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U.S. DAYBOOK & OVERNIGHT: Wholesale Inventories, Mexico Quake

(Bloomberg) — European stocks decline as investors assess the euro extending gains above $1.20 and a slowdown in China’s export growth. The most powerful earthquake this century shook Mexico, while Hurricane Irma is projected to hit Florida Sunday. U.S. futures also fall, Asia shares advance. Economic data include wholesale inventories. U.S. MARKETS:

  • S&P 500 futures down 0.3% to 2,458.75
  • Brent Futures up 0.5% to $54.76/bbl
  • Gold spot up 0.4% to $1,354.10
  • U.S. Dollar Index down 0.4% to 91.27

WHAT TO WATCH:

  • TOP OVERNIGHT NEWS:
    • Deadly Irma on Track for Miami as Caribbean Islands Are Wrecked
      • Delta Cancels Flights for South Florida Airports on Irma
    • Strongest Quake in Century Hits Mexico, at Least Three Dead
    • White House Is Said to Be Considering at Least Six for Fed Chair
    • Equifax’s Historic Hack May Have Exposed Almost Half of U.S.
    • U.S. Is Said to Target North Korea Violators, With ZTE’s Help
    • BlackRock Is Said to Be in Talks for Calpers’s Buyout Business
    • ECB Is Said to Study QE Options That Don’t Need Rule Tweaks
    • Apple-Backed Billionaire Makes Case to Buy Toshiba Chip Unit
    • China’s Export Engine Slows as Imports Maintain Steady Gains
    • BHP Sees Bottleneck as Refiners Resume Output After Harvey
    • Costco to Open Wholesale Membership Warehouse in Shanghai: News
    • Mitsui Acquires Additional Penske Truck Leasing Stake for $435m
    • Monsanto India to Sell Branded Cotton Seed Business to Tierra
    • Invesco to Form China Logistics Venture With ESR
    • Amcor Says It ‘Regularly Assesses a Range of Strategic Options’
    • New Mexico Sues Purdue Pharma, Teva, J&J, Others Over Opioids
    • Yandex Reports Android Share Rising After Google Offered Choice
    • Lumentum May Gain After 3-D Competitor Finisar Faces Ramp Delay
    • BGC in Pole Position After Failed Formula 1 Business Court Fight
    • Burberry, Ralph Lauren Top Brand Turnaround Picks: Credit Suisse
  • ANALYST ACTIONS
    • (AMAG): Amag Pharma New Overweight at Morgan Stanley, PT $26
    • (BLK): BlackRock Raised to Overweight at Barclays, PT $475
    • (CBOE): CBOE Raised to Equal-weight at Barclays, PT $105
    • (CME): CME Group Raised to Overweight at Barclays, PT $139
    • (COF): Capital One Cut to Equal-weight at Morgan Stanley, PT $83
    • (CTLT): Catalent Cut to Sector Weight at Keybanc
    • (CTMX): CytomX New Outperform at Wedbush, PT $26
    • (DFBG): Joe’s Jeans New Buy at FBR, PT $3
    • (DSX): Diana Shipping Raised to Buy at Pareto Securities, PT $4.80
    • (ELS): Equity LifeStyle Cut to Neutral at Baird, PT $92
    • (FNGN): Financial Engines New Overweight at Barclays, PT $38
    • (I): Intelsat Raised to Buy at Jefferies, PT $5
    • (LIVN): LivaNova New Buy at Jefferies, PT $76
    • (LM): Legg Mason Cut to Equal-weight at Barclays, PT $39
    • (LUN CN): Lundin Mining Cut to Hold at Berenberg
    • (NLNK): NewLink Genetics Raised to Buy at Jefferies, PT $26
    • (NSU CN): Nevsun Resources Raised to Sector Outperform at Scotiabank
    • (RL): Ralph Lauren Raised to Outperform at Credit Suisse
    • (RP): RealPage New Overweight at Keybanc, PT $50
    • (SATS): EchoStar New Hold at Jefferies, PT $65
    • (SBLK): Star Bulk Raised to Buy at Pareto Securities, PT $13.80
    • (SUPV AR): Grupo Supervielle New Hold at Santander, PT $23.60
    • (SYF): Synchrony Cut to Equal-weight at Morgan Stanley, PT $32
    • (TFX): Teleflex Raised to Outperform at Leerink, PT $266
    • (TROW): T. Rowe Cut to Underweight at Barclays, PT $79
    • (TXMD): TherapeuticsMD New Equal-weight at Morgan Stanley, PT $6
    • (VRTS): Virtus Investment New Equal-weight at Barclays, PT $113
    • (X CN): TMX Group New Market Perform at BMO, PT C$70
    • (ZION): Zions Banc Raised to Neutral at Baird, PT $43
    • (ZUMZ): Zumiez Raised to Buy at B Riley, PT $18

