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1 September 2016
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 +0.15%) are up +0.16% and European
stocks are up +1.00% at a 2-week high amid positive signs for global growth.
Manufacturing activity in China unexpectedly expanded at the fastest pace in
nearly 2 years last month and manufacturing activity in the UK expanded at the
fastest pace in 10 months. Mining stocks are leading gains in the overall
market with Glencore Plc and Rio Tinto up over 1% as signs of stronger global
manufacturing activity boosts copper prices. Asian stocks settled mixed: Japan
+0.23%, Hong Kong +0.81%, China -0.72%,
Taiwan -0.75%, Australia -0.32%, Singapore -0.15%, South Korea -0.33%, India -0.10%. Despite the
stronger-than-expected Chinese manufacturing data, Chinese stocks closed lower
on speculation the stronger data will reduce the chances of additional
government stimulus. Japan's Nikkei Stock Index climbed to a 2-1/2 week high as
exporter stocks rallied after USD/JPY rose to a 1-month high, which improves
the earnings prospects of exporter companies.
The dollar index (DXY00 -0.03%) is down -0.03%. EUR/USD (^EURUSD)
is down -0.08%. USD/JPY (^USDJPY)
is up +0.25% at a 1-month high.
Dec T-note prices (ZNZ16 -0.16%) are down -8 ticks.
The UK Aug Markit
manufacturing PMI rose +5.0 to 53.3, stronger than expectations of +0.8 to 49.0
and the fastest pace of expansion in 10 months.
The China Aug
manufacturing PMI unexpectedly rose +0.5 to 50.4, stronger than expectations of -0.1 to
49.8 and the fastest pace of expansion in 1-3/4 years. The Total Investment & Insurance Solutions
Key U.S. news today
includes: (1) Aug Challenger job cuts (Jul -57.1% y/y), (2) weekly initial unemployment
claims (expected +4,000 to 265,000, previous -1,000
to 261,000) and continuing claims (expected -2,000
to 2.143 million, previous -30,000
to 2.145 million), (3) revised Q2 non-farm productivity (expected -0.6%, prelim-Q1 -0.5%) and revised Q2 unit labor costs
(expected +2.0%, prelim-Q2 +2.0%), (4) final-Aug Markit U.S. manufacturing PMI
(expected unch at 52.1, prelim-Aug -0.8 to 52.1), (5) Jul construction
spending (expected +0.5%, Jun -0.6% m/m), (6) Aug ISM manufacturing index
(expected -0.6 to 52.0, Jul -0.6 to
52.6), (7) Aug total vehicle sales (expected 17.20 million, Jul 17.77 million),
and (8) USDA weekly Export Sales.
Russell 1000 companies
that report earnings today: Campbell Soup (consensus $0.50), Cooper Cos (2.28),
VeriFone (0.40), lululemon athletica (0.38), Broadcom (2.76), Piedmont Natural
Gas (-0.10), Hain Celestial Group (0.56).
U.S. IPO's scheduled to
price today: none.
Equity conferences
during the remainder of this week include: none. The Total Investment & Insurance Solutions
Charter Communications (CHTR +0.46%) rose nearly 4% in after-hours
trading after it was announced that it will replace EMC in the S&P 500
after the close of trading on Wednesday, September 7.
Wynn Resorts (WYNN -0.92%) is up over 3% and Las Vegas
Sands (LVS -1.47%) is up nearly 2% in pre-market
trading after data showed Macau gross gaming revenue unexpectedly rose +1.1% in
Aug, better than expectations of a -1.5% decline.
Ctrip.com International
Ltd (CTRP unch) reported Q2 revenue of $683.5
million, above consensus of $656.7 million.
Box (BOX +3.15%) rallied 4% in after-hours
trading after it raised guidance on full-year revenue to $394 million-$396
million from a prior view of $391 million-$395 million.
