Mon Jul 27 2015
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Live Index – Mon, 27 Jul 2015 Premarket

PREMARKET WORLD NEWS

Sep E-mini S&Ps (ESU15 -0.47%) this morning are down -0.36% as the Chinese Shanghai Composite index plunged by -8.5% today, weighed down by news that Chinese industrial profits fell by -0.3% y/y in June. Chinese stocks also saw weakness after last Friday’s news that the China July Markit flash manufacturing PMI unexpectedly fell by -1.2 points to a 15-month low of 48.2, weaker than expectations of +0.3 to 49.7. The Chinese Shanghai index has now retraced more than half of the modest 16% recovery rally seen in the first half of July on aggressive Chinese government moves to halt the 35% plunge seen in the second half of June.

The EuroStoxx 50 index is down -1.25% today, also weighed down by the plunge in Chinese stocks. Asian stocks closed mostly lower: Japan -0.95%, Hong Kong -3.09%, Taiwan -2.41%, Australia +0.43%, Singapore -1.17%, South Korea +0.03%, India -1.96%, Turkey -0.49%.

The dollar index (DXY00 -0.51%) is down -0.61% this morning with EUR/USD (^EURUSD) up +0.0080 (+0.73%) and USD/JPY (^USDJPY) down -0.47% (-0.38%). EUR/USD received a boost from the better-than-expected German Ifo business climate index. Sep 10-year T-note prices (ZNU15 +0.17%) are up +6.5 ticks this morning on some flight-to-quality with the plunge in Chinese stocks and the weakness in E-mini S&Ps.

Commodity prices are down -0.53% today on the plunge in Chinese stocks and the implication of weaker Chinese economic growth and commodity demand. Sep crude oil (CLU15 -1.14%) is down -0.63 (-1.31%) and Sep gasoline (RBU15 -0.53%) is down -0.0120 (-0.67%). Precious metals prices are higher on some flight-to-quality and short-covering with Aug gold (GCQ15 +0.67%) up +10.8 (+0.99%) and Sep silver (SIU15 +0.50%) up +0.107 (+0.74%). However, Sep copper (HGU15 -0.90%) is down -0.025 (-1.03%) on concern about the Chinese economy. Agricultural prices are mixed this morning.

Greek stock and bond markets remained closed today after the ECB rejected Greek proposals for reopening the markets.

Greek bailout negotiations are scheduled to begin on Tuesday as technical experts from the ECB, EC and IMF arrive in Athens.

The German Ifo July business climate index rose by +0.5 points to 108.0 from a revised 107.5 in June, which was 0.8 points better than market expectations for a decline to 107.2. German business confidence improved after some signs of strength in the German economy and concerns eased about the Greek debt crisis.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jun durable goods orders (expected +3.3% and +0.5% ex-transportation after May’s -2.2% and unch ex-transportation), and (2) Jul Dallas Fed manufacturing activity (expected +3.5 to -3.5 after June’s +13.8 to -7.0).

There are 9 of the S&P 500 companies that report earnings today with notable reports including: Norfolk Southern (consensus $ 1.42), Roper Technologies (1.64), Torchmark (1.06), Hartford Financial (0.77), Eaton Corp (1.13).

U.S. IPO’s scheduled to price today include: none.

Equity conferences this week: none.

Sep E-mini S&Ps this morning are down -0.36% as the Chinese Shanghai Composite index plunged by -8.5% today. Friday’s closes: S&P 500 -1.07%, Dow Jones -0.92%, Nasdaq -0.99%. The S&P 500 index on Friday slid to a 1-1/2 week low on the unexpected -1.2 point decline in the China July Markit flash manufacturing PMI to a 15-month low of 48.2, the unexpected -6.8% drop in U.S. Jun new home sales to 482,000, and weakness in energy producers and miners after crude oil tumbled to a 3-3/4 month low and gold prices plunged to a 5-1/3 year low.

PREMARKET U.S. STOCKS
  • Teva Pharmaceuticals (TEVA -1.06%) is up more than 5% in pre-market trading and Allergan (AGN -2.14%) is up more than +6% after Teva agreed to buy the generic drug business of Allergan for about $ 40 billion. Separately, Teva withdrew its hostile bid to buy Mylan NV.
  • McGraw Hill Financial (MHFI -0.86%) will acquire SNL Financial for $ 2.2 billion.
  • McGraw Hill Financial (MHFI -0.86%) reported Q2 adjusted EPS at $ 1.21, better than the consensus of $ 1.13.
  • Beacon Roofing (BECN -0.56%) will acquire Roofing Supply Group for approximately $ 1.1 billion from investment firm Clayton, Dubilier & Rice.
  • Roper Technologies (ROP -0.98%) reported Q2 adjusted EPS of $ 1.70, better than the consensus of $ 1.64.
  • Signet Jewelers (SIG -1.98%) will replace DirecTV (DTV +1.48%) in the S&P 500 as of the close of trading on Tuesday, July 28.
  • Pinnacle Entertainment reported a 21.3% stake in Gaming and Leisure Properties (GLPI -1.14%).
MARKET COMMENTS

