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16Th Aug 2016
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 -0.13%) are down -0.11% and European stocks are down -0.73% on profit taking from the recent
rally. The S&P 500 on Monday had climbed to a record high and the Euro
Stoxx 50 rose to a 2-1/2 month high on optimism over the economic outlook. A
rally in EUR/USD to a 7-week high has undercut European exporters, such as
automakers, while European stocks were also pressured after the German ZEW
investor confidence rose less than expected. Stock losses were contained as
energy producing companies gained with the price of crude oil up +0.55% at a
4-week high. Asian stocks settled lower: Japan -1.62%, Hong Kong -0.09%, China -0.49%, Taiwan -0.42%, Australia -0.14%, Singapore -0.29%, South Korea -0.01%, India -0.31%. China's Shanghai Composite
retreated from a 7-month high and closed lower on long liquidation and Japan's
Nikkei Stock Index closed lower as exporter stocks sold-off after USD/JPY
tumbled to a 7-week low.
The dollar index (DXY00 -1.02%) is down -0.91% at a 7-week low as the prospects for a
Fed rate hike this year remains subdued. EUR/USD (^EURUSD) is up +0.85% at a 7-week high.
USD/JPY (^USDJPY) is down -1.22% at a 7-week low.
Sep T-note prices (ZNU16 +0.15%) are up +7.5 ticks.
The German Aug ZEW survey expectations of economic growth rose +7.3 to
0.5, weaker than expectations of +8.8 to 2.0. The Total Investment & Insurance Solutions
Key U.S. news today includes: (1) Jul housing starts (expected -1.1% to 1.176 million, Jun +4.8% to 1.189
million) and Jul building permits (expected +0.6% to 1.160 million, Jun +1.5%
to 1.153 million), (2) Jul CPI (expected unch m/m and +0.9% y/y, Jun +0.2% m/m
and +1.0% y/y) and Jul CPI ex food & energy (expected +0.2% m/m and +2.3%
y/y, Jun +0.2% m/m and +2.3% y/y), (3) Jul industrial production (expected
+0.3%, Jun +0.6%), (4) Jul manufacturing production (expected +0.3%, Jun
+0.4%), (5) Jul capacity utilization (expected +0.2 to 75.6%, Jun +0.5 to
75.4%), (6) Atlanta Fed President Dennis Lockhart (non-voter) speaks to the
Rotary Club of Knoxville, TN.
S&P 500 companies that report earnings today: Home Depot (consensus
$1.97), Advance Auto Parts expected $2.11, TJ Cos. expected 81 cents, Urban
Outfitters expected 55 cents.
U.S. IPO's scheduled to price today: none.
Equity conferences this week: Nomura Media, Telecom & Internet
Conference on Tue, EnerCom The Oil & Gas Conference on Tue, Wedbush PacGrow
Health Care Conference on Tue-Wed, Barclays California MedTools Summit on Wed,
Barclays Kohler Utility Mini-Conference on Thu. The Total Investment & Insurance Solutions
JPMorgan Chase (JPM +0.61%) was downgraded to 'Market
Perform' from 'Outperform' at Bernstein.
PG&E (PCG -1.04%) slid 1% in after-hours trading
after it started a 4.9 million-share offering.
Vipshop Holdings Ltd (VIPS +3.16%) gained 3% in after-hours
trading after it reported Q2 net revenue of $2.02 billion, higher than
consensus of $1.9 billion.
Praxair PX jumped nearly 7% in European trading after people familiar
with the matter said the company has held talks on a possible merger with Linde
AG.
Concho Resources (CXO +2.03%) fell nearly 2% in after-hours
trading after it began an offering of 9.0 million shares to finance part of its
purchase of land acquired in the Midland Basin from Reliance Energy.
Fabrinet (FN +4.21%) rallied over 4% in after-hours
trading after it reported Q4 revenue of $276.4 million, above consensus of
$262.8 million, and said it sees Q1 adjusted EPS of 70 cents-72 cents, higher than consensus of 60
cents.