Semtech (SMTC +1.29%) gained over 2% in after-hours
trading after it reported Q2 adjusted EPS of 35 cents, higher than consensus of
33 cents.
Ollie's Bargain Outlet
Holdings (OLLI -1.17%)
climbed 6% in after-hours trading after it reported Q2 adjusted EPS of 21
cents, better than consensus of 18 cents, and then raised guidance on full-year
adjusted EPS to 88 cents-90 cents
from a prior view of 85 cents-87 cents.
salesforce.com (CRM -0.51%) tumbled over 8% in after-hours
trading after it said it sees Q3 adjusted EPS of 20 cents-21 cents, below consensus of 24 cents.
Shoe Carnival (SCVL +0.64%) fell nearly 6% in after-hours
trading after it reported Q2 EPS of 22 cents, weaker than consensus of 27
cents, and then said it sees fiscal year comparable sales up +1.5% -2.0%, below a May 19 view of up 1% to
3%.
Impinj (PI +0.31%) rose 5% in after-hours trading
after it reported Q2 adjusted EPS of 6 cents, double consensus of 3 cents.
Five Below (FIVE -0.56%) slid over 4% in after-hours
trading after it reported Q2 comparable sales rose +3.1%, below consensus of
+3.4%.
Oxford Industries (OXM -2.01%) jumped nearly 10% in
after-hours trading after it reported Q2 adjusted EPS continuing operations of
$1.48, better than expectations of $1.38. The Total Investment & Insurance Solutions
Sep E-mini S&Ps (ESU16 +0.15%) this morning are up +3.50
points (+0.16%). Wednesday's closes: S&P 500 -0.24%, Dow Jones -0.29%, Nasdaq-0.10%. The S&P 500
on Wednesday closed lower on the -4.3 point decline in the Aug Chicago PMI
to 51.5, weaker than expectations of -1.8 to 54.0. There was also weakness in
energy producer stocks as crude oil tumbled -3.56% to a 2-week low. In addition, there was
increased concern about a Fed rate hike after the Aug ADP employment report
showed an increase of +177,000 and July was revised upward to +194,000 from
+179,000.
Dec 10-year T-notes (ZNZ16 -0.16%) this morning are down -8 ticks.
Wednesday's closes: TYZ6 unch, FVZ6 +0.50. Dec T-notes on Wednesday closed
little changed. T-note prices were undercut by the slightly
larger-than-expected increase in the Aug ADM employment report of +177,000 and
by the stronger-than-expected U.S. July pending home sales report. T-notes
received a boost from the slide in stocks and the weaker-than-expected Aug
Chicago PMI.
The dollar index (DXY00 -0.03%) this morning is down -0.033 (-0.03%). EUR/USD (^EURUSD)
is down -0.0009 (-0.08%). USD/JPY (^USDJPY)
is up +0.26 (+0.25%) at a new 1-month high. Wednesday's closes: Dollar index -00324 (-0.03%), EUR/USD +0.0015 (+0.13%),
USD/JPY +0.47 (+0.46%). The dollar index on Wednesday climbed to a 3-week high
but fell back and closed slightly lower. The dollar was boosted by the
stronger-than-expected Aug ADP employment change and weakness in the yen after
USD/JPY soared to a 1-month high on expectations for further BOJ stimulus
measures in September. The dollar shed its advance after the Aug Chicago PMI
fell more than expected.
Oct crude oil (CLV16 -0.13%) this morning is down -3 cents
(-0.07%) and Oct gasoline (RBV16 -0.94%)
is down -0.0124 (-0.93%). Wednesday's closes: CLV6 -1.65 (-3.56%), RBV6 -0.0356 (-2.59%). Oct crude oil and gasoline
on Wednesday sold off to new 2-week lows and closed lower. Crude oil prices
were undercut by the rally in the dollar index to a 3-week high and the +2.28
million bbl increase in EIA crude inventories, more than expectations of +1.5 million
bbl.The Total Investment &
Insurance Solutions
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