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8Th Aug 2016
OVERNIGHT
MARKETS AND NEWS
Sep
E-mini S&Ps (ESU16 +0.17%)
are up +0.18% at a fresh all-time nearest-futures high and European
stocks are up +0.66% on positive carryover from last Friday's
stronger-than-expected U.S. Jul non-farm payrolls. European stocks
rose and commodity prices also gained after German Jun industrial
production rose more than expected at the fastest pace in 5 months.
Asian stocks settled higher: Japan +2.44%, Hong Kong +1.57%, China
+0.93%, Taiwan 0.64%, Australia +0.74%, Singapore +1.51%, South Korea
+0.69%, India +0.37%. Chinese stocks gained after weaker than
expected China Jul exports and imports bolstered speculation the
government may boost stimulus measures, and Japanese stocks were led
higher by a rally in exporters as USD/JPY rose.
The
dollar index (DXY00 +0.17%)
is up +0.14%. EUR/USD (^EURUSD)
is down -0.02%. USD/JPY (^USDJPY)
is up +0.49%.
Sep
T-note prices (ZNU16 -0.06%)
are down -1 tick, but recovered nearly all of their losses
from a 1-week low after Fed Governor Powell said he sees a "very
gradual" path for interest rate increases.
Eurozone
Aug Sentix investor confidence rose +2.5 to 4.2, stronger than
expectations of +1.3 to 3.0.
German
Jun industrial production rose +0.8% m/m, was stronger than
expectations of +0.7% m/m and the largest increase in 5 months.
The
China Jul trade balance unexpectedly widened to a surplus of +$52.31
billion, bigger than expectations of +$47.30 billion and the most in
6 months. Jul exports fell -4.4% y/y, weaker than
expectations of -3.5% y/y and Jul imports fell -12.5% y/y,
weaker than expectations of -7.0% y/y and the biggest
decline in 5 months.
Fed
Governor Powell said he sees an increasing risk that the U.S. is
trapped in a prolonged period of subdued growth that requires a "very
gradual" path for interest rate increases.The Total
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Key
U.S. news today includes: (1) USDA weekly grain export inspections,
and (2) USDA Weekly Crop Progress.
There
are 7 of the S&P 500 companies that report earnings today: Tyson
Foods (consensus $1.06), Allergan (3.31), Intl Flavors and Fragrances
(1.40), DaVita HealthCare Partners (0.98), Endo Intl (0.74),
Microchip Technology (0.75), News Corp (0.13).
U.S.
IPO's scheduled to price today: none.
Equity
conferences this week: Cowen and Company Communications
Infrastructure Summit on Mon-Tue, Pacific Crest Global Technology
Leadership Forum on Mon-Tue, UBS Financial Services Conference on
Tue, J.P. Morgan Auto Conference on Tue-Wed, Oppenheimer Technology,
Internet & Communications Conference on Tue-Wed, Jefferies
Industrials Conference on Tue-Thu, Canaccord Genuity Growth
Conference on Wed-Thu, Jefferies Financial Services Conference on
Wed-Thu, Goldman Sachs Power, Utilities, MLP, and Pipeline Conference
on Thu.
The
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U.S.
Concrete (USCR -4.15%)
was rated a new 'Buy' at Suntrust Robinson with a price target of
$75.
EOG
Resources (EOG +7.03%)
was upgraded to 'Buy' from 'Hold' at Wunderlich Securities.
Wyerhaeuser
(WY +0.70%)
was downgraded to 'Neutral' from 'Buy' at DA Davidson.
Level
3 Communications (LVLT +0.59%)
was rated a new 'Buy' at BTIG with a price target of $63.
JP
Morgan Chase (JPM +2.70%)
is down -0.5% in pre-market trading after it was downgraded
to 'Neutral' from 'Buy' at Citigroup.
Mattress
Firm Holding (MFRM +1.47%)
surged 100% in pre-market trading after Steinhoff International
Holdings NV bought the company for $2.4 billion.
Delta
Air Lines (DAL +3.09%)
fell nearly 2% in pre-market trading after a computer-system failure
grounded all of the carrier's flights across the U.S.
U.S.
Steel (X +1.92%)
gained over 1% in after-hours trading after the U.S. International
Trade Commission (ITC) said that U.S. Steel can proceed with its case
that charges Chinese manufacturers of carbon and alloy steel of
misappropriating U.S. Steel trade secrets that a U.S. judge had put
on hold July 6.
Berkshire
Hathaway ({=BRK/B=}) lost almost 1% in after-hours trading after it
reported Q2 operating EPS of $2,803, below consensus of $2,911.
Rackspace
Holdings (RAX +10.24%)
rose nearly 3% in after-hours trading, adding to last Friday's +10%
surge, on reports that Apollo Global Management LLC is reportedly
offering $3.5 billion for the company.
Lantheus
Holdings (LNTH +54.24%)
dropped almost 3% in after-hours trading after the company registered
17.8 million shares for sale for top share holder Avista Capital
Partners.The
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MARKET
COMMENTS
Sep
E-mini S&Ps (ESU16 +0.17%)
this morning are up +4.00 points (+0.18%) at a new all-time high.
Friday's closes: S&P 500 +0.86%, Dow Jones +1.04%, Nasdaq +1.00%.
The S&P 500 on Friday climbed to a new record high and closed
higher on the +255,000 increase in U.S. July payrolls (stronger than
expectations of +180,000) and the +0.3% m/m increase in U.S. July
average hourly earnings (stronger than expectations of +0.2% m/m)
that help sustain the economic recovery.
Sep
10-year T-notes (ZNU16 -0.06%)
this morning are down -1 tick. Friday's closes:
TYU6 -26.00, FVU6 -17.25. Sep T-notes on Friday fell
to a 1-week low and closed sharply lower on the larger-than-expected
increase in U.S. July non-farm payrolls, which may prompt the Fed to
raise interest rates sooner rather than later. T-notes were also
undercut by reduced safe-haven demand with the rally in the S&P
500 to a record high.
The
dollar index (DXY00 +0.17%)
this morning is up +0.138 (+0.14%). EUR/USD (^EURUSD)
is down -0.0002 (-0.02%). USD/JPY (^USDJPY)
is up +0.50 (+0.49%). Friday's closes: Dollar index +0.436 (+0.46%),
EUR/USD -0.0044 (-0.40%), USD/JPY +0.60 (+0.59%). The
dollar index on Friday closed higher on the stronger-than-expected
U.S. July payroll report, which bolstered the case for the Fed to
raise interest rates. In addition, EUR/USD fell to a 1-week low after
German Jun factory orders unexpectedly fell -0.4% m/m,
weaker than expectations of +0.5% m/m.
Sep
WTI crude oil (CLU16 +1.46%)
this morning is up +62 cents (+1.48%) at a 1-week high and Sep
gasoline (RBU16 +0.68%)
is up +0.0083 (+0.60%) at a 2-week high. Friday's closes:
CLU6 -0.13 (-0.31%), RBU6 +0.0083 (+0.53%). Sep crude and
gasoline on Friday settled mixed. Crude oil prices were undercut by
the rally in the dollar and by the Baker Hughes report that showed
that active U.S. oil rigs rose by +7 rigs in the week ended Aug 5 to
a 4-1/2 month high of 381, the sixth straight week of increases.
Crude oil prices found support on the rally in the S&P 500 to a
new record high and on strong refinery demand after the crack spread
rose to a 1-1/4 month high.The
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