BARCHART MORNING CALL 11/11

BARCHART MORNING CALL

Wednesday, November 11th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.32%) are up +0.32% and European stocks are up +0.86% after China Oct retail sales rose by the most this year. Increased M&A activity is also supportive for stocks with SABMiller Plc up +1.7% after Anheuser-Busch InBev NV made a formal offer to buy it for about $107 billion. On the negative side is weakness in miners and raw-material producers after China Oct industrial production rose at the slowest pace in nearly 7 years, which sent Dec copper (HGZ15 -0.34%) down -0.32% to a 6-1/3 year low. Also, energy producers are weaker with Dec crude oil (CLZ15-1.31%) down -1.18% to a 2-week low. Asian stocks settled mixed: Japan +0.10%, Hong Kong -0.22%, China +0.27%, Taiwan -1.43%, Australia +0.46%, Singapore -0.54%, South Korea unch, India closed for holiday. Japan's Nikkei Stock Index climbed to a 2-1/2 month high on expectations for divergent central bank policies that weaken the yen to continue as the BOJ is expected to expand stimulus while the Fed is expected to raise interest rates. This will weaken the yen, which boosts the earnings prospects of Japanese exporters.

The dollar index (DXY00 -0.11%) is down -0.10%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is unch.

Dec T-note prices (ZNZ15 -0.10%) are down -4.5 ticks.

China Oct industrial production rose +5.6% y/y, weaker than expectations of +5.8% y/y and matched the Mar 2015 gain as the slowest pace of increase in nearly 7 years.

China Oct retail sales rose +11.0% y/y, stronger than expectations of +10.9% y/y and the fastest pace of increase since Dec of 2014.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -0.8% with purchase mortgage sub-index -0.6% and refi sub-index-0.9%). Government offices and cash government bond trading are closed today for Veterans Day but Globex financial futures and stocks exchanges are open during regular hours.

There are 2 of the S&P 500 companies that report earnings today: Macy's (consensus $0.53), ADT Corp (0.48).

U.S. IPO's scheduled to price today: Loxo Oncology (LOXO).

Equity conferences today include: Baird Healthcare Conference on Mon-Wed, Edison Electric Institute Financial Conference on Mon-Wed, Robert W. Baird & Co. Industrial Conference on Mon-Wed, Bank of America Merrill Lynch Global Energy Conference on Tue-Wed, Credit Suisse Boston Financials Conference on Tue-Wed, Credit Suisse Health Care Conference on Tue-Wed, Wells Fargo Securities Technology, Media and Telecom Conference on Tue-Wed, RBC Capital Markets Technology, Internet, Media and Telecommunications Conference on Tue-Wed, Stephens Inc Fall Investment Conference on Tue-Wed, Jefferies Energy Conference on Wed, UBS Building & Building Products CEO Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Tyco International Plc (TYC -0.14%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase with a price target of $42.

Alarm.com Holdings (ALRM +4.07%) jumped 10% in after-hours trading after it reported Q3 adjusted EPS of 14 cents, well above consensus of 2 cents, and then raised guidance on fiscal 2015 adjusted EPS to 20 cents-21 cents from an August estimate of 13 cents-14 cents, above consensus of 14 cents.

MetLife (MET -0.06%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.

Horizon Pharma Plc (HZNP +0.40%) plunged 25% in pre-market trading after Express Scripts Holding said it was suing the company for $140 million for unfilled contractual obligations.

SanDisk (SNDK -1.57%) was downgraded to 'Market Perform' from 'Outperform' at Bernstein.

Sanofi (SAN -0.72%) and Regeneron Pharmaceuticals (REGN +1.14%) announced that 74% of patients in a Phase 3 clinical trial reached their pre-specified LDL cholesterol targets within 8 weeks of adding the new Praluent (alirocumab) injection to their standard-of-care.

WuXi PharmaTech (WX +0.20%) and Eli Lilly (LLY +0.88%) announced that have entered into a strategic collaboration to develop, manufacture and promote a cholesterol drug in China.

Boston Scientific (BSX +1.13%) fell nearly 4% in after-hours trading after CMS said evidence shows that percutaneous left atrial appendage closure (LAAC) therapy using an implanted device is not necessary.

ChannelAdvisor reported that Amazon (AMZN +0.64%) Oct same-store-sales rose +16.4% y/y.

