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THE U.S. DAYBOOK: U.S. DAYBOOK & OVERNIGHT: Seadrill Bankruptcy, Cracker Barrel

(Bloomberg) — U.S. stock-index futures retreat slightly with European shares while oil rises. Economic data include MBA mortgage applications, PPI and oil inventories. Cracker Barrel and United Natural are reporting earnings. U.S. MARKETS:

  • S&P 500 futures down 0.1% to 2,493.00
  • Brent futures up 0.5% to $54.56/bbl
  • Gold spot up 0.1% to $1,333.08
  • U.S. Dollar Index little changed at 91.84

WHAT TO WATCH:

  • TOP OVERNIGHT NEWS:
    • Seadrill Files for Bankruptcy in Bid to Shrink Debt Load
    • OPEC Is Said to Discuss Extending Cuts by More Than 3 Months
    • Toshiba Signs Memo With Bain, Struggles to Sell Chip Unit
    • Bain Is Said to Gather $9.4 Billion for New Fund, Topping Target
    • UBS’s Orcel Sees Rocky 2018 For Banks’ Profit as MiFID Kicks In
    • Oil Trades Near $48 as IEA Sees Fastest Demand Growth in 2 Years
    • Bayer Sells $1.4 Billion of Covestro on Path to Separation
    • Trump Premium Gone From U.S. Banks Brings Opportunities: Goldman
    • Pandit Sees 30% of Banking Jobs Disappearing in Next Five Years
    • Deutsche Bank Said to Pledge Cap on U.S. Use of German Deposits
    • North Korea Slams ‘Evil’ Sanctions, Vows Faster Nuclear Push
  • 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
    • (ADMP): Adamis Pharma New Outperform at Raymond James, PT $7
    • (AMZN): Amazon New Buy at Loop Capital, PT $1,200
    • (AUP CN): Aurinia Pharmaceuticals Cut to Speculative Buy at Canaccord
    • (AVP): Avon New Underperform at Jefferies, PT $2.20
    • (BBW): Build-A-Bear New Buy at Jefferies, PT $12
    • (CDOR): Condor Hospitality Trust New Buy at FBR, PT $12
    • (COL): Rockwell Collins Cut to Neutral at Baird, PT $140
    • (CP CN): Canadian Pacific Railway Cut to Sector Perform at National Bank
    • (CTLT): Catalent New Hold at Needham, PT $42
    • (EOG): EOG Resources Raised to Overweight at Morgan Stanley, PT $106
    • (EOG): Whiting Cut While EOG Upgraded on Risk/Reward: Morgan Stanley
    • (FSV CN): FirstService Cut to Market Perform at William Blair
    • (GLOG): GasLog Cut to Hold at DNB Markets, PT $17.80
    • (IPAS): IPass Cut to Hold at Aegis, PT $1.40
    • (MNK): Mallinckrodt Cut to Neutral at Mizuho, PT $40
    • (MU): Micron Raised to Buy at Goldman, PT $40
    • (ON): ON Semi Cut to Neutral at Goldman, PT $18
    • (PEY CN): Peyto Exploration Cut to Sector Perform at Peters & Co
    • (Q): Quintiles IMS Raised to Outperform at William Blair
    • (REV): Revlon New Hold at Jefferies, PT $16
    • (RGS): Regis New Buy at Jefferies, PT $15
    • (RKN CN): Redknee Solutions Raised to Sector Perform at RBC, PT C$0.75
    • (SHLE CN): Source Energy Services New Buy at Canaccord, PT C$9
    • (SQ): Square New Overweight at Cantor
    • (SQM/B CI): SQM Raised to Hold at Santander, PT $54.71
    • (TAP): Molson Coors New Sell at Berenberg, PT $78
    • (ULTI): Ultimate Software Coverage Suspended at MKM
    • (WJA CN): WestJet Airlines New Buy at Veritas Investment Research, PT C$29
    • (WLL): Whiting Petroleum Cut to Underweight at Morgan Stanley, PT $3.50

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

  • PRE-MKT
    • Cracker Barrel (CBRL US) 8am $2.18
  • POST-MKT
    • United Natural (UNFI US) 4:05pm 70c

GOVERNMENT:

  • Government Agenda

ECONOMIC DATA (All times ET):

