Morning Call For Sept. 29, 2014

OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.62%) this morning are down -0.63% and European stocks are down -0.57% after Eurozone Sep economic confidence fell to a 10-month low. A slide in European bank stocks is weighing on the overall market as well with Commerzbank AG down nearly 4% after a person with knowledge of the matter said the bank faces a U.S. inquiry into whether it broke anti-money laundering laws. Also, HSBC and Standard Chartered PLC both fell over 1% after they closed some of their Hong Kong branches as pro-democracy protesters clashed with police. The ruble fell to a record low of 39.59 per dollar on concern that EU and U.S. sanctions against Russia will propel capital outflows out of Russia. Asian stocks closed mixed: Japan +0.50%, Hong Kong -1.90%, China +0.43%, Taiwan -0.32%, Australia -0.93%, Singapore -0.08%, South Korea -0.15%, India -0.11%. Japanese exporters rose and led Japan's Nikkei Stock Index higher as a slide in the yen to a fresh 6-year low against the dollar boosted the earnings prospects of Japanese exporters. Commodity prices are mixed. Nov crude oil (CLX14 -0.50%) is down -0.55%. Nov gasoline (RBX14 +0.42%) is up +0.28%. Dec gold (GCZ14+0.65%) is up +0.52%. Dec copper (HGZ14 -0.18%) is down -0.21% at a 3-1/2 month low on Chinese demand concerns after China Aug industrial profits fell for the first time in 2 years. Agriculture prices are mixed with Nov soybeans down -0.22% at a 4-1/2 year low as U.S, farmers begin to harvest a record crop. The dollar index (DXY00 -0.10%) is down -0.02%. EUR/USD (^EURUSD) is up +0.02%. USD/JPY (^USDJPY) is up +0.18% at a fresh 6-year high. Dec T-note prices (ZNZ14 +0.20%)are up +5.5 ticks.

Eurozone Sep economic confidence fell -0.7 to 99.9, right on expectations and the lowest in 10 months. The Eurozone Sep business climate indicator fell-0.9 to 0.07, a larger decline than expectations of -0.06 to 0.10 and the lowest in 11 months.

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