Morning Call For Tuesday, June 13

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 +0.15%) this morning are up +0.15% and European stocks are up +0.48% as a rebound in technology stocks leads global markets higher. Apple is up nearly 1% and NVidia rose 2.6% in pre-market trading to lead technology shares higher after the recent rout in the technology sector over the past two sessions. Trading activity has been muted ahead of the 2-day FOMC meeting that begins today. The upside in European stocks was limited after a gauge of German investor confidence declined after the German Jun ZEW survey expectations of economic growth unexpectedly fell. Asian stocks settled mostly higher: Japan -0.05%, Hong Kong +0.56%, China +0.44%, Taiwan +0.18%, Australia +1.67%, Singapore +0.28%, South Korea +0.58%, India +0.03%.

The dollar index (DXY00 -0.10%) is down -0.06. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is up +0.12%.

Sep 10-year T-note prices (ZNU17 -0.04%) are down -2 ticks.

UK May CPI rose +0.3% m/m and +2.9% y/y, stronger than expectations of +0.2% m/m and +2.7% y/y with the +2.9% y/y gain the largest year-on-year increase in nearly 4 years. May core CPI rose +2.6% y/y, stronger than expectations of +2.4% y/y and the largest increase in 4-1/2 years.

The German Jun ZEW survey expectations of economic growth unexpectedly fell -2.0 to 18.6, weaker than expectations of +1.1 to 21.7.

The Japan Q2 BSI large manufacturing business conditions fell to -2.9, the lowest in a year.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May PPI final demand (expected unch m/m and +2.3% y/y, Apr +0.5% m/m and +2.5% y/y) and May PPI ex food & energy (expected +0.2% m/m and +1.9% y/y, Apr +0.4% m/m and +1.9% y/y), (2) FOMC begins 2-day policy meeting, (3) Treasury auctions $12 billion of 30-year T-bonds.

Notable Russell 2000 earnings reports today include: John Wiley (consensus $0.57), H&R Block (3.53).

U.S. IPO’s scheduled to price today: SG Blocks (SGBX), TCG BDC (CGBD), Athenex (ATNX).

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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