Live Index – Mon, 31 Mar 2014 Premarket
June E-mini S&Ps (ESM14 +0.34%) this morning are up +0.31% and European stocks are down -0.14%. The crisis in Ukraine eased and gave a global equity markets a lift after Russian Foreign Minister Lavrov, who met with U.S. Secretary of State Kerry in Paris yesterday, said that the U.S. and Russia agree on the need for a diplomatic solution to tensions over Ukraine. European stocks also received a boost after German Feb retail sales increased by the most in 7-months. Gains in European stocks were fleeting, however, on increased deflation risks after the Eurozone Mar CPI estimate rose at its slowest pace in over 4-years. Asian stocks closed mostly higher: Japan +0.90%, Hong Kong +0.39%, China -0.26%, Taiwan +0.85%, Australia +0.52%, Singapore +0.52%, South Korea +0.26%, India +0.21%. Japan’s Nikkei Stock Index climbed to a 2-week high, led by strength in exporters, after the yen weakened to a 2-1/2 week low against the dollar, which boosts the earnings prospects of Japanese exporters. Commodity prices are mostly lower. May crude oil (CLK14 -0.43%) is down -0.44%. May gasoline (RBK14 -0.58%) is down -0.47%. Apr gold (GCJ14 +0.14%) is down -0.02%. May copper (HGK14 -0.56%) is down -0.43%. Agriculture prices are mixed. The dollar index (DXY00 -0.18%) is down -0.14%. EUR/USD (^EURUSD) is up +0.33%. USD/JPY (^USDJPY) is up +0.37% at a 2-1/2 week high. June T-note prices (ZNM14 -0.24%) are down -9 ticks.
The Eurozone Mar CPI estimate rose +0.5% y/y, less than expectations of +0.6% y/y and the slowest pace of increase in 4-1/3 years. Mar core CPI rose +0.8% y/y, right on expectations.
German Feb retail sales jumped +2.0% m/m, better than expectations 0f +0.8% m/m and the biggest increase in 7 months. On an annual basis, Feb retail sales rose +1.3% y/y, better than expectations of -0.5% y/y.
UK Feb net consumer credit rose +0.6 billion pounds, less than expectations of +0.7 billion pounds.
UK Feb mortgage approvals were 70,300, less than expectations of 75,300.
Japan Feb industrial production unexpectedly fell -2.3% m/m, weaker than expectations of +0.3% m/m and the biggest monthly decline in 8 months. On an annual basis. Feb industrial production rose +6.9% y/y, less than expectations of +9.9% y/y
Japan Feb vehicle production rose +7.1% y/y, the slowest pace of increase in 6-months.
The Japan Mar Markit/JMMA manufacturing PMI fell -1.6 to 55.5, the slowest pace of expansion in 6-months.
Today’s March Chicago manufacturing PMI report is expected to show a small -0.3 point decline to 59.5, more than reversing the small +0.2 point increase to 59.8 seen in February. There are none of the Russell 1000 companies that report earnings today. Equity conferences this week include: Bank of America Merrill Lynch Oil & Gas Conference on Mon, Pacific Crest Future Technology Investor Forum on Wed, Wolfe Research Power Gas Deep Dive Conference on Wed, Wells Fargo Tech Transformation Summit on Wed, Mitsubishi UFJ Securities Utilities Conference on Wed, Pacific Crest Future Technology Investor Forum on Wed, Wells Fargo Tech Transformation Summit on Wed-Thu, HSBC Real Estate Conference on Thu, and Wells Fargo Tech Transformation Summit on Thu.
Travelers (TRV +0.60%) was upgraded to ‘Neutral’ from ‘Sell’ at Guggenheim.
Edison International (EIX +2.60%) was upgraded to ‘Buy’ from ‘Neutral’ at UBS.
Cal-Maine Foods (CALM +1.05%) reported Q3 EPS of $ 1.77, well above consensus of $ 1.41.
Heartland Express (HTLD +0.98%) and Knight Transportation (KNX +0.41%) were both upgraded to ‘Buy’ from ‘Neutral’ at Longbow.
Men’s Wearhouse (MW +1.26%) was upgraded to ‘Buy’ from ‘Neutral’ at Mizuho.
DTE Energy (DTE +0.37%) and Big Lots (BIG +1.92%) were both upgraded to ‘Buy’ from ‘Hold’ at KeyBanc.
Moody’s Investors Service placed Russia’s Baa1 government bond rating on review for downgrade.
Lockheed Martin (LMT +1.04%) was awarded a $ 610.9 million government contract modification for production of 92 one pack missiles, 50 launcher modification kits and associated ground equipment for the PATRIOT missle system.
Integrated Core Strategies reported a 4.8% passive stake in Penn Virginia (PVA +1.48%) .
