Sep E-mini stock futures this morning are up +10.00 points (+0.35%) and European stocks are up +0.37% as a rebound in the Turkish lira temporarily calms global financial markets. The Turkish lira rose 5% against the dollar today and Turkey’s 10-year government bond yield fell 100 bp to 21.46%. European stocks also moved higher after Eurozone Q2 GDP was revised upward and after the German Aug ZEW survey expectations of economic growth was stronger-than-expected. Asian markets settled mixed as China’s Shanghai Composite closed down -0.18% and Japan’s Nikkei Stock Index closed up +2.88%. Chinese stocks fell back on economic concerns after China Jul industrial production and Jul retail sales both rose less than expected. The dollar index is down -0.11%. EUR/USD is down -0.05%. USD/JPY is up +0.21%. Sep 10-year T-notes are down -6 ticks.
Eurozone Q2 GDP was revised upward to +0.4% q/q and +2.2% y/y, stronger than expectations of no change at +0.3% q/q and +2.1% y/y.
Eurozone Jun industrial production fell -0.7% m/m, weaker than expectations of -0.4% m/m.
The German Aug ZEW survey expectations of economic growth rose +11.0 to -13.7, stronger than expectations of +3.4 to -21.3.
The UK Jun ILO unemployment rate unexpectedly fell -0.2 to 4.0%, better than expectations of no change at 4.2% and the lowest in 43-1/3 years.
UK Jun avg weekly earnings rose +2.4% 3-mo avg/year-over-year, weaker than expectations of +2.5% 3-mo avg/year-over-year. Jun avg weekly earnings ex-bonus rose +2.7% 3-mo avg/year-over-year, right on expectations.
China Jul industrial production rose +6.0% y/y, weaker than expectations of +6.3% y/y.
China Jul retail sales rose +8.8% y/y, weaker than expectations of +9.1% y/y.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2835.50 10.00 0.35%
Europe Euro Stoxx 50 3422.37 12.69 0.37%
Japan Nikkei Index 22356 499 2.28%
China Shanghai Comp. 2781 -5 -0.18%
10yr T-notes (CBT)(U8) 120.020 -0.060 -0.16%
U.S. Dollar Index 96.287 -0.104 -0.11%
Euro FX (EUR/USD) 1.1404 -0.0006 -0.05%
Dollar-yen (USD/JPY) 110.93 0.23 0.21%
Sterling (GBP/USD) 1.2775 0.0004 0.03%
WTI Crude Oil (U8) 67.83 0.63 0.94%
Brent Crude Oil (V8) 73.33 0.72 0.99%
Gasoline (Nymex) (U8) 2.0427 0.0280 1.39%
Gold (Comex) (Z8) 1201.8 2.9 0.24%
Silver (Comex) (U8) 15.020 0.038 0.25%
Copper (Comex) (U8) 2.718 -0.013 -0.48%