Lockheed Martin (LMT -0.29%) was awarded a 5-year U.S. Air Force contract worth as much as $968.7 million to build 17 C-130J aircrafts.

Public Storage (PSA +1.00%) was rated a new 'Underweight' at BB&T Capital Markets with a 12-month price target of $217.50.

Veritex Holdings (VBTX +1.45%) filed to sell $150 million of mixed securities.

Boot Barn (BOOT +2.49%) dropped over 9% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to 76 cents-80 cents from an August estimate of 85 cents-90 cents, below consensus of 86 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.32%) this morning are up +6.75 points (+0.32%). Tuesday's closes: S&P 500 +0.15%, Dow Jones +0.16%, Nasdaq -0.30%. The S&P on Tuesday recovered from early losses and closed higher on the subdued inflation picture indicated by the -10.5% y/y decline in Oct import prices and on the +0.5% increase in U.S. Sep wholesale trade sales, stronger than expectations of +0.1%. Stocks were hurt early by deflation risks in China after the China Oct CPI report of +1.3% y/y versus expectations of +1.5% y/y.

Dec 10-year T-notes (ZNZ15 -0.10%) this morning are down -4.5 ticks. Tuesday's closes: TYZ5 +8.50, FVZ5 +6.50. Dec T-notes on Tuesday closed higher on the larger-than-expected decline in U.S. Oct import prices and on strong foreign demand for the Treasury's $24 billion 10-year T-note auction after indirect bidders, a proxy for foreign central bank demand, purchased 60.5% of the auction, higher than the 12-auction average of 56.8%.

The dollar index (DXY00 -0.11%) this morning is down -0.097 (-0.10%). EUR/USD (^EURUSD) is down -0.0010 (-0.09%). USD/JPY (^USDJPY) is unch. Tuesday's closes: Dollar Index +0.314 (+0.32%), EUR/USD -0.0028 (-0.26%), USD/JPY -0.03 (-0.02%). The dollar index on Tuesday climbed to a 6-3/4 month high and closed higher on favorable dollar interest rate differentials after the recent rise in T-note yields and on weakness in EUR/USD which tumbled to a 6-1/2 month low on speculation the ECB will expand QE after ECB Board member and Bank of Finland Governor Liikanen said that "decelerating growth in the emerging economies threatens to dampen global activity."

Dec crude oil (CLZ15 -1.31%) this morning is down -52 cents (-1.18%) at a 2-week low and Dec gasoline (RBZ15 +0.10%) is up +0.0055 (+0.40%). Tuesday's closes: CLZ5 -0.24 (-0.55%), RBZ5 -0.0136 (-0.99%). Dec crude oil and gasoline prices on Tuesday closed lower with Dec crude at a 1-1/2 week low and Dec gasoline at a 1-week low. Crude oil prices were undercut by the rally in the dollar index to a 6-3/4 month high and by concern that China's economic slowdown is deepening after China Oct PPI fell by the most in 6 years.

GLOBAL EVENT CALENDAR11/11/2015

US	0700 ET	Weekly MBA mortgage applications, previous -0.8% with purchase mortgage sub-index -0.6% and refi sub-index -0.9%.
	n/a	Government offices and cash government bond trading closed for Veterans Day; Globex financial futures and stocks exchanges open regular hours.
CHI	0030 ET	China Oct industrial production expected +5.8% y/y, Sep +5.7% y/y.
	0030 ET	China Oct retail sales expected +10.9% y/y, Sep +10.9% y/y.
JPN	0100 ET	Japan Oct machine tool orders, Sep -19.1% y/y.
	1850 ET	Japan Oct PPI expected -0.4% m/m and -3.5% y/y, Sep -0.5% m/m and -3.9% y/y.
	1850 ET	Japan Sep machine orders expected +3.1% m/m and -4.6% y/y, Aug -5.7% m/m and -3.5% y/y.
GER	0200 ET	German Oct wholesale price index, Sep -0.6% m/m and -1.8% y/y.
UK	0430 ET	UK Oct jobless claims change expected +1,400, Sep +4,600. Oct claimant count rate expected unch at 2.3%.
	0430 ET	UK Sep average weekly earnings expected +3.2% 3-mo avg y/y, Aug +3.0% 3-mo avg y/y. Sep weekly earnings ex-bonus expected +2.6% 3-mo avg y/y, Aug +2.8% 3-mo avg y/y.
	0430 ET	UK ILO unemployment rate expected unch at 543% for the 3 months through Sep.
	1901 ET	UK Oct RICS house price balance expected 45%, Sep 44%.
EUR	0815 ET	ECB President Mario Draghi speaks at a BOE event in London.

