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Sep E-mini stock futures this morning are up +5.50 points (+0.19%) at a 6-1/2 month high and European stocks are up +0.70%. A 1% gain in Apple in pre-market trading is leading technology stocks higher after Bank of America/Merrill Lynch raised their price target on the stock to $250 from $230. Also, strength in mining stocks and commodity producers is pushing the overall market higher on signs of stronger copper demand. Sep COMEX copper is up +0.94% after LME canceled warrants, or orders to withdraw copper from LME warehouses, rose +18,000 MT to a 1-1/2 month high of 54,050 MT. Asian stock markets settled mostly higher as China’s Shanghai Composite closed up +1.31% and Japan’s Nikkei stock index closed up +0.09%. Chinese stocks rose for a second day on speculation that government buying will support prices after the Shanghai Composite recovered from a 2-1/3 year low and rallied sharply in the last hour of trade Monday on reports of state-sponsored buying of equities. Strength in Japanese exporters led the Nikkei stock Index higher after USD/JPY rebounded from a 1-3/4 month low and rose %. The dollar index is down -0.37% at a 1-week low on negative carry-over from Monday’s comments from President Trump who criticized the Fed for raising interest rates. EUR/USD is up +0.31% at a 1-week high. Sep 10-year T-notes are down -5 ticks.

UK Aug CBI trends total orders fell -4 to 7, weaker than expectations of -3 to 8. The Aug CBI trends selling prices rose +2 to 15, stronger than expectations of +1 to 14.

UK Jul public sector net borrowing fell -2.9 billion pounds, weaker than expectations of -2.0 billion pounds and the biggest decline in 6 months.

Japan Jul nationwide department store sales fell -6.1% y/y, the largest decline in 3-1/3 years.

Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2864.00 5.50 0.19%
Europe Euro Stoxx 50 3417.52 23.85 0.70%
Japan Nikkei Index 22220 21 0.09%
China Shanghai Comp. 2734 35 1.31%
10yr T-notes (CBT)(U8) 120.150 -0.050 -0.13%
U.S. Dollar Index 95.542 -0.358 -0.37%
Euro FX (EUR/USD) 1.1518 0.0036 0.31%
Dollar-yen (USD/JPY) 110.24 0.17 0.15%
Sterling (GBP/USD) 1.2831 0.0033 0.26%
WTI Crude Oil (U8) 66.92 0.49 0.74%
Brent Crude Oil (V8) 72.36 0.15 0.21%
Gasoline (Nymex) (U8) 2.0242 0.0091 0.45%
Gold (Comex) (Z8) 1200.3 5.7 0.48%
Silver (Comex) (U8) 14.795 0.125 0.85%
Copper (Comex) (U8) 2.694 0.025 0.94%

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