Morning Call For Wednesday, June 21

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 -0.17%) this morning are down -0.13% and European stocks are down -0.66% as weakness in crude oil undercuts energy stocks. Aug WTI crude oil (CLQ17 -0.09%) is down -0.07% as production gains in Libya and the U.S. offset OPEC crude production cuts and boost the global oil glut. Libya reported Tuesday that its crude production rose to a 4-year high of 902,000 bpd, while Baker Hughes reported that U.S. oil drillers have added rigs to oil fields for 22 consecutive weeks, the longest run in 30-years. Crude oil prices slipped despite Tuesday's afternoon's data from API that showed U.S. crude supplies fell -2.72 million bbl last week. Asian stocks settled mixed: Japan -0.45%, Hong Kong -0.57%, China +0.52%, Taiwan +0.24%, Australia -1.59%, Singapore -0.9%, South Korea -0.58%, India -0.04%. China's Shanghai Composite climbed to a 1-week high after MSCI said it will add 222 China A-shares to its developing-market index starting in May 2018.

The dollar index (DXY00 -0.14%) is down -0.12%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is down -0.10%.

Sep 10-year T-note prices (ZNU17 -0.01%) are little changed, up +0.5 of a tick.

The Japan Apr all-industry activity index rose +2.1% m/m, stronger than expectations of +1.6% m/m and the biggest increase in 8-years.

U.K. May public sector net borrowing rose +6.0 billion pounds, weaker than expectations of +7.0 billion pounds.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +2.8% with purchase sub-index -2.8% and refi sub-index +9.2%), (2) May existing home sales (expected -0.4% to 5.55 million, Apr -2.3% to 5.57 million), (3) EIA Weekly Petroleum Status Report.

Notable Russell 2000 earnings reports today include: Oracle (consensus $0.78), CarMax (0.98).

U.S. IPO's scheduled to price today: SG Blocks (SGBX), Mota Group (MOTA), Safety Income and Growth (SAFE).

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Disclosure: None.

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