Morning Call For September 15, 2015

OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.10%) are up +0.05% and European stocks are up +0.72%. European stocks recovered from a 2-week low and moved higher led by strength in automakers after Eurozone Aug new car registrations rose +11.2% y/y to 745,000. European stocks had slid to a 2-week low after China’s Shanghai Composite fell more than 3% to a 2-week low and after German investor confidence fell more than expected to a 10-month low. Comments from OECD Secretary General Gurria added to the negative tone in stocks when he said the global economy is not accelerating and that the OECD may cut its global economic outlook. Asian stocks closed mostly lower: Japan +0.34%, Hong Kong -0.49%, China -3.52%, Taiwan -0.57%, Australia -1.53%, Singapore -1.03%, South Korea +0.23%, India -0.58%. Japanese stocks closed higher and the yen strengthened after the BOJ refrained from adding additional stimulus following today’s 2-day policy meeting and after BOJ Governor Kuroda said he sees a gradual recovery continuing in the economy.

The dollar index (DXY00 -0.05%) is up +0.02%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.44%.

Dec T-note prices (ZNZ15 +0.06%) are up +3 ticks.

The German Sep ZEW survey expectations of economic growth fell -12.9 to 12.1, weaker than expectations of -6.7 to 18.3 and the lowest in 10 months.

Eurozone Aug new car registrations rose +11.2% y/y to 745,000.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug retail sales (expected +0.3% and +0.2% ex autos), (2) Sep Empire manufacturing survey general business conditions (expected +14.52 to -0.40), (3) Aug industrial production (expected -0.2% m/m), (4) Aug capacity utilization (expected -0.2 to 77.8%), (5) Jul business inventories (expected +0.1%).

One of the Russell 2000 companies report earnings today: United Natural Foods (consensus $0.72).

U.S. IPO’s scheduled to price today include: none.

Equity conferences this week include: Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed-Thu, Citi 2015 Industrials Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Morgan Stanley Industrials Conference on Wed-Thu, Barclays Capital Global Financial Services Conference on Wed-Fri, Credit Suisse Basic Materials Conference on Wed-Fri, Goldman Sachs Communacopia Conference on Wed-Fri, Morgan Stanley Global Healthcare Conference on Wed-Fri, Bank of America Merrill Lynch Global Health Care Conference on Thu, Imperial Capital Global Opportunities Conference on Thu, and AACR CRI-CIMT-EATI Immunotherapy Conference on Thu-Fri.