Morning Call For Tuesday, June 20


Sep E-mini S&Ps (ESU17 unch) this morning are up +0.01% and European stocks are up +0.18% at a 2-week high. European stocks moved higher Tuesday on the heels of Monday's rally in U.S. markets where the S&P 500 climbed to a new all-time high. Gains were limited as energy stocks moved lower with Aug WTI crude oil (CLQ17 -1.85%) down -1.78% at a 7-month low on concern that rising Libyan oil production will increase the global oil surplus. According to people with knowledge of the matter, Libyan oil output is now at 900,000 bpd, the most in 4-years, after a deal with Wintershall AG enabled at least two more Libyan oil fields to resume production. Asian stocks settled mixed: Japan +0.81%, Hong Kong-0.31%, China -0.14%, Taiwan +0.72%, Australia -0.83%, Singapore -0.52%, South Korea +0.23%, India -0.04%. Chinese stocks closed slightly lower ahead of tomorrow’s decision by MSCI on whether it will include Chinese stocks in its benchmark share indexes. Japan's Nikkei Stock Index climbed to a 1-3/4 year high and garnered support from Monday's rally in the S&P 500 to a new record high spurred on by comments from New York Fed President Dudley who said the U.S. economic expansion "has a long way to go." Japanese exporters also rallied on improved earnings prospects after USD/JPY rose to a 3-week high.

The dollar index (DXY00 +0.10%) is up +0.06% at a 3-week high. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is up +0.03% at a 3-week high.

Sep 10-year T-note prices (ZNU17 unch) are up +1.5 ticks.

Fed Vice Chair Fischer said a long period of low interest rates may have contributed to "high and rising" home prices in several countries. He added that the social benefits of home-ownership "come at a cost" through tax treatment and government assumption of risk and that "the world as we know it cannot afford another pair of crisis of the magnitude of the Great Recession and the Global Financial Crisis."

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