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MZ Morning Call Monday, February 22, 2016

  • U.S. stock futures pointed to sharp gains for Wall Street later Monday, as oil prices climbed and investors’ renewed appetite for risk helped boost sentiment across global equity markets.
  • European equities rallied buoyed by a positive trend set in Asia and a rebound in commodity prices. Asian markets finished mostly higher, with major indexes in China, Japan and Australia leading gains, extending last week‘s advance.
  • Economic data due today includes the Chicago Fed national activity index for January, which came in at +0.28 for January. The preliminary reading of the Markit purchasing managers index for February is due at 9:45 a.m. Eastern.
  • Oil rose as much as 6 percent after the International Energy Agency said it expected U.S. shale production to fall this year and next, potentially easing a glut that has driven prices to their lowest in more than a decade. Gold, meanwhile, fell as the dollar strengthened, but remained above $1,200 an ounce.
  • The euro fell against the dollar to a near three year low against the yen, as fears that a possible British exit from the European Union could damage the euro zone and its single currency. The British pound was the biggest decliner, sliding nearly 2.5 percent against the dollar after popular London Mayor Boris Johnson said he would campaign to leave the EU ahead of a June 23 referendum. Treasurys yields advanced investor appetite for risk increased.
  • Lumber Liquidators informed the Centers for Disease Control and Prevention of an error in a report regarding exposure to formaldehyde in certain flooring. The correction increased the risk of cancer from exposure.
  • Apple CEO Tim Cook and Federal Bureau of Investigation Director James Comey have been invited to testify before the House Energy and Commerce Committee to discuss the ongoing controversy involving encryption on Apple‘s iPhones.
  • Volkswagen may have to set aside as much as $445 million to cover the recall of vehicles equipped with faulty Takata air bags, according to a German newspaper. The same paper is also reporting that the U.S. has asked VW to produce electric vehicles in the U.S., as a way of compensating for its diesel emissions-rigging scandal.
  • GM may cancel its $1.6 billion investment in Brazil if the economic and political situation does not improve, GM President Dan Ammann said to a Brazilian newspaper.
  • HSBC said its 2015 profit was just about flat compared to a year earlier, falling short of analyst estimates, and the bank also said it saw a bumpy financial environment ahead.

U.S. Index Futures

Name

Current

Change

% Change

DJIA Index Futures

16,549.00

191.00

1.17%

S&P 500 Futures

1,936.25

21.75

1.14%

Nasdaq 100 Futures

4,206.75

45.75

1.10%

Global Indices

Japan: Nikkei

16,111.05

143.88

0.90%

China: Shanghai

3,063.17

70.37

2.35%

Hong Kong: Hang Seng

19,464.09

178.59

0.93%

Germany: DAX

9,560.13

172.08

1.83%

France: CAC 40

4,294.25

71.21

1.69%

London: FTSE

6,002.16

88.20

1.48%

Currencies

Current

% Change

$

U.S. Dollar per Euro

$1.108

-0.24%

Strengthened

Japanese Yen per U.S. Dollar

¥113.095

0.28%

Strengthened

Commodities

Current

% Change

Crude Oil WTI (NYM $/bbl)

$33.58

5.76%

Gold ($/oz)

$1,210.30

-1.67%

Treasury & Credit Market

Name

Yield %

Chg Basis Points

T-Note - 2year

0.750%

0.004

T-Bond - 10year

1.755%

0.010

Economic Calendar

Date

Time (Eastern)

Release

Consensus

Prior

2/22/2016

8:30 a.m.

Chicago Fed Nat‘l Activity Index

0.28

2/22/2016

9:45 a.m.

PMI Mfg Index Flash

52.5

52.7

2/23/2016

8:55 a.m.

Redbook

0.7%

2/23/2016

9:00 a.m.

S&P Case-Shiller HPI

0.8%

0.9%

2/23/2016

10:00 a.m.

Consumer Confidence

97.2

98.1

2/23/2016

10:00 a.m.

Existing Home Sales

5.32 M

5.46 M

2/23/2016

10:00 a.m.

Richmond Fed Mfg Index

2.0

2.0

2/23/2016

10:00 a.m.

State St. Investor Confidence Index

108.8

2/24/2016

7:00 a.m.

MBA Mortgage Apps

8.2%

2/24/2016

9:45 a.m.

PMI Services Flash

53.7

53.7

2/24/2016

10:00 a.m.

New Home Sales

520 K

544 K

2/25/2016

8:30 a.m.

Durable Goods Orders

2.0%

-5.1%

2/25/2016

8:30 a.m.

Jobless Claims

270 K

262 K

2/25/2016

9:00 a.m.

FHFA House Price Index

0.5%

0.5%

2/25/2016

9:45 a.m.

BBG Consumer Comfort Index

44.3

2/25/2016

11:00 a.m.

K.C. Fed Mfg Index

-9.0

2/26/2016

8:30 a.m.

GDP

0.4%

0.7%

2/26/2016

8:30 a.m.

International Trade Balance

-$61.0 B

-$61.5 B

2/26/2016

8:30 a.m.

Personal Income

0.4%

0.3%

2/26/2016

8:30 a.m.

Consumer Spending

0.3%

0.0%

2/26/2016

10:00 a.m.

Consumer Sentiment

91.0

90.7

Last Update on February 22, 2016
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