Sep E-mini stock futures this morning are down -5.00 points (-0.17%) on concern about escalation of Chinese trade tensions after President Trump accused China of undermining U.S. efforts to get North Korea to give up its nuclear weapons. The U.S. is set to impose tariffs on an additional $200 billion of Chinese imports as soon as Sep 6. Losses were limited as energy stocks rallied with Oct WTI crude oil up +0.60% at a new 3-week high. European stocks are down -0.48% on a slide in economic confidence after Eurozone Aug economic confidence fell more than expected to a 1-year low. Equities recovered from their worst levels after Politico reported that the EU is willing to scrap tariffs on all industrial products, including automobiles, in its trade talks with the U.S. Asian stocks settled mostly lower as China’s Shanghai Composite closed down -1.14%, although Japan’s Nikkei Stock Index closed up +0.09% at a 3-1/4 month high. Trade concerns weighed on Chinese stocks while Japanese stocks rallied after U.S. Q2 GDP was revised higher and after the S&P 500 soared to a new record high on Wednesday. The dollar index is down -0.03%. EUR/USD is down -0.10%. USD/JPY is down -0.10%. Sep 10-year T-notes are little changed, up +0.5 of a tick.
The German Aug unemployment change fell -8,000 to 2.33 million, right on expectations. The Aug unemployment rate remained unch at a record low of 5.2%, also right on expectations.
The German Jul import price index fell -0.2% m/m, weaker than expectations of unch and the biggest decline in 5-months.
Eurozone Aug economic confidence fell -0.5 to a 1-year low of 111.6, weaker than expectations of -0.2 to 111.9. The Aug business climate indicator fell -0.08 to a 1-year low of 1.22, weaker than expectations of -0.03 to 1.26.
UK Jul net consumer credit rose +0.8 billion pounds, weaker than expectations of +1.5 billion pounds
Japan Jul retail sales rose +0.1% m/m, weaker than expectations of +0.2% m/m.
|E-mini S&P 500 (U8)||2909.75||-5.00||-0.17%|
|Europe Euro Stoxx 50||3439.52||-16.61||-0.48%|
|Japan Nikkei Index||22870||21||0.09%|
|China Shanghai Comp.||2738||-32||-1.14%|
|10yr T-notes (CBT)(U8)||120.035||0.005||0.01%|
|U.S. Dollar Index||94.568||-0.032||-0.03%|
|Euro FX (EUR/USD)||1.1695||-0.0012||-0.10%|
|WTI Crude Oil (V8)||69.93||0.42||0.60%|
|Brent Crude Oil (V8)||77.68||0.54||0.70%|
|Gasoline (Nymex) (V8)||2.0112||0.0114||0.57%|
|Gold (Comex) (Z8)||1210.3||-1.2||-0.10%|
|Silver (Comex) (Z8)||14.710||-0.100||-0.68%|
|Copper (Comex) (Z8)||2.715||-0.022||-0.80%|