Sepember E-mini stock futures this morning are down -3.75 points (-0.13%) and European stocks are down -0.44%. Weakness in technology stocks is a negative factor for the overall market, led by a 12% plunge in Netflix in pre-market trading, after the company reported fewer-than-expected new subscribers in Q2. Also, stocks are seeing long liquidation pressures ahead of Fed Chair Powell’s semi-annual testimony before the Senate Banking Committee later this morning. The markets will look to clues from Powell about the future pace of Fed tightening. Asian markets settled mixed as China’s Shanghai Composite closed down -0.57% and Japan’s Nikkei Stock Index closed up +0.44% at a 1-month high. A rally in Japanese automakers and exporters led the Nikkei higher as USD/JPY consolidates just below last Friday’s 6-1/4 month high. The dollar index is down -0.01%. EUR/USD is up +0.06%. USD/JPY is up +0.20%. Sep 10-year T-notes are down -0.5 of a tick.
China Jun new home prices rose +1.1% n/n and +5.8% y/y.
The UK ILO unemployment rate was unchanged for the three months through May at 4.2%, right on expectations.
UK May avg weekly earnings were +2.5% 3-mo avg y/y, right on expectations. May weekly earnings ex-bonus were up +2.7% 3-mo avg y/y, right on expectations.
Eurozone Jun new car registrations rose +5.2% y/y at 1,569,067 and year-to-date are up +2.9% y/y at 8,449,247.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2792.75 -3.75 -0.13%
Europe Euro Stoxx 50 3433.98 -15.10 -0.44%
Japan Nikkei Index 22697 100 0.44%
China Shanghai Comp. 2798 -16 -0.57%
10yr T-notes (CBT)(U8) 120.050 -0.005 -0.01%
U.S. Dollar Index 94.498 -0.013 -0.01%
Euro FX (EUR/USD) 1.1718 0.0007 0.06%
Dollar-yen (USD/JPY) 112.51 0.22 0.20%
Sterling (GBP/USD) 1.3224 -0.0011 -0.08%
WTI Crude Oil (Q8) 68.17 0.11 0.16%
Brent Crude Oil (U8) 72.10 0.26 0.36%
Gasoline (Nymex) (Q8) 2.0102 0.0080 0.40%
Gold (Comex) (Q8) 1241.5 1.8 0.15%
Silver (Comex) (U8) 15.790 -0.022 -0.14%
Copper (Comex) (U8) 2.762 -0.003 -0.11%