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

  • PRE-MKT
    • Kroger (KR US) 7:45am 39c

GOVERNMENT:

  • Government Agenda

ECONOMIC DATA (All times ET):

  • 10am: Wholesale Inventories MoM, est. 0.4%, prior 0.4%
  • 10am: Wholesale Trade Sales MoM, est. 0.5%, prior 0.7%
  • 3pm: Consumer Credit, est. $15.0b, prior $12.4b

CENTRAL BANKS (All times ET):

  • 8:45am: Fed’s Harker Speaks on Consumer Finance in Philadelphia

CORPORATE EVENTS:

  • Annual general meetings: MDI CN
  • Extraordinary Shareholders Meeting: POU CN, TET CN

CONFERENCES:

  • Bank of America Merrill Lynch Canada Mining Conference: WPM CN
  • Bank of America Merrill Lynch Media, Communications & Entertainment Conference: DISCA US, LGF/A US, SIRI US, UNIT US, VIAB US, VZ US
  • BioCentury NewsMakers in the Biotech Industry Conference: ADRO US, AIMT US, SPPI US
  • BioCentury Newsmakers in the Biotech Industry Conference: TYME US
  • Citi Global Technology Conference: ACIA US, AMKR US, DXC US, ETSY US, GWRE US, IIVI US, PFPT US, QCOM US, TECD US, TYL US
  • European Society for Medical Oncology Congress: CLVS US, LH US, MRK US, PBYI US
  • Goldman Sachs Biotech Symposium: ONCE US, XON US
  • Kroger Co (KR US) – CFO Mike Schlotman : BTV Interview: KR US
  • MUFG Securities Oil & Gas Corporate Access Day: DO US, ENBL US, HES US, NBL US, PXD US, RDC US
  • NewsMakers in the Biotech Industry Investor Conference: DVAX US
  • Vertical Research Partners Industrial Conference: ITT US, XYL US

BLOOMBERG TV SCHEDULE:

  • 06:30 Chuck Gabriel (President) Capital Alpha Partners
  • 07:00 Peter Chatwell (Head:European Rates Strategy) Mizuho International PLC
  • 07:00 Vadim Zlotnikov (Chief Invsmt Ofcr:Systematic) AllianceBernstein LP
  • 07:00 Jacob Meisel (Chief Meteorologist/Co-Founder) Bespoke Investment Group LLC
  • 07:40 Frederic Fox (President/CEO) Planalytics
  • 07:40 Jacob Meisel (Chief Meteorologist/Co-Founder) Bespoke Investment Group LLC
  • 08:00 Ward McCarthy (Chief Financial Economist) Jefferies
  • 08:00 Mark McCormick (Head:FX Strategy North America) TD Securities
  • 08:10 Philip Klotzbach (Research Scientist) Colorado State University
  • 08:10 Dan McTeague (Analyst) GasBuddy Organization Inc
  • 08:20 Michael T McCaul (Congressman) (US)House of Representatives
  • 08:30 Jeffrey Solomon (President) Cowen Inc (U.S.)
  • 08:50 Mike Schlotman (CFO) Kroger
  • 09:10 Kai Pan (Analyst) Morgan Stanley
  • 09:40 Chet Thompson (President/CEO) American Fuel & Petrochemical Manufacturers
  • 09:40 Regina Mayor (Global Head: Intl-Energy & Natural Resources) KPMG
  • 10:30 Ken Moelis (CEO) Moelis & Co.
  • 11:00 Stephen Isaacs (Head:Investment Committee) Alvine Capital Management
  • 11:40 Nigel Eccles (CEO/Co-Founder) FanDuel Inc
  • 12:00 Robert Tipp (Mng Dir/Chief Invsmt Strategist:FI) PGIM Limited
  • 12:00 Eric Stein (VP/Co-Dir/Portfolio Manager) Eaton Vance Management
  • 12:00 Trey Parker (Partner/Portfolio Mgr/Head:Credit Rsch) Highland Capital Management LP
  • 12:30 Eugene E Munster (Co-Founder) Loup Ventures Management LLC
  • 13:30 Michael A. Brown (Wells Fargo economist) Self
  • 14:15 Keith Daly (Chief Claims Officer) Farmers Insurance Group
  • 14:30 Joel Widenor (VP/Dir:Agriculture Service) Commodity Weather Group
  • 14:40 Ravi Shanker (Analyst) Morgan Stanley
  • 15:15 Gus Faucher (Chief Economist) PNC Finl Services Group INC
  • 15:30 Charles Watson (risk modeler) Enki Research
  • 16:40 Kaushik Basu (Professor of Economics) Cornell University
  • 17:20 Olaf Carlson Wee (Founder) Polychain Capital LLC

