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U.S. DAYBOOK & OVERNIGHT: Jobs Data, Trump Tax Plan, North Korea

(Bloomberg) — U.S. equity-index futures point to a higher open as Asian and European stocks extend their streak of gains. Oil slides, most base metals decline. The pound approaches the highest level in a year against the dollar after U.K. inflation rose more than forecast. Economic data include JOLTS job openings for July. U.S. MARKETS:

  • S&P 500 futures up 0.1% to 2,490.75
  • Brent Futures down 0.5% to $53.57/bbl
  • Gold spot down 0.09% to $1,326.28
  • U.S. Dollar Index unchanged at 91.88

WHAT TO WATCH:

  • TOP OVERNIGHT NEWS:
    • UN Votes New North Korea Sanctions Short of an Oil Embargo
    • Toshiba Board Is Said to Aim for Chip Sale Decision Wednesday
    • Trump Is Said to Plan Aggressive Road Show to Sell Tax Overhaul
    • Teva to Sell ParaGard for $1.1 Billion to Reduce Debt
    • Equifax’s Seismic Breach Tests Trump Pledge to Dismantle Rules
    • CBOE Plans to Introduce Options on S&P Select Sector Indexes
    • U.K. Inflation Accelerates More Than Forecast to Reach 2.9%
    • $150 Billion Misfire: How Forecasters Got Irma Damage So Wrong
    • In Dismal Summer, ‘Despicable Me 3’ Producer Delivers $1 Billion
    • BYD Wins Contract to Supply Solar Modules to NextEra Energy
    • Elbit to Provide System to U.S. Customs and Border Protection
    • Autoliv & Adient Agree to Collaborate on Vehicle Seating
    • SoFi CEO Cagney to Step Down by Year End; Co. Seeks Successor
    • FPL Says Much of SW Florida Electric System Will Need Rebuild
    • Delta Says 1,100 Flights Canceled at Atlanta on Irma Effects
    • U.K. Will Offer Troops to Support EU Operations After Brexit
    • Li Upbeat on China Economy as Lagarde Cites Push to Curb Risk
    • Opioid Painkiller Makers Seek to Dismiss Ohio Lawsuit: WSJ
    • Alexion Is Said to Announce Headquarter Move to Boston: Courant
    • Malaysia Airlines Is Said to Buy 8 Boeing 787 Jets: Reuters
  • M&A, ECM SCHEDULED EVENTS:
    • N.A. M&A Weekly Agenda: FCE/A, LVLT, PRXL, RATE
    • U.S. ECM AGENDA: Canada Goose, MuleSoft IPO Lockup Expirations
  • ANALYST ACTIONS
    • (AA): Alcoa Raised to Buy at Deutsche Bank
    • (AAPL): Apple New Buy at Citic Securities, PT $200
    • (ADM): ADM New Outperform at Baird, PT $50
    • (AMZN): Ahold Delhaize Downgraded at Bryan Garnier on Amazon Disruption
    • (BABA): Alibaba Raised to Buy at Haitong Intl, PT $210
    • (BG): Bunge New Neutral at Baird, PT $77
    • (BG): Archer Daniels New Outperform at Baird; Bunge New Neutral
    • (BRX): Brixmor Property New Market Perform at BMO, PT $20
    • (BTU): Peabody Energy New Undervalued at WhiteSand Research, PT $35
    • (COH): Coach New Outperform at Bernstein, PT $51
    • (CUBE): CubeSmart New Market Perform at BMO, PT $27
    • (DRE): Duke Realty New Market Perform at BMO, PT $30
    • (EXR): Extra Space New Market Perform at BMO, PT $78
    • (FRT): Federal Realty New Outperform at BMO, PT $145
    • (GGP): GGP New Market Perform at BMO, PT $22
    • (HLI): Houlihan Lokey New Overweight at JPMorgan, PT $42
    • (IAG LN): IAG Most Exposed to Low-Cost Atlantic Competition; MS Downgrades
    • (INOV): Inovalon Raised to Equal- weight at Morgan Stanley, PT $14
    • (KIM): Kimco New Market Perform at BMO, PT $21
    • (KORS): Michael Kors New Underperform at Bernstein, PT $37
    • (KR): Kroger Raised to Buy at Pivotal, PT $25
    • (LB): L Brands New Outperform at Bernstein, PT $57
    • (LSI): Life Storage New Underperform at BMO, PT $73
    • (LULU): Lululemon New Market Perform at Bernstein, PT $66
    • (MAC): Macerich New Market Perform at BMO, PT $55
    • (MNR): Monmouth Real Estate New Market Perform at BMO, PT $16.50
    • (NKE): Nike New Outperform at Bernstein, PT $69
    • (NUE): Nucor Cut to Equal-weight at Morgan Stanley, PT $60
    • (PKG): Packaging Corp Raised to Buy at Buckingham, PT $109
    • (PLD): Prologis New Outperform at BMO, PT $69
    • (PSA): Public Storage Cut to Underperform at BMO, PT $193
    • (PVH): PVH New Market Perform at Bernstein, PT $142
    • (QYOU CN): Galleria Opportunities New Speculative Buy at Clarus Securities
    • (RAD): Rite Aid New Hold at Loop Capital
    • (REG): Regency Centers New Market Perform at BMO, PT $65
    • (RNGR): Ranger Energy Services New Overweight at Piper Jaffray, PT $18
    • (ROST): Ross Stores New Outperform at Bernstein, PT $74
    • (SPG): Simon Property Raised to Outperform at BMO, PT $175
    • (SPTN): SpartanNash New Market Perform at BMO, PT $25
    • (STLD): Steel Dynamics Cut to Equal-weight at Morgan Stanley, PT $33
    • (TCO): Taubman Centers New Underperform at BMO, PT $48
    • (THO CN): Tahoe Resources Raised to Speculative Outperform at BMO, PT C$10
    • (TJX): TJX New Outperform at Bernstein, PT $88
    • (UAA): Under Armour New Underperform at Bernstein, PT $14
    • (VALE5 BZ): Vale Raised to Buy at Santander, PT $13.50
    • (VFC): VF Corp New Market Perform at Bernstein, PT $67

