Morning Call For Sept. 12, 2014

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESZ14 unch) this morning are down -0.01% and European stocks are up +0.02% as the markets await U.S. retail sales data for Aug later today. The ruble tumbled to a record low of 37.7265 per dollar and Russia threatened retaliation against the new round of sanctions imposed on it by the EU and U.S. The EU added 15 Russian companies and 24 people to the list of those affected by its sanctions against Russia, while President Obama said late Thursday that the U.S. will "deepen and broaden" its measure's against Russia's financial, energy and defense industries. Asian stocks closed mixed: Japan +0.25%, Hong Kong -0.27%, China +0.61%, Taiwan -1.07%, Australia -0.27%, Singapore -0.05%, South Korea +0.61%, India +0.24%. Japan's Nikkei Stock Index climbed to an 8-month high as Japan's exporters continue to garner strength from a slide in the yen, which dropped to a fresh 5-3/4 year low against the dollar today. Commodity prices are mixed. Oct crude oil (CLV14 +0.38%) is up +0.32%. Oct gasoline (RBV14 +0.40%) is up +0.30%. Dec gold (GCZ14 +0.02%) is down -0.09% at a 7-1/2 month low on speculation the Fed is moving closer to raising interest rates. Dec copper (HGZ14 +0.03%) is up +0.03%. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.05%) is unch. EUR/USD (^EURUSD) is up +0.01%. USD/JPY (^USDJPY) is up +0.08% at a new 5-3/4 year high. Dec T-note prices (ZNZ14 -0.18%) are down -7.5ticks at a fresh 5-week low on concern the Fed is closer to raising interest rates.

Eurozone Jul industrial production rose +1.0% m/m and +2.2% y/y, stronger than expectations of +0.7% m/m and +1.4% y/y.

Eurozone Q2 employment rose +0.2% q/q and +0.4% y/y, the largest increase in 3 years.

The German Aug wholesale price index fell -0.2% m/m, the largest monthly decline in 21 months. On an annual basis, Aug wholesale prices fell -0.6%y/y.

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