  • 7am: MBA Mortgage Applications, prior 3.3%
  • 8:30am: PPI Final Demand MoM, est. 0.3%, prior -0.1%
  • 8:30am: PPI Ex Food and Energy MoM, est. 0.2%, prior -0.1%
  • 8:30am: PPI Ex Food, Energy, Trade MoM, est. 0.1%, prior 0.0%
  • 8:30am: PPI Final Demand YoY, est. 2.5%, prior 1.9%
  • 8:30am: PPI Ex Food and Energy YoY, est. 2.1%, prior 1.8%
  • 8:30am: PPI Ex Food, Energy, Trade YoY, prior 1.9%
  • 2pm: Monthly Budget Statement, est. $119.0b deficit, prior $107.1b deficit

CENTRAL BANKS (All times ET):

  • Nothing major scheduled

CORPORATE EVENTS:

  • Annual general meetings: ROLL US
  • Other Events: DFT US, DLR US, EFX US, RATE US, TDS US, USM US, XEL US

CONFERENCES:

  • Aircraft eEnablement Connectivity Conference: COL US
  • Arkansas Digital Government Summit: EGOV US
  • Bank of America Merrill Lynch European Credit Conference: LKQ US
  • Bank of America Merrill Lynch Global Health Care Conference: IDXX US, REGN US
  • Bank of America Merrill Lynch Global Real Estate Conference: BRX US, CLI US, DRE US, EQR US, FRT US, KIM US, KRC US, LSI US, PGRE US, REG US, VTR US
  • Barclays Global Financial Services Conference: BOH US, FITB US, HBAN US, MTB US, NTRS US, PNC US, RWT US, SBNY US, SPG US, USB US
  • Credit Suisse Basic Materials Conference: AGU CN, GRA US, IP US, OLN US, PAH US, TROX US
  • Credit Suisse HOLT Under Followed Opportunities Conference: CSGS US, JCOM US, USPH US
  • Deutsche Bank Technology Conference: ACIA US, ADI US, AMBA US, AMKR US, ARW US, ASGN US, CA US, CDW US, CISN US, COMM US, CTXS US, FEYE US, FIT US, FNSR US, GIMO US, GWRE US, HAWK US, ICHR US, INFN US, IPHI US, LOGM US, MA US, MKSI US, MSCC US, MTCH US, MXL US, NOW US, PAY US, POWI US, QTNA US, RMBS US, SABR US, SGH US, TNET US, TTMI US, TXN US, V US, WDAY US, WEX US, WU US
  • European Association for the Study of Diabetes (EASD) 53rd annual meeting: LXRX US
  • Goldman Sachs Communacopia Conference: AMC US, AMT US, BCE CN, CCI US, CNK US, FOXA US, IMAX US, OUT US, QTS US, SBAC US, SIRI US, TTWO US, UNIT US, VIAB US, ZAYO US
  • IBM Corp. (IBM US) – CEO/Chairman Ginni Rometty: BTV Interview: IBM US
  • International Motor Show: ADNT US
  • KeyBank Capital Markets Basic Materials Conference: APD US, HUN US, SCL US
  • Lake Street Capital Markets Best Ideas Growth (BIG) Conference: NTCT US
  • Moody’s Investor Services and the American Water Works Association Water Infra: AWK US
  • Morgan Stanley Global Healthcare Conference: ABAX US, ALNY US, BLUE US, BPMC US, CELG US, CI US, COTV US, DPLO US, EGRX US, ENTA US, EXEL US, GBT US, HZNP US, IONS US, JNJ US, NUVA US, NVRO US, ONCE US, PEN US, PFE US, PTLA US, RDUS US, RGNX US, SAGE US, TDOC US, TXMD US, VCRA US, VNDA US, WST US
  • Morgan Stanley Industrials Conference: AA US, BA US, CAT US, CNR CN, CP CN, ETN US, FTV US, HON US, IR US, IRBT US, KSU US, LII US, MTZ US, ROK US, SKYW US
  • National Society of Genetic Counselors Conference: MYGN US
  • National Society of Genetic Counselors Meeting: OPK US
  • Peters & Co. Limited Energy Conference: BTE CN, ERF CN
  • Qualcomm Inc. (QCOM US) – Chairman Paul Jacobs : BTV Interview: QCOM US
  • RBC General Industrials Conference: WLK US
  • Royal Bank of Canada Global Industrials Conference: AGCO US, AXL US, DHI US, FLOW US, KS US, MAS US, MTOR US, MWA US, NAV US, NCS US, R US, SNA US, SUM US, URI US, USG US, WRK US, XYL US
  • SEMICON Taiwan Conference: ENTG US
  • Stifel Executive Summit: BLKB US
  • Verizon Communications (VZ US) – Chairman & CEO Lowell McAdam : BTV Interview: VZ US

OTHER EUROPEAN NEWS SINCE THE U.S. CLOSE:

  • Merkel Is Said to Want Schaeuble to Keep His Job After Election
  • Novo Sees Earlier China Launch for Diabetes Drug Amid Epidemic
  • Denmark Faces Negative Rates Until 2020, Central Bank Study Says
  • Richemont’s European Sales Disappoint as Asia Races Ahead
  • Swatch Falls After Apple Shows LTE-Enabled Watch

EUROPEAN ECO DATA (All times ET):

  • 2am: (GE) Aug. CPI MoM, actual 0.1%, est. 0.1%, prior 0.1%
  • 2am: (GE) Aug. CPI YoY, actual 1.8%, est. 1.8%, prior 1.8%
  • 2am: (GE) Aug. CPI EU Harmonized MoM, actual 0.2%, est. 0.2%, prior 0.2%
  • 2am: (GE) Aug. CPI EU Harmonized YoY, actual 1.8%, est. 1.8%, prior 1.8%
  • 3am: (SP) Aug. CPI MoM, actual 0.2%, est. 0.2%, prior 0.2%
  • 3am: (SP) Aug. CPI YoY, actual 1.6%, est. 1.6%, prior 1.6%
  • 3am: (SP) Aug. CPI EU Harmonised MoM, actual 0.2%, est. 0.2%, prior 0.2%
  • 3am: (SP) Aug. CPI EU Harmonised YoY, actual 2.0%, est. 2.0%, prior 2.0%
  • 4:30am: (UK) Aug. Jobless Claims Change, actual -2,800, prior -4,200, revised -2,900
  • 4:30am: (UK) July ILO Unemployment Rate 3Mths, actual 4.3%, est. 4.4%, prior 4.4%
  • 4:30am: (UK) Aug. Claimant Count Rate, actual 2.3%, prior 2.3%
  • 5am: (EC) July Industrial Production WDA YoY, est. 3.3%, prior 2.6%
  • 5am: (EC) July Industrial Production SA MoM, est. 0.1%, prior -0.6%

WHAT HAPPENED IN EUROPEAN MARKETS:

  • STOXX Europe 600 down 0.3% to 380.31
  • German 10Y yield fell 1.3 bps to 0.388%
  • Euro up 0.2% to $1.1986
  • Italian 10Y yield rose 5.6 bps to 1.733%
  • Spanish 10Y yield fell 0.9 bps to 1.593%

OTHER ASIA NEWS SINCE THE U.S. CLOSE:

  • Record Flows to Bearish ETF Shows Taiwan Equities Skepticism
  • RBA’s Harper Says Growth Too Slow to Justify Rate Increase
  • Baring Private Equity Is Said to Restart Sale of SAI Assurance
  • Coal Stocks Lead Declines by Indonesian Miners on Price Concerns
  • Topix Index Posts Biggest Three-Day Gain Since May on Tech Rally
  • Offshore Yuan Interbank Costs Surge as Banks Seen Hoarding Cash
  • Banker Fees on Japan Post Deal Are Said to Top Tobacco Sale
  • Western Digital Says It Will Continue With Arbitration Process
  • Japan Ruling Party Members Mulling Pyongyang Trip, Lawmaker Says
  • A CEO’s Share Purchase Sent This Singapore Stock to 10-Year High

ASIAN ECO DATA (All times ET):

  • Sept. 12-Sept. 15: (CH) Aug. Money Supply M2 YoY, est. 9.1%, prior 9.2%
  • Sept. 12-Sept. 15: (CH) Aug. New Yuan Loans CNY, est. 950b, prior 825.5b
  • 9:30pm: (AU) Aug. Employment Change, est. 20,000, prior 27,900
  • 9:30pm: (AU) Aug. Unemployment Rate, est. 5.6%, prior 5.6%
  • 9:30pm: (AU) Aug. Participation Rate, est. 65.1%, prior 65.1%
  • 10pm: (CH) Aug. Retail Sales YoY, est. 10.5%, prior 10.4%
  • 10pm: (CH) Aug. Industrial Production YoY, est. 6.6%, prior 6.4%

WHAT HAPPENED IN ASIAN MARKETS:

  • MXAP up 0.2% to 163.07
  • MXAPJ down 0.08% to 539.04
  • Nikkei up 0.5% to 19,865.82
  • Topix up 0.6% to 1,637.33
  • Hang Seng Index down 0.3% to 27,894.08
  • Shanghai Composite up 0.1% to 3,384.15
  • Sensex up 0.5% to 32,328.75
  • Australia S&P/ASX 200 down 0.04% to 5,744.26
  • Kospi down 0.2% to 2,360.18

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net James Cone

About Makkaba Co., Ltd.

Makkaba Co., Ltd.

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