EARNINGS: (All ests. EPS. All times ET) Previews here

  • POST-MKT
    • Evertz Technologies (ET CN) 4pm C$0.24
    • Farmer Bros (FARM US) 4:15pm 15c

GOVERNMENT:

  • Government Agenda

ECONOMIC DATA (All times ET):

  • 6am: NFIB Small Business Optimism, est. 104.8, prior 105.2
  • 10am: JOLTS Job Openings, est. 6,000, prior 6,163

CENTRAL BANKS:

  • Nothing major scheduled

CORPORATE EVENTS:

  • Annual general meetings: IPAR US, LGF/A US, PLUS US
  • Extraordinary Shareholders Meeting: HCG CN
  • Other Events: CAT US, CMS US, EFX US, KRG US, SNC CN, SNHY US, SSRM CN, UBSI US
  • Other/M&A: ALNY US, ALXN US

CONFERENCES:

  • Bank of America Merrill Lynch Global Real Estate Conference: AKR US, AMH US, DCT US, DLR US, ESRT US, ESS US, EXR US, HPP US, QTS US, SLG US, TCO US
  • Barclays Global Financial Services Conference: AGNC US, ALL US, ASB US, ATH US, AXP US, BAC US, BBT US, BMO CN, CBG US, CBOE US, CFG US, CMA US, CME US, DFS US, FAF US, FHN US, FICO US, FNF US, GS US, HIG US, JPM US, KEY US, LNC US, MCO US, MTG US, NDAQ US, NYCB US, PB US, PLD US, RY CN, SLM US, STI US, STT US, TD CN, TRU US, TRV US, UNM US, WAL US, WBS US, WFC US, ZION US
  • BBVA Iberian Conference: TIVO US
  • BMO Capital Markets Media & Telecom Conference: CCA CN, CJR/B CN, RCI/B CN
  • BMO Media & Telecom Conference: BCE CN
  • Capital Link Shipping, Marine Services & Offshore Forum: C US, INSW US
  • Credit Suisse Basic Materials Conference: APD US, AVY US, CF US, FMC US, OI US, PX US, WRK US
  • Deutsche Bank Technology Conference – Fireside Chat: NUAN US
  • Deutsche Bank Technology Conference: ACIA US, ADS US, AKAM US, AMD US, ANET US, AVGO US, AZPN US, BNFT US, BOX US, CAVM US, CDNS US, CEVA US, CLDR US, CRM US, CSCO US, CTSH US, CVNA US, CY US, DATA US, DOX US, EA US, EEFT US, EGHT US, ENTG US, FDC US, FLEX US, FTNT US, HPE US, IAC US, IDTI US, IIVI US, INTC US, JNPR US, KEYS US, LPSN US, MPWR US, MSFT US, MSTR US, MXIM US, NATI US, NCR US, NEWR US, NTCT US, NTGR US, NTNX US, OCLR US, OLED US, ON US, OTEX CN, PAYX US, PCTY US, PEGA US, PFPT US, PLT US, PLXS US, PRO US, PYPL US, RNG US, RP US, SMCI US, SNPS US, SQ US, SSNC US, SYMC US, TDC US, TER US, TSLA US, TSS US, TWTR US, UEIC US, ULTI US, VG US, VRNT US, WEB US, ZG US
  • European Respiratory Society International Congress: AMGN US
  • Goldman Sachs Communacopia Conference: ATUS US, CCOI US, CHTR US, CMCSA US, CTL US, FTR US, IPG US, LAMR US, LVLT US, MDCA US, NFLX US, NWSA US, P US, T US
  • GSMA Mobile World America Congress: CAMP US
  • International Bridge, Tunnel and Turnpike Association: CUB US
  • KeyBanc Basic Materials and Packaging Conference: MYE US
  • KeyBank Capital Markets Basic Materials Conference: GLT US, GRA US, OLN US
  • Mobile World Congress: ARW US, RMBS US
  • Morgan Stanley Global Healthcare Conference: A US, ABBV US, ABC US, ACRS US, AET US, AGN US, ALDR US, ALXN US, ANTM US, ATRC US, BDX US, BMRN US, BSX US, CNC US, CNMD US, CRL US, CVS US, DGX US, EDIT US, HUM US, HYH US, IART US, ICPT US, INVA US, IPXL US, IRTC US, ISRG US, JUNO US, KERX US, KTWO US, LH US, LLY US, LOXO US, MASI US, MCK US, MDXG US, MGNX US, MNK US, MYGN US, NKTR US, PAHC US, PRTK US, RARE US, SGEN US, SHP LN, SYK US, TFX US, UNH US, VRX CN, WAT US
