's scheduled to price today: PDL Community Bankcorp (PDLB).

Equity conferences this week: ADAS & Autonomous Vehicles USA Conference on Mon, Capital Link New York Maritime Forum on Mon, Eurosurfas Conference on Mon, PDA Universe of Pre-filled Syringes and Injection Devices Confernce on Mon, Deutsche Bank U.S. Leveraged Finance Conference on Mon-Wed, European Utility Week Conference on Tue, Global Gaming Conference - Panel on Tue, Helitech International Conference on Tue, NetApp Insight Investor Summit on Tue, Japan Pack Trade Show on Tue, Linley Processor Conference on Wed, Petaluma Area Chamber of Commerce Business Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Akamai (AKAM +2.18%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a target price of $54.

Stanley Black & Decker (SWK +0.97%) was upgraded to 'Overweight' from 'Equal-Weight' at Morgan Stanley with a target price of $169.

Citrix (CTXS +0.17%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a price target of $95.

Fifth Third Bancorp (FITB +1.41%) was downgraded to 'Underperform' from 'Neutral' at Baird.

Select Comfort (SCSS +0.39%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James with a 12-month target price of $35.

PepsiCo (PEP -0.19%) was downgraded to 'Hold' from 'Buy' at Jeffries.

Union Pacific (UNP unch) was downgraded to 'Equal-Weight' from 'Overweight' at Morgan Stanley.

CSX Corp (CSX +1.06%) was downgraded to 'Underweight' from 'Equal weight' at Morgan Stanley who lowered their price target on the stock to $43.

Tiffany (TIF +0.92%) was upgraded to 'Buy' from 'Hold' at HSBC with a price target of $110.

Finish Line (FINL +3.17%) was downgraded to 'Neutral' from 'Positive' at Susquehanna Financial.

Trinity Industries (TRN +2.31%) jumped nearly 10% in after-hours trading after a federal appeals court in New Orleans overturned a 2015 ruling against TRN for a $663 million judgement that was awarded in a lawsuit the alleged the company defrauded the U.S. government with a faulty highway guardrail safety system.

TerraForm Power (TERP -0.83%) may move higher this morning after it reported Q2 adjusted Ebitda of $136 million, better than consensus of $119.7 million.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.17%) this morning are up +4.00 ponts (+0.16%) at a new all-time nearest-futures high. Friday's closes: S&P 500 +0.37%, Dow Jones +0.11%, Nasdaq +0.78%. The S&P 500 on Friday posted a new record high and closed higher on carry-over support from a rally in European stocks after the German Sep unemployment rate fell to 5.4%, the lowest since German reunification began and a sign of economic strength. U.S. stocks also received a boost from the unexpected +6.3 point increase in the Sep Chicago PMI to 65.2, stronger than expectations of -0.2 to 58.7.

Dec 10-year T-note prices (ZNZ17 -0.09%) this morning are down -3 ticks at a fresh 2-1/2 month low. Friday's closes: TYZ7 -7.50, FVZ7 -5.25. Dec 10-year T-notes on Friday closed lower on the unexpected increase in the Sep Chicago PMI report and on the rally in the S&P 500 to a new all-time high, which curbed the safe-haven demand for T-notes. Losses were limited after the U.S. Aug core PCE deflator rose by a less than expected +1.3% y/y, the smallest year-on-year increase in 2 years.

The dollar index (DXY00 +0.51%) this morning is up +0.48 (+0.52%). EUR/USD (^EURUSD) is down -0.0067 (-0.57%) and USD/JPY (^USDJPY) is up +0.27 (+0.24%). Friday's closes: Dollar Index -0.009 (-0.01%), EUR/USD +0.0028 (+0.24%), USD/JPY +0.17 (+0.15%). The dollar index on Friday closed little changed. The dollar index saw support from the report that President Trump and Treasury Secretary Mnuchin met with former Fed Governor Warsh, who is considered more hawkish than current Fed Chair Yellen, to discuss the Fed Chair position. The dollar was also boosted by the increase in T-note yields, which improves the dollar's interest rate differentials. Gains were limited after the U.S. Aug core PCE deflator rose by a less-than-expected +1.3% y/y, which was dovish for Fed policy.

