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Morning Call For Tuesday, July 18


Sep E-mini S&Ps (ESU17 -0.04%) this morning are down -0.03% after the U.S. Republican health care reform plan failed to secure enough votes to pass in the Senate, which reduces the prospects that the Trump administration will be able to pass any of its economic agenda. Also, weakness in European stocks is undercutting U.S. equities with European stocks down -0.59%, led by a 10% drop in Ericsson AB, after the company reported a Q2 net loss of -1 billion kroner from a profit of 1.59 billion kroner a year earlier. European stocks were also under pressure after the German Jul ZEW survey expectations of economic growth fell more than expected. Losses in U.S. stocks were limited as Netflix jumped 10% in pre-market trading after the company reported Q2 subscriber growth that well exceeded forecasts. Asian stocks settled mixed: Japan -0.59%, Hong Kong +0.21%, China +0.35%, Taiwan +0.23%, Australia -1.19%, Singapore +0.24%, South Korea +0.04%, India -1.13%. Chinese stocks erased early losses and closed higher as property stocks rallied after China Jun new home prices rose in 60 of 70 cities tracked by the government, up from 56 cities that rose in May. Japan's Nikkei Stock Index fell to a 1-week low as exporter stocks slid after the yen strengthened to a 1-week high against the dollar, which reduces the earnings prospects of exporters.

The dollar index (DXY00 -0.44%) is down -0.51% at a 10-1/4 month low as the failure by U.S. Republicans to pass their health care reform plan reduces expectations that they will be able to pass any of the Trump administration’s pro-growth policies. EUR/USD (^EURUSD) is up +0.71% at a 14-1/2 month high on speculation the ECB could signal its intent to scale back monetary stimulus when it meets Thursday. USD/JPY (^USDJPY) is down -0.50% at a 2-week low.

Sep 10-year T-note prices (ZNU17 +0.06%) are up +1.5 ticks.

The German Jul ZEW survey expectations of economic growth fell -1.1 to 17.5, weaker than expectations of -0.6 to 18.0.

UK Jun CPI was unch m/m and up +2.6% y/y, weaker than expectations of +0.2% m/m and +2.9% y/y. Jun core CPI rose +2.4% y/y, weaker than expectations of +2.6% y/y.


Key U.S. news today includes: (1) Jun import price index (expected -0.2% m/m and +1.3% y/y, May -0.3% and +2.1% y/y) and (2) Jul NAHB housing market index (expected unch at...