  • Peters & Co. Limited Energy Conference: ARX CN, CNQ CN, CPG CN, EOG US, HSE CN, IPL CN, KEY CN, VII CN
  • Raymond James North America Equities Conference: CAKE US, CXO US, LKQ US, RSG US, SCI US, TPIC US
  • Rodman & Renshaw Global Investment Conference: AERI US, AKBA US, BYSI US, CYTK US, IMMU US, KEM US, NTLA US, SPPI US, ZIOP US
  • Rodman and Renshaw Global Investment Conference: VNDA US
  • ROTH Solar & Storage Symposium: CSIQ US, FSLR US, HASI US, RUN US
  • Synchrony Financial (SYF US) – CEO Margaret Keane-Hajdarovic : BTV Interview: SYF US
  • UBS Best of Americas Conference: HPQ US
  • Wells Fargo Net Lease REIT Forum: ADC US, EPR US, GLPI US, GPT US, LXP US, MGP US, NNN US, O US, SRC US, STOR US, UNIT US, WPC US

BLOOMBERG TV SCHEDULE:

  • 06:00 Ian Bremmer (President) Eurasia Group
  • 06:00 Johan van Zyl (CEO) Toyota EMEA
  • 07:00 Eddie Perkin (VP/Chief Equity Invsmt Ofcr) Eaton Vance Management
  • 07:20 Klaus Zellmer (President/CEO) Porsche Cars North America Inc
  • 07:45 Patrick Joseph Toomey “Pat” (Pennsylvania Senator (R)) (US)Senate
  • 08:00 Savita Subramanian (Head:US Equity & Quantitative Strategy) BofA Merrill Lynch
  • 08:00 Robert Sinche (Global Strategist) Amherst Pierpont Securities LLC
  • 08:30 Walter Piecyk (Analyst:Telecom & Tech Media) BTIG LLC
  • 08:50 Tina Tchen (Former Chief of Staff) (US)Office of The First Lady
  • 09:00 Brian J White (Senior Equity Research Analyst) Drexel Hamilton LLC
  • 09:00 Chad A Morganlander (Portfolio Manager) Stifel Nicolaus & Co Inc
  • 09:15 Spencer Levy (Head:Research) CBRE
  • 09:35 Dan Morgan (Senior Portfolio Manager) Synovus Trust Company
  • 09:40 Gerard Cassidy (Mng Dir:Equity Research) RBC Capital Markets
  • 10:00 Axel A Weber (Chairman) UBS Group AG
  • 10:30 Harvey Schwartz (Co-President/Co-COO) Goldman Sachs Group Inc
  • 10:30 Michael F Holland “Mike” (Chairman/Founder) Holland & Co LLC
  • 11:00 Anders Fogh Rasmussen (Former) North Atlantic Treaty Org
  • 11:30 Mark Andrew Burgess (CIO:EMEA/Head:Equities) ColumbiaThreadneedle
  • 11:45 Josef Stadler “Joe” (Head:Global Ultra High NET Worth) UBS AG
  • 12:00 Matthew McLennan (Head:Global Value/Portfolio Mgr) First Eagle Investment Mngmnt LLC
  • 12:15 Margaret M Keane-Hajdarovic (President/CEO) Synchrony Financial
  • 12:30 Bill Barnett (Mayor) City of Naples FL
  • 13:00 David Kirkpatrick (CEO/Founder) Techonomy Media
  • 13:00 Michael Facemire (Principal Analyst) Forrester Research Inc
  • 13:10 John Burkey (Founder) Brighten AI
  • 15:00 Michael J Wolf (Managing Director/Founder) Activate
  • 15:00 Jose Antonio Meade Kuribrena (Secretary:Finance & Public Credit) United Mexican States
  • 15:30 Julie Ask (VP/Principal Analyst) Forrester Research Inc
  • 16:40 Pradipta Chakrabortty (Partner/Portfolio Manager/Analyst) Harding Loevner LP
  • 17:00 Horace Dediu (Managing Director/Founder) Asymco
  • 17:00 Carolina Milanesi (Analyst) Creative Strategies LLC
  • 17:00 Brian J White (Senior Equity Research Analyst) Drexel Hamilton LLC

