Live Index – Fri, 14 Mar 2014 Premarket
June E-mini S&Ps (ESM14 +0.07%) this morning are up +0.15% and European stocks are down -0.63% at a 5-week low. European stocks are under pressure ahead of Sunday’s vote in Crimea on whether the region will become independent or rejoin Russia. The U.S. has pressed Russia to cancel or postpone the referendum in Crimea, while the Group of Seven nations said they will not recognize the outcome of the vote. Asian stocks closed mostly lower: Japan -3.30%, Hong Kong -1.00%, China -0.82%, Taiwan -0.69%, Australia -1.54%, Singapore -0.25%, South Korea -0.82%, India +0.16%. Emerging market stocks fell on concern a slowdown in China will weaken their economies. Data by EPFR Global shows developing-nation equity funds posted a 20th week of outflows in the period ended Mar 12, led by $ 878 million of withdrawals from China funds. Commodity prices are mixed. Apr crude oil (CLJ14 +0.56%) is up +0.14%. Apr gasoline (RBJ14 +0.11%) is down -0.13%. Apr gold (GCJ14 +0.08%) is down -0.10% as it falls back from a 6-month high posted in overnight trade. May copper (HGK14 +0.92%) is up +1.08%. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.14%) is down -0.13%. EUR/USD (^EURUSD) is up +0.17%. USD/JPY (^USDJPY) is down -0.32% at a 1-week low as the yen strengthens on increased safe-haven demand ahead of Sunday’s referendum in Crimea. June T-note prices (ZNM14 +0.06%) are down -0.5 of a tick.
Eurozone Q4 employment rose +0.1% q/q, the first increase in three quarters, and on an annual basis Q4 employment fell -0.5% y/y.
The final German Feb CPI (EU harmonized) was left unrevised as expected at +0.5% m/m and +1.0% y/y.
UK Jan construction output climbed +1.8% m/m and +5.4% y/y, better than expectations of +1.5% m/m and +5.2% y/y.
Japan Jan capacity utilization rose +5.9% m/m, up from +2.2% in Dec and the largest monthly increase in 2-1/2 years.
The final Japan Jan industrial production was revised down to +3.8% m/m from the previously reported +4.0% m/m, still the largest monthly increase in 2-1/2 years. On an annual basis, Jan industrial production was revised lower to +10.3% y/y from the previously reported +10.6% y/y.
Today’s early-March U.S. consumer confidence index from the University of Michigan is expected to show a +0.4 point increase to 82.0, adding to the +0.4 point increase to 81.6 seen in February. Today’s Feb PPI is expected to be unchanged from January at +1.2% y/y. Meanwhile, the Feb core PPI is expected to edge higher to +1.4% y/y from +1.3% in January. There is one of the Russell 1000 companies that reports earnings today: Carnival (consensus -$ 0.09). There are no equity conferences today.
Lowe’s (LOW -1.36%) was upgraded to ‘Outperform’ from ‘Perform’ at Oppenheimer.
Ann Inc. (ANN -0.09%) reported Q4 EPS of 10 cents, better than consensus of 7 cents.
Cooper Tire (CTB -1.17%) reported Q4 EPS of 31 cents, stronger than consensus of 26 cents.
Brown Shoe (BWS +0.75%) reported Q4 EPS of 14 cents, higher than consensus of 10 cents.
General Mills (GIS -0.66%) lowered guidance on Q3 adjusted EPS to 61 cents-62 cents, below consensus of 68 cents.
U.S. Steel (X -1.85%) was downgraded to ‘Underperform’ from ‘Neutral’ at Credit Suisse.
NuStar Energy (NS -0.04%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman.
Gabelli reported a 5.76% stake in Cadence (CADX -0.07%) .
Aeropostale (ARO +0.69%) fell over 10% in after-hours trading after it reported a Q4 EPS loss of -35 cents, wider than consensus of a -31 cents loss.
Ulta Salon (ULTA -2.06%) rose over 5% in after-hours trading after it reported Q4 EPS of $ 1.09, better than consensus of $ 1.07.
