Sep E-mini stock futures this morning are up +0.02% aa fresh 4-month high and European stocks are down -0.11%%. Weakness in energy stocks is limiting the upside in the overall market with Aug WTI crude oil down -1.62% on the prospects of increased crude supplies. The Trump administration said it may tap into the Strategic Petroleum Reserve in an attempt to lower gasoline prices, while people with knowledge of the matter said Saudi Arabia is offering extra crude oil cargoes on top of its contractual supplies to some buyers in Asia for August delivery. On the positive side is strength in bank stocks, led by a 5% jump in Deutsche Bank AG, after it said it expects Q2 earnings results to come in well above market expectations. Also, Bank of America is up 2% in pre-market trading after it reported Q2 adjusted EPS of 64 cents, better than expectations of 57 cents. Asian markets settled mostly lower as China’s Shanghai Composite closed down -0.61% and Japan was closed for holiday. Mixed economic data failed to inspire Chinese stocks after China’s Jun industrial output slowed more than expected, although Jun retail sales increased more than expected and Q2 GDP growth came in right on expectations. The dollar index is down -0.21%. EUR/USD is up +0.31%. USD/JPY is down -0.04%. Sep 10-year T-notes are down -1 tick.
China Q2 GDP grew at a 6.7% y/y pace, right on expectations.
China Jun retail sales rose +9.0% y/y, stronger than expectations of +8.8% y/y.
China Jun industrial production rose +6.0% y/y, weaker than expectations of +6.5% y/y.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2803.75 0.50 0.02%
Europe Euro Stoxx 50 3450.81 -3.73 -0.11%
Japan Nikkei Index 22597 409 1.85%
China Shanghai Comp. 2814 -17 -0.61%
10yr T-notes (CBT)(U8) 120.105 -0.010 -0.03%
U.S. Dollar Index 94.478 -0.199 -0.21%
Euro FX (EUR/USD) 1.1721 0.0036 0.31%
Dollar-yen (USD/JPY) 112.33 -0.05 -0.04%
Sterling (GBP/USD) 1.3289 0.0067 0.51%
WTI Crude Oil (Q8) 69.86 -1.15 -1.62%
Brent Crude Oil (U8) 73.81 -1.52 -2.02%
Gasoline (Nymex) (Q8) 2.0724 -0.0343 -1.63%
Gold (Comex) (Q8) 1244.1 2.9 0.23%
Silver (Comex) (U8) 15.830 0.015 0.09%
Copper (Comex) (U8) 2.757 -0.019 -0.68%