OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM14Â +0.03%) this morning are down -0.08% and European stocks are down -0.28%. Vodaphone Group Plc is down over 3% after predicting that profit will decline this year and Marks & Spencer Group Plc fell over 2% after UK’s largest clothing retailer reported a third straight drop in annual profit. UK gilts declined and the British pound rose after UK Apr consumer prices rose more than expected. Asian stocks closed mostly higher: Japan +0.49%, Hong Kong +0.57%, China +0.02%, Taiwan -0.14%, Australia +0.21%, Singapore +0.09%, South Korea -0.14%, India +0.06%. Commodity prices are mixed. July crude oil (CLN14Â +0.24%) is up +0.16%. July gasoline (RBN14Â -0.18%) is down -0.14%. Jun gold (GCM14Â -0.22%) is down -0.08%. July copper (HGN14Â -0.52%) is down -0.36%. Agriculture and livestock prices are mixed. The dollar index (DXY00Â +0.06%) is up +0.08%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is down -0.12%. June T-note prices (ZNM14Â -0.01%) are up +1.5 ticks.
ECB Council member and Bank of Spain Governor Linde said that the “most immediate risk in the Eurozone today” is the possibility of a scenario of low inflation during too prolonged a period.
German Apr PPI unexpectedly fell -0.1% m/m, less than expectations of unch and an on annual basis Apr PPI fell -0.9% y/y, right on expectations.
UK Apr CPI rose +0.4% m/m and +1.8% y/y, more than expectations of +0.3% m/m and +1.7% y/y. Apr core CPI rose +2.0% y/y, more than expectations of +1.8% y/y and the fastest pace of increase in 7 months.
Japan Apr nationwide department store sales fell -12.0% y/y, the biggest decline in 3 years.
The Japan Mar all industry activity index rose +1.5% m/m, less than expectations of +1.6% m/m.
The Japan Mar leading index CI was revised upward to 107.1 from the originally reported 106.5, still the lowest level in a year. The Mar coincident index was revised upward to 114.5 from the originally reported 114.0.
U.S. STOCK PREVIEW
There are no U.S. economic reports today. There are 7 of the S&P 500 companies that report earnings today: Medtronic (consensus $1.12), TJX (0.67), Analog Devices (0.56), Salesforce.com (0.10), Intuit (3.50), Home Depot (0.99), Staples (0.21).
Equity conferences this week include: EPG (Electrical Products Group) Spring Conference on Mon-Tue, J.P. Morgan Global Technology, Media and Telecom Conference on Mon-Tue, UBS Global Healthcare Conference on Mon-Wed, UBS Global Oil and Gas conference on Mon-Thu, CRU World Aluminum Conference on Tue, Bloomberg CFO Conference on Tue, Digital Summit Atlanta 2014 on Tue, J.P. Morgan Consumer & Retail Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Wolfe Research Global Transportation Conference on Tue-Wed, SunTrust Robinson Humphrey Financial Services Unconference on Tue-Wed, UBS Global Financial Services Conference on Tue-Thu, Bank of America Merrill Lynch Services One-On-One Conference on Wed, National Association of Publicly Traded Partnerships NAPTP MLP Investor Confere on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Medical Devices & Diagnostics Business Review on Thu, St. Petersburg International Economic Forum (SPIEF) 2014 on Thu, and Bloomberg Industries & CME Group Precious Metals Forum on Fri.
