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Morning Call For Thursday, August 3


Sep E-mini S&Ps (ESU17 -0.08%) this morning are down -0.06% as the market consolidates this week's gains. European stocks recovered from a 1-week low and are up +0.13% on stronger-than-expected Eurozone Jun retail sales and on an upbeat economic bulletin from the ECB that points to "broad-based growth in the Eurozone in the near term." As expected, the BOE voted 6-2 to keep its benchmark rate at 0.25% and voted 8-0 to maintain its asset-purchase target at 435 billion pounds following today's policy meeting. However, GBP/USD fell back from a 10-1/2 month high and is down -0.41% after the BOE cut its UK 2017 GDP forecast to 1.7% from a prior forecast of 1.9% and lowered its UK 2018 GDP estimate to 1.6% from 1.7%. Asian stocks settled lower: Japan -0.25%, Hong Kong -0.28%, China -0.37%, Taiwan -0.47%, Australia -0.16%, Singapore -0.18%, South Korea -1.70%, India -0.74%.

The dollar index (DXY00 +0.15%) is up +0.15%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.14%.

Sep 10-year T-note prices (ZNU17 +0.06%) are little changed, up +0.5 of a tick.

The ECB said in its monthly economic bulletin that "incoming data, notably survey results, continue to point to solid, broad-based growth in the Eurozone in the near term."

Eurozone Jun retail sales rose +0.5% m/m and +3.1% y/y, stronger than expectations of unch m/m and +2.5% y/y, with the +3.1% y/y gain the largest year-on-year increase in 23-months.

The UK Jul Markit/CIPS services PMI rose +0.4 to 53.8, stronger than expectations of +0.2 to 53.6.


Key U.S. news today includes: (1) Jul Challenger job cuts (Jun -19.3% y/y), (2) weekly initial unemployment claims (expected -2,000 to 242,000, previous +10,000 to 244,000) and continuing claims (expected -6,000 to 1.958 million, previous -13,000 to 1.964 million), (3) final-Jul Markit U.S. services PMI (expected unch at 54.2, prelim-Jul unch at 54.2), (4) Jul ISM non-manufacturing (expected -0.5 to 56.9, Jun +0.5 to 57.4), (5) Jun factory orders (expected +3.0%, May -0.8% and -0.3% ex transportation), (6) USDA weekly Export Sales.

Notable S&P 500 earnings reports today include: Kellogg (consensus $0.92), Apache (-0.01), NRG Energy (0.05), Church & Dwight (0.39), Fluor (0.60), Yum Brands (0.62), ICE (0.76), Global Payments (0.92), Kraft Heinz (0.95), Duke Energy (1.01)...