Economic data
- (BR) Brazil Jun FGV Construction Costs M/M: 1.9% v 1.7%e
- (BR) Brazil Jun FGV Consumer Confidence: 83.9 v 85.1 prior
- (IN) India Weekly Forex Reserves w/e Jun 19th: $355.5B v $354.3B
- (MX) Mexico May Unemployment Rate (Seasonally Adj): 4.4% v 4.3%e; Unemployment Rate NSA (unadj): 4.5% v 4.3%e
- (MX) Mexico May Trade Balance: -$1.0B v -$0.2Be
- (US) Jun Final University of Michigan Confidence: 96.1 v 94.6e
US equity trading has been choppy this morning as the DJIA benefits from Nike's very good quarterly earnings even as the Nasdaq is pulled lower by semi names tanking after Micron's bad showing. As of writing, the DJIA is up 0.48%, the S&P500 is up 0.09% and the Nasdaq down 0.35%.
Bonds are selling off this morning as the bickering between Greece and its creditors deepens and the final deadline approaches. Reports suggest that the creditors still will not accept Greece's VAT and pension proposals, while Greece has rejected a five-month, €15.5B bailout extension instead of a comprehensive settlement. The bund has gained six basis points to trade 0.918%, while the UST benchmark note is up five basis points to 2.46%.
Crude broke to its lowest level since early June, with WTI dropping briefly below $59 in the wake of news that the P5+1 powers are offering more concessions to Iran in a final push for a nuclear deal. The Western officials engages in talks have made upbeat comments even in the face of the Iranians nixing any inspections of military sites as part of a deal. Brent was around $62.50.
Frankfurt-listed shares of German potash name K+S are up 17% this morning on talk that Potash Corp is looking to acquire the name. Shares came a bit off their highs on reports that K+S considered Potash's €40/shr+ off on the low side. Shares of POT are down 2% while Mosaic is up 1.5%.
Shares of Nike are up 4% after the firm beat top- and bottom-line expectations in its fourth quarter report. Sales rose by double-digits in all of its major markets, however foreign exchange translation put a serious dent in the take. Shares of Micron are sinking lower after its poor third quarter numbers. Micron's margins contracted thanks to a 10% decline in DRAM average selling prices and relatively flat DRAM volumes, and the firm's fourth quarter guidance was subpar. MU is down nearly 19% today, while INTC is off 2.3%.
Looking Ahead
- 12:45 (US) Fed's George (non-voter, hawk) speaks on the Payments System in Kansas
- 13:00 (US) Baker Hughes weekly Rig Count data- 15:00 (AR) Argentina Q1 GDP Q/Q: No est v 0.0% prior; Y/Y: 1.2%e v 0.4% prior
- 15:00 (AR) Argentina Q1 Current Account Balance: -$2.7Be v -$1.7B prior
- 15:00 (AR) Argentina Apr Economic Activity Index (Monthly GDP) M/M: No est v -1.0% prior; Y/Y: 1.2%e v 2.0% prior
Weekend
- 21:30 (CN) China May YTD Industrial Profits Y/Y: No est v 2.6% prior
- (BR) Brazil Jun FGV Construction Costs M/M: 1.9% v 1.7%e
- (BR) Brazil Jun FGV Consumer Confidence: 83.9 v 85.1 prior
- (IN) India Weekly Forex Reserves w/e Jun 19th: $355.5B v $354.3B
- (MX) Mexico May Unemployment Rate (Seasonally Adj): 4.4% v 4.3%e; Unemployment Rate NSA (unadj): 4.5% v 4.3%e
- (MX) Mexico May Trade Balance: -$1.0B v -$0.2Be
- (US) Jun Final University of Michigan Confidence: 96.1 v 94.6e
US equity trading has been choppy this morning as the DJIA benefits from Nike's very good quarterly earnings even as the Nasdaq is pulled lower by semi names tanking after Micron's bad showing. As of writing, the DJIA is up 0.48%, the S&P500 is up 0.09% and the Nasdaq down 0.35%.
Bonds are selling off this morning as the bickering between Greece and its creditors deepens and the final deadline approaches. Reports suggest that the creditors still will not accept Greece's VAT and pension proposals, while Greece has rejected a five-month, €15.5B bailout extension instead of a comprehensive settlement. The bund has gained six basis points to trade 0.918%, while the UST benchmark note is up five basis points to 2.46%.
Crude broke to its lowest level since early June, with WTI dropping briefly below $59 in the wake of news that the P5+1 powers are offering more concessions to Iran in a final push for a nuclear deal. The Western officials engages in talks have made upbeat comments even in the face of the Iranians nixing any inspections of military sites as part of a deal. Brent was around $62.50.
Frankfurt-listed shares of German potash name K+S are up 17% this morning on talk that Potash Corp is looking to acquire the name. Shares came a bit off their highs on reports that K+S considered Potash's €40/shr+ off on the low side. Shares of POT are down 2% while Mosaic is up 1.5%.
Shares of Nike are up 4% after the firm beat top- and bottom-line expectations in its fourth quarter report. Sales rose by double-digits in all of its major markets, however foreign exchange translation put a serious dent in the take. Shares of Micron are sinking lower after its poor third quarter numbers. Micron's margins contracted thanks to a 10% decline in DRAM average selling prices and relatively flat DRAM volumes, and the firm's fourth quarter guidance was subpar. MU is down nearly 19% today, while INTC is off 2.3%.
Looking Ahead
- 12:45 (US) Fed's George (non-voter, hawk) speaks on the Payments System in Kansas
- 13:00 (US) Baker Hughes weekly Rig Count data- 15:00 (AR) Argentina Q1 GDP Q/Q: No est v 0.0% prior; Y/Y: 1.2%e v 0.4% prior
- 15:00 (AR) Argentina Q1 Current Account Balance: -$2.7Be v -$1.7B prior
- 15:00 (AR) Argentina Apr Economic Activity Index (Monthly GDP) M/M: No est v -1.0% prior; Y/Y: 1.2%e v 2.0% prior
Weekend
- 21:30 (CN) China May YTD Industrial Profits Y/Y: No est v 2.6% prior
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