U.S. STOCK CALENDAR11/11/2015

Company	Ticker	Time	Event Description	Period	Estimate
Macy's Inc	M US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.528
ADT Corp/The	ADT US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.478
ADT Corp/The	ADT US	8:30	Q4 2015 Earnings Call	Q4 2015
Macy's Inc	M US	9:00	Q3 2016 Earnings Call	Q3 2016
Multiple Companies	LLY US	9:00	Baricitinib Phase 3 Data (ACR) Conference Call
United Parcel Service Inc	UPS US		Roadshow - Day8	Y 2015

Barchart Morning Call 3/8

Barchart Morning Call - 3/8

Friday, March 8th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESH13 +0.28%) are up +0.37% this morning on a +1.03% rally in European stocks and mostly higher stocks in Asia. The markets are encouraged by today's continued drop in Spanish and Italian bond yields and by a +22% increase in Chinese Feb exports and upward revision in Japan's Q4 GDP to +0.2% q/q annualized from -0.4%, although Germany's Jan industrial production was weaker than expected at unchanged. Commodity prices this morning are mildly higher by 0.13%. April crude oil (CLJ13 -0.49%) is down -0.21%, April gasoline (RBJ13 +0.77%) is up +0.49%, April gold (GCJ13 -0.01%) is up +0.15%, May copper (HGK13 -0.27%) is down -0.40%, and agriculture prices are trading mostly higher. The dollar index (DXY00 +0.22%) is mildly higher by +0.11%. EUR/USD (^EURUSD) is little changed and USD/JPY (^USDJPY) is sharply higher by +0.94% as Japan's Jan trade balance showed a large deficit of -1.5 trillion yen. June 10-year T-notes (ZNM13 -0.14%) are down 5.5 ticks.
China's Feb exports rose sharply by +21.8% y/y, which was down from +25.8% in Jan but was much stronger than market expectations of +8.1%. Meanwhile, Feb imports fell by -15.2% y/y, weaker than market expectations of -8.5% y/y. The Feb trade balance showed a surplus of $15.25 billion, down from the $29.15 billion surplus in Jan but better than market expectations for a deficit of -$6.9 billion.
The Spanish 10-year bond yield today fell by another 7 bp to a new 2-1/3 year low of 4.83% as market concern about Spain continues to ease. The Italian 10-year bond yield fell by 3 bp to 4.56%.
German Jan industrial production was unchanged m/m and -1.3% y/y, which was weaker than market expectations of +0.4% m/m and -1.2% y/y. The report provided further evidence to show how the German economy is stagnating due to the Eurozone recession.
Japan's Feb Eco Watchers outlook index rose to 57.7 from 56.5 in Jan, while the Feb current index rose to 53.2 from 49.5.
Japan's Jan adjusted current account balance rose to 365 billion yen from a revised 115 billion yen in Dec. Japan's Jan trade balance showed a big deficit of -1.479 trillion yen, which was a bit narrower than market expectations of -1.5 trillion yen.
Japan's Q4 GDP was revised upward to +0.2% q/q annualized from the preliminary report of -0.4%.
North Korea today scrapped the 1953 armistice that called a truce in the Korean war and canceled the hotline with South Korea after the UN approved new sanctions. South Korea this week warned North Korea that any military provocation may be met not only with retaliation on the site of the attack but also possibly on command leadership facilities.

U.S. STOCK PREVIEW

Today’s Feb payroll report is expected to show an increase of +160,000, which would be just slightly below the 6-month trend increase of +177,000, but slightly above January’s increase of +157,000. Today’s Feb unemployment rate is expected to be unchanged from January’s 7.9% level. That would be 0.1 point above the 4-year low of 7.8% posted several times in late 2012.
There are three of the Russell 1000 companies that report earnings today: Foot Locker (consensus $0.73), Carnival (0.03), and Tahoe Resources (-0.15).