Wexford Capital reported a 6.73% passive stake in Famous Dave’s (DAVE -4.39%) .
The U.S. Food & Drug Administration approved Biogen’s (BIIB -5.05%) drug Alprolix for patients with Hemophilia B.
Cascade Investment reported an 8.2% passive stake in the Thai Fund (TTF +1.03%) .
Target’s (TGT +0.40%) credit rating was cut to A from A+ by Standard & Poor’s, although the outlook was raised to Stable from Negative.
June E-mini S&Ps (ESM14 +0.34%) this morning are up +5.75 points (+0.31%). The S&P 500 on Friday settled moderately higher. Bullish factors included (1) optimism that the U.S. economic recovery can continue after Feb personal spending rose +0.3%, right on expectations and the most in 3 months, and (2) speculation that China may boost stimulus to promote economic growth after Chinese Premier Li Keqiang said that his country has policies in reserve to deal with any economic volatility this year and can’t ignore “difficulties and risks” from a slowdown in the economy. Closes: S&P 500 +0.46%, Dow Jones +0.36%, Nasdaq +0.23%.
Jun 10-year T-notes (ZNM14 -0.24%) this morning are down -9 ticks. Jun 10-year T-note futures prices Friday closed lower. Negative factors for T-note prices included (1) the as-expected +0.3% increase in Feb personal spending that bolstered the outlook for the Fed to continue to taper QE3, and (2) the rally in stocks that reduced the safe-haven demand for T-notes. Closes: TYM4 -9.50, FVM4 -4.75.
The dollar index (DXY00 -0.18%) this morning is down -0.109 (-0.14%). EUR/USD (^EURUSD) is up +0.0045 (+0.33%). USD/JPY (^USDJPY) is up +0.38 (+0.37%) at a 2-1/2 week high. The dollar index on Friday closed higher. USD/JPY rose to a 2-week high as a rally in stocks curbed safe haven demand for the yen. EUR/USD recovered from a 1-month low after Eurozone Mar economic confidence rose to a 2-1/2 year high. Closes: Dollar index +0.065 (+0.08%), EUR/USD +0.00124 (+0.09%), USD/JPY +0.634 (+0.62%).
May WTI crude oil (CLK14 -0.43%) this morning is down -45 cents (-0.44%) and May gasoline (RBK14 -0.58%) is down -0.0139 (-0.47%). May crude and gasoline prices on Friday settled mixed. May crude posted a 2-1/2 week high on bullish factors that included (1) the as-expected +0.3% increase in U.S. Feb personal spending, the most in 3 months, and (2) improvement in global economic prospects after the Eurozone Mar economic confidence rose to a 2-1/2 year high. Gasoline prices erased an early rally and closed lower after U.S. Mar University of Michigan consumer confidence rose less than expected. Closes: CLK4 +0.39 (+0.39%). RBK4 -0.0027 (-0.09%).
|US||0900 ET||Mar ISM Milwaukee index expected +2.41 to 51.00, Feb 48.59.|
|0945 ET||Mar Chicago PMI expected -0.3 to 59.5, Feb +0.2 to 59.8.|
|0955 ET||Fed Chair Janet Yellen delivers the keynote address at the National Interagency Community Reinvestment Conference in Chicago|
|1030 ET||Mar Dallas Fed manufacturing activity index expected 2.5, Feb 0.3.|
|1100 ET||USDA weekly grain export inspections.|
|1200 ET||USDA Q1 quarterly grain stocks.|
|JPN||0000 ET||Japan Feb vehicle production, Jan +14.5% y/y.|
|0100 ET||Japan Feb construction orders, Jan +15.2% y/y.|
|0100 ET||Japan Feb housing starts, Jan +12.3% y/y to 987,000.|
|1950 ET||Japan Q1 Tankan large manufacturing business conditions expected +3 to 19, Q4 16.|
|2130 ET||Japan Feb labor cash earnings expected -0.1% y/y, Jan -0.2% y/y.|
|UK||0430 ET||UK Feb net consumer credit expected +0.7 billion pounds, Jan +0.7 billion pounds.|
|0430 ET||UK Feb mortgage approvals expected 75,000, Jan 76,900.|
|0430 ET||UK Feb M4 money supply, Jan +0.3% m/m and -0.3% y/y.|
|EUR||0500 ET||Eurozone Mar CPI estimate expected +0.6% y/y and core CPI +0.8% y/y, Feb +0.8% y/y and core CPI +1.0% y/y|
|CHI||2100 ET||China Mar manufacturing PMI expected -0.1 to 50.1, Feb 50.2.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Apple Inc||AAPL US||12:00||Apple Inc. vs. Samsung Electronics Patent-Infringement Trial|
|Cubist Pharmaceuticals Inc||CBST US||FDA Adcomm, tedizolid, acute bacterial skin and skin structure infections|