Nov crude oil (CLX17 -2.03%) this morning is down -88 cents (-1.70%) and Nov gasoline (RBX17 -1.70%) is -0.0252(-1.58%). Friday's closes: Nov WTI crude +1.11 (+0.21%), Nov gasoline -0.0238 (-1.47%). Nov crude oil and gasoline on Friday settled mixed. Crude oil prices were undercut by the fall in the crack spread to a 5-week low, which may curb refinery demand for crude to refine into gasoline, and by the increase in active U.S. oil rigs in the week ended Sep 29 by 6 rigs to 750, the first increase in 7 weeks. Crude oil prices were supported by the rally in the S&P 500 to a new record high, which shows optimism in the economic outlook that is positive for energy demand.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.72%) -8.3 (-0.65%) at a 1-1/2 month low, Dec silver (SIZ17-0.46%) -0.046 (-0.28%) at a 1-3/4 month low and Dec copper (HGZ17 +0.03%) +0.002 (+0.05%). Friday's closes: Dec gold -3.9 (-0.30%), Dec silver -0.171 (-1.02%), Dec copper -0.026 (-0.87%). Metals on Friday closed lower on the the rally in the S&P 500 to a new record high, which reduced the safe-haven demand for precious metals, and on a lack of inflation that reduces the demand for gold as an inflation hedge after the U.S. Aug core PCE deflator rose just +1.3% y/y, the smallest pace of increase in 2 years.

GLOBAL EVENT CALENDAR10/02/2017

		Monday, Oct 2
US	0945 ET	Revised Sep U.S. Markit manufacturing PMI expected unchanged at 53.0, prelim-Sep +0.2 to 53.0.
	1000 ET	Sep ISM U.S. manufacturing index expected -0.8 to 58.0, Aug +2.5 to 58.8. Sep ISM new orders, Aug -0.1 to 60.3. Sep ISM employment, Aug +4.7 to 59.9. Sep ISM prices paid expected +1.5 to 63.5, Aug unch at 62.0.
	1000 ET	Aug construction spending expected +0.4%, Jul -0.6% m/m.
	1100 ET	USDA weekly grain export inspections.
	1400 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an event hosted by the El Paso branch of the Dallas Fed.
	1600 ET	USDA crop conditions and progress report.
		Tuesday, Oct 3
US	0830 ET	Fed Governor Jerome Powell discusses regulatory reform at a U.S. Financial Regulation event in Washington.
	n/a	Sep total vehicle sales expected 17.00 million, Aug 16.03 million. Sep domestic vehicle sales expected 12.68 million, Aug 12.48 million.

U.S. STOCK CALENDAR10/02/2017

Name	Ticker	Time	Description	Period	Estimate
Whiting Petroleum Corp	WLL US		Q3 2017 Earnings Release	Q3 17	-0.201
Telephone & Data Systems Inc	TDS US		Roadshow - Day 1
United States Cellular Corp	USM US		Roadshow - Day 1

MORNING CALL 6/20

MORNING CALL

Monday, June 20th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +1.36%) are up sharply by +1.34% and European stocks are up +3.22% at a 1-week high as the latest polls show that the UK will vote to remain in the European Union in Thursday's referendum. The British pound climbed to a 2-1/2 week high and the dollar index fell to a 1-week low, which boosted commodity prices and fueled gains in mining stocks and energy producers. Asian stocks settled higher: Japan +2.34%, Hong Kong +1.69%, China +0.13%, Taiwan +0.68%, Australia +1.82%, Singapore +1.36%, South Korea +1.47%, India +0.91%.

The dollar index (DXY00 -0.55%) is down -0.52% at a 1-week low. EUR/USD (^EURUSD) is up +0.43% at a 1-week high. USD/JPY (^USDJPY) is up +0.39%.

Sep T-note prices (ZNU16 -0.28%) are down -14 ticks at a 1-week low as stocks surge and Brexit concerns ease, which reduces the safe-haven demand for Treasuries.

China May new home prices rose in 60 of the 70 cities tracked by the government, down from 65 cities that rose in April.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Minneapolis Fed President Neel Kashkari (non-voter) gives prepared remarks and chairs a panel titled “Shortfalls of Current Policies Towards Banks” at a symposium on Too Big To Fail in Washington D.C., (2) the Treasury's auction of$26 billion of 2-year T-notes, (3) USDA weekly grain export inspections, and (4) USDA Weekly Crop Progress.

None of the Russell 1000 companies report earnings today.

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

Equity conferences this week include: Questex Sensors Expo & Conference on Tue, Real Estate Investment World Asia 2016 on Tue, Wells Fargo Convergence & Connectivity Symposium on Tue, Jefferies Consumer Conference on Tue-Wed, Wells Fargo West Coast Energy Conference on Tue-Wed, Panagora Pharma - Mobile Pharma Summit on Tue-Wed, Bernstein Global Future of Media & Telecommunications Summit on Wed, Oppenheimer Global Consumer Conference on Wed, Citigroup Insurance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Corning (GLW +0.90%) was rated a new 'Buy' at Citigroup with a price target of $23.

