**Overnight Markets and News**
Sep E-mini S&Ps (ESU18 -0.41%) this morning are down -0.44% and European stocks sank -1.33% to a 3-week low on concern Turkey's economic problems will spill over into the Eurozone. EUR/USD (^EURUSD -0.62%) fell to a 13-momnth low and the 10-year German bund yield declined to a 3-week low after the Financial Times reported the ECB is concerned about the exposure of some European banks to Turkey following the plunge in the Turkish lira to a fresh record low. The ECB cites Banco Bilboa Vizcaya Argentaria SA, UniCredit SpA and BNP Paribas SA as particularly exposed to losses in the lira and the risk is Turkish borrowers that are not hedged could start to default on foreign-currency loans. The lira sank another 3% today to a record low 6.3005 versus the dollar and has plunged more than 68% since the start of the year. The Russian ruble sank to a 2-year low versus the dollar today and the yield on the Russian 10-year bond rose to a 1-1/2 year high of 8.26% on risk of U.S. sanctions on Russian government debt. Asian stocks settled mostly lower: Japan -1.33%, Hong Kong -0.84%, China +0.03%, Taiwan -0.40%, Australia -0.31%, Singapore -1.26%, South Korea -1.27%, India -0.41%. Japan's Nikkei Stock Index fell to a 4-week low despite Japan Q2 GDP growing at a faster-than-expected pace. Japanese exporter stocks led the overall market lower as USD/JPY fell to a 2-week low on speculation the stronger-than-expected Japan Q2 GDP will prompt the BOJ to end its QE program.
*The dollar index (DXY00 +0.60%) is up +0.53% at a 13-month high. EUR/USD (^EURUSD -0.62%) is down -0.49% at a 13-month low. USD/JPY (^USDJPY -0.08%) is down -0.18% at a 2-week low. GBP/USD (^GBPUSD -0.45%) is down -0.41% at a 13-month low on heightened concern about a no-deal Brexit.
*Sep 10-year T-note prices (ZNU18 +0-100) are up +9.5 ticks at a 3-week high.
*Japan Q2 GDP rose +1.9% (q/q annualized), stronger than expectations of +1.4% (q/q annualized). Q2 private consumption rose +0.7% q/q, stronger than expectations of +0.2% q/q. Q2 business spending rose +1.3% q/q, stronger than expectations of +0.6% q/q. The Q2 GDP deflator rose +0.1% y/y, stronger than expectations of unch y/y.
*Japan Jul PPI rose +0.5% m/m and +3.1% y/y, stronger than expectations of +0.2% m/m and +2.9% y/y with the +3.1% y/y gain the largest year-on-year increase in 8 months.
*UK Q2 GDP rose +0.4% q/q and +1.3% y/y, right on expectations.
*UK Jun industrial production rose +0.4% m/m and +1.1% y/y, stronger than expectations of +0.3% m/m and +0.7% y/y.
*UK Jun manufacturing production rose +0.4% m/m and +1.5% y/y, stronger than expectations of +0.3% m/m and +1.0% y/y.
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Jul CPI (expected +0.2% m/m and +2.9% y/y, Jun +0.1% m/m and +2.9% y/y) and Jul CPI ex food & energy (expected +0.2% m/m and +2.3% y/y, Jun +0.2% m/m and +2.3% y/y), (2) USDA Aug WASDE crop production, (3) Jul monthly budget statement (expected -$76.0 billion, Jun -$74.9 billion).
*Notable S&P 500 earnings reports today include: none.
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: none.
**Overnight U.S. Stock Movers**
*Intel (INTC +0.36%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $44.
*Tesla (TSLA -4.83%) rose nearly 3% in after-hours trading after CNBC reported that Tesla's board of directors planned to meet with financial advisers next week to formalize a process to take the company private.
*ICU Medical (ICUI +3.27%) jumped almost 7% in after-hours trading after it reported Q2 adjusted EPS of $2.66, well above consensus of $1.82, and then forecast full-year adjusted EPS of $8.30 to $8.70, stronger than consensus of $7.52.