June E-mini S&Ps (ESH13 +0.28%) are up 5.75 points (+0.37%) on expectations for a solid payroll report this morning and on a sharp 1.03% rally in European stocks. The S&P 500 index on Thursday closed higher with the Dow at a record high and the S&P 500 at a 5-1/3 year high. Bullish factors included (1) the unexpected drop in weekly initial unemployment claims to a 6-week low, and (2) carry-over support from a rally in European stocks after S&P upgraded Portugal’s credit rating and ECB President Draghi said the Eurozone economy will stabilize this year. Closes: S&P 500 +0.18%, Dow Jones +0.23%, Nasdaq +0.25%.

OVERNIGHT U.S. STOCK MOVERS

• Foot Locker (FL +0.40%) reported Q4 adjusted EPS of 73 cents, right in line with the consensus of 73 cents.
• Fuel Systems (FSYS +3.63%) reported Q4 adjusted EPS of 1 cents, better than the consensus for a 3-cent loss.
• Continental Grain sent a letter to the Smithfield Foods (SFD +10.67%) board requesting that the board hire an investment bank to consider its strategic options, such as splitting the company into three independent companies.
• Carl Icahn raised his stake in Herbalife (HLF unch) to 15.55% from 13.6%.
• H&R Block (HRB -1.11%) reported an adjusted Q3 EPS loss of -22 cents, worse than consensus of -1 cent, saying total Q3 revenues fell -29% due to "timing issues" from the IRS opening its e-file system on January 30, which resulted in delays to the start of the U.S. tax season.
• WuXi PharmaTech (WX +0.46%) reported Q4 EPS of 38 cents, better than consensus of 30 cents.
• Medifast (MED +0.58%) reported Q4 adjusted EPS of 28 cents, better than consensus of 25 cents, but lowered its guidance on Q1 EPS to 32 cents to 35 cents, below consensus of 45 cents.
• Cooper Companies (COO -0.81%) reported Q1 EPS of $1.23, better than consensus of $1.19.
• Quiksilver (ZQK +0.96%) reported a Q1 EPS loss of -16 cents, worse than consensus of -7 cents.
• PowerSecure (POWR +5.30%) reported Q4 EPS of 13 cents, better than consensus of 11 cents.
• TiVo (TIVO +0.96%) was initiated with an "Overweight" at Piper Jaffray with a share price target of $16.
• Covanta (CVA -1.22%) announced that the Board of Directors has authorized a 10% increase of the company's quarterly cash dividend to 16.5 cents from 15 cents per share. The Board of Directors also increased the current share repurchase authorization to $150 million.
• Emergent BioSolutions (EBS +0.07%) reported Q4 EPS of 44 cents, slightly weaker than consensus of 45 cents.
• Finisar (FNSR +5.53%) reported Q3 adjusted EPS of 17 cents, slightly better than consensus of 16 cents.

MARKET COMMENTS

June 10-year T-notes (ZNM13 -0.14%) are down 5.5 ticks on reduced safe-haven demand with the rally in U.S. and European stock indexes. June 10-year T-note prices on Thursday slid to a 1-1/2 week low on the decline in unemployment claims and on reduced safe-haven demand with the Dow at a new record high and with Standard & Poor’s upgrading Portugal’s credit rating to stable from negative. Closes: TYM3 -15.5, FVM3 -7.75.
The dollar index (DXY00 +0.22%) is up +0.09 points (+0.11%). EUR/USD (^EURUSD) is virtually unchanged. USD/JPY (^USDJPY) is sharply higher by +0.89 yen (+0.94%) on today's Japanese trade deficit news. The dollar index on Thursday closed lower on reduced safe-haven demand as stocks rallied. EUR/USD strengthened after Standard & Poor’s upgraded Portugal’s credit rating outlook to stable from negative and after ECB President Draghi said the Eurozone economy will stabilize this year. USD/JPY posted a 3-1/2 year high on speculation the BOJ will expand its yen-negative monetary stimulus measures: Dollar index -0.378 (-0.46%), EUR/USD +0.0140 (+1.08%), USD/JPY +0.758 (+0.80%).
April WTI crude oil (CLJ13 -0.49%) is down -0.19 (-0.21%) and April gasoline (RBJ13 +0.77%) is up +0.0154 (+0.49%). Crude oil and gasoline prices on Thursday closed mixed as crude oil gained on economic optimism after the Dow rallied to another record high. However, gasoline weakened on signs of adequate supplies after the DOE on Wednesday reported that U.S. gasoline inventories in the important PADD1 district that includes NY Harbor (where Nymex gasoline is priced) rose by +651,000 bbl. Closes: CLJ3 +1.13 (+1.25%), RBJ3 -0.0014 (-0.04%).