Yelp (YELP +0.56%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Catalent (CTLT -3.29%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch.

Barrick Gold (ABX +0.25%) was downgraded to 'Sell' from 'Hold' at Mackie Research.

Symantec (SYMC +0.96%) was upgraded to 'Buy' from 'Sell' at UBS with a 12-month price target of $24.

Expedia (EXPE -0.20%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities.

Reata Pharmaceuticals (RETA unch) was rated a new 'Outperform' at Cowen.

Credit Acceptance Corp. (CACC -1.48%) was upgraded to 'Neutral' from 'Sell' at Janney Montgomery.

Union Pacific (UNP +0.56%) was downgraded to 'Sector Perform' from 'Sector Outperform' at Scotia Capital.

Charges that FedEx (FDX +0.23%) intentionally shipped illegal online prescriptions were thrown out of court at the request of federal prosecutors.

Hologic (HOLX +0.33%) gained over 1% in after-hours trading after the FDA granted emergency use authorization for the company's new diagnostic assay for Zika virus infection.

Concordia Healthcare (CXRX -1.29%) rose 2% in after-hours trading after it settled a previously disclosed arbitration proceeding with a former financial adviser for $12.5 million. The adviser had claimed he was owed $38.3 million plus accrued interest.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +1.36%) this morning are up sharply by +27.50 points (+1.34%). Friday's closes: S&P 500 -0.33%, Dow Jones -0.33%, Nasdaq -1.13%. The S&P 500 on Friday closed lower on weakness in technology stocks, led by a -2.2% fall in Apple, after regulators in China said the latest iPhone violated a design patent of a Chinese company. Stocks were also undercut by the +0.7% increase in U.S. May building permits, a proxy for future construction, weaker than expectations of +1.3%. Stocks were boosted by positive carryover from a rally in European stocks as Brexit concerns eased temporarily and by reduced interest rate concerns after St. Louis Fed President Bullard (voter) said as the economy stands now "only one Fed rate hike may be necessary over the next 30 months or so."

Sep 10-year T-note prices (ZNU16 -0.28%) this morning are down -14 ticks at a 1-week low. Friday's closes: TYU6 -13.50, FVU6 -6.75. Sep T-notes on Friday closed lower on reduced safe-haven demand for T-notes as Brexit concerns eased after campaigning over Brexit was cancelled for a second day due to the murder of a British lawmaker who was an advocate for the UK to remain in the EU. T-notes were also undercut by the stronger-than-expected U.S. May housing starts report.

The dollar index (DXY00 -0.55%) this morning is down -0.494 (-0.52%) at 1-week low. EUR/USD (^EURUSD) is up +0.0048 (+0.43%). USD/JPY (^USDJPY) is up +0.41 (+0.39%). Friday's closes: Dollar Index -0.363 (-0.38%), EUR/USD +0.0052 (+0.46%), USD/JPY -0.10 (-0.10%). The dollar index on Friday closed lower on dovish comments from St. Louis Fed President Bullard (voter) who said that "only one Fed rate hike may be necessary over the next 30 months or so."

July WTI crude oil (CLN16 +1.75%) this morning is up +83 cents (+1.73%). July gasoline (RBN16 +1.76%) is up +0.0228 (+1.81%). Friday's closes: CLN6 +1.77 (+3.83%), RBN6 +0.0400 (+2.73%). Jul crude oil and gasoline on Friday closed higher on a weaker dollar and short-covering after the sharp 11% slide in crude prices over this past week.

GLOBAL EVENT CALENDAR06/20/2016

		Monday, June 20, 2016
US	1100 ET	USDA weekly grain export inspections.
	1215 ET	Minneapolis Fed President Neel Kashkari (non-voter) gives prepared remarks and chairs a panel titled Shortfalls of Current Policies Towards Banks at a symposium on Too Big To Fail in Washington D.C.
	1300 ET	Treasury auctions $26 billion of 2-year T-notes.
	1600 ET	USDA Weekly Crop Progress.
		Tuesday, June 21, 2016
JPN	0030 ET	Japan Apr all-industry activity index expected +1.2% m/m, Mar +0.1% m/m.
UK	0430 ET	UK May public sector net borrowing expected +9.5 billion pounds, Apr +6.6 billion pounds.
	0600 ET	UK Jun CBI trends total orders expected -2 to -10, May -8. Jun CBI trends selling prices, May 2.
GER	0500 ET	German Jun ZEW survey expectation of economic growth expected -1.4 to 5.0, May -4.8 to 6.4. Jun ZEW survey current situation expected -0.5 to 52.6, May 53.1.
EUR	0900 ET	ECB President Mario Draghi speaks at the European Parliament in Brussels.
US	1000 ET	Fed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee.
	1300 ET	Treasury auctions $34 billion of 5-year T-notes.

