Sep E-mini stock futures this morning are up +8.00 points (+0.29%) and European stocks are up +1.05%. Global markets are higher as they recover some of this week’s losses. European stocks found support after EU leaders agreed on a package to stem the flow of migrants, which eased a standoff between Italy and the rest of the EU. Stock prices came off of their highs after Axiom reported that President Trump wants to withdraw the U.S. from the World Trade Organization. Asian markets settled higher as China’s Shanghai Composite closed up +2.17% and Japan’s Nikkei Stock Index closed up +0.15%. Chinese stocks recovered as the yuan strengthened for the first time this week after the PBOC said it will use comprehensive policy tools to keep economic developments steady and stabilize market expectations. A +0.14% rally in USD/JPY to a 2-week high boosted Japanese exporter stocks that lifted the overall market. The dollar index is down -0.51%. EUR/USD is up +0.71%. Sep 10-year T-notes are little changed, up +0.5 of a tick
German May retail sales fell -2.1% m/m, weaker than expectations of -0.5% m/m and the biggest decline in 4-1/3 years.
German Jun unemployment fell -15,000 to 2.342 million, stronger than expectations of -8,000 and the 12th consecutive month that German unemployment has declined. The Jun unemployment rate was unch at a record low of 5.2% (data from 1990), right on expectations.
Eurozone Jun CPI rose +2.0% y/y, right on expectations and matched Feb 2017 as the biggest increase in 5-1/2 years. Jun core CPI rose +1.0% y/y, right on expectations.
UK Jun GfK consumer confidence fell -2 to -9, weaker than expectations of no change at -7.
The Japan May jobless rate unexpectedly fell -0.3 to a 25-1/2 year low of 2.2%, better than expectations of no change at 2.5%. The May job-to-applicant ratio rose +0.01 to a 44-1/3 year high of 1.60, stronger than expectations of no change at 1.59.
Japan May industrial production fell -0.2% m/m, stronger than expectations of -1.0% m/m.
Japan May consumer confidence fell -0.1 to 43.7, weaker than expectations of no change at 43.8.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2727.50 8.00 0.29%
Europe Euro Stoxx 50 3400.83 35.31 1.05%
Japan Nikkei Index 22305 34 0.15%
China Shanghai Comp. 2847 61 2.17%
10yr T-notes (CBT)(U8) 120.065 0.005 0.01%
U.S. Dollar Index 94.829 -0.483 -0.51%
Euro FX (EUR/USD) 1.1651 0.0082 0.71%
Dollar-yen (USD/JPY) 110.64 0.15 0.14%
Sterling (GBP/USD) 1.3142 0.0064 0.49%
WTI Crude Oil (Q8) 73.25 -0.20 -0.27%
Brent Crude Oil (Q8) 78.79 0.94 1.21%
Gasoline (Nymex) (Q8) 2.1254 0.0199 0.95%
Gold (Comex) (Q8) 1251.9 0.9 0.07%
Silver (Comex) (N8) 16.000 0.049 0.31%
Copper (Comex) (N8) 2.959 0.006 0.19%