Barchart Morning Call

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.27%) this morning are down -0.23% and European stocks are down -0.49% as sectarian strife in Iraq spreads and threatens to throw the country into civil war. Concern is mounting that the U.S. will be forced to intervene in Iraq to stop insurgents from taking over the country. Also, violence in Ukraine escalated over the weekend after 49 Ukraine soldiers were killed after pro-Russian insurgents shot down a military transport plane. Asian stocks closed mixed: Japan -1.09%, Hong Kong -0.08%, China +0.72%, Taiwan +0.07%, Australia +0.13%, Singapore -0.09%, South Korea +0.26%, India -0.15%. China's Shanghai Stock Index rallied up to a 1-3/4 month high on signs the central bank is widening its easing measures after the PBOC expanded the group of lenders covered by a reserve-ratio cut that was announced on Jun 9. The Chinese government is trying to boost funding for small businesses and agriculture in an attempt to spur economic growth. Commodity prices are mostly higher. July crude oil (CLN14 +0.10%) is down -0.02% as crude prices shed overnight gains on speculation that the spread of violence will not disrupt crude supplies from Iraq, OPEC's second-largest producer. July gasoline (RBN14 +0.01%) is up +0.10%. Aug gold (GCQ14+0.59%) is up +0.49% at a 2-1/2 week high as intensifying violence in Iraq spurs safe-haven demand for gold. July copper (HGN14 +0.91%) is up +0.74%. Agriculture prices are higher. The dollar index (DXY00+0.04%) is up +0.03%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.20%. Sep T-note prices (ZNU14 +0.13%) are up +4 ticks as the slide in equities boosts the safe-haven demand for Treasuries.

UK Jun Rightmove house prices rose +0.1% m/m and +7.7% y/y, slower than May's +3.6% m/m and +8.9% y/y increase.

The Eurozone May CPI fell -0.1% m/m, right on expectations, and was left unrevised at +0.5% y/y. The May core CPI was also left unrevised at +0.7% y/y.

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