OTHER EUROPEAN NEWS SINCE THE U.S. CLOSE:

  • U.K. Manufacturing Jumps, Construction Falls as Quarter Starts
  • Akzo Nobel Warns on 2017 Profit as Paintmaker Replaces CFO
  • Nordea Move Has Riksbank Chief Warning of Dangerous Fallout
  • Swedish Government Backs Away From Plan to Cut Riksbank Reserves
  • Overlooked in Cancer, Glaxo and Sanofi Look to Get Into the Race
  • Greene King Shares Slump on Trading Update, Dragging Pubs Lower
  • Mercedes Fields Buzz Aldrin to Take on BMW While Fiat Stays Home
  • Trinity Mirror Starts Talks to Buy Desmond’s U.K. Tabloids
  • Germany’s Facebook Case Tackles Crucial Digital Issues: Mundt
  • A Tiny Welsh Chipmaker Is Up 314% on Apple Speculation

EUROPEAN ECO DATA (All times ET):

  • 2:45am: (FR) July Manufacturing Production YoY, actual 3.9%, est. 4.15%, prior 3.3%, revised 3.2%
  • 2:45am: (FR) July Industrial Production MoM, actual 0.5%, est. 0.5%, prior -1.1%
  • 2:45am: (FR) July Industrial Production YoY, actual 3.7%, est. 3.55%, prior 2.6%, revised 2.4%
  • 2:45am: (FR) July Manufacturing Production MoM, actual 0.3%, est. 0.55%, prior -0.9%
  • 3am: (SP) July Industrial Output NSA YoY, actual 2.0%, prior 3.5%, revised 3.3%
  • 4:30am: (UK) July Industrial Production YoY, actual 0.4%, est. 0.4%, prior 0.3%
  • 4:30am: (UK) July Industrial Production MoM, actual 0.2%, est. 0.2%, prior 0.5%
  • 4:30am: (UK) July Manufacturing Production MoM, actual 0.5%, est. 0.3%, prior 0.0%
  • 4:30am: (UK) July Visible Trade Balance GBP/Mn, actual £11,576 deficit, est. £12,000 deficit, prior £12,722 deficit, revised £11,527 deficit
  • 4:30am: (UK) July Trade Balance Non EU GBP/Mn, actual £3,842 deficit, prior £4,471 deficit, revised £3,934 deficit
  • 4:30am: (UK) July Trade Balance, actual £2,872 deficit, est. £3,250 deficit, prior £4,564 deficit, revised £2,914 deficit

WHAT HAPPENED IN EUROPEAN MARKETS:

  • STOXX Europe 600 down 0.2% to 374.04
  • German 10Y yield fell 1.3 bps to 0.294%
  • Euro up 0.2% to $1.2046
  • Brent Futures up 0.5% to $54.76/bbl
  • Italian 10Y yield fell 10.2 bps to 1.634%
  • Spanish 10Y yield rose 1.6 bps to 1.511%

OTHER ASIA NEWS SINCE THE U.S. CLOSE:

  • Tencent’s Giant Rally Is a Problem for Some China Investors
  • SpiceJet Shows Long-Haul Intent With Boeing-Airbus Contest
  • Japan’s GDP Growth Revised Down on Softer Capital Expenditure
  • Citi Sees Pressure on Yuan, Philippines Peso Amid Reserves Trend
  • China No. 4 Developer Seeks to Repay Overdue Debt at Lower Rate
  • Topix Has Worst Week Since April on N. Korea, Natural Disasters
  • Yuan Surge Feeds Speculation Policy Makers to Loosen Control
  • Solar Storms May Deter Kim From Launching Missile on Anniversary

ASIAN ECO DATA (All times ET):

  • 9:30pm: (CH) Aug. CPI YoY, est. 1.61%, prior 1.4%
  • 9:30pm: (CH) Aug. PPI YoY, est. 5.7%, prior 5.5%

WHAT HAPPENED IN ASIAN MARKETS:

  • MXAP up 0.4% to 161.82
  • MXAPJ up 0.4% to 534.48
  • Nikkei down 0.6% to 19,274.82
  • Topix down 0.3% to 1,593.54
  • Hang Seng Index up 0.5% to 27,668.47
  • Shanghai Composite down 0.01% to 3,365.24
  • Sensex up 0.03% to 31,671.21
  • Australia S&P/ASX 200 down 0.3% to 5,672.62
  • Kospi down 0.1% to 2,343.72

To contact the reporter on this story: Chiara Remondini in Milan at cremondini@bloomberg.net Kasper Viita

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