Live Index – Fri, 27 Jun 2014 Premarket
September E-mini S&Ps (ESU14 -0.24%) this morning are down -0.23% on negative carry-over from hawkish comments Thursday from St. Louis Fed President Bullard who predicted the Fed will start to raise interest rates as soon as Q1 next year. European stocks are down -0.01% after the Eurozone Jun business climate indicator unexpectedly fell to its lowest in 8 months. Asian stocks closed mixed: Japan -1.39%, Hong Kong +0.10%, China +0.06%, Taiwan -0.15%, Australia -0.35%, Singapore -0.23%, South Korea -0.48%, India +0.15%. Japan’s Nikkei Stock Index fell to a 1-week low on speculation the BOJ may reduce stimulus measures after core inflation in Japan last month rose +3.4% y/y, the most in 32 years. Commodity prices are mixed. Aug crude oil (CLQ14 +0.09%) is up +0.09%. Aug gasoline (RBQ14 +0.38%)is up +0.39%. Aug gold (GCQ14 -0.08%) is up +0.01%. July copper (HGN14 -0.13%) is up +0.02%. China’s commodities fraud scandal continues to widen with more companies reporting losses on bogus gold, aluminum and copper financing deals. Agriculture and livestock prices are weaker. The dollar index (DXY00 -0.07%) is down -0.05% at a 5-week low. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.33% at a 5-week low amid speculation the BOJ will refrain from boosting monetary stimulus after Japanese inflation data rose and Japan’s unemployment rate fell unexpectedly fell to the lowest in over 16 years. Sep T-note prices (ZNU14 +0.11%) are up +3.5 ticks.
Eurozone Jun economic confidence unexpectedly fell -0.6 to 102.0, weaker than expectations of +0.3 to 103.0. The Jun business climate indicator unexpectedly fell -0.14 to 0.22, weaker than expectations of +0.03 to 0.40 and the lowest in 8 months.
The Japan May jobless rate unexpectedly fell -0.1 to 3.5%, better than expectations of unch at 3.6% and the lowest in 16-3/4 years. The May job-to-applicant ratio rose +0.01 to 1.09, better than expectations of unch at 1.08 and the highest in 21-3/4 years.
Japan May overall household spending fell -8.0% y/y, a much larger decline than expectations of -2.3% y/y and the most in 3 years.
Japan May national CPI rose +3.7% y/y, right on expectations and the most in 23-1/3 years. The May national CPI ex-fresh food rose +3.4% y/y, right on expectations and the most in 32 years. The May national CPI ex food & energy rose +2.2% y/y right on expectations.
Japan May retail sales rose +4.6% m/m and fell -0.4% y/y, better than expectations of -2.0% m/m and up +2.9% y/y.
China May industrial profits slowed to a +8.9% y/y increase from +9.6% y/y in Apr.
Today’s final-June U.S. consumer confidence index from the University of Michigan is expected to show a +0.8 point increase to 82.0 from the early-June level of 81.2. None of the Russell 1000 companies report earnings today. There are no equity conferences today.
Commercial Metals (CMC +0.78%) reported Q3 EPS of 20 cents, well below consensus of 29 cents.
Keurig Green Mountain (GMCR -1.92%) was upgraded to ‘Buy’ from ‘Hold’ at Argus.
Finish Line (FINL -3.32%) reported Q1 EPS of 28 cents ex-items, better than consensus of 21 cents.
Wells Fargo added Capital One (COF +0.19%) to its ‘Priority Stock List’ citing the rebound in revolving credit growth.
H.B. Fuller (FUL -5.59%) was upgraded to ‘Buy’ from ‘Hold’ at Deutsche Bank.
Citigroup reiterated its ‘Buy’ rating on Google (GOOG -0.46%) and raised its price target on the stock to $ 686 from $ 675.
Gazprom (OGZPY -0.34%) and Sasol (SSL +0.44%) were both downgraded to ‘Equal Weight’ from ‘Overweight’ at Barclays.
StubHub, an eBay (EBAY +0.30%) company, has renewed as the exclusive ticketing partner for ESPN and its digital properties through 2017.
Manitowoc (MTW +1.40%) jumped over 11% in after-hours trading after Relational Investors disclosed that it took an 8.5% stake in Manitowoc and is pushing for the company to split itself in two.