*athenahealth (ATHN -0.10%) climbed almost 3% in after-hours trading after dealReporter said UnitedHealth is among suitors involved in a second round of bids for the company.
*Universal Display (OLED -0.83%) slid more than 4% in after-hours trading after it forecast full-year revenue of $280 million to $310 million, the midpoint below consensus of $304.1 million.
*Trade Desk (TTD +2.10%) jumped 15% in after-hours trading after it reported Q2 revenue of $112.3 million, higher than consensus of $104 million, and then forecast Q3 revenue of $116 million, better than consensus of $109.2 million.
*Planet Fitness (PLNT +1.06%) rose nearly 6% in after-hours trading after it reported Q2 adjusted EPS of 34 cents, better than consensus of 31 cents.
*Copa Holdings SA (CPA -14.57%) was downgraded to 'Sell' from 'Hold' at Stifel with a price target of $70.
*Puma Biotechnology (PBYI +0.72%) rallied 19% in after-hours trading after Q2 sales of its Nerlynx drug for early-stage breast cancer was $50.8 million, above estimates of $44.8 million.
*Overstock.com (OSTK +4.47%) surged 20% in after-hours trading after a Hong Kong based private equity firm, GSR Capital, signed term sheets to invest as much as $374.55 million in exchange for equity in the company and its tZero blockchain subsidiary.
*Redfin (RDFN +2.07%) lost 3% in after-hours trading after it forecast Q3 revenue of $137.1 million, below consensus of $141.5 million.
*Corcept Therapeutics (CORT -0.71%) slumped 18% in after-hours trading after it reported Q2 revenue of $62.3 million, weaker than consensus of $68.5 million, and then cut its 2018 revenue forecast to $250 million to $270 million from a prior view of $275 million to $300 million, below consensus of $291.6 million.
*ExOne (XONE +0.13%) sank 16% in after-hours trading after it reported a Q2 loss of -50 cents a share, wider than consensus of -33 cents a share.
**Market Comments**
*Sep S&P 500 E-minis (ESU18 -0.41%) this morning are down -12.50 points (-0.44%). Thursday's closes: S&P 500 -0.14%, Dow Jones -0.29%, Nasdaq 100 -0.03%. The S&P 500 on Thursday closed lower on ongoing China/U.S. trade tensions that threaten to derail global economic growth. There were also geopolitical concerns after the U.S. imposed sanctions on Russia and Turkey, knocking the Russian ruble down to a 1-1/2 year low and the Turkish lira to a record low versus the dollar. Supportive factors included the -6,000 decline in U.S. weekly initial unemployment claims (vs expectations of +2,000) and the slightly weaker-than-expected U.S. Jul core PPI report of +2.7% y/y (vs expectations of +2.8% y/y, which was slightly dovish for Fed policy.
*Sep 10-year T-notes (ZNU18 +0-100) this morning are up +9.5 ticks at a 3-week high. Thursday's closes: TYU8 +7.00, FVU8 +3.75. Sep 10-year T-notes on Thursday closed higher on the weaker-than-expected U.S. Jul core PPI report of +2.7% y/y (vs expectations of +2.8% y/y) and the conclusion of the Treasury's quarterly refunding which prompted bond dealers to cover short hedges put on ahead of the auctions.
*The dollar index (DXY00 +0.60%) this morning is up +0.51 (+0.53%) at a 13-month high. EUR/USD (^EURUSD -0.62%) is down -0.0056 (-0.49%) at a 13-month low. USD/JPY (^USDJPY -0.08%) is down -0.30 (-0.18%) at a 2-week low. Thursday's closes: Dollar Index +0.453 (+0.48%), EUR/USD -0.0083 (-0.71%), USD/JPY +0.10 (+0.09%). The dollar index on Thursday closed higher on the unexpected decline in U.S. weekly jobless claims, which was slightly hawkish for Fed policy. The dollar was also boosted by weakness in the Russian ruble which fell to a 1-1/2 year low against the dollar and the Turkish lira which plunged to a record low against the dollar after the U.S. imposed sanctions on both countries.
