Morning Call For Aug. 5, 2014


September E-mini S&Ps (ESU14 -0.25%) this morning are down -0.16%, while European stocks are up +0.51% after earnings results from Bayerische Motoren Werke AG, the world's biggest luxury automaker, and Credit Agricole SA beat estimates. Asian stocks closed mixed: Japan -1.00%, Hong Kong +0.20%, China -0.26%, Taiwan -2.02%, Australia -0.40%, Singapore +0.28%, South Korea -0.75%, India +0.72%. China's Shanghai Stock Index retreated from a 7-3/4 month high and closed lower after a gauge of China's services industries declined to a record low. Commodity prices are mixed. Sep crude oil (CLU14 +0.25%) is up +0.25%. Sep gasoline (RBU14 -0.23%) is down -0.33%. Dec gold (GCZ14 +0.27%) is up +0.25%. Sep copper (HGU14 -0.35%) is down -0.25%. Agriculture and livestock prices are mostly lower as grain prices fell after overnight rains in the Midwest reduced soil moisture concerns. The dollar index (DXY00 +0.18%) is up +0.15%. EUR/USD (^EURUSD) is down -0.25%. USD/JPY (^USDJPY) is up +0.15%. Sep T-note prices (ZNU14 -0.01%) are down -2.5 ticks.

Eurozone Jun retail sales were mixed as they rose +0.4% m/m, slightly less than expectations of +0.5% m/m, but rose +2.4% y/y, stronger than expectations of +1.4% y/y and the largest annual increase in 7-1/4 years.

The Eurozone Markit Jul composite PMI was revised lower to 53.8 from the originally reported 54.0.

The UK Markit/CIPS Jul composite PMI unexpectedly rose +0.9 to 58.8, higher than expectations of unch at 58.0.

The China HSBC Jul services PMI dropped -3.1 to 50.0, the lowest since the data series began in 2005.


Today’s July ISM non-manufacturing PMI is expected to rise +0.5 points to 56.5, more than reversing the small -0.3 point decline to 56.0 seen in June. Today’s June factory orders report is expected to show a +0.6% increase, more than reversing May’s decline of -0.5%.

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