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27 September 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.21%) are up +0.23%, although they gave up an even bigger advance due
to losses in European stocks. European stocks are down -0.49% at a 1-week low as bank stocks slide.
Deutsche Bank AG is down nearly 3% at a fresh record low amid growing concerns
that it will need to raise capital, and Commerzbank AG is down 3% after a
report said it plans to eliminate 9,000 jobs and suspend dividend payments.
Weakness in energy producers is another drag on the overall market with crude
oil (CLX16 -1.87%) down -1.44% after Iran said it is unwilling to
freeze its crude output at current levels, which dampens expectations that OPEC
will reach a deal on production cuts when it meets tomorrow in Algiers. Asian
stocks settled mostly higher: Japan +0.84%, Hong Kong +1.09%, China +0.60%,
Taiwan closed due to Typhoon Megi, Australia -0.47%,
Singapore +0.36%, South Korea +0.81%, India -0.25%.
Asian stocks recovered from early losses and closed higher on speculation that
U.S. Democratic candidate Clinton won the presidential debate last night with
Republican nominee Trump, which eases concern of the effects on foreign trade
that Trump would have if he is elected U.S. President. Chinese stocks also
received a boost after China Aug industrial profits rose by the most in 3
years.
The dollar index (DXY00 +0.11%) is up +0.06%. EUR/USD (^EURUSD) is
down -0.06%. USD/JPY (^USDJPY) is
up +0.06%.
Dec 10-year T-note prices (ZNZ16 +0.11%) are up +2 ticks at a 2-1/2 week high as European banking
concerns boost the safe-haven demand for government debt. The yield on the
10-year German bund fell to a 1-1/2-month low of -0.152%.
China Aug industrial profits rose +19.5% y/y, the largest increase in 3
years. The Total
Investment & Insurance Solutions
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Jul S&P CoreLogic composite-20 home price index (expected unch m/m
and +5.1% y/y, Jun -0.07% m/m and +5.13% y/y), (2) Sep Markit
services PMI (expected +0.2 to 51.2, Aug -0.4 to 51.0), (3) Sep Conference Board
U.S. consumer confidence index (expected -2.4 to 98.7, Aug +4.4 to 101.1), (4) Sep
Richmond Fed manufacturing index (expected +9 to -2, Aug -21 to -11), and (5) Treasury's auction of
$34 billion of 5-year T-notes.
Russell 1000 companies that report earnings today: FactSet (consensus
$1.69), NIKE (0.56), Cintas (1.08).
U.S. IPO's scheduled to price today: Fulgent Genetics (FLGT).
Equity conferences during the remainder of this week include: Deutsche
Bank Leveraged Finance Conference on Tue, JMP Securities Financial Services
& Real Estate Conference on Tue, Wolfe Research Power and Gas Leaders
Conference on Tue-Wed, Leerink Partners Rare Disease & Immuno Oncology
Roundtable Conference on Wed-Thu. The
Total Investment & Insurance Solutions
CBOE Holdings (CBOE -5.28%) was upgraded to 'Neutral' from 'Underperform'
at Credit Suisse.
Electronics For Imaging (EFII -0.29%) was rated a new 'Buy' at Needham
& Co. with a 12-month target price of $58.
Gilead Sciencies (GILD -0.92%) was downgraded to 'Market Perform'
from 'Outperform' at Leerink Partners.
AutoZone (AZO +1.88%) was upgraded to 'Overweight' from
'Equalweight' at Morgan Stanley with a price target of $840.
Consolidated Edison (ED -0.03%) was upgraded to 'Hold' from 'Sell' at
Evercore ISI with a 12-month target price of $76.
Crown Holdings (CCK -0.66%) was upgraded to 'Outperform' from
'Market Perform' at BMO Capital Markets with a price target of $65.
Synnex (SNX -0.47%) jumped over 6% in after-hours trading
after it reported Q3 adjusted EPS of $1.73, above consensus of $1.56, and said
it sees Q4 adjusted EPS of $2.06-$2.11, higher than consensus of $1.91.
Rice Energy (RICE +0.82%) slipped 4% in after-hours trading
after it announced a public offering of 40 million shares of common stock.
Sunoco Logistics Partners LP (SXL -0.38%) dropped nearly 6% in after-hours
trading after offering 21 million shares to fund its Vitol Platform purchase.
Nordic American Tankers Ltd (NAT -1.57%) fell over 5% in after-hours trading
after it offered 11 million shares of common stock.
Kite Pharma (KITE +0.75%) climbed 9% in after-hours trading
after a study of its Zuma-1 drug
showed a better-than-expected 47% complete remission rate in diffuse large
B-cell lymphoma patients.
Array Biopharma (ARRY +81.10%) gained 5% in after-hours trading after
the company's binimetinib-encorafenib combo met the primary endpoint of
improving progression free survival in a study of melanoma patients. The Total Investment & Insurance
Solutions
Dec E-mini S&Ps (ESZ16 +0.21%) this morning are up +5.00 points (+0.23%). Monday's closes:
S&P 500 -0.86%, Dow Jones -0.91%, Nasdaq -0.86%. The S&P 500 on Monday
closed lower on negative carryover from a slide in European bank stocks after
Deutsche Bank AG, Germany's largest bank, slumped by more than -7% to
a record low on concern that mounting legal exposure will force it to raise
more capital. U.S. bank stocks were also undercut by Fed Governor Tarullo's
comment that a Fed plan to merge bank stress tests with related capital rules
"would generally result in a significant increase in capital
requirements."
Dec 10-year T-notes (ZNZ16 +0.11%) this morning are up +2 ticks a t a 2-1/2 week high. Monday's closes:
TYZ6 +9.00, FVZ6 +4.75. Dec 10-year T-notes on Monday climbed to a 2-week high
and closed higher on carryover support from a rally in German bund prices to a
2-week high after ECB President Draghi said the Eurozone recovery has less
momentum and the ECB will preserve "very substantial" monetary
support. T-notes were also boosted by increased safe-haven demand after the
slide in stocks.
The dollar index (DXY00 +0.11%) this morning is up +0.061 (+0.06%). EUR/USD (^EURUSD) is
down -0.0007 (-0.06%). USD/JPY (^USDJPY) is
up +0.06 (+0.06%). Monday's closes: Dollar index -0.180 (-0.19%), EUR/USD +0.0028 (+0.25%),
USD/JPY -0.69 (-0.68%). The dollar index on Monday
closed lower on strength in EUR/USD which rose to a 1-week high after the
German Sep IFO business climate rose to a 2-1/3 year high (+3/2 to 109.5). In
addition, USD/JPY fell -0.68% as a sell-off in stocks boosted the
safe-haven demand for the yen.
Nov WTI crude oil (CLX16 -1.87%) this morning is down -66 cents (-1.44%) and Nov gasoline (RBX16 -2.02%) is down -0.0228 (-1.65%). Monday's closes: Nov crude
+1.14 (+2.56%), Nov gasoline +0.0229 (+1.69%). Nov crude and gasoline on Monday
closed higher with Nov gasoline at a 2-week high. Crude oil prices were boosted
by the weaker dollar and by comments from Algeria's energy minister who said
that Saudi Arabia has offered to cut its crude output back to a Jan level of
10.2 million bpd from Aug's 10.69 million bpd if Iran would agree to cap its
output.The Total Investment &
Insurance Solutions
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