Barchart Morning Call

By Jim Van Meerten of Barchart
Date: Monday, July 7, 2014 10:56 AM EDT

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14  -0.05%) this morning are down -0.16% and European stocks are down -0.32% after German May industrial production unexpectedly declined for a third straight month. Also, IMF Managing Director Lagarde hinted that it may cut its global growth forecasts, saying investment is still weak and that risks remain in the U.S. even as its recovery accelerates. Asian stocks closed mixed: Japan -0.37%, Hong Kong -0.02%, China -0.11%, Taiwan +0.11%, Australia -0.11%, Singapore +0.59%, South Korea -0.26%, India +0.53%. Commodity prices are mostly lower. Aug crude oil (CLQ14  +0.17%) is down -0.20%. Aug gasoline (RBQ14  -0.18%) is down -0.49%. Aug gold (GCQ14  -0.50%) is down -0.41%. Sep copper (HGU14  -0.58%) is down -0.79%. Agriculture prices are unch. The dollar index (DXY00  -0.02%) is up +0.02% at a 1-week high after Goldman Sachs revised its forecast for the Fed to start raising interest rates in Q3 of 2015 rather than Q1 of 2016, saying the economy is "accelerating to an above-trend pace.". EUR/USD (^EURUSD ) is down -0.01% at a 2-week low after German May industrial production unexpectedly plunged by the most in 2 years. USD/JPY (^USDJPY ) is down -0.12%. Sep T-note prices (ZNU14 +0.01%) are up +0.5 of a tick.

German May industrial production unexpectedly fell -1.3% m/m, weaker than expectations of unch m/m, the third straight monthly decline and the sharpest drop in 2 years. On an annual basis, May industrial production rose +1.3% y/y, weaker than expectations of +3.6% y/y.

Eurozone Jul Sentix investor confidence unexpectedly rose +1.6 to 10.1, better than expectations of -0.7 to 7.8.

UK Jun Lloyds employment confidence fell -3 points to 1.

The Japan May leading index CI fell -0.8 to 105.7, a bigger decline than expectations of -0.6 to 105.9 and the lowest in 15 months. The May coincident index was unch at 111.1, higher than expectations of -0.1 to 111.0.

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Disclosure: None

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