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Sep E-mini stock futures this morning are up +6.25 points (+0.22%) and European stocks are up +0.65% as mining stocks rally after Sep COMEX copper gained +1.73%. Copper prices rose on signs of stronger demand after LME cancelled warrants, or orders to withdraw copper from LME warehouses, jumped +11,525 MT to 36,050 MT, a 1-1/4 month high. M&A activity is also boosting stocks after PepsiCo agreed to buy SodaStream International in a $3.2 billion deal. Asian markets settled mixed as China’s Shanghai Composite closed up +1.11% and Japan’s Nikkei Stock Index closed down -0.32%. The Shanghai Composite recovered from a 2-1/3 year low and closed higher after people with knowledge of the matter said state-sponsored funds bought blue-chip stocks in the last hour of trade. The dollar index is up +0.17%. EUR/USD is down -0.17% after the Bundesbank in its monthly report said that German Q3 growth “could end up being somewhat slower than the average for the first half of the year.” USD/JPY is up +0.10%. Sep 10-year T-notes are up +4 ticks.

UK Aug Rightmove house prices fell -2.3% m/m and matched the Dec 2017 decline as the biggest drop in prices in 5-1/2 years.

The Bundesbank in its monthly report said that German Q3 growth “could end up being somewhat slower than the average for the first half of the year” due to weaker factory orders and as automakers adjust to new emission targets, although private consumption and a strong labor market should keep Germany on a “sound growth path.”

German Jul PPI rose +0.2% m/m and +3.0% y/y, right on expectations.

Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2858.50 6.25 0.22%
Europe Euro Stoxx 50 3394.81 21.87 0.65%
Japan Nikkei Index 22199 -71 -0.32%
China Shanghai Comp. 2698 30 1.11%
10yr T-notes (CBT)(U8) 120.120 0.040 0.10%
U.S. Dollar Index 96.263 0.162 0.17%
Euro FX (EUR/USD) 1.1419 -0.0019 -0.17%
Dollar-yen (USD/JPY) 110.61 0.11 0.10%
Sterling (GBP/USD) 1.2764 0.0015 0.12%
WTI Crude Oil (U8) 65.67 -0.24 -0.36%
Brent Crude Oil (V8) 71.86 0.03 0.04%
Gasoline (Nymex) (U8) 1.9750 -0.0059 -0.30%
Gold (Comex) (Z8) 1194.4 10.2 0.86%
Silver (Comex) (U8) 14.730 0.099 0.68%
Copper (Comex) (U8) 2.675 0.046 1.73%

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