NewsWare Morning Highlights

Commentary, News

MORNING NOTES:  

S&P futures indicate a positive opening this morning. The economic calendar is light this morning and the market will be focused on earnings this week, European shares are trading higher this morning. A Brexit vote in Parliament is scheduled for this week. Asian markets were marginally higher overnight. The Shanghai exchange closing lower by 1.32. The Hang Seng gained even though governmental protests continued this weekend.

S&P’s this morning        High 299.32  Low  297.97 Change higher by 0.43%

Tokyo +56.22 Hong Kong +6.10 London +15.91 Germany +112.60


OIL PRICES: Oil prices are trading lower this morning. Market is focused on the supply side of the oil equation. Slowing economic growth and ample supply are indications that oil prices will be depressed in the months ahead. In addition, the ongoing talks between Saudi Arabia and Kuwait could add another 500k barrels per day, if the two countries can agree on restarting production from jointly owned oil fields. For oil prices to move higher, the market will need to see positive signs of future economic growth, additional production curbs or a disruption is supply.

WTI is at $53.31 a barrel, Brent Crude is at $58.76 a barrel.         

For news on oil type in .OIL or “OPEC” into NewsWare


Economic:    In his speech on Friday, Vice Chairman Richard Clarida said the central bank’s rate cuts in July and September provided a ‘somewhat more accommodative policy’ in response to rising risks to growth, and that the Fed would approach future policy decision on a meeting-by-meeting basis. The Brexit saga continues as the U.K.’s Prime Minister Boris Johnson needs to obtain an approval from Parliament this week as U.K. lawmakers forced him to request an extension from the E.U. on his Brexit deal. Incoming ECB President Christine Lagarde says Trump’s unpredictability has forced investors to stop taking risks and that the U.S.-China trade war is “going to give a big haircut to the global economy.”


Economic Reports:

Fed Speak:
At 11:40 am ET Fed Governor Michelle Bow

To access Economic news type .Economic into NewsWare.

Options Activity:

Bullish option activity in AMTD, FCAU & SNAP
Bearish option activity in BA, NOK & NTAP
To access news related to options type .OPTIONS into NewsWare

Sector Update: Headlines to Note
Retail
DKS .REC Hedge Fund Two Sigma disclosed a 1.2% position in recent filing.
KSS .REC UBS raise its price target to $49 from $47.
AZO .REC Citi raised its price target to $1363 from $1357.

FDA / Drug Markets
SGEN P/SGN Announced positive top line results from its Her2climin trial.
AZN P/SGN FDA approves Farxiga in the U.S. to reduce hospitalization risks.
TEVA P/SGN Reached agreement to avoid opioid trial along with ABC, MCK & CAH.

Dow 30
MSFT P/SGN Announces partnership with HUM on modern healthcare solutions.
BA .REC BofA lowers its price target to $370 from $400.
IBM .REC UBS lowers rating to Neutral and drops PT to $140 from $170.00

FANG
AAPL .REC Raymond James raises its price target to $280 from $250.
AMZN .REC BofA lowers it PT to $2250 from $2350 ahead of earnings.

Rumors
SPY P/SGN Fed Vice Chair says U.S. economy is in a good place, facing evident risks.
COTY .MA Plans sales of professional beauty division.
MDR P/SGN Signs agreement for 1.7b in mew financing.


As always, please use protective buy and sell stops when trading futures and options.

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