June E-mini S&Ps (ESM14 +0.07%) this morning are up +2.75 points (+0.15%). The S&P 500 on Thursday opened higher after U.S. weekly jobless claims unexpectedly fell to a 3-1/4 month low of 315,000 and Feb retail sales ex-autos unexpectedly rose +0.3%. Stocks shed their gains and fell to a 1-1/2 week low, however, on concerns about (1) Chinese economic growth after China Feb industrial production rose +8.6% y/y, the slowest pace of increase in 4-1/2 years, and (2) the Ukraine crisis might escalate after U.S. Secretary of State Kerry warned there could be “very serious” steps if Russia goes ahead with its annexation of Crimea. Closes: S&P 500 -1.17%, Dow Jones -1.41%, Nasdaq -1.50%.
Jun 10-year T-notes (ZNM14 +0.06%) this morning are down -0.5 of a tick. Jun 10-year T-note futures prices on Thursday shook off early losses and closed higher. Comments from U.S. Secretary of State Kerry sent stocks tumbling and boosted the safe-haven demand for Treasuries when he said there could be “very serious” steps on Monday from Europe and the U.S. if there is no sign of resolution between Ukraine and Russia. Closes: TYM4 +18.00, FVM4 +10.25.
The dollar index (DXY00 -0.14%) this morning is down -0.104 (-0.13%). EUR/USD (^EURUSD) is up +0.0023 (+0.17%). USD/JPY (^USDJPY) is down -0.33 (-0.32%) at a 1-week low. The dollar index on Thursday fell to a 4-1/2 month low but recovered its losses and closed slightly higher. The dollar found support after EUR/USD fell back from a 2-1/3 year high and closed lower when ECB President Draghi bolstered speculation the ECB was still concerned about deflation when he said that too-low inflation is “currently more relevant” than too-high inflation. Closes: Dollar index +0.012 (+0.02%), EUR/USD -0.00339 (-0.24%), USD/JPY -0.913 (-0.89%).
Apr WTI crude oil (CLJ14 +0.56%) this morning is up +14 cents (+0.14%) and Apr gasoline (RBJ14 +0.11%) is down -0.0037 (-0.13%). Apr crude and gasoline prices on Thursday settled mixed. Crude closed higher on stronger-than-expected U.S. economic data on Feb retail sales and weekly jobless claims. Undercutting crude were signs of a slowdown in the Chinese economy that may reduce its energy demand after China Feb industrial production showed the slowest growth rate in 4-1/2 years and China Feb retail sales posted the smallest increase in 9 years. Closes: CLJ4 +0.21 (+0.21%), RBJ4 -0.0229 (-0.77%).
|US||0830 ET||Feb PPI expected +0.2% m/m and +1.2% y/y, Jan +0.2% m/m and +1.2% y/y. Feb PPI ex food & energy expected +0.1% m/m and +1.4% y/y, Jan +0.2% m/m and +1.3% y/y.|
|0955 ET||Preliminary-March University of Michigan U.S. consumer confidence expected +0.4 to 82.0, Feb +0.4 to 81.6.|
|2145 ET||President Obamas nominee to be the new Fed Vice Chairman, Stanley Fisher, delivers the keynote speech at the Stanford Institute for Economic Policy Researchs 2014 economic summit at Stanford University.|
|JPN||0030 ET||Revised Japan Jan industrial production, previous +4.0% m/m and +10.6% y/y.|
|0030 ET||Japan Jan capacity utilization, Dec +2.2% m/m.|
|GER||0300 ET||Revised German Feb CPI (EU harmonized), previous +0.5% m/m and +1.0% y/y.|
|UK||0530 ET||UK Jan construction output expected +1.5% m/m and +5.2% y/y, Dec +2.0% m/m and +6.3% y/y.|
|EUR||0600 ET||Eurozone Q4 employment, Q3 unch q/q and -0.8% y/y.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Hyatt Hotels Corp||H US||9:00||Investor Meeting||Y 2014|
|Tahoe Resources Inc||THO CN||11:00||Q4 2013 Earnings Call||Q4 2013|
|American Homes 4 Rent||AMH US||12:00||Q4 2013 Earnings Call||Q4 2013|
|Carnival Corp||CCL US||Q1 2014 Earnings Release||Q1 2014||-0.082|
|Walt Disney Co/The||DIS US||U.S. Box Office Release of Movie Need for Speed""|
|Lions Gate Entertainment Corp||LGF US||U.S. Box Office Release of Movie Tyler Perry’s:The Single Moms Club""|