Morning Call For September 23, 2016

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 -0.17%) are down -0.18% and Europeans stocks are down -0.54% as social media stocks decline. Twitter slid nearly 3% in pre-market trading after it was downgraded to 'Underperform' by RBC Capital Markets, Yahoo is down over 1% after it said at least 500 million users had their personal information stolen when its website was hacked in 2014, and Facebook is down nearly 2% in pre-market trading after it said it gave advertisers an inflated metric for the average time users spent watching a video. Crude oil prices (CLX16 -0.13%) briefly climbed to a 1-week high when Reuters reported that Saudi Arabia has offered to lower its own oil production if Iran agrees to freeze its oil output. However, crude oil prices fell back and are down % after it was reported that no deal was reached. Losses in European stocks were limited after Eurozone Sep Markit manufacturing PMI rose more than expected. Asian stocks settled mixed: Japan -0.32%, Hong Kong -0.31%, China -0.28%, Taiwan +0.53%, Australia +1.06%, Singapore +0.38%, South Korea +0.01%, India -0.36%.

The dollar index (DXY00 -0.01%) is down -0.04%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is down -0.03%.

Dec 10-year T-note prices (ZNZ16 +0.13%) are up +5.5 ticks.

The Japan Sep Nikkei manufacturing PMI rose +0.8 to 50.3, the fastest pace of expansion in 8 months.

The Eurozone Sep Markit manufacturing PMI unexpectedly rose +0.9 to 52.6, stronger than expectations of -0.2 to 51.5.

ECB Vice President Constancio said that "a low interest-rate environment for a long period of time creates risk, risks in general to financial stability." Those risks include imbalances in asset markets, too-rich valuations in some asset markets and pressure on profitability of financial institutions.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) preliminary-Sep Markit U.S. manufacturing PMI (expected unch at 52.0, Aug -0.9 to 52.0), (2) Dallas Fed President Robert Kaplan speaks at a moderated Q&A at the Texas Oil & Gas Association Lone Star Energy Forum, (3) USDA Aug Cold Storage, (4) USDA Aug Cattle on Feed.

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Disclosure: None.

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