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27 December
2016
OVERNIGHT MARKETS AND NEWS
Mar
E-mini S&Ps (ESH17 +0.06%) are up +0.06% and European
stocks are up +0.10% in thin holiday trade. Markets in the UK, Australia and
Hong Kong are closed today for holiday. A +0.30% rally in Feb WTI crude (CLG17 +0.26%) is positive for energy
producing stocks, although a -0.22% decline
in the price of Mar COMEX copper (HGH17 -0.22%)
to a 1-1/4 month low is
undercutting mining stocks and raw-material producers. Asian stocks settled
mixed: Japan +0.03%, Hong Kong and Australia closed for holiday, China -0.25%,
Taiwan -0.01%,
Singapore +0.51%, South Korea +0.23%, India +1.57%. Economic concerns undercut
Japanese stocks after Japan Nov household spending unexpectedly declined -1.5% y/y. Also, deflation concerns remain
after Japan's Nov national CPI fell -0.4% y/y,
weaker than expectations of -0.3% y/y
and the ninth straight month prices have fallen.
The
dollar index (DXY00 +0.17%) is up +0.07%. EUR/USD (^EURUSD) is down -0.08%.
USD/JPY (^USDJPY) is up
+0.19%. The Total Investment &
Insurance Solutions
Mar
10-year T-note prices (ZNH17 -0.09%)
are down -3.5 ticks.
ECB
Governing Council Member Knot said the ECB's assets purchase program prevents
countries from taking structural reform measures and the program will have to
come to an end at some point.
Japan
Nov national CPI rose +0.5% y/y, right on expectations. Nov national CPI
ex-fresh food fell -0.4% y/y,
weaker than expectations of -0.3% y/y.
Nov national CPI ex food & energy rose +0.1% y/y, right on expectations.
Japan
Nov overall household spending unexpectedly fell -1.5%,
weaker than expectations of +0.1% and the ninth consecutive month that spending
has declined. The Total Investment
& Insurance Solutions
Key
U.S. news today includes: (1) Oct S&P CoreLogic composite-20 home
prices (expected +0.5% m/m and +5.0% y/y, Sep +0.37% m/m and +5.08% y/y), (2)
Dec Richmond Fed manufacturing survey (expected +1 to 5, Nov +8 to 4), (3)
Conference Board Dec U.S. consumer confidence index (expected +1.4 to 108.5,
Nov +6.3 to 107.1), (4) Treasury auctions $26 billion of 2-year T-notes, (5)
USDA weekly grain export inspections.
Russell
1000 earnings reports today include: none.
U.S.
IPO's scheduled to price today: none.
Equity
conferences this week: none. The Total Investment
& Insurance Solutions
Disney
(DIS -0.26%)
may move to the upside in today's trading after its 'Rogue One' movie was the
number one movie seen over the weekend according to ComScore.
Lions
Gate Entertainment (LGF +4.40%) was initiated with a 'Buy' at
Argus Research with a 12-month price target of $34.
Ritchie
Bros. Auctioneers (RBA +2.21%) was downgraded to 'Market
Perform' from 'Outperform' at Raymond James.
Sotheby's
(BID +1.84%) was rated a new 'Buy' at
Sidoti & Company with a 12-month target price of $54.
Hologic's
(HOLX +0.65%) received U.S. FDA approval for
commercial distribution of its HIV-1 test.
MacroGenics
(MGNX +6.59%) was granted orphan drug status
by the U.S. FDA for its Cd123 X drug in treatment of acute myeloid leukemia.
Shire
(SHPG +1.43%) said the U.S. FDA approved its
hemophilia therapy of Adynovate in pediatric patients under 12 years old and
for use in surgical settings for adult patients.
International
Value Advisers cut its stake in DeVry Education Group (DV +0.47%) to 7.0% from 8.5%.
Point72
Asset Management cut its stake in Whiting Petroleum (WLL +0.32%) to 1.9% from 5.7%.
Protalix
Biotherapeutics (PLX unch) jumped 8% in pre-market trading
after it received a $24.3 million order for its alfataligilicerase drug to treat
Gaucher patients in Brazil by the Brazilian Ministry of Health. The Total Investment & Insurance
Solutions
Mar
E-mini S&Ps (ESH17 +0.06%) this morning are up +1.25
points (+0.06%). Friday's closes: S&P 500 +0.13%, Dow Jones +0.07%, Nasdaq
+0.11%. The S&P 500 on Friday closed slightly higher on the +5.2% increase
in U.S. Nov new home sales to a 4-month high of 592,000 (stronger than
expectations of +2.1% to 575,000) and on the unexpected +0.2 point gain in Dec
University of Michigan U.S. consumer sentiment index to 98.2 (stronger than
expectations of unchanged and the highest in 12-3/4
years). Stocks were undercut by concerns about Chinese economic growth after
Chinese President Xi Jinping said he's open to China's GDP slowing below the
government's 6.5% annual target. The
Total Investment & Insurance Solutions
Mar
10-year T-notes (ZNH17 -0.09%)
this morning are down -3.5 ticks.
Friday's closes: TYH7 +3.00, FVH7 +1.75. Mar 10-year T-notes on Friday climbed
to a 1-week high and settled higher on carry-over support from a rally in
German bunds to a 3-week high and on Chinese President Xi Jinping's comment
that he is open to China's GDP growth slowing below the government's 6.5% GDP
target, which would lead to slower global economic growth.
The
dollar index (DXY00 +0.17%) this morning is up +0.070
(+0.07%). EUR/USD (^EURUSD)
is down -0.008 (-0.08%).
USD/JPY (^USDJPY) is up
+0.22 (+0.19%). Friday's closes: Dollar index -0.080 (-0.08%), EUR/USD +0.0019 (+0.18%), USD/JPY -0.21 (-0.18%).
The dollar index on Friday closed lower on the decline in U.S. T-note yields
and on long liquidation pressure ahead of the long Christmas holiday weekend.
Feb
WTI crude oil (CLG17 +0.26%) prices this morning are up +16
cents (+0.30%) and Feb gasoline (RBG17 -0.18%)
is down -0.0009 (-0.05%).
Friday's closes: Feb crude +0.30 (+0.57%), Feb gasoline +0.0162 (+1.00%). Feb
crude oil and gasoline on Friday settled mixed. Crude oil prices were boosted
by the weaker dollar and by the rise in the crack spread to a 1-1/2 month high, which may boost refinery
demand for crude to refine into gasoline. Crude oil prices were undercut by
news that Libyan crude oil returned to the global market after crude cargoes
were loaded at the Es Sider terminal, Libya's biggest oil export terminal, for
the first time in two years due to the civil war.The Total Investment & Insurance Solutions
