Global stocks are little changed this morning following rumors that the ECB has lowered growth forecasts

via QuantalyticsResearch:

US Stocks

  • Global stocks are nominally positive this morning, with a bid into tech stocks ahead of the Apple (AAPL) iPhone refresh
  • US stock index futures are little changed ahead of the open in NY with the Dow Jones minis +0.09%, S&P500 minis +0.09% and Nasdaq 100 minis +0.23%
  • Apple (AAPL) is to unveil its Fall lineup of 3 new iPhone models and a new iWatch screen today
  • The VIX is little changed this morning and is currently at 13.17 after closing at 13.22 last week
  • HYG November 2018 & December 2018 OTM Puts, SPY September 14 OTM Calls, EM September OTM Puts, and EWZ October 19 OTM Calls are the most heavily traded options contracts in the US pre-market
  • US 10-Year Treasury Bonds are higher with yields down -1.29 basis points to 2.9626%
  • The US Treasury 2s-10s Spread has narrowed 0.48 basis points to 0.23%
  • WTI Crude is currently up 2.53% to USD$69.25/bbl with the Brent-WTI spread down USD$-2.42 to USD$9.96/bbl
  • Gold is currently down -0.28% to USD$1195.23/oz

Stocks Trending in the News

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  • Casino (CO FP) had its price target cut again by Bernstein from 26 to 20 euros.  Bernstein cited inter-company debts and emerging markets weakness in its downgrade.  Casino is trading up 0.30% at 29.47 euros.  Casino is rated ‘Unattractive’ in our European Large-Cap Global Top Picks
  • Galliford Try (GFRD LN) FY2018 came better than expected  due to strong performance from its Linden division.  Pretax profit of 189mm pounds compared with 175mn expected.  Galliford is up 7.2% at 1071 pounds.   Galliford is rated ‘Unattractive’ in our United Kingdom Global Top Picks.
  • Hermes (RMS FP) reported record 1H18 profits with income from recurring operations of 985mm euros a touch above estimates on strong China sales.  Hermes confirmed ambitious guidance for revenue growth in 2018.  Hermes is rated ‘Neutral’ in our European Large-Cap Global Top Picks
  • Kubota (6326) reported it shipped products from its rolling mills that did not meet customer demands.  It said at least 85 customers received products that did not meet hardness and composition requirements.  Kubota is rated ‘Attractive’ in our Japan Large-Cap Global Top Picks
  • Micron (MU) was downgraded at Goldman Sachs to neutral from buy.  Goldman cited concerns on pricing in the downgrade.  Micron is rated ‘Top Buy’ in both our US Large-Cap and US Information Technology Global Top Picks
  • Rohm (6963) reported lower monthly sales with August sales up 0-5%.  Rohm described a “seasonal recovery trend” with automotive demand still strong.  Rohm closed down 10.5% at 8400 yen.  Rohm is not rated in our Global Top Picks
  • Sino Biopharmaceutical (1177 HK) fell 14.3% to close at HKD$7.50 after the government said it needs to step up oversight of drug makers to ensure safety of its citizens.  Sino is rated ‘Top Buy’ in our China All-Cap Global Top Picks
  • SSE Plc (SSE LN) is falling 7.8% at 1153 pounds after issuing a profit warning.  It said high natural gas prices as well as persistent hot weather over the summer will cut earnings.  SSE is rated ‘Unattractive’ in our United Kingdom Global Top Picks.
  • Tencent (700 HK) backed NIO Inc. (NIO) will start trading today on the NYSE after raising almost USD$1bn in an IPO.  The pricing was at the low end.  NIO seeks to take on Tesla (TSLA) in the electric car sector.  Tencent is up 0.13% at HKD$308.40.  Tencent is rated ‘Top Buy’ in our China All-Cap Global Top Picks and Tesla is rated ‘Unattractive’ in both our US Large-Cap and US Information Technology Global Top Picks
  • Volkswagen (VOW GR) said its plan to offer an electric version of every car it makes will cost more than the 20 billion euros originally mentioned.  A new cost was not given.  Volkswagen is up 0.15% at 135.80 euros.  Volkswagen is rated ‘Unattractive’ in our European Large-Cap Global Top Picks

European Stocks

  • European stocks are little changed with a positive bias this morning, following dovish comments by the European Central Bank (ECB)
  • ECB, according to reporting by Bloomberg, has downgraded its Euro-area growth forecasts as global trade tensions has dampened external demand
  • The Euro Stoxx 600 is currently up +0.24%, the FTSE 100 is down -0.13%, the DAX has risen +0.21%, and the CAC 40 is up +0.51%
  • Retail (+1.46%), Basic Resources (+1.19%), and Oil & Gas (+1.08%) stocks are the top performers in the Euro Stoxx 600 today
  • Utilities (-1.32%), Telecommunications (-0.63%), and Banks (-0.36%) stocks are the worst performers in the Euro Stoxx 600 today
  • Investor sentiment for European stocks is positive with the advance/decline ratio for the Euro Stoxx 600 currently at 1.69x
  • 37 stocks in the Euro Stoxx 600 are at 4-week highs while 122 stocks are at 4-week lows
  • 12 stocks in the Euro Stoxx 600 are overbought while 67 stocks are oversold according to the 16-day RSI Measure
  • VSTOXX, the European stocks equivalent of the VIX, is little changed this morning and is currently at 15.52 after closing at 15.79 yesterday
  • EUR€ is currently little changed against the USD$ at 1.159
  • GBP£ is currently little changed against the USD$ at 1.3021
  • CHF is currently little changed against the USD$ at 1.0278
  • German 10-Year Bunds are higher with yields down -1.2 basis points to 0.42%
  • UK 10-Year GILTs are higher with yields down -1 basis points to 1.49%

Asian Stocks

  • Asian stocks closed down, as investors in the region continue to worry about the impact of rising global tension between the US and its major trade partners, emerging markets contagion, and economic weakness in the Chinese economy
  • The Nikkei 225 finished down –0.27%, the Hang Seng ended down -0.29%, the Hang Seng China Enterprise declined -0.91%, and the CSI 300 was -0.69%
  • Investor sentiment for Japanese stocks finished negative with the advance/decline ratio for the Nikkei 225 closing at 0.54x
  • 32 stocks in the Nikkei 225 hit 4-week highs while 23 stocks reached 4-week lows
  • 13 stocks in the Nikkei 225 closed overbought while 19 stocks closed oversold according to the 16-day RSI Measure
  • Investor sentiment for Hong Kong stocks finished neutral with the advance/decline ratio for the Hang Seng closing at 1x
  • 2 stocks in the Hang Seng hit 4-week highs while 18 stocks reached 4-week lows
  • 1 stocks in the Hang Seng closed overbought while 10 stocks closed oversold according to the 16-day RSI Measure
  • Japan 10-Year Government Bonds are higher with yields down -0.2 basis points to 0.113%
  • JGBs 2s-10s Spread has narrowed 0.2 basis points to 0.22%
  • JPY¥ is currently little changed against the USD$ at 111.49

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