Sep E-mini stock futures this morning are up +1.50 points (+0.05%) and European stocks are down -0.36% in mixed trade. Strength in commodity producers and mining stocks is lifting the overall market with Sep COMEX copper up +2.04% at a 1-week high. Speculation the Chinese government will boost stimulus to counter the effects of U.S. tariffs is fueling gains in copper prices. Turkey’s lira sank to a record low against the dollar on concern the U.S. may impose additional sanctions on Turkey for its refusal to release a detained American pastor. The Russian ruble tumbled to a 1-1/2 year low against the dollar after the U.S. announced new sanctions on Russia for its use of a nerve-agent on a former double agent in the UK back in March. Asian markets settled mixed as China’s Shanghai Composite closed up +1.83% and Japan’s Nikkei Stock Index closed down -0.20%. Chinese stocks rallied after the China Securities Regulatory Commission said it will revise regulations to broaden access for foreign funds and to ease access for overseas investors. Japanese stocks retreated on trade concerns ahead of high-level trade talks today between Japanese Economy Minister Motegi and U.S. Trade Representative Lighthizer. Also, economic concerns weighed on Japanese stocks after Japan Jul core machine orders declined more than expected. The dollar index is up +0.13%. EUR/USD is down -0.15%. USD/JPY is up +0.13%. Sep 10-year T-notes are up +1 tick.
China Jul CPI rose +2.1% y/y, stronger than expectations of +2.0% y/y. Jul PPI rose +4.6% y/y, stronger than expectations of +4.5% y/y.
Japan Jun core machine orders dropped -8.8% m/m, weaker than expectations of -1.0% m/m and the biggest decline in 6-months.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2856.75 1.50 0.05%
Europe Euro Stoxx 50 3481.00 -12.60 -0.36%
Japan Nikkei Index 22598 -46 -0.20%
China Shanghai Comp. 2794 50 1.83%
10yr T-notes (CBT)(U8) 119.170 0.010 0.03%
U.S. Dollar Index 95.220 0.128 0.13%
Euro FX (EUR/USD) 1.1593 -0.0017 -0.15%
Dollar-yen (USD/JPY) 111.12 0.14 0.13%
Sterling (GBP/USD) 1.2886 0.0004 0.03%
WTI Crude Oil (U8) 66.97 0.03 0.04%
Brent Crude Oil (V8) 72.37 0.09 0.12%
Gasoline (Nymex) (U8) 2.0166 -0.0029 -0.14%
Gold (Comex) (Z8) 1222.3 1.3 0.11%
Silver (Comex) (U8) 15.490 0.058 0.38%
Copper (Comex) (U8) 2.807 0.056 2.04%