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30
December 2016
OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17
+0.20%) are up +0.21% in thin year-end trading as raw-material stocks move
higher with a rally in gold and silver prices to 2-week highs. A -0.46% slide
in the dollar index (DXY00 -0.45%) to a 2-week gave metals prices a boost with
Feb COMEX gold (GCG17 +0.14%) up +0.11% and Mar COMEX silver (SIH17 +0.29%) up
+0.29%, both at 2-week highs. European stocks are down -0.22% in quiet trade on
weakness in bank stocks and exporters. The Bank of Italy said that the cost to rescue
Banca dei Paschi di Siena SpA will cost the government about 6.6 billion euros
($7 billion), 4.6 billion euros to meet capital requirements and about 2
billion euros to compensate the bank's retail bondholders.
Asian stocks settled mixed:
Japan -0.16%, Hong Kong +0.96%, China +0.24%, Taiwan +1.10%, Australia -0.58%,
Singapore -0.29%, South Korea closed for holiday, India +0.99%. Japan's Nikkei
Stock Index finished the year at a 3-week low after USD/JPY dropped to a 2-week
low, which fueled selling in exporter stocks on reduced earnings prospects.
The dollar index (DXY00
-0.45%) is down -0.46% at a 2-week low. EUR/USD (^EURUSD) is up +0.63% at a
2-week high as a rush of computer-generated algorithmic buy orders into a
thinly traded holiday market caused a sharp rally in EUR/USD in overnight
trade.
USD/JPY (^USDJPY) is up
+0.33% as it rebounds from a 2-week low in overnight trade. The Total
Investment & Insurance Solutions
Mar 10-year T-note prices
(ZNH17 +0.03%) are unchanged. The Total Investment & Insurance Solutions
ECB Governing Council
member Nowotny said he sees much higher inflation rates in 2017 because of
energy prices and that he expects Eurozone monetary policy to remain expansive,
"but not for an unlimited period of time."
U.S. STOCK PREVIEW
Key U.S. news today
includes: (1) Dec Chicago PMI expected -0.6 to 57.0, Nov +7.0 to 57.6, (2) USDA
weekly Export Sales.The Total Investment & Insurance Solutions
Russell 1000 earnings
reports today include: none.
U.S. IPO's scheduled to
price today: none.
Equity conferences this
week: none.
OVERNIGHT U.S. STOCK MOVERS
Syndax Pharmaceuticals
(SNDX -3.49%) was rated a new 'Buy' at BTIG with a price target of $25.
Yandex (YNDX +0.59%) was
rated a new 'Outperform' at Credit Suisse with a price target of $26.
Cempra (CEMP -57.38%) was
upgraded to 'Equalweight' from 'Underweight' at Morgan Stanley with a 12-month
target price of $3. The Total Investment & Insurance Solutions
Gulfport Energy (GPOR
-0.77%) CFO Aaron Gaydosik resigned effective January 4 and will be replaced by
Keri Crowell.
Mylan NV (MYL +0.46%) rose
2% in after-hours trading after it said it launched a generic version of
Janssen's Concerta tablets. The Total Investment & Insurance Solutions
MARKET COMMENTS
Mar E-mini S&Ps (ESH17
+0.20%) this morning are up +4.75 points (+0.21%). Thursday's closes: S&P
500 -0.03%, Dow Jones -0.07%, Nasdaq -0.16%. The S&P 500 on Thursday
dropped to a 3-week low and closed lower on weakness in energy producers after
crude oil prices fell -0.39%. Stocks were also undercut by year-end profit
taking after the recent rally in the S&P 500 to a record high. Stocks saw
some support from news that U.S. weekly jobless claims fell -10,000 to 265,000,
right on expectations and the third decline in the last 4 weeks.
Mar 10-year T-notes (ZNH17
+0.03%) this morning are unch.
Thursday's closes: TYH7
+9.50, FVH7 +7.75. Mar 10-year T-notes on Thursday rose to a 2-week high and
settled higher on carry-over support from a rally in German bunds to a 1-1/2
month high and on firm demand for the Treasury's $28 billion auction of 7-year
T-notes that had a bid-to-cover ratio of 2.54, higher than the 12-auction
average of 2.50.
The dollar index (DXY00
-0.45%) this morning is down -0.47 (-0.46%) at a 2-week low. EUR/USD (^EURUSD)
is up +0.0066 (+0.63%) at a 2-week high. USD/JPY (^USDJPY) is up +0.38
(+0.33%). Thursday's closes: Dollar index -0.620 (-0.60%), EUR/USD +0.0077
(+0.74%), USD/JPY -0.72 (-0.61%). The dollar index on Thursday closed lower on
the decline in the S&P 500 to a 3-week low, which boosted safe-haven demand
for the yen as USD/JPY tumbled to a 2-week low. The dollar index was also
undercut by the drop in the 10-year T-note yield to a 2-week low, which reduced
the dollar's interest rate differentials.
Feb WTI crude oil prices
(CLG17 -0.19%) this morning are up +5 cents (+0.09%) and Feb gasoline (RBG17
-1.10%) is -0.0141 (-0.84%). Thursday's closes: Feb crude -0.21 (-0.39%), Feb
gasoline -0.0004 (-0.02%). Feb crude oil and gasoline on Thursday closed lower
on the unexpected +614,000 bbl increase in weekly EIA crude inventories (versus
expectations for a -1.5 million bbl decline) and on the +172,000 bbl increase
in crude supplies at Cushing. Crude oil found support from a weaker dollar and
by the unexpected -1.59 million bbl decline in EIA gasoline stockpiles (versus
expectations for an increase of +1.0 million bbl).The Total Investment &
Insurance Solutions
