Overnight Markets And News

Sep E-mini S&Ps (ESU18 +0.16%) this morning are up +0.19% at a 6-1/2 month high on strength in technology stocks led by a 1% increase in Apple in pre-market trading after Bank of America/Merrill Lynch reiterated its Buy rating on the stock and raised its price target on Apple to $250 from $230. European stocks are higher by +0.70% on strength in miners and commodity producing stocks as Sep COMEX copper (HGU18 +0.94%) gains +0.94% on signs of increased copper demand after LME canceled warrants, or orders to withdraw copper from LME warehouses, rose +18,000 MT to a 1-1/2 month high. Asian stocks settled mostly higher: Japan +0.09%, Hong Kong +0.56%, China +1.31%, Taiwan +0.87%, Australia -0.96%, Singapore -0.15%, South Korea +1.15%, India +0.02%. Chinese stocks rose for a second day and the yuan strengthened to a 1-week high against the dollar on speculation that government buying of equities will limit declines. The Shanghai Composite rebounded from a 2-1/3 year low in the last hour of trade Monday on reports of buying of Chinese blue chip stocks by state-sponsored funds. Japan’s Nikkei Stock Index shook off early losses and closed higher after USD/JPY recovered from a 1-3/4 month low and moved higher, which boosted Japanese exporters.

The dollar index (DXY00 -0.40%) is down -0.37% at a 1-week low on negative carry-over from Monday’s comments from President Trump who said ne “should be given some help by the Fed” and that he’s “not thrilled” with Fed Chair Powell raising interest rates. EUR/USD (^EURUSD +0.42%) is up +0.31% at a 1-week high. USD/JPY (^USDJPY+0.14%) is up +0.15%.

Sep 10-year T-note prices (ZNU18 -0-045) are down -5 ticks.

UK Aug CBI trends total orders fell -4 to 7, weaker than expectations of -3 to 8. The Aug CBI trends selling prices rose +2 to 15, stronger than expectations of +1 to 14.

UK Jul public sector net borrowing fell -2.9 billion pounds, weaker than expectations of -2.0 billion pounds and the biggest decline in 6 months.