Sep E-mini stock futures this morning are up +7.00 points (+0.24%) at a new all-time nearest futures high and European stocks are up +0.27% at a 2-week high. Signs of progress on trade negotiations between the U.S. and Mexico that may lead to a new Nafta deal are lifting equity prices after President Trump tweeted Saturday that the U.S. could have a “big Trade Agreement” with Mexico soon. European stocks moved higher on signs of confidence in the Eurozone economic outlook after the German Aug IFO business confidence rose for the first time in nine months to a 6-month high. Trading activity in Europe was muted as markets were closed in the U.K. for a bank holiday. Asian markets settled higher as China’s Shanghai Composite closed up +1.89% at a 2-week high and Japan’s Nikkei Stock Index closed up +0.88% at a 1-1/4 month high. Asian markets rallied after Fed Chair Powell signaled Friday the Fed will maintain its gradual pace of interest rate increases, and Chinese stocks also received a boost as the yuan stabilized after the PBOC signaled Friday that it was acting to support the currency through its daily fixing. The dollar index is up +0.07%. EUR/USD is down -0.03%. USD/JPY is down -0.13%%. Sep 10-year T-notes are up +2.5 ticks.
China Jul industrial profits rose +16.2% y/y, the smallest increase in 4-months.
The German Aug IFO business climate rose +2.1 to a 6-month high of 103.8, stronger than expectations of +0.1 to 101.8 and the first increase in 9 months.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2883.75 7.00 0.24%
Europe Euro Stoxx 50 3436.53 9.09 0.27%
Japan Nikkei Index 22800 198 0.88%
China Shanghai Comp. 2781 51 1.89%
10yr T-notes (CBT)(U8) 120.190 0.025 0.06%
U.S. Dollar Index 95.217 0.071 0.07%
Euro FX (EUR/USD) 1.1618 -0.0004 -0.03%
Dollar-yen (USD/JPY) 111.09 -0.15 -0.13%
Sterling (GBP/USD) 1.2851 0.0005 0.04%
WTI Crude Oil (V8) 68.41 -0.31 -0.45%
Brent Crude Oil (V8) 75.52 -0.30 -0.40%
Gasoline (Nymex) (V8) 1.9713 -0.0040 -0.20%
Gold (Comex) (Z8) 1210.2 -3.1 -0.26%
Silver (Comex) (U8) 14.740 -0.054 -0.37%
Copper (Comex) (U8) 2.700 -0.001 -0.04%