Barchart Morning Call

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14  +0.22%) this morning are up +0.20% and European stocks are up +0.63%% after Chinese manufacturing activity expanded last month at the fastest pace in 6 months, which may help sustain global economic growth. The Russian Micex Stock Index and the ruble fell after Ukraine refused to extend the cease-fire as Ukrainian President Poroshenko vowed to retake the country's eastern most regions taken over by pro-Russian rebels. Gains in European stocks were tempered after a gauge of Eurozone manufacturing activity was revised down to the slowest pace in 7 months. Asian stocks closed mixed: Japan +1.08%, Hong Kong closed for holiday, China -0.03%, Taiwan +0.52%, Australia -0.37%, Singapore -0.40%, South Korea -0.31%, India +0.40%. Commodity prices are mixed. Aug crude oil (CLQ14  +0.30%) is up +0.34%. Aug gasoline (RBQ14  +0.13%) is up +0.05%. Aug gold (GCQ14  +0.36%) is up +0.33% at a 3-1/4 month high on increased safe-haven demand after the truce in Ukraine ended and fighting between government forces and separatists intensified. Sep copper (HGU14  -0.25%) is down -0.14%. Agriculture and livestock prices are mixed with grain prices lower on negative carry-over from Monday's bearish USDA planting intentions report. The dollar index (DXY00  +0.06%) is up +0.07%. EUR/USD (^EURUSD ) is down -0.01%. USD/JPY (^USDJPY ) is up +0.22%. GBP/USD jumped +0.20% to a 5-1/2 year high after UK manufacturing growth unexpectedly accelerated last month to the fastest pace in 7 months. Sep T-note prices (ZNU14  -0.21%) are down -8 ticks.

The China Jun manufacturing PMI rose +0.2 to 51.0, right on expectations and the fastest pace of expansion in 6 months.

The Japan Q2 Tankan large manufacturing business conditions fell to 12 from 17 in Q1, weaker than expectations of a decline to 15. The Q2 Tankan large non-manufacturing business conditions fell to 19 from 24 in Q1, right on expectations.

German Jun unemployment unexpectedly rose for a second month as it climbed +9,000, worse than expectations of a -10,000 decline. The Jun unemployment rate remained unchanged at 6.7%, right on expectations.

The German Jun Markit/BME manufacturing PMI was revised down to 52.0 from the originally reported 52.4, the slowest pace of expansion in 8 months.

The Eurozone Jun Markit manufacturing PMI was revised down to 51.8 from the originally reported 51.9, the slowest pace of expansion in 7 months.

The Eurozone May unemployment rate was unchanged from Apr that was revised lower to a 1-1/2 year low of 11.6% from 11.7%.

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