Sep E-mini stock futures this morning are up +4.75 points (+0.18%) due to strength in Walgreens which is up nearly 3% in pre-market trading after it reported stronger-than-expected Q3 EPS and authorized a $10 billion share buyback program. European stocks are down -0.61% and followed Asian markets lower as global trade risks continue to weigh on stock prices. Mining stocks and metal producers are lower with Jul COMEX copper down -0.87% at a 3-month low and Aug COMEX gold down -0.19% at a 6-1/2 month low. Asian market settled mostly lower as China’s Shanghai Composite closed down -0.93% at a new 2-year low and Japan’s Nikkei Stock Index closed down -0.01%. A spokesman for China Commerce Ministry warned today that China will fight back with “quantitative and qualitative measures” should the U.S. roll out a new tariff list. Concern the trade tensions will weigh on Chinese economic growth has also undercut the yuan which fell to a 7-1/4 month low of 6.6345 per dollar today. The dollar index is down -0.16%. EUR/USD is up +0.29%. USD/JPY is down -0.03%. Sep 10-year T-notes are unchanged.
German Jul GfK consumer confidence was unch at 10.7, stronger than expectations of -0.1 to 10.6.
Eurozone Jun economic confidence fell -0.2 to 112.3, stronger than expectations of -0.5 to 112.0, but still a 10-month low. The Jun business climate indicator fell -0.05 to 1.39, weaker than expectations of -0.5 to 1.40.
The ECB in its monthly report said, “the balance of risks for global activity and trade in the short term has worsened recently, with risks remaining skewed to the downside in the medium term. The implementation of higher trade tariffs and the possibility of wider protectionist measures represent a key risk.”
Japan May retail sales fell -1.7% m/m, weaker than expectations of -0.8% m/m and the biggest decline in 1-3/4 years.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2709.75 4.75 0.18%
Europe Euro Stoxx 50 3376.31 -20.82 -0.61%
Japan Nikkei Index 22270 -1 -0.01%
China Shanghai Comp. 2787 -26 -0.93%
10yr T-notes (CBT)(U8) 120.125 0.000 0.00%
U.S. Dollar Index 95.133 -0.157 -0.16%
Euro FX (EUR/USD) 1.1587 0.0033 0.29%
Dollar-yen (USD/JPY) 110.23 -0.03 -0.03%
Sterling (GBP/USD) 1.3091 -0.0022 -0.17%
WTI Crude Oil (Q8) 72.75 -0.01 -0.01%
Brent Crude Oil (Q8) 77.93 0.31 0.40%
Gasoline (Nymex) (Q8) 2.1128 0.0025 0.12%
Gold (Comex) (Q8) 1253.7 -2.4 -0.19%
Silver (Comex) (N8) 16.060 -0.091 -0.56%
Copper (Comex) (N8) 2.959 -0.026 -0.87%