*Metals this morning are lower with Dec gold (GCZ18 -0.21%) -2.0 (-0.16%), Sep silver (SIU18 -0.63%) -0.082 (-0.53%) and Sep copper (HGU18 -0.72%) -0.016 (-0.58%). Thursday's closes: Dec gold -1.1 (-0.09%), Sep silver +0.030 (+0.19%), Sep copper +0.0145 (+0.53%). Metals on Thursday settled mixed with Sep copper at a 1-week high. Metals prices were boosted by demand for gold as an alternative asset after the U.S. imposed sanctions on Russia and Turkey, sending the Russian ruble to a 1-1/2 year low and the Turkish lira to a record low against the dollar. Metals prices were undercut by the stronger dollar.
*Sep WTI crude oil (CLU18 +0.22%) this morning is up +22 cents (+0.33%). Sep gasoline (RBU18 +0.69%) is up +1.61 cents (+0.81%). Thursday's closes: Sep crude oil -0.13 (-0.19%), Sep gasoline -1.96 (-0.97%). Sep crude oil and gasoline on Thursday closed lower with Sep gasoline at a 3 week low. Crude oil prices were undercut by a stronger dollar and by negative carry-over from Wednesday's EIA data, which showed that weekly EIA gasoline inventories unexpectedly rose +2.9 million bbl. Crude oil prices also continued to be undercut by trade tensions and fears of weaker global economic growth.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
Sep E-mini S&Ps (ESU18 -0.41%) this morning are down -0.44% and European stocks sank -1.33% to a 3-week low on concern Turkey's economic problems will spill over into the Eurozone. EUR/USD (^EURUSD -0.62%) fell to a 13-momnth low and the 10-year German bund yield declined to a 3-week low after the Financial Times reported the ECB is concerned about the exposure of some European banks to Turkey following the plunge in the Turkish lira to a fresh record low. The ECB cites Banco Bilboa Vizcaya Argentaria SA, UniCredit SpA and BNP Paribas SA as particularly exposed to losses in the lira and the risk is Turkish borrowers that are not hedged could start to default on foreign-currency loans. The lira sank another 3% today to a record low 6.3005 versus the dollar and has plunged more than 68% since the start of the year. The Russian ruble sank to a 2-year low versus the dollar today and the yield on the Russian 10-year bond rose to a 1-1/2 year high of 8.26% on risk of U.S. sanctions on Russian government debt. Asian stocks settled mostly lower: Japan -1.33%, Hong Kong -0.84%, China +0.03%, Taiwan -0.40%, Australia -0.31%, Singapore -1.26%, South Korea -1.27%, India -0.41%. Japan's Nikkei Stock Index fell to a 4-week low despite Japan Q2 GDP growing at a faster-than-expected pace. Japanese exporter stocks led the overall market lower as USD/JPY fell to a 2-week low on speculation the stronger-than-expected Japan Q2 GDP will prompt the BOJ to end its QE program.
*The dollar index (DXY00 +0.60%) is up +0.53% at a 13-month high. EUR/USD (^EURUSD -0.62%) is down -0.49% at a 13-month low. USD/JPY (^USDJPY -0.08%) is down -0.18% at a 2-week low. GBP/USD (^GBPUSD -0.45%) is down -0.41% at a 13-month low on heightened concern about a no-deal Brexit.
*Sep 10-year T-note prices (ZNU18 +0-100) are up +9.5 ticks at a 3-week high.
*Japan Q2 GDP rose +1.9% (q/q annualized), stronger than expectations of +1.4% (q/q annualized). Q2 private consumption rose +0.7% q/q, stronger than expectations of +0.2% q/q. Q2 business spending rose +1.3% q/q, stronger than expectations of +0.6% q/q. The Q2 GDP deflator rose +0.1% y/y, stronger than expectations of unch y/y.
*Japan Jul PPI rose +0.5% m/m and +3.1% y/y, stronger than expectations of +0.2% m/m and +2.9% y/y with the +3.1% y/y gain the largest year-on-year increase in 8 months.
*UK Q2 GDP rose +0.4% q/q and +1.3% y/y, right on expectations.
