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Morning Call For Monday, August 7


Sep E-mini S&Ps (ESU17 +0.07%) this morning are up +0.10% on possible increased M&A activity after Bloomberg news reported that people with knowledge of the matter said United Technologies is weighing the possible acquisition of Rockwell Collins. European stocks are down -0.19% after German Jun industrial production unexpectedly fell at the fastest pace in 6-months. Another negative for stocks is the -1.09% decline in Sep WT crude oil (CLU17 -1.01%) , which is undercutting energy stocks, after compliance on OPEC and non-OPEC crude production cuts fell to 86% in July, the lowest since Jan. Representatives of some OPEC and non-OPEC oil producers are meeting in Abu Dhabi today and tomorrow to discuss why some members are falling behind in meeting their pledges to reduce output. Asian stocks settled mostly higher: Japan +0.52%, Hong Kong +0.46%, China +0.53%, Taiwan +0.69%, Australia +0.93%, Singapore -0.18%, South Korea +0.16%, India -0.16%. Asian markets found carry-over support from Friday's stronger-than-expected U.S. Jul payrolls report, which is positive for global economic growth.

The dollar index (DXY00 -0.14%) is down -0.16%. EUR/USD (^EURUSD) is up +0.23%. USD/JPY (^USDJPY) is up +0.13%.

Sep 10-year T-note prices (ZNU17 -0.01%) are down -2.5 ticks.

The Eurozone Aug Sentix investor confidence fell -0.6 to 27.7, stronger than expectations of -0.7 to 27.6.

German Jun industrial production unexpectedly fell -1.1% m/m, weaker than expectations of +0.2% m/m and the biggest decline in 6 months.


Key U.S. news today includes: (1) Minneapolis Fed President Neel Kashkari (voter) holds a moderated audience Q&A session with the Sioux Falls Rotary Club, (2) Jun consumer credit (expected +$15.25 billion, May +$18.41 billion), (3) USDA weekly grain export inspections, (4) USDA crop conditions and planting...