Nike (NKE +0.51%) rose 3% in after-hours trading after it reported Q4 EPS of 78 cents, better than consensus of 75 cents.
Intel (INTC -0.32%) was upgraded to ‘Market Perform’ from ‘Underperform’ at Bernstein.
DuPont (DD -0.18%) fell over 3% in after-hours trading after it said it sees Q2 EPS ‘moderately below’ $ 1.28, weaker than consensus of $ 1.46, and then lowered guidance on fiscal 2014 EPS outlook to $ 4.00-$ 4.10, below consensus of $ 4.30.
Sep E-mini S&Ps (ESU14 -0.24%) this morning are down -4.50 points (-0.23%). The S&P 500 index on Thursday fell to a 1-week low and closed lower. Negative factors included (1) the +0.2% increase in U.S. May personal spending, less than expectations of +0.4%, and (2) hawkish comments from the usually dovish St. Louis Fed President Bullard who said he sees a Fed rate hike in Q1 of 2015 as unemployment falls and inflation quickens. Closes: S&P 500 -0.12%, Dow Jones -0.13%, Nasdaq -0.01%.
Sep 10-year T-notes (ZNU14 +0.11%) this morning are up +3.5 ticks. Sep 10-year T-note futures prices on Thursday posted a 3-week high and closed higher. Bullish factors included (1) the smaller-than-expected increase in May personal spending, which may hold back economic growth and prompt the Fed to keep interest rates at record lows, and (2) a slide in the S&P 500 to a 1-week low, which boosted the safe-haven demand for T-notes. Closes: TYU4 +9.00, FVU4 +6.25.
The dollar index (DXY00 -0.07%) this morning is down -0.037 (-0.05%) at a 5-week low. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.34 (-0.33%) at a 5-week low. Sep 10-year T-note futures prices on Thursday posted a 3-week high and closed higher. Bullish factors included (1) the smaller-than-expected increase in May personal spending, which may hold back economic growth and prompt the Fed to keep interest rates at record lows, and (2) a slide in the S&P 500 to a 1-week low, which boosted the safe-haven demand for T-notes. Closes: TYU4 +9.00, FVU4 +6.25.
Aug WTI crude oil (CLQ14 +0.09%) this morning is up +9 cents (+0.09%). Aug gasoline (RBQ14 +0.38%) is up +0.0120 (+0.39%). Aug crude and gasoline prices on Thursday closed lower with Aug crude at a 2-week low and Aug gasoline a 1-week low. Bearish factors included (1) a lack of disruption as yet of oil exports from Iraq, OPEC’s second-biggest producer, despite an escalation of sectarian violence, and (2) the smaller-than-expected increase in U.S. May personal spending, which signals slower growth and energy demand. Closes: CLQ4 -0.66 (-0.62%) RBQ4 -0.0093 (-0.30%).
|US||0955 ET||Final-June U.S. consumer confidence index (University of Michigan) expected +0.8 to 82.0, early-June -0.7 to 81.2.|
|1500 ET||USDA Q2 Hogs & Pigs Inventory.|
|GER||0200 ET||German May import price index expected unch m/m and -2.2% y/y, Apr -0.3% m/m and -2.4% y/y.|
|0800 ET||German Jun CPI (EU harmonized) expected +0.2% m/m and +0.7% y/y, May -0.3% m/m and +0.6% y/y.|
|UK||0430 ET||UK Jun Lloyds business barometer, May 41.|
|0430 ET||Revised UK Q1 GDP, previous +0.8% q/q and +3.1% y/y.|
|0430 ET||UK Apr index of services, Mar +0.4% m/m and +0.9% 3-mo/3-mo.|
|0430 ET||UK Q1 current account balance expected -17.3 billion pounds, Q4 -22.4 billion pounds.|
|EUR||0500 ET||Eurozone Jun economic confidence expected +0.3 to 103.0, May 102.7. Jun business climate indicator expected +0.03 to 0.40, May 0.37.|
|0500 ET||Revised Eurozone Jun consumer confidence, previous -7.4.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Philip Morris International Inc||PM US||4:00||Investor Day – Day 2||Y 2014|
|Delta Air Lines Inc||DAL US||7:30||Annual General Meeting||Y 2014|
|Questar Corp||STR US||Roadshow – Day 5||Y 2014|
|Medivation Inc||MDVN US||Annual General Meeting|