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29Th July 2016
OVERNIGHT
MARKETS AND NEWS
Sep E-mini
S&Ps (ESU16 +0.10%)
are up +0.06% at an all-time high. Gains in U.S. stock indexes were muted and
European stocks are down -0.68%as
banks stocks in Europe fell. Despite positive results on European bank stress
tests, concerns over future bank profits are weighing on the sector with
Barclays Plc down -2.0%, Deutsche
Bank AG down -1.3% and UniCredit SpA down over -7%. Also weighing on stock prices is
Chinese growth concerns after the China Jul manufacturing PMI unexpectedly
contracted for the first time in 5 months. Asian stocks settled mixed: Japan
+0.40%, Hong Kong +1.09%, China -0.87%,
Taiwan +1.07%, Australia +0.45%, Singapore +0.83%, South Korea +0.93%, India -0.17%. The Shanghai Composite slid to
a 4-week low after Chinese manufacturing activity unexpectedly contracted last
month, while Japanese stocks closed higher on speculation Japanese Prime
Minister Abe will unveil a 28 trillion yen ($273 billion) spending package on
Tuesday.
The dollar
index (DXY00 +0.20%) is up +0.19%. EUR/USD (^EURUSD)
is down -0.10%. USD/JPY (^USDJPY)
is up +0.19%.
Sep T-note
prices (ZNU16 -0.15%) are down -6.5 ticks
after New York Fed President Dudley said "it is premature to rule out
further monetary policy tightening this year."
New York
Fed President Dudley said investors "appear to be too complacent" on
interest rates" and "it is premature to rule out further monetary
policy tightening this year."
The
Eurozone Jul Markit manufacturing PMI was revised upward to 52.0 from the
originally reported 51.9.
The China
Jul manufacturing PMI (National Bureau of Statistics) fell -0.1 to
50.0, weaker than expectations of no change at 50.0 and the first time
manufacturing activity contracted in 5 months. The Total Investment & Insurance
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Key U.S.
news today includes: (1) revised-Jul Markit manufacturing PMI (expected
unrevised at 52.9, prelim-Jul +1.6 to 52.9), (2) Jul ISM manufacturing index
(expected -0.2 to 53.0, Jun +1.9 to 53.2), (3) Jun
construction spending (expected +0.7%, May -0.8% m/m), (4) UDA weekly grain export
inspections, and (5) USDA Weekly Crop Progress.
There are
12 of the S&P 500 companies that report earnings today with notable reports
including: General Growth Properties (consensus $0.36), Williams Cos (0.20),
Loews (0.57), Vulcan Materials (1.01), Dun & Bradstreet (1.18), Alliant
Energy (0.38).
U.S. IPO's
scheduled to price today: Gemphire Technologies (GEMP).
Equity
conferences this week include: Wells Fargo Services Conference on Wed-Thu. The Total Investment & Insurance
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SolarCity
(SCTY -0.67%) jumped over 7% in pre-market
trading after Reuters reported that the company may merge with Tesla Motors as
soon as today.
Cubic (CUB +0.20%) was upgraded to 'Buy' from
'Hold' at Needham & Co.
First Business
Financial Services (FBIZ -3.15%)
was downgraded to 'Hold' from 'Buy' at Sandler O'Neill.
GNC
Holdings (GNC +0.64%) was downgraded to 'Neutral'
from 'Outperform' at Wedbush.
Leggett
& Platt (LEG -3.59%)
was downgraded to 'Market Perform' from 'Outperform' at Raymond James.
Harley-Davidson
(HOG +3.74%) was upgraded to 'Outperform'
from 'Market Perform' at BMO Capital Markets.
Caesars
Entertainment Group (CZR -1.99%)
will sell its online casino games unit Playtika Ltd for $4.4 billion to an
investor group led by Shanghai Giant Network Technology Co.
Apple (AAPL -0.12%) shares have "gotten too
cheap" based on free cash flow and other metrics, according to Barron's.
Publicis
Groupe (PGPEF +1.01%) announced that Saatchi &
Saatchi Chairman Kevin Roberts was placed on leave due to comments on gender
equality.
Deutsche
Bank (DB +1.43%) scored higher in bank stress
tests released last Friday than in previous years.
Keycorp (KEY +0.43%) fell by -1.3% in after-hours trading on Friday after
news that the First Niagra Financial Group. The Total Investment & Insurance
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Sep E-mini
S&Ps (ESU16 +0.10%)
this morning are up +1.25 points at a fresh all-time high. Friday's closes:
S&P 500 +0.16%, Dow Jones -0.13%,
Nasdaq +0.14%. The S&P 500 on Friday closed slightly higher on deferred
expectations for a Fed rate hike after the weak Q2 GDP report and the slightly
weaker-than-expected final-July U.S. consumer sentiment index of +0.5 to 90.0
(vs expectations of +0.7 to 90.2). Stocks were undercut by the
weaker-than-expected U.S. Q2 GDP report of +1.2% and the +1.1% upward rebound
in Sep oil prices on Friday that provided a little relief for petroleum stocks.
Sep
10-year T-notes (ZNU16 -0.15%)
this morning are down -6.5 ticks. Friday's closes: TYU6 +15.5,
FVU6 +10. Sep 10-year T-notes on Friday closed moderately higher on the much
weaker-than-expected U.S. Q2 GDP report of +1.2% (versus expectations of
+2.0%), which caused market participants to significantly defer expectations
for the timing of the Fed's next rate hike.
The dollar
index (DXY00 +0.20%) is up +0.181 (+0.19%). EUR/USD
(^EURUSD)
is down -0.0011 (-0.10%). USD/JPY (^USDJPY)
is up +0.19 (+0.19%). Friday's closes: Dollar index -1.21 (-1.25%), EUR/USD +0.0096 (+0.86%),
USD/JPY -3.24 (-3.08%). The dollar index on Friday closed
sharply lower on deferred Fed rate-hike expectations after the much
weaker-than-expected U.S. GDP report of +1.2%. In addition, the yen rallied
sharply after the BOJ on Friday announced much weaker-than-expected new
monetary policy stimulus measures.
Sep WTI
crude oil (CLU16 -1.39%)
this morning is down -54 cents (-1.30%) and Sep gasoline (RBU16 -0.61%) is down -0.0065 (-0.49%). Friday's closes: CLU6 +0.46
(+1.12%), RBU6 +0.0183 (+1.41%). Sep crude oil and gasoline on Friday closed
higher on the sharp drop in the dollar index and on pre-weekend short covering
after the sharp decline seen over the past several weeks. However, bearish
sentiment continued based on the world oil glut and the third straight rise in
U.S. oil production.The
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