Sep E-mini stock futures this morning are up +16.00 points (+0.57%) and European stocks are up +0.53% as China/U.S. trade tensions eased after China said it will send its vice commerce minister to the U.S. in late August for trade talks. The overall market is also gaining on a 6% jump in Walmart in pre-market trading after it raised its full-year earnings forecast. Another positive for stocks is the rally in the Turkish lira for a third day, as it rose more than 2% against the dollar. Asian stocks settled lower as China’s Shanghai Composite closed down -0.66% at a 2-1/3 year low and Japan’s Nikkei Stock Index closed down -0.05%. Weakness in technology stocks led Asian bourses lower, as Chinese tech giant Tencent Holdings dropped more than 5% after it reported its first earnings decline in a decade. Chinese stocks recovered from their worst levels and the yuan rose against the dollar on news that a Chinese trade delegation was going to visit the U.S. for trade talks later his month. The dollar index is down -0.06%. EUR/USD is up +0.24%. USD/JPY is up +0.14%. Sep 10-year T-notes are down -8.5 ticks.
UK Jul retail sales ex auto fuel rose +0.9% m/m, stronger than expectations of no change. Jul retail sales including auto fuel rose +0.7% m/m, stronger than expectations of +0.2% m/m.
China Jul foreign direct investment rose +14.9% y/y, the largest increase in 8 months.
The Japan Jul trade balance was in deficit by -231.2 billion yen, wider than expectations of -41.2 billion yen. Jul exports rose +3.9% y/y, weaker than expectations of +6.3% y/y. Jul imports rose +14.6% y/y, stronger than expectations of +14.2% y/y and the largest increase in 5-months.
Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2837.25 16.00 0.57%
Europe Euro Stoxx 50 3376.78 17.70 0.53%
Japan Nikkei Index 22192 -12 -0.05%
China Shanghai Comp. 2705 -18 -0.66%
10yr T-notes (CBT)(U8) 120.055 -0.085 -0.22%
U.S. Dollar Index 96.638 -0.058 -0.06%
Euro FX (EUR/USD) 1.1372 0.0027 0.24%
Dollar-yen (USD/JPY) 110.90 0.16 0.14%
Sterling (GBP/USD) 1.2706 0.0009 0.07%
WTI Crude Oil (U8) 65.06 0.05 0.08%
Brent Crude Oil (V8) 70.95 0.19 0.27%
Gasoline (Nymex) (U8) 1.9867 -0.0107 -0.54%
Gold (Comex) (Z8) 1186.2 1.2 0.10%
Silver (Comex) (U8) 14.590 0.136 0.94%
Copper (Comex) (U8) 2.609 0.049 1.91%