OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 -0.29%) are down -0.17% as prices consolidate ahead of earnings results from 31 S&P 500 companies today, including Aetna and Disney. European stocks are down -0.79% as a slide in bank stocks is leading the overall market lower after Credit Agricole SA plunged 10% when regulators failed to approve a reorganization that may have freed up capital to repay investors. The 10-year German bund fell to a 2-month low of 0.595% after Eurozone Jun producer prices unexpectedly fell for the first time in 5 months. Asian stocks closed mixed: Japan -0.14%, Hong Kong -0.02%, China +3.69%, Taiwan -0.16%, Australia +0.33%, Singapore -0.05%, South Korea +0.86%, India -0.41%. Chinese stocks closed higher after authorities stepped up efforts to stabilize the market. Investors on the Shanghai and Shenzhen stock exchanges who borrow shares must now wait one day to pay back the loans, which may limit day trading activity and speculative short-selling of stocks.
The dollar index (DXY00 -0.21%) is down -0.18%. EUR/USD (^EURUSD)is up +0.24%. USD/JPY (^USDJPY) is down -0.07%.
Sep T-note prices (ZNU15 -0.11%) are down -4.5 ticks.
Eurozone Jun PPI unexpectedly fell for the first time in five months as it slid -0.1% m/m, weaker than expectations of unch m/m. On an annual basis, Jun PPI fell -2.2% y/y, right on expectations.
u.s. STOCK PREVIEW
Key U.S. news today includes: (1) July New York ISM (June was +9.1 to 63.1), (2) June factory orders (expected +1.8%, May -1.0% and +0.1% ex transportation).
There are 32 of the S&P 500 companies that report earnings today with notable reports including: Kellogg (consensus $0.92), Walt Disney (1.41), Genworth Financial (0.26), First Solar (0.22), ADM (0.65), Emerson Electric (0.83), NGR Energy (0.02), Aetna (1.82), Coach (0.29).
U.S. IPO's scheduled to price today include: Sunrun (RUN), Amplify Snack Brands (BETR), Integra LifeSciences (IART), Benitec Biopharma (BTEBY), Zynerba Pharmaceuticals (ZYNE).