OTHER EUROPEAN NEWS SINCE THE U.S. CLOSE:

  • Norway PM Wins Second Term as Insurgency Against Oil Fizzles
  • Swedbank Plans Two-Tiered FICC Research Offering After MiFID II
  • Italian Quarterly Unemployment Rate Falls to Lowest Since 2012
  • U.K. Builders Fall; BofAML Sees Multiple Risks, Full Valuations

EUROPEAN ECO DATA (All times ET):

  • 4:30am: (UK) Aug. CPI MoM, actual 0.6%, est. 0.5%, prior -0.1%
  • 4:30am: (UK) Aug. CPI YoY, actual 2.9%, est. 2.8%, prior 2.6%
  • 4:30am: (UK) Aug. CPI Core YoY, actual 2.7%, est. 2.5%, prior 2.4%
  • 4:30am: (UK) Aug. Retail Price Index, actual 274.7, est. 274.3, prior 272.9
  • 4:30am: (UK) Aug. RPI MoM, actual 0.7%, est. 0.5%, prior 0.2%
  • 4:30am: (UK) Aug. RPI YoY, actual 3.9%, est. 3.7%, prior 3.6%
  • 4:30am: (UK) Aug. PPI Output NSA MoM, actual 0.4%, est. 0.1%, prior 0.1%
  • 4:30am: (UK) Aug. PPI Output NSA YoY, actual 3.4%, est. 3.1%, prior 3.2%

WHAT HAPPENED IN EUROPEAN MARKETS:

  • STOXX Europe 600 up 0.5% to 381.49
  • German 10Y yield rose 2.6 bps to 0.362%
  • Euro up 0.04% to $1.1958
  • Brent Futures down 0.5% to $53.57/bbl
  • Italian 10Y yield rose 0.9 bps to 1.677%
  • Spanish 10Y yield rose 2.7 bps to 1.593%

OTHER ASIA NEWS SINCE THE U.S. CLOSE:

  • Hong Kong Finance Chief Warns Again of Property Risk as Fed Acts
  • Star Stock Geely Soars Most in Month on Market Sentiment Boost
  • China’s Banks Are Leading Globalization Charge, McKinsey Says
  • Hedge Funds Used to Love Shorting China. Now, Not So Much

ASIAN ECO DATA (All times ET):

  • 1am: (SI) July Retail Sales YoY, actual 1.8%, est. 1.7%, prior 1.9%, revised 2.0%
  • Sept. 11-Sept. 15: (CH) Aug. Money Supply M2 YoY, est. 9.1%, prior 9.2%
  • Sept. 11-Sept. 15: (CH) Aug. New Yuan Loans CNY, est. 950b, prior 825.5b
  • 8am: (IN) Aug. CPI YoY, est. 3.24%, prior 2.36%
  • 8am: (IN) July Industrial Production YoY, est. 1.6%, prior -0.1%
  • 7pm: (SK) Aug. Unemployment rate SA, est. 3.7%, prior 3.6%
  • 7:50pm: (JN) Aug. PPI YoY, est. 2.95%, prior 2.6%
  • 8:30pm: (AU) Sept. Westpac Consumer Conf SA MoM, prior -1.2%

WHAT HAPPENED IN ASIAN MARKETS:

  • MXAP up 0.3% to 162.84
  • MXAPJ up 0.4% to 538.95
  • Nikkei up 1.2% to 19,776.62
  • Topix up 0.9% to 1,627.45
  • Hang Seng Index up 0.06% to 27,972.24
  • Shanghai Composite up 0.09% to 3,379.49
  • Sensex up 0.6% to 32,080.00
  • Australia S&P/ASX 200 up 0.6% to 5,746.44
  • Kospi up 0.3% to 2,365.47

To contact the reporter on this story: Kasper Viita in London at kviita1@bloomberg.net To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net James Cone

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