U.S. STOCK CALENDAR06/20/2016

Company	Ticker	Time	Event Description	Period	Estimate
International Game Technology PLC	IGT	7:00	Annual General Meeting	Y 2016
Facebook Inc	FB	14:00	Annual General Meeting	Y 2016
Jazz Pharmaceuticals PLC	JAZZ	16:30	JZP-110 Update Call
DaVita HealthCare Partners Inc	DVA		Annual General Meeting
NorthStar Realty Finance Corp	NRF		Annual General Meeting

MORNING CALL 4/18

MORNING CALL

Monday, April 18th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.34%) are down -0.33% and European stocks are down -0.28% as crude oil prices (CLK16 -3.96%) tumbled -3.72% to a 1-week low after a weekend meeting in Doha between OPEC members ended without a deal on freezing crude production. Saudi Arabian Crown Prince Mohammed bin Salman said that Saudi Arabia would not restrain its production without commitments from other major oil producers including Iran, which has ruled out freezing its crude production for now. Stocks recovered from their worst levels after comments to the Financial Times from St. Louis Fed President Bullard signal he favors delaying additional interest rate increases. Asian stocks settled mostly lower: Japan -3.40%, Hong Kong -0.73%, China -1.44%, Taiwan -0.40%, Australia -0.40%, Singapore -0.21%, South Korea -0.21%, India +0.74%. Japanese stocks closed lower with a sell-off in insurance companies leading the overall market lower after earthquakes struck southern Japan. Exporter stocks also fell as USD/JPY fell back toward its recent 17-1/2 month low after the weekend G-20 meeting in Washington failed to show support for any intervention in currency markets to slow the yen's recent strength.

The dollar index (DXY00 -0.11%) is down -0.10%. EUR/USD (^EURUSD) up +0.19%. USD/JPY (^USDJPY) is down -0.38% after U.S. Treasury Secretary Lew late Friday said that foreign-exchange moves are "orderly," a signal that the U.S. doesn't view yen-selling intervention as warranted.

Jun T-note prices (ZNM16 +0.04%) are up +1.5 ticks.

St. Louis Fed President Bullard told the Financial Times the "the jobs report we got this month was very strong but the GDP tracking has moved down substantially for Q1 and to some extent for Q2." This supports arguments for patience in assessing whether to lift the benchmark U.S. rate.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) New York Fed President William Dudley gives opening remarks at a conference titled “The Transatlantic Economy: Convergence or Divergence” in New York, (2) Apr NAHB housing market index (expected +1 to 59, Mar unch at 58), and (3) Minneapolis Fed President Neel Kashkari's speech at an event hosted by the Minnesota Chamber of Commerce.

There are 8 of the S&P 500 companies that report earnings today: Morgan Stanley (consensus $0.47), IBM (2.09), Netflix (0.04), M&T Bank (1.87), JB Hunt Transport (0.85), PepsiCo (0.81), Hasbro (0.24), WW Grainger (2.85).

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

Equity conferences this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

ConocoPhillips (COP -1.18%) and Chevron (CVX -0.77%) are both down over 2% in pre-market trading as crude oil fell to a 1-week low after oil output talks between OPEC and non-OPEC members ended without a deal on freezing crude production.

Union Pacific (UNP -1.35%) was downgraded to 'Neutral' from 'Buy' at UBS>

Edison International (EIX +1.46%) and Exelon (EXC -1.63%) were both downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Broadcom Ltd. (AVGO -2.10%) was rated a new 'Outperform' at Cowen with a price target of $190.

Apple (AAPL -2.01%) and Verizon Communications (VZ -0.02%) were both upgraded to 'Buy' from 'Hold' at Erste Group.

NetApp (NTAP -2.03%) was downgraded to 'Underperform' from 'Neutral' at Sterne Agee CRT.

Disney (DIS -0.04%) was upgraded to 'Buy' from 'Hold' at Pivotal Research Group LLC with a 12-month price target of $121.

Chemical Financial (CHFC +0.46%) reported Q1 adjusted EPS of 65 cents, higher than consensus of 63 cents.

Autoliv (ALV -0.57%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Groupon (GRPN +3.85%) gained over 1% in after-hours trading after New Enterprise Associates reported a 7.7% stake in the company.

