OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 -0.29%) are down -0.22% and European stocks are down -0.73% as a fall in crude oil prices CLU15 +0.17%) to a new 6-1/3 year low pressures energy producers. Another negative for European stocks was slower than expected economic growth last quarter after Eurozone Q2 GDP rose +1.2% y/y, weaker than expectations of +1.3% y/y. Asian stocks closed mixed: Japan -0.37%, Hong Kong -0.12%, China +0.27%, Taiwan -0.07%, Australia -0.58%, Singapore +0.73%, South Korea closed for holiday, India +1.88%. Chinese stocks closed higher as the yuan halted a 3-day slide, bolstered by comments Thursday from the PBOC who said there’s no basis for depreciation to persist and it will step in to curb large fluctuations. The PBOC raised its daily yuan fixing by 0.05% today, after three cuts of more than 1.0% each from Tuesday through Thursday. Stocks in Hong Kong recovered most of their early losses after Hong Kong Q2 GDP rose +0.4% q/q, double estimates of +0.2% q/q.
The dollar index (DXY00 -0.35%) is down -0.19%. EUR/USD (^EURUSD) is up +0.21%. USD/JPY (^USDJPY) is down -0.25%.
Sep T-note prices (ZNU15 +0.12%) are up +4 ticks.
Eurozone Q2 GDP rose +0.3% q/q and +1.2% y/y, weaker than expectations of +0.4% q/q and +1.3% y/y.
German Q2 GDP rose +0.4% q/q, less than expectations of +0.5% q/q and rose +1.6% y/y (nsa), right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) July final-demand PPI (expected -0.9% vs June’s -0.7% y/y) and core PPI (expected +0.5% vs June’s +0.8% y/y), (2) July industrial production (expected +0.3%, Jun +0.2%), and (3) preliminary-Aug U.S. consumer sentiment index from the University of Michigan (expected +0.4 to 93.5, Jul -3.0 to 93.1).
There is 1 of the Russell 1000 companies that reports earnings today: JC Penney (consensus -$0.50).
U.S. IPO’s scheduled to price today include: none.
Equity conferences today include: none.
OVERNIGHT U.S. STOCK MOVERS
