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19
September 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.42%) are up +0.42% and European
stocks are up +1.13% on speculation that recent mixed economic data will keep
the Fed from raising interest rates at this week's FOMC meeting. Crude oil
prices (CLV16 +1.42%)
are up +1.37%, which has given energy producing stocks a lift, after OPEC
Secretary General Mohammed Barkindo said the cartel may call an extraordinary
meeting if ministers reach consensus at an informal gathering in Algiers next
week. Asian stocks settled mostly higher: Japan closed for holiday, Hong Kong
+0.92%, China +0.77%, Taiwan +2.81%, Australia -0.04%, Singapore +0.87%, South Korea
+0.86%, India +0.12%. Chinese stocks closed higher, led by a rally in property
stocks, after China Aug new home prices rose +1.2% m/m in the 70 cities tracked
by the government, the biggest increase in 6-1/2 years.
The dollar index (DXY00 -0.22%) is down -0.24%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is down -0.43%.
Dec T-note prices (ZNZ16 +0.08%) are up +3 ticks. The Total Investment & Insurance
Solutions U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep NAHB housing market index
(expected unchanged at 60, Aug +2 to 60), (2) USDA weekly grain export
inspections, (3) USDA Weekly Crop Progress.
Russell 1000 companies that report earnings today: none.
U.S. IPO's scheduled to price today: AzurRx BioPharma (AZRX).
Equity conferences this week include: BMO Capital Markets Real Estate
Conference on Mon, CLSA Investors Forum on Mon, BMO Capital Markets North
American Real Estate Conference on Mon-Tue, Deutsche Bank Energy Summit on Tue,
J.P. Morgan U.S. All Stars Conference on Tue, Scotiabank Fertilizer and
Chemicals Conference on Tue, Finance Montreal FinTech Forum on Tue-Wed, Johnson
Rice Energy Conference on Tue-Wed, Goldman Sachs Communicopia Conference on
Tue-Thu, Finance Shared Services & GBS Exchange Conference on Wed. The Total Investment & Insurance
Solutions
GoPro (GPRO +5.65%) jumped nearly 6% in pre-market trading after it said it will unveil new products at today's anaylst meeting.
Mattel (MAT -0.22%) was upgraded to 'Buy' from
'Neutral' at Monness, Crespi, Hardt & Co. with a 12-month price target of
$37.
U.S. Steel (X -0.93%) and AK Steel Holdings (AKS +1.23%)
were both upgraded to 'Sector Weight' from 'Underweight' at Keybanc Capital
Markets.
Enterprise Products Partners LP (EPD +0.19%) was
upgraded to 'Outperform' from 'Neutral' at Credit Suisse witha target price of
$34.
General Motors (GM -0.48%) climbed over 1% in pre-market
trading after it was upgraded to 'Overweight' from 'Equalweight' at Morgan
Stanley with a 12-month price target of $37.
PayPal Holdings (PYPL -0.32%) fell over 1% in pre-market
trading after it was downgraded to 'Hold' from 'Buy' at Canaccord Genuity.
Buckeye Partners LP (BPL -0.28%) was upgraded to 'Buy' from
'Neutral' at Goldman Sachs with a 12-month price target of $78.
Targa Resources (TRGP +0.58%) was upgraded to 'Buy' from
'Neutral' at Goldman Sachs with a 12-month price target of $52.
Science Applications International (SAIC +0.47%)
was awarded a U.S. Defense Logistics Agency contract worth as much as $700
million over the next 5 years for chemicals, packaged petroleum, oils and
lubricants.
Enlink Midstream LLC (ENLC -0.06%) was downgraded to 'Sell' from
'Neutral' at Goldman Sachs.
North Sound increased its stake in Novatel Wireless (MIFI +3.82%) to
7.1% from 5.9%.
Sanofi (SNY -1.26%) sued Merck (MRK -0.16%) to
block Merck's MK-1293 diabetes
drug that Sanofi says infringes on 10 of its patents. The Total Investment & Insurance Solutions
Dec E-mini S&Ps (ESZ16 +0.42%) this morning are up +9.00
points (+0.42%). Friday's closes: S&P 500 -0.38%,
Dow Jones -0.49%, Nasdaq -0.04%. The S&P 500 on Friday
closed lower on continued concern about the recent surge in T-bond yields and
concern about the economy after the Sep University of Michigan U.S. consumer
sentiment report of unchanged at 89.8, weaker than expectations of +0.8 to 90.6
and the lowest since April. In addition, energy producer stocks were undercut
by the -2% decline in crude oil to a 2-week low.
Dec 10-year T-notes (ZNZ16 +0.08%) this morning are up +3 ticks.
Friday's closes: TYZ6 -1.50, FVZ6 -3.75. Dec T-notes on Friday closed slightly
lower on the stronger-than-expected U.S. Aug core CPI report of +2.3% (versus
expectations of +2.2%), which bolsters the case for the Fed to raise interest
rates. T-notes were also undercut by increased inflation expectations after the
10-year T-note breakeven rate rose to a 1-week high. T-notes found support on
the increased safe-haven demand with the sell-off in stocks.
The dollar index (DXY00 -0.22%) this morning is down -0.231 (-0.24%). EUR/USD (^EURUSD) is up +0.0006 (+0.05%). USD/JPY (^USDJPY) is down-0.44 (-0.43%). Friday's closes: Dollar
index +0.820 (+0.86%), EUR/USD -0.0080 (-0.79%), USD/JPY +0.19 (+0.19%). The
dollar index on Friday rose to a 2-week high and settled higher on a stronger
case for a Fed rate hike after the larger-than-expected increase in U.S. Aug
CPI. In addition, EUR/USD fell to a 1-week low on speculation the ECB may need
to expand stimulus measures after Eurozone Q2 labor costs rose by only +1.0%
y/y, the smallest increase since Q1 of 2014.
Oct crude oil (CLV16 +1.42%) this morning is up +59 cents
(+1.37%) and Oct gasoline (RBV16 -0.76%) is down -0.0091 (-0.62%). Friday's closes: Closes:
CLV6 -0.88 (-2.00%), RBV6 +0.0314 (+2.20%). Oct
crude oil and gasoline on Friday settled mixed with Oct crude at a 5-week low
and Oct gasoline at a 2-week high. Crude oil prices were undercut by a rally in
the dollar index to a 2-week high and by signs the global oil glut may worsen
after Libya lifted export restrictions on crude exports at several ports that
may boost Libya's crude exports by +300,000 bpd and after Nigeria's Exxon
Mobile said it was ready to resume 300,000 bpd of Qua Iboe crude, Nigeria's
biggest export grade. Gasoline prices received a boost after news that Colonial
Pipeline's pipeline in Alabama, the biggest fuel pipeline that delivers fuel
from refineries from the Gulf Coast to the East Coast, will be shut down due to
a leak until at least next week, which may cause gasoline shortages in the
Eastern U.S.The Total Investment &
Insurance Solutions
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