GLOBAL EVENT CALENDAR03/08/2013

US	0830 ET	Feb non-farm payrolls expected +160,000, Jan +157,000. Feb private payrolls expected +167,000, Jan +166,000. Feb manufacturing payrolls expected +10,000, Jan +4,000. Feb unemployment rate expected unchanged at 7.9%, Jan +0.1 to 7.9%.
	0830 ET	U.S. Feb average hourly earnings expected +0.2% m/m and +2.1% y/y, Jan +0.2% m/m and +2.1% y/y. Feb average weekly hours all-employees expected unchanged at 34.4 hours, Jan 34.4 hours.
	1000 ET	Jan wholesale inventories expected +0.3% m/m, Dec -0.1% m/m.
JPN	0000 ET	Jan Feb Eco watchers survey outlook, Jan 56.5. Feb Eco watchers survey current, Jan 49.5.
GER	0600 ET	German Jan industrial production expected +0.4% m/m and -1.2% y/y, Dec +0.3% m/m and -1.1% y/y.
CHI	2030 ET	China Feb CPI expected +3.0% y/y, Jan +2.0% y/y. Feb PPI expected -1.5% y/y, Jan -1.6% y/y.

U.S. STOCK CALENDAR03/08/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Foot Locker Inc	FL US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.726
Foot Locker Inc	FL US	9:00	Q4 2013 Earnings Call	Q4 2013
Analog Devices Inc	ADI US		ITC Scheduled to Release Findings for Dover Corp vs Analog Devices
Carnival Corp	CCL US		Q1 2013 Earnings Release	Q1 2013	0.032
Walt Disney Co/The	DIS US		Box Office Release of Movie Oz the Great and Powerful""
Dover Corp	DOV US		ITC Scheduled to Release Findings for Dover Corp vs Analog Devices
Hawaiian Electric Industries Inc	HE US		Financial Community Meeting - Day 3	Y 2013
Hill-Rom Holdings Inc	HRC US		Annual General Meeting
McDonald's Corp	MCD US		February 2013 Sales and Revenue Release	2013
Thor Industries Inc	THO US		Q2 2013 Earnings Release	Q2 2013	0.38
Tahoe Resources Inc	THO CN		Q4 2012 Earnings Release	Q4 2012	-0.147

