Live Index – Wed, 30 Dec 2015 Premarket
March E-mini S&Ps (ESH16 -0.17%) are down -0.16% and European stocks are down -0.23%, led by losses in energy producers as crude oil (CLG16 -2.69%) is down -2.83% after Tuesday afternoon’s API data showed crude inventories rose +2.9 million bbl last week. The markets will now set their sights on this morning’s weekly EIA data that is expected to show a -2.5 million bbl decline in crude stockpiles. The upside in stocks was also limited after IMF managing director Lagarde warned that worldwide economic growth next year will be “disappointing and uneven.” Asian stocks settled mixed: Japan +0.27%, Hong Kong -0.53%, China +0.26%, Taiwan -0.17%, Australia +1.00%, Singapore -0.09%, South Korea -0.35%, India -0.46%. Japan’s Nikkei Stock Index posted a 1-week high as it followed Tuesday’s rally in U.S. stocks, while gains in Chinese stocks were limited on concern over another wave of selling when China ends its ban on major stockholders selling stock when the 6-month long ban expires on Jan 8.
The dollar index (DXY00 +0.16%) is up +0.16%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is up +0.01%.
Mar T-note prices (ZNH16 +0.05%) are up +2.5 ticks.
Writing in a Handelsbatt op-ed article, IMF managing director Lagarde warns that worldwide economic growth will be “disappointing and uneven” in 2016 as China’s shift to a new growth model means less investments and less demand for commodities, which could lead to persistent low commodity prices, and that rising interest rates in the U.S. may spark corporate defaults, which could infect banks and emerging markets.
Key U.S. news today includes: (1) Nov pending home sales (expected +0.7% m/m and +3.7% y/y, Oct +0.2% m/m and +2.1% y/y), and (2) the Treasury’s auction of $ 29 billion of 7-year T-notes.
There are 2 of the Russell 3000 companies that report earnings today: First Industrial Realty Trust (consensus $ 0.34), Weis Markets.
U.S. IPO’s scheduled to price today: none.
Equity conferences this week: none.
Chevron (CVX +0.98%) , Exxon Mobil (XOM +0.53%) and ConocoPhillips (COP +1.23%) are all down over 1% in pre-market trading as the the price of crude tumbles -2.83%.
Freeport-McMoRan (FCX +1.75%) is down over 3% in pre-market trading on concern over the future direction of the company after Chairman Moffett stepped down on Monday.
Kura Oncology (KURA +2.19%) was rated a new ‘Outperform’ at Oppenheimer with an 18-month price target of $ 16.
Avangrid (AGR +2.92%) was rated a new ‘Outperform’ Wells Fargo.
New York Judge Scheindlin said that unsecured noteholders of Caesars Entertainment Operating Co. (CEOC) must face trial over Caesars Entertainment Corp.’s (CZR +4.56%) guarantee liability on CEOC’s unsecured notes.
Bank of America (BAC +0.88%) slid -0.3% in after-hours trading after it said it will take a $ 600 million pretax writedown in Q4 as it redeems $ 2 billion of trust preferred securities tied to its 2009 acquisition of Merrill Lynch.
Agile Therapeutics (AGRX +5.07%) was rated a new ‘Buy’ at Noble Financial with a price target of $ 16.
Fairchild Semico (FCS +0.15%) rose over 2% in after-hours trading after it said it received a $ 21.70 a share cash offer from Party G Group for the company.
Weight Watchers International (WTW +6.96%) gained nearly 1% in after-hours trading on a continuation of Tuesday’s 7% surge after an advertisement featuring Oprah Winfrey debuted.
SunEdison (SUNE -8.56%) climbed over 3% in pre-market trading after it sold its 33% interest in its 336 mega-watt DC Solar Portfolio.
Mar E-mini S&Ps (ESH16 -0.17%) this morning are down -3.25 points (-0.16%). Tuesday’s closes: S&P 500 +1.06%, Dow Jones +1.10%, Nasdaq +1.51%. The S&P 500 on Tuesday rallied to a 3-week high on the +5.54% y/y increase in the U.S. Oct S&P/CaseShiller composite-20 home price index (the biggest gain in 14-months) and on the +3.9 point increase in U.S. Dec consumer confidence (Conference Board) to 96.5, stronger than expectations of +2.1 to 93.5. The S&P 500 also received a boost from strong retailer stocks with Target, Kohl’s and Amazon.com all rallying by more than +2%.
Mar 10-year T-notes (ZNH16 +0.05%) this morning are up +2.5 ticks. Tuesday’s closes: TYH6 -19.50, FVH6 -11.00. Mar T-notes on Tuesday fell to a 1-1/2 week low and closed lower on the larger-than-expected increase in U.S. Dec consumer confidence, the rally in the S&P 500 to a 3-week high, and weak demand for the Treasury’s auction of $ 35 billion of 5-year T-notes that had a bid-to-cover ratio of 2.32, below the 12-auction average of 2.47.
The dollar index (DXY00 +0.16%) this morning is up +0.160 (+0.16%). EUR/USD (^EURUSD) is up +0.0006 (+0.05%). USD/JPY (^USDJPY) is up +0.01 (+0.01%). Tuesday’s closes: Dollar Index +0.182 (+0.19%), EUR/USD -0.0048 (-0.44%), USD/JPY +0.06 (+0.05%). The dollar index on Tuesday closed higher on the stronger-than-expected U.S. Dec consumer confidence index and on the strong Oct S&P CaseShiller composite-20 home price index rise of +5.54% y/y (the most in 14 months). GBP/USD tumbled to an 8-1/2 month low as recent weaker-than-expected UK economic data may keep the BOE from raising interest rates anytime soon.
Feb crude oil (CLG16 -2.69%) this morning is down -$ 1.07 a barrel (-2.83%) and Feb gasoline (RBG16 -2.12%) is down -0.0273 (-2.12%). Tuesday’s closes: CLG6 +0.52 (+1.41%), RBG6 +0.0234 (+1.88%). Feb crude oil and gasoline on Tuesday closed higher on the rally in the S&P 500 to a 3-week high, forecasts for colder weather over the next 10 days across the central and eastern U.S., which should boost demand for heating fuels, and expectations that Wednesday’s weekly EIA inventory report will show that crude stockpiles fell by -2.5 million bbl.
|US||0700 ET||Weekly MBA mortgage applications will be released Jan 6 with two weeks of data, previous +7.3% with purchase sub-index +4.1% and refi sub-index +10.8%.|
|1000 ET||Nov pending home sales expected +0.7% m/m and +3.7% y/y, Oct +0.2% m/m and +2.1% y/y.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1330 ET||Treasury auctions $ 29 billion 7-year T-notes.|
|UK||0200 ET||UK Dec nationwide house prices expected +0.4% m/m and +3.8% y/y, Nov +0.1% m/m and +3.7% y/y.|
|EUR||0400 ET||Eurozone Nov M3 money supply expected +5.2% y/y, Oct +5.3% y/y.|
|Heska Corp||HSKA US||11:00||Extraordinary Shareholders Meeting|
|Weis Markets Inc||WMK US||Q3 2015 Earnings Release||Q3 2015|
|First Industrial Realty Trust Inc||FR US||Q4 2015 Earnings Release||Q4 2015||0.342|