OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.01%) are little changed, down -0.02%, and European stocks are down -0.09% led by weakness in energy producers after the price of crude oil (CLU15 -0.82%) fell to a 4-1/2 month low. Losses in European stocks were muted after German Jun factory orders rose more than expected. The BOE, as expected, maintained its benchmark interest rate at 0.50% and kept its asset purchase target unchanged at 375 billion pounds following today's monetary policy meeting. Asian stocks closed mostly lower: Japan +0.24%, Hong Kong -0.57%, China -0.89%, Taiwan-1.09%, Australia -1/13%, Singapore +0.17%, South Korea -1.27%, India +0.27%. Japan's Nikkei Stock Index bucked the trend and closed up at a 2-week high as exporter stocks rallied on the prospects of improved earnings after the yen tumbled to a 1-3/4 month low against the dollar on Wednesday.

The dollar index (DXY00 +0.06%) is down -0.06%. EUR/USD (^EURUSD) is up +0.06% on the stronger-than-expected German Jun factory orders. USD/JPY (^USDJPY) is down -0.03%. The Russian ruble slid to a 5-1/2 month low against the dollar after the price of crude fell to a 4-1/2 month low.

Sep T-note prices (ZNU15 +0.07%) are up +2 ticks.

German Jun factory orders jumped +2.0% m/m and +7.2% y/y, stronger than expectations of +0.3% m/m and +5.2% y/y with the +7.2% y/y gain the biggest annual increase in 13 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) July Challenger job cuts (June +42.7% y/y), and (2) weekly initial unemployment claims (expected +5,000 to 272,000, previous +12,000 to 267,000) and continuing claims (expected -13,000 to 2.249 million, previous +46,000 to 2.262 million).

There are 14 of the S&P 500 companies that report earnings today with notable reports including: Viacom (consensus $1.47), Duke Energy (0.99), Apache Corp (-0.28), NVIDIA (0.21), Consolidated Edison (0.63), Monster Beverage (0.91).