OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU17 +0.17%) this morning are up +0.07% and European stocks are up +0.45% before today’s start to the 3-day annual conference in Jackson Hole, Wyoming for global central bankers. Speeches from Fed Chair Yellen and ECB President Drahi will be parsed for any hints of when the central banks may begin to unwind stimulus. Stock gains were limited as Oct WTI crude prices (CLV17 -0.48%) fell -0.62%, which undercut energy stocks. Asian stocks settled mixed: Japan -0.42%, Hong Kong +0.43%, China -0.49%, Taiwan +0.79%, Australia +0.14%, Singapore +0.37%, South Korea +0.33%, India +0.09%. Japan’s Nikkei Stock Index tumbled to a new 3-1/2 month low as steelmakers retreated after Kyodo News and the Nikkei newspaper reported that Nippon Steel and Sumitomo Metal agreed on larger-than-expected price cuts with Toyota Motor, Japan’s largest automaker.
The dollar index (DXY00 +0.16%) is up +0.16%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.26%.
Sep 10-year T-note prices (ZNU17 -0.11%) are down -4.5 ticks.
UK Aug CBI retailing reported sales fell -32 to -10, weaker than expectations of -8 to 14 and a 13-month low.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +6,000 to 238,000, previous -12,000 to 232,000) and continuing claims (expected -3,000 to 1.950 million, previous -3,000 to 1.953 million), (2) Jul existing home sales (expected +0.5% to 5.55 million, Jun -1.8% to 5.52 million), (3) Aug Kansas City Fed manufacturing activity (expected +1 to 11, Jul -1 to 10), (4) Treasury auctions $14 billion 5-year TIPS, (5) Kansas City Fed hosts its annual 3-day monetary symposium in Jackson Hole, WY, on “Fostering a Dynamic Global Economy,” (6) USDA weekly Export Sales.
Notable Russell 1000 earnings reports today include: AutoDesk (consensus -$0.15), Splunk (0.06), Staples (0.12), Brocade Communications (0.16), GameStop (0.16), Michaels Cos (0.16), Veeva Systems (0.20), Marvell Technology (0.28), Hormel Foods (0.37), Patterson Cos (0.44), Burlington Stores (0.51), Toro (0.57), Tiffany (0.86), Dollar Tree (0.87), Signet Jewelers (1.04), VMware (1.17), JM Smucker (1.62), Ulta Beauty (1.78), Broadcom (4.03).