Barchart Morning Call 8/13

Barchart Morning Call

BC - Mon Aug 13, 7:00AM CDT

Overnight Developments

• Sep E-mini S&Ps this morning are up +0.04% and the Euro Stoxx 50 is up +0.36%. Commodity prices are mixed with Sep crude up +0.85% and Sep copper down -0.55%. Energy prices are higher amid concern Middle East tensions may curb supply. The grain markets are weaker with Dec corn down -0.80% as precipitation moves into the central U.S. The dollar index this morning is lower with EUR/USD up +0.55% after Italy sold its maximum target at an auction of Treasury bills. Sep 10-year T-notes are down -4.5 ticks this morning.
• Asian stocks today closed mostly lower as weaker-than-expected Japan Q2 GDP heightened global growth concerns: Japan -0.07%, Hong Kong -0.27%, China -1.99%, Taiwan -0.06%, Australia +0.14%, Singapore +0.35%, South Korea -0.87%, India +0.43%.
• Japan Q2 GDP rose +0.3% q/q and +1.4% q/q annualized, weaker than expectations of +0.6 q/q and +2.3% q/q annualized, while deflation concerns persist after the Q2 GDP deflator fell -1.1% y/y, more than expectations of -0.8% y/y.
• Greek Q2 GDP contracted -6.2% y/y, its ninth straight quarter of contraction, although slightly better than expectations of -7.0% y/y.
• BOE Governor King said in an article in the Mail on Sunday newspaper that Europe's crisis has "no obvious end in sight" and that the U.K. must press on with reforms to the banking industry.
• Italy sold 8 billion euros of 364-day Treasury bills, its maximum target, at 2.767%, up from 2.697% at the last sale of similar-maturity debt last month.
• The Bank of Italy reported that Italian government debt rose 6.6 billion euros in June to a record 1.97 trillion euros.
• Italian Finance Minister Grilli said in the la Republica on Sunday that his country doesn't need to tap Europe's bailout funds and that "the ECB's toolbox, once operative, will substantially reduce tension on bond spreads."
• Israel's Haaretz daily reported late Friday that Israeli leaders are leaning toward a military strike on Iran over its nuclear program before U.S. elections in November despite opposition to such a move by the security establishment.
  Market Comments
  • Sep E-mini S&Ps this morning are up +0.04% and the Euro Stoxx 50 is up +0.36%% on expectations of further central bank stimulus. The stock market on Friday closed slightly higher on optimism the Fed will boost stimulus measures to stimulate growth. Stocks erased early losses tied to global economic concerns after Jun French industrial production and Chinese export growth both weakened more than expected: S&P 500 +0.22%, Dow Jones +0.32%, Nasdaq 100 +0.12%. Stocks weakened early after July China exports rose +1.0% y/y, weaker than expectations of +8.0% y/y and the slowest pace of growth in 6 months. Another negative for stocks was concern the ongoing European debt crisis is undercutting growth after French June industrial production fell -2.3% y/y, weaker than expectations of -1.8% y/y. The main bullish factor for stocks was optimism that global central banks will act to stimulate the economy.
  • Sep 10-year T-notes this morning are down -4.5 ticks. T-note prices on Friday closed higher on increased safe-haven demand after stocks fell early on concern global growth was slowing after China's July exports rose less than expected along with supply relief as U.S. bond dealers lifted their short hedges following the Treasury's $72 billion refunding operation: TYU2 +9, FVU2 +5.2.
  • The dollar index this morning is down -0.21%. EUR/USD is up +0.55% and USD/JPY is +0.04%. The dollar index on Friday closed slightly lower after Fed President Williams suggested it's time to move ahead with QE3: Dollar index -0.85 (-0.10%), EUR/USD -0.00176 (-0.14%), USD/JPY -0.289 (-0.37%). The dollar rallied early last Friday after global stocks fell on weak Chinese export data but dollar gains evaporated after San Francisco Fed President Williams said it was time to move ahead with QE3.
  • Sep WTI crude oil prices this morning are up 79 cents a barrel (+0.85%) and Sep gasoline is up +3.60 cents a gallon (+1.20%). Crude oil and gasoline prices on Friday closed mixed as a slowdown in China's export growth along with the action by the IEA to cut its 2012 and 2013 global demand forecasts bolstered energy demand concerns: CLU2 -0.49 (-0.52%), RBU2 +0.0031 (+0.10%). The IEA cut its 2012 world crude oil consumption estimate by 250,000 barrels a day to 89.6 million barrels a day and cut its 2013 global oil demand forecast to 90.5 million barrels a day, 400,000 barrels less than last month's estimate. Energy demand in China, the world's second-largest consumer of crude, also slowed after its customs data showed July China crude imports were 21.6 MMT, the weakest in 7 months. Gasoline prices were boosted by a continued shutdown of a Chevron refinery in California along with a fire at an Imperial Oil refinery in Ontario. Energy prices also found support from the action of the U.S. Climate Prediction Center to raise its seasonal Atlantic storm forecast for this year to 12 to 17 systems, up from a May forecast of 9 to 15 systems.
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    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): SYY-Sysco (Consensus $0.54), IOC-Interoil (0.06), GRPN-Groupon (0.03), WX-WuXi PharmaTech Cayman (0.32), BCEI-Bonanza Creek Energy (0.30), BH-Biglari Holdings (5.47), MPO-Midstates Petroleum (0.02).
    Global Financial Calendar
    

    Monday 8/13/12
    United States
    1100 ET	USDA weekly grain export inspections.
    1130 ET	Weekly 3-mo and 6-mo T-bill auctions.
    1600 ET	USDA Crop Progress.
    Germany
    0200 ET	German July wholesale price index, Jun -1.1% m/m and +1.1% y/y
    Japan
    1950 ET	Japan June tertiary industry index expected -0.3%, May +0.7% m/m.
    United Kingdom
    1901 ET	UK July RICS house price balance expected -23%, June -22%.

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