Autohome (ATHM +6.60%) fell over 1% in after-hours trading after it received a non-binding proposal from a consortium for $31.50/ADS, below Friday's closing price of $32.15.

Calumet Specialty Products (CLMT -7.39%) dropped nearly 3% in after-hours trading after it said it sees a Q1 net loss of $59 million-$83 million.

Zoe's Kitchen (ZOES +2.21%) rose over 1% in after-hours trading after the company dismissed PricewaterhouseCoopers LLP and appointed Deloitte & Touche LLP as its accountant.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.34%) this morning are down -6.75 points (-0.33%). Friday's closes: S&P 500 -0.10%, Dow Jones -0.16%, Nasdaq -0.25%. The S&P 500 on Friday closed lower on the unexpected -0.3% decline in U.S. manufacturing production, weaker than expectations of +0.1%, and the unexpected -1.3 point fall in the Apr University of Michigan U.S. consumer sentiment index to a 7-month low of 89.7. Stocks received some support from the +8.94 point rise in the Apr Empire manufacturing index to a 15-month high of 9.56.

June 10-year T-note prices (ZNM16 +0.04%) this morning are up +1.5 ticks. Friday's closes: TYM6 +8.50, FVM6 +4.75. Jun T-notes on Friday closed higher on the weak Mar U.S. manufacturing production report of -0.3% m/m, the biggest decline in 13 months, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-month low.

The dollar index (DXY00 -0.11%) this morning is down -0.94 (-0.10%). EUR/USD (^EURUSD) is up +0.0021 (+0.19%). USD/JPY (^USDJPY) is down-0.41 (-0.38%). Friday's closes: Dollar Index -0.206 (-0.22%), EUR/USD +0.0016 (+0.14%), USD/JPY -0.64 (-0.59%). The dollar index on Friday closed lower on the weaker-than-expected U.S. economic data on Mar manufacturing production and Apr University of Michigan U.S. consumer sentiment, which may delay the Fed's next rate hike.

May WTI crude oil (CLK16 -3.96%) is down -$1.50 a barrel (-3.72%). May gasoline (RBK16 -2.26%) is down -0.0361 (-2.47%). Friday's closes: CLK6-1.14 (-2.75%), RBK6 -0.0397 (-2.64%). May crude and gasoline on Friday closed lower on the weaker-than-expected U.S. Mar industrial and manufacturing production, which was negative for energy demand, and on long liquidation pressure ahead of Sunday's oil-producer meeting in Doha.

GLOBAL EVENT CALENDAR04/18/2016

US	0830 ET	New York Fed President William Dudley gives opening remarks at a conference titled The Transatlantic Economy: Convergence or Divergence in New York.
	1000 ET	Apr NAHB housing market index expected +1 to 59, Mar unch at 58.
	1100 ET	USDA weekly grain export inspections.
	1230 ET	Minneapolis Fed President Neel Kashkari delivers speech at an event hosted by the Minnesota Chamber of Commerce.
	1600 ET	USDA Weekly Crop Progress.

U.S. STOCK CALENDAR04/18/2016

Company	Ticker	Time	Event Description	Period	Estimate
M&T Bank Corp	MTB US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.87
JB Hunt Transport Services Inc	JBHT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.853
PepsiCo Inc	PEP US	6:30	Q1 2016 Earnings Release	Q1 2016	0.812
Hasbro Inc	HAS US	6:30	Q1 2016 Earnings Release	Q1 2016	0.239
Morgan Stanley	MS US	7:00	Q1 2016 Earnings Release	Q1 2016	0.467
WW Grainger Inc	GWW US	7:30	Q1 2016 Earnings Release	Q1 2016	2.845
WW Grainger Inc	GWW US	7:30	Q1 2016 Earnings Call	Q1 2016
PepsiCo Inc	PEP US	8:00	Q1 2016 Earnings Call	Q1 2016
Hasbro Inc	HAS US	8:30	Q1 2016 Earnings Call	Q1 2016
Morgan Stanley	MS US	8:30	Q1 2016 Earnings Call	Q1 2016
M&T Bank Corp	MTB US	11:00	Q1 2016 Earnings Call	Q1 2016
Netflix Inc	NFLX US	16:05	Q1 2016 Earnings Release	Q1 2016	0.037
International Business Machines Corp	IBM US	17:00	Q1 2016 Earnings Call	Q1 2016
Netflix Inc	NFLX US	17:00	Q1 2016 Earnings Call	Q1 2016
International Business Machines Corp	IBM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	2.091