Aratana Therapeutics (PETX -0.84%) rose 4% in after-hours trading
after it said the U.S. FDA approved its Nocita as a local post-operative
analgesia for cranial cruciate ligament surgery in dogs.
Shopify (SHOP -0.76%) lost 3% in after-hours trading
after it said it will offer 7.5 million Class A subordinate voting shares.
Imprimis Pharmaceuticals (IMMY +0.78%) climbed over 2% in after-hours
trading after it reported Q2 revenue of $4.91 million, above $4.38 million from
Q1 and $1.97 million y/y.
Golub Capital BDC (GBDC +0.97%) fell nearly 3% in after-hours
trading after it set a 1.75 million share secondary offering via Wells Fargo.
Hain Celestial Group (HAIN -3.52%) plunged 24% in pre-market
trading after it said it will delay its Q4 and fiscal 2016 financial results as
it evaluates whether revenue tied to concessions granted to certain U.S.
distributors was accounted for in the correct period.
Asterias Biotherapeutics (AST +3.00%) jumped 9% in after-hours
trading after it said it will expand the "SCiSTAR" study with two
additional cohorts of 5-8 patients
each with sensory incomplete injuries. The
Total Investment & Insurance Solutions
Sep E-mini S&Ps (ESU16 -0.13%) this morning are down -2.50 points (-0.11%). Monday's closes:
S&P 500 +0.28%, Dow Jones +0.32%, Nasdaq +0.42%. The S&P 500 on Monday
rallied to a fresh record high and closed higher due to strength in energy
producing stocks as the price of crude oil rose +2.81% to a 3-week high and
increased M&A activity after Mid-America Apartment Communities agreed to
buy Post Properties for $3.9 billion and Xylem agreed to purchase Sensus for
about $1.7 billion. A negative factor for stocks was the unexpected -4.76 point decline in the U.S. Aug Empire
manufacturing survey to -4.21,
weaker than expectations of +1.45 to 2.00.
Sep 10-year T-notes (ZNU16 +0.15%) this morning are up +7.5
ticks. Monday's closes: TYU6 -9.00,
FVU6 -4.75. Sep T-notes on Monday closed lower on
reduced safe-haven demand after the S&P 500 rallied to a new all-time high
and after crude oil prices rose to a 3-week high, which boosted inflation
expectations.
The dollar index (DXY00 -1.02%) this morning down -0.874 (-0.91%) at a 7-week low. EUR/USD (^EURUSD) is up +0.0095 (+0.85%) at a 7-week
high. USD/JPY (^USDJPY) is down -1.24 (-1.22%) at a 7-week low. Monday's
closes: Dollar index -0.093 (-0.10%), EUR/USD +0.0022 (+0.20%),
USD/JPY-0.04 (-0.04%). The dollar
index on Monday closed lower on a the weaker-than-expected U.S. Aug Empire
manufacturing index, which bolsters the case for the Fed to refrain from
raising interest rates, and after EUR/USD rallied when the Bundesbank said in
its monthly report that it expects solid German Q3 economic growth.
Sep WTI crude oil (CLU16 +0.42%) this morning is up +25 cents
(+0.55%) at a 4-week high and Sep gasoline (RBU16 +0.84%)
is up +0.0133 (+0.95%) at a 4-week high. Monday's closes: CLU6 +1.25 (+2.81%),
RBU6 +0.0260 (+1.90%). Sep crude oil and gasoline on Monday closed higher with
Sep crude at a 3-week high due to a a weaker dollar and comments from Russian
Energy Minister Novak who said that Russia is open to cooperation with OPEC to
help stabilize the oil market. Another supportive factor for crude prices was
the rally in the S&P 500 to a new record high, which bolsters confidence in
the economic outlook and energy demand.The
Total Investment & Insurance Solutions
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