OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 +0.02%) this morning are up +0.12% and European stocks are up +0.42%. Strength in technology stocks is leading the overall market higher with Advanced Micro Devices and Nvidia both up over 1% in pre-market trading. European stocks also received a boost on stronger-than-expected German May exports and stronger-than-expected Eurozone Jul Sentix investor confidence. Weakness in mining companies and energy stocks limited the upside in stock index with Aug COMEX gold (GCQ17 -0.16%) down -0.17% to a 3-3/4 month low and Aug WTI crude oil (CLQ17 -0.99%) down -1.18% to a 1-week low. Asian stocks settled mostly higher: Japan +0.76%, Hong Kong +0.63%, China -0.17%, Taiwan -0.07%, Australia +0.37%, Singapore +0.54%, South Korea +0.26%, India +1.13%.

The dollar index (DXY00 +0.17%) is up +0.13%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is up +0.26% at a 1-3/4 month high on signs the BOJ may expand its yen-negative stimulus measures after BOJ Governor Kuroda said the BOJ will watch price momentum and adjust monetary policy as needed.

Sep 10-year T-note prices (ZNU17 +0.18%) are up +7.5 ticks.

China Jun CPI rose +1.5% y/y, unch from May and weaker than expectations of +1.6% y/y. Jun PPI rose +5.5% y/y, unch from May and right on expectations.

The Eurozone Jul Sentix investor confidence fell -0.1 to 28.3, stronger than expectations of -0.3 to 28.1.

The German May trade balance widened to a surplus of 22.0 billion euros, higher than expectations of 18.7 billion euros. May exports rose +1.4% m/m, stronger than expectations of +0.3%. May imports rose +1.2%, stronger than expectations of +0.3%.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May consumer credit (expected +$13.5 billion, Apr +$8.197 billion), (2) San Francisco Fed President John Williams gives a speech to Australian business economists in Sydney, Australia, (3) USDA weekly grain export inspections, and (4) USDA crop conditions and planting progress.

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