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Morning Call For Friday, August 4


Sep E-mini S&Ps (ESU17 +0.10%) this morning are up +0.07% ahead of this morning's monthly U.S. payroll report that may provide clues on economic strength and the path of interest rates. European stocks were little changed, up +0.05%, and garnered support from stronger-than-expected German Jun factory orders. Gains were limited as energy stocks fell with the price of Sep WTI crude oil (CLU17 -0.33%) down -0.90%. Asian stocks settled mostly lower: Japan -0.38%, Hong Kong +0.12%, China -0.33%, Taiwan +0.35%, Australia -0.25%, Singapore -0.49%, South Korea +0.37%, India +0.27%. Japanese stocks were under pressure after data showed Japanese worker earnings unexpectedly fell in Jun at the fastest pace in 2-years, along with strength in the yen that undercut exporter stocks as USD/JPY fell to a 1-1/2 month low.

The dollar index (DXY00 -0.03%) is down -0.04. EUR/USD (^EURUSD) is down -0.01%. USD/JPY (^USDJPY) is up +0.03%.

Sep 10-year T-note prices (ZNU17 -0.02%) are down -1 tick.

German Jun factory orders rose +1.0% m/m and +5.1% y/y, stronger than expectations of +0.5% m/m and +4.4% y/y.

Japan Jun labor cash earnings unexpectedly fell -0.4% y/y, weaker than expectations of +0.5% y/y and the largest decline in 2-years. Jun real cash earnings fell -0.8% y/y, weaker than expectations of +0.1% y/y and the biggest decline in 2-years.


Key U.S. news today includes: (1) Jul non-farm payrolls (expected +180,000, Jun +222,000) and Jul unemployment rate (expected -0.1 to 4.3%, Jun +0.1 to 4.4%), (2) Jul avg hourly earnings (expected +0.3% m/m and +2.4% y/y, Jun +0.2% m/m and +2.5% y/y), (3) Jun U.S. trade deficit (expected -$44.5 billion, May -$46.5 billion).

Notable S&P 500 earnings reports today include: Berkshire Hathaway (consensus $2,800), CBOE (0.86), Newell Brands (0.87), Cigna (2.48), Amergen (0.71), Sempra Energy (0.86).

U.S. IPO's scheduled to price today:

Equity conferences this week: none.


Activision Blizzard (ATVI +4.10%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a...