Morning Call For September 14, 2016

Dec E-mini S&Ps (ESZ16 +0.26%) are up +0.07% and European stocks are up +0.14% as a rally in copper prices lifts mining stocks. Copper (HGZ16 +1.28%) is up +1.31% at a 3-week high on speculation Chinese economic growth may rebound after China Aug credit growth expanded more than forecast. Gains in European stocks were limited after Eurozone Jul industrial production fell more than expected. Asian stocks settled mostly lower: Japan -0.69%, Hong Kong -0.11%, China -0.68%, Taiwan -0.43%, Australia +0.38%, Singapore -0.32%, South Korea closed for holiday, India +0.07%. China’s Shanghai Composite fell to a 5-week low ahead of holidays on Thursday and Friday. Japan’s Nikkei Stock Index dropped to a 2-week low as bank stocks sold off on profit concerns after the Nikkei newspaper reported the BOJ is considering pushing interest rates deeper into negative territory.

The dollar index (DXY00 -0.18%) is down -0.12%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is up +0.12% at a 1-week high.

Dec T-note prices (ZNZ16 +0.13%) are up +4 ticks.

Eurozone Jul industrial production fell -1.1% m/m, weaker than expectations of -1.0% m/m.

China Aug aggregate financing, the broadest measure of credit growth, climbed +1.47 trillion yuan, stronger than expectations of 900 billion yuan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +0.9% with purchase sub-index +1.2% and refi sub-index +0.7%), (2) Aug import price index (expected -0.1% m/m and -2.2% y/y, Jul +0.1% m/m and -3.7% y/y), (3) EIA Weekly Petroleum Status Report.

Russell 1000 companies that report earnings today: none.

U.S. IPO’s scheduled to price today: Noble Midstream Partners (NBLX)

Equity conferences today include: Barclays Global Financial Services Conference on Mon-Wed, Morgan Stanley Global Health Care Conference on Mon-Thu, Bank of America Merrill Lynch Global Real Estate Conference on Tue-Wed, Deutsche Bank Technology Conference on Tue-Wed, Hart Energy DUG Eagle Ford Conference on Tue-Wed, KeyBanc Basic Materials & Packaging Conference on Tue-Wed, Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed, Credit Suisse European Industrials Conference on Wed, Deutsche Bank Metals and Mining Conference on Wed, Mizuho Investment Conference on Wed, Peters & Co.Limited Energy Conference on Wed, Bank of America Merrill Lynch Media, Communications & Entertainment Conference on Wed-Thu, Morgan Stanley Laguna Conference on Wed-Fri, Bank of America Merrill Lynch Japan Conference on Thu, BMO Capital Markets Back to School Education Conference on Thu, UBS Best of Americas Conference on Thu, Citi Global Industrials Conference on Fri, Kazakh Drilling Roundtable – 2nd Annual on Fri.