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Morning Call For Tuesday, August 8

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 -0.10%) this morning are down -0.05% on concern a slowdown in global trade will weaken economic growth. China Jul exports rose less than expected and German Jun exports unexpectedly fell at the fastest pace in 1-3/4 years. European stocks are up +0.02% as energy stocks climb with Sep WTI crude oil (CLU17 +0.02%) up +0.22%. Gains in European stocks were limited after German Jun exports unexpectedly fell -2.8% m/m, the largest decline in 1-3/4 years. Also, strength in EUR/USD is undercutting European exporter stocks. Asian stocks settled mostly lower: Japan -0.30%, Hong Kong +0.59%, China +.07%, Taiwan -0.10%, Australia -0.52%, Singapore -0.08%, South Korea -0.18%, India -0.80%. Most Asian markets retreated on the weaker-than-expected China July trade data that bolstered economic growth concerns. Japanese stocks also weakened as bank stocks fell led by a slide in SoftBank.

The dollar index (DXY00 -0.15%) is down -0.17%. EUR/USD (^EURUSD) is up +0.17%. USD/JPY (^USDJPY) is down -0.32%.

Sep 10-year T-note prices (ZNU17 -0.01%) are little changed, down -1 tick.

The German Jun trade balance was in surplus by +22.3 billion euros, narrower than expectations of +23.0 billion euros. Jun exports unexpectedly fell -2.8% m/m, weaker than expectations of +0.2% and the largest decline in 1-3/4 years. Jun imports sank -4.5% m/m, weaker than expectations of +0.2% and the biggest decline in 8-1/3 years.

The China Jul trade balance widened to a surplus of $46.74 billion, more than expectations of a $45.00 billion and the largest surplus in 6-months. Jul exports rose +7.2% y/y, weaker than expectations of +11.0% y/y and the smallest increase in 5-months. Jul imports rose +11.0% y/y, weaker than expectations of +18.0% y/y and the smallest increase in 7-months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jun JOLTS job openings (expected +34,000 to 5.700 million, May -301,000 to 5.666 million), and (2) Treasury auctions $24 billion of 3-year T-notes.

Notable S&P 500 earnings reports today include: Walt Disney (consensus $1.55), Priceline (14.19), TripAdvisor (0.30), Gartner (0.85), Michael Kors (0.62), Henry Schein (1.74), Expeditors Intl (0.59), Ralph Lauren (0.94), CVS Health (1.31).


U.S. IPO's scheduled to price today: none.

Equity conferences this week: Pacific Crest Securities Conference on Mon-Tue, Jefferies Global Industrials Conference on Mon-Wed, MUFG Securities Seattle Investor Conference on Tue, Cowen and Company...


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