Overnight Markets And News

Sep E-mini S&Ps (ESU18 +0.04%) this morning are up +0.01% in quiet trade and rose on optimism that a U.S./Canada trade deal can be reached after the Globe reported that Canada was said to be ready to make concessions on dairy for compromises in other areas. European stocks are down -0.12% and EUR/USD weakened after La Stampa reported that the Italian government was seen asking for a new round of bond purchases from the ECB to help the Italian government avoid a downgrade of its credit rating. Also, German Sep GfK consumer confidence unexpectedly fell to a 15-month low. The Turkish lira fell to a 2-week low against the dollar after Turkey’s central bank reintroduced borrowing limits for banks’ overnight transactions, which will tighten liquidity. Asian stocks settled mixed: Japan +0.15%, Hong Kong +0.23%, China -0.31%, Taiwan +1.00%, Australia +0.75%, Singapore -0.11%, South Korea +0.28%, India -0.45%.

The dollar index (DXY00 +0.18%) is up +0.13%. EUR/USD (^EURUSD -0.32%) is down -0.32%. USD/JPY (^USDJPY+0.03%) is up +0.01%.

Sep 10-year T-note prices (ZNU18 +0-020) are up +3 ticks.

The German Sep GfK consumer confidence unexpectedly fell -0.1 to a 15-month low of 10.5, weaker than expectations of no change at 10.6.

Japan Aug consumer confidence fell -0.2 to a 1-year low of 43.3, right on expectations.

U.S. Stock Preview

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +4.2% to 349.9 with purchase sub-index +2.9% to 232.1 and refi sub-index +6.0% to 982.7), (2) revised Q2 GDP (expected +4.0% q/q annualized vs previous +4.1%), (3) Jul pending home sales (expected +0.3% m/m and -2.5% y/y, Jun +0.9% m/m and -4.0% y/y), (4) EIA weekly Petroleum Status Report, and (5) Treasury auctions $17 billion of 2-year floating-rate notes and $31 billion of 7-year T-notes.

Notable Russell 2000 earnings reports today include: salesforce.com (consensus $0.47), Brown-Forman (0.39), Eaton Vance (0.81), Dick’s Sporting Goods (1.06).

U.S. IPO’s scheduled to price today: none.

Equity conferences during the remainder of this week: OPEX Summer Business Transformation Leaders Summit on Mon-Wed, Seaport Global Securities Energy & Industrials Conference on Tue-Wed, Jefferies Semiconductor/Hardware Summit on Wed, Simmons European Energy Conference on Wed.