Morning Call For Friday, July 14

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 -0.04%) this morning are down -0.03% ahead of data on U.S. consumer prices and industrial production. Losses were limited with JPMorgan Chase up nearly 1% in pre-market trading ahead of its quarterly earnings results due this morning. European stocks are up +0.09%, led by gains in energy stocks with Aug WTI crude oil (CLQ17 +0.89%) up +0.89%. Mining companies were higher as well as Sep CPOMEX copper (HGU17 +0.41%) climbed +0.23% on signs of tighter supplies after LME copper inventories fell -4,925 MT to 313,300 MT, a 1-1/2 week low. Asian stocks settled mostly higher: Japan +0.09%, Hong Kong +0.16%, China +0.13%, Taiwan -0.16%, Australia +0.49%, Singapore +1.60%, South Korea +0.32%, India -0.05%.

The dollar index (DXY00 -0.08%) is down -0.04%. EUR/USD (^EURUSD) is up +0.15%. USD/JPY (^USDJPY) is down -0.08%.

Sep 10-year T-note prices (ZNU17 +0.09%) are up +2.5 ticks.

Reuters reports that three people familiar with the discussion said the ECB is wary of putting an end-date on its QE program and would rather keep its asset purchases open-ended to retain flexibility if the economic outlook were to sour.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jun CPI (expected +0.1% m/m and +1.7% y/y, May -0.1% m/m and +1.9% y/y) and Jun CPI ex food & energy (expected +0.2% m/m and +1.7% y/y, May +0.1% m/m and +1.7% y/y), (2) Jun retail sales (expected +0.1% and +0.2% ex autos, May -0.3% and -0.3% ex autos), (3) Jun industrial production (expected +0.3%, May unch), (4) Dallas Fed President Robert Kaplan (voter) speaks at a conference on the Federal Reserve and monetary policy hosted by the Center for Economic Studies of the Private Sector in Mexico City, (5) preliminary-Jul University of Michigan U.S. consumer sentiment index (expected -0.1 to 95.0, Jun -2.0 to 95.1), (6) May business inventories expected +0.3%, Apr -0.2%.

Notable Russell 1000 earnings reports today include: Citigroup (consensus $1.21), JPMorgan Chase (1.58), Wells Fargo (1.01), First Horizon National (0.26), PNC Financial (2.02), First Republic Bank (1.09).