*UK Jun industrial production rose +0.4% m/m and +1.1% y/y, stronger than expectations of +0.3% m/m and +0.7% y/y.
*UK Jun manufacturing production rose +0.4% m/m and +1.5% y/y, stronger than expectations of +0.3% m/m and +1.0% y/y.
**U.S. Stock Preview**
*Key U.S. news today includes: (1) Jul CPI (expected +0.2% m/m and +2.9% y/y, Jun +0.1% m/m and +2.9% y/y) and Jul CPI ex food & energy (expected +0.2% m/m and +2.3% y/y, Jun +0.2% m/m and +2.3% y/y), (2) USDA Aug WASDE crop production, (3) Jul monthly budget statement (expected -$76.0 billion, Jun -$74.9 billion).
*Notable S&P 500 earnings reports today include: none.
*U.S. IPO's scheduled to price today: none.
*Equity conferences during the remainder of this week: none.
**Overnight U.S. Stock Movers**
*Intel (INTC +0.36%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $44.
*Tesla (TSLA -4.83%) rose nearly 3% in after-hours trading after CNBC reported that Tesla's board of directors planned to meet with financial advisers next week to formalize a process to take the company private.
*ICU Medical (ICUI +3.27%) jumped almost 7% in after-hours trading after it reported Q2 adjusted EPS of $2.66, well above consensus of $1.82, and then forecast full-year adjusted EPS of $8.30 to $8.70, stronger than consensus of $7.52.
*athenahealth (ATHN -0.10%) climbed almost 3% in after-hours trading after dealReporter said UnitedHealth is among suitors involved in a second round of bids for the company.
*Universal Display (OLED -0.83%) slid more than 4% in after-hours trading after it forecast full-year revenue of $280 million to $310 million, the midpoint below consensus of $304.1 million.
*Trade Desk (TTD +2.10%) jumped 15% in after-hours trading after it reported Q2 revenue of $112.3 million, higher than consensus of $104 million, and then forecast Q3 revenue of $116 million, better than consensus of $109.2 million.
*Planet Fitness (PLNT +1.06%) rose nearly 6% in after-hours trading after it reported Q2 adjusted EPS of 34 cents, better than consensus of 31 cents.
*Copa Holdings SA (CPA -14.57%) was downgraded to 'Sell' from 'Hold' at Stifel with a price target of $70.
*Puma Biotechnology (PBYI +0.72%) rallied 19% in after-hours trading after Q2 sales of its Nerlynx drug for early-stage breast cancer was $50.8 million, above estimates of $44.8 million.
*Overstock.com (OSTK +4.47%) surged 20% in after-hours trading after a Hong Kong based private equity firm, GSR Capital, signed term sheets to invest as much as $374.55 million in exchange for equity in the company and its tZero blockchain subsidiary.
*Redfin (RDFN +2.07%) lost 3% in after-hours trading after it forecast Q3 revenue of $137.1 million, below consensus of $141.5 million.
*Corcept Therapeutics (CORT -0.71%) slumped 18% in after-hours trading after it reported Q2 revenue of $62.3 million, weaker than consensus of $68.5 million, and then cut its 2018 revenue forecast to $250 million to $270 million from a prior view of $275 million to $300 million, below consensus of $291.6 million.
*ExOne (XONE +0.13%) sank 16% in after-hours trading after it reported a Q2 loss of -50 cents a share, wider than consensus of -33 cents a share.
**Market Comments**
*Sep S&P 500 E-minis (ESU18 -0.41%) this morning are down -12.50 points (-0.44%). Thursday's closes: S&P 500 -0.14%, Dow Jones -0.29%, Nasdaq 100 -0.03%. The S&P 500 on Thursday closed lower on ongoing China/U.S. trade tensions that threaten to derail global economic growth. There were also geopolitical concerns after the U.S. imposed sanctions on Russia and Turkey, knocking the Russian ruble down to a 1-1/2 year low and the Turkish lira to a record low versus the dollar. Supportive factors included the -6,000 decline in U.S. weekly initial unemployment claims (vs expectations of +2,000) and the slightly weaker-than-expected U.S. Jul core PPI report of +2.7% y/y (vs expectations of +2.8% y/y, which was slightly dovish for Fed policy.
