Sep E-mini stock futures this morning are up +2.50 points (+0.09%) at a new record high and European stocks are up +0.01% at a 2-week high. A +0.78% rally in Sep COMEX copper to a 2-week high is giving a boost to mining stocks, while carmakers in Europe rose after the U.S. and Mexico agreed to a new trade deal. Copper prices jumped on signs of stronger demand after LME canceled warrants surged +29.050 MT to a 1-year high of 132,200 MT. Gains in European stocks were limited as strength in EUR/USD weighed on European exporters with EUR/USD up +0.16% at a 4-week high. Asian stock settled mixed as China’s Shanghai Composite closed down -0.10% and Japan’s Nikkei Stock Index closed up +0.06% at a 2-1/2 month high. Despite a rally in the yuan to a 3-1/2 week high against the dollar, the Shanghai Stock Index fell back from a 2-week high and closed lower on trade concerns after President Trump said “it’s just not the tight time” for trade negotiations with China. Japanese stocks rallied on trade optimism after the U.S. and Mexico agreed to a new trade deal along with the surge in U.S. stock indexes Monday to record highs. The dollar index is down -0.11% at a 3-1/2 week low. USD/JPY is unchanged. Sep 10-year T-notes are unchanged.
Eurozone Jul M3 money supply rose +4.0% y/y, weaker than expectations of +4.3% y/y.
France Aug consumer confidence was unch at 97, right on expectations.
Italy Aug consumer confidence fell -1.0 to 115.2, weaker than expectations of -0.5 to 115.8.
| Morning Markets | Last | Chg | %chg |
| E-mini S&P 500 (U8) | 2901.00 | 2.50 | 0.09% |
| Europe Euro Stoxx 50 | 3456.43 | 0.42 | 0.01% |
| Japan Nikkei Index | 22813 | 14 | 0.06% |
| China Shanghai Comp. | 2778 | -3 | -0.10% |
| 10yr T-notes (CBT)(U8) | 120.110 | 0.000 | 0.00% |
| U.S. Dollar Index | 94.674 | -0.105 | -0.11% |
| Euro FX (EUR/USD) | 1.1697 | 0.0019 | 0.16% |
| Dollar-yen (USD/JPY) | 111.08 | 0.00 | 0.00% |
| Sterling (GBP/USD) | 1.2893 | 0.0001 | 0.01% |
| WTI Crude Oil (V8) | 68.85 | -0.02 | -0.03% |
| Brent Crude Oil (V8) | 76.48 | 0.27 | 0.35% |
| Gasoline (Nymex) (V8) | 1.9880 | 0.0013 | 0.07% |
| Gold (Comex) (Z8) | 1218.8 | 2.8 | 0.23% |
| Silver (Comex) (U8) | 14.900 | 0.041 | 0.28% |
| Copper (Comex) (U8) | 2.730 | 0.021 | 0.78% |