Sep 10-year T-note prices are up +6.5 ticks this morning on some flight-to-quality with the plunge in Chinese stocks and the weakness in E-mini S&Ps. Friday’s closes: TYU5 +3.50, FVU5 +3.25. Sep T-notes on Friday rallied to a 2-week high on the unexpected decline in U.S. Jun new home sales to a 7-month low, reduced inflation expectations after the 10-year T-note inflation breakeven rate dropped to a 3-3/4 month low, and the fall in the S&P 500 to a 1-1/2 week low.

The dollar index is down -0.61% this morning with EUR/USD up +0.0080 (+0.73%) and USD/JPY down -0.47% (-0.38%). EUR/USD received a boost from the better-than-expected German Ifo business climate index. Friday’s closes: Dollar Index +0.129 (+0.13%), EUR/USD -0.00032 (-0.03%), USD/JPY -0.111 (-0.09%). The dollar index on Friday settled higher on the unexpected increase in the U.S. Jul Markit manufacturing PMI and on weakness in EUR/USD after the Eurozone Jul Markit manufacturing PMI unexpectedly fell.

Sep crude oil is down -0.63 (-1.31%) and Sep gasoline is down -0.0120 (-0.67%) on concern about the plunge in Chinese stocks and weaker Chinese energy demand. Friday’s closes: CLU5 -0.31 (-0.64%), RBU5 -0.0257 (-1.42%). Sep crude oil and gasoline on Friday closed lower with Sep crude at a 3-3/4 month low and Sep gasoline at a 3-1/2 month low on a stronger dollar and global demand concerns after the Chinese manufacturing PMI fell to a 15-month low and the Eurozone Jul Markit manufacturing PMI unexpectedly declined.

GLOBAL EVENT CALENDAR07/27/2015
US0830 ETJun durable goods orders expected +3.3% and +0.5% ex-transportation, May -2.2% and unch ex-transportation. Jun capital goods new orders non-defense ex-aircraft & parts expected +0.5%, May -0.4%.
1030 ETJul Dallas Fed manufacturing activity expected +3.5 to -3.5, Jun +13.8 to -7.0.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
GER0200 ETGerman Jun import price index expected -0.3% m/m and -1.3% y/y, May -0.2% m/m and -0.8% y/y.
0400 ETGerman Jul IFO business climate expected -0.2 to 107.2, Jun 107.4. Jul IFO current assessment expected -0.2 to 112.9, Jun 113.1. Jul IFO expectations expected -0.2 to 101.8, Jun 102.0.
EUR0400 ETEurozone Jun M3 money supply expected +5.1% y/y and +5.1% 3-mon avg, May +5.0% y/y and +5.0% 3-mon avg.
UK0600 ETUK Jul CBI trends total orders expected +1 to -6, Jun -7. Jul CBI trends selling prices, Jun -7. Jul CBI business optimism expected +3 to 6, Jun 3.
U.S. STOCK CALENDAR07/27/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Norfolk Southern CorpNSC USBef-mktQ2 2015 Earnings ReleaseQ2 20151.417
Roper Technologies IncROP USBef-mktQ2 2015 Earnings ReleaseQ2 20151.644
Roper Technologies IncROP US8:30Q2 2015 Earnings CallQ2 2015
Norfolk Southern CorpNSC US8:45Q2 2015 Earnings CallQ2 2015
Plum Creek Timber Co IncPCL US17:00Q2 2015 Earnings CallQ2 2015
Eastman Chemical CoEMN US17:00Q2 2015 Earnings ReleaseQ2 20151.831
Plum Creek Timber Co IncPCL USAft-mktQ2 2015 Earnings ReleaseQ2 20150.08
Southwestern Energy CoSWN USAft-mktQ2 2015 Earnings ReleaseQ2 20150.05
Torchmark CorpTMK USAft-mktQ2 2015 Earnings ReleaseQ2 20151.064
AvalonBay Communities IncAVB USAft-mktQ2 2015 Earnings ReleaseQ2 20151.838
Hartford Financial Services Group Inc/TheHIG USAft-mktQ2 2015 Earnings ReleaseQ2 20150.766

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