*Sep 10-year T-notes (ZNU18 +0-100) this morning are up +9.5 ticks at a 3-week high. Thursday's closes: TYU8 +7.00, FVU8 +3.75. Sep 10-year T-notes on Thursday closed higher on the weaker-than-expected U.S. Jul core PPI report of +2.7% y/y (vs expectations of +2.8% y/y) and the conclusion of the Treasury's quarterly refunding which prompted bond dealers to cover short hedges put on ahead of the auctions.
*The dollar index (DXY00 +0.60%) this morning is up +0.51 (+0.53%) at a 13-month high. EUR/USD (^EURUSD -0.62%) is down -0.0056 (-0.49%) at a 13-month low. USD/JPY (^USDJPY -0.08%) is down -0.30 (-0.18%) at a 2-week low. Thursday's closes: Dollar Index +0.453 (+0.48%), EUR/USD -0.0083 (-0.71%), USD/JPY +0.10 (+0.09%). The dollar index on Thursday closed higher on the unexpected decline in U.S. weekly jobless claims, which was slightly hawkish for Fed policy. The dollar was also boosted by weakness in the Russian ruble which fell to a 1-1/2 year low against the dollar and the Turkish lira which plunged to a record low against the dollar after the U.S. imposed sanctions on both countries.
*Metals this morning are lower with Dec gold (GCZ18 -0.21%) -2.0 (-0.16%), Sep silver (SIU18 -0.63%) -0.082 (-0.53%) and Sep copper (HGU18 -0.72%) -0.016 (-0.58%). Thursday's closes: Dec gold -1.1 (-0.09%), Sep silver +0.030 (+0.19%), Sep copper +0.0145 (+0.53%). Metals on Thursday settled mixed with Sep copper at a 1-week high. Metals prices were boosted by demand for gold as an alternative asset after the U.S. imposed sanctions on Russia and Turkey, sending the Russian ruble to a 1-1/2 year low and the Turkish lira to a record low against the dollar. Metals prices were undercut by the stronger dollar.
*Sep WTI crude oil (CLU18 +0.22%) this morning is up +22 cents (+0.33%). Sep gasoline (RBU18 +0.69%) is up +1.61 cents (+0.81%). Thursday's closes: Sep crude oil -0.13 (-0.19%), Sep gasoline -1.96 (-0.97%). Sep crude oil and gasoline on Thursday closed lower with Sep gasoline at a 3 week low. Crude oil prices were undercut by a stronger dollar and by negative carry-over from Wednesday's EIA data, which showed that weekly EIA gasoline inventories unexpectedly rose +2.9 million bbl. Crude oil prices also continued to be undercut by trade tensions and fears of weaker global economic growth.
General Advice Disclosure: Please note that the advice contained herein is general advice and is for the purposes of education only. The risk of loss in trading futures contracts, commodity options, stocks, stock options and forex currencies can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You are reminded that past performance is no guarantee or reliable indication of future results. It has not been prepared taking into account your particular investment objectives, financial situation and particular needs.You should therefore assess whether the advice is appropriate to your individual investment objectives, financial situation and particular needs. You should do this before making an investment decision based on this general advice. You can either make the assessment yourself or seek the help of a professional adviser. This commentary is not a recommendation to buy or sell, but rather a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. The Vulcan Report accepts no liability whatsoever for any loss arising from any use of this expert or its contents.liability whatsoever for any loss arising from any use of this expert or its contents. For Related news and other stories please visit - http://www.wideawakenews.com/ For Related videos on our Youtube channel please visit - http://www.youtube.com/user/pulsescan72 Be Sure to register for faster updates and commentaries at - BLOG 1: - http://pulsescan.blogspot.com/ BLOG 2: - http://seekingalpha.com/instablog/466159-pulsescan72/ BULLS make money... BEARS make money.... PIGS get slaughtered! "TAKE WHAT YOU CAN .........GIVE NOTHING BACK"!!
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