Morning 7-18

Earnings news:

  • Netflix -10% after losing Customers in the U.S. and Missing global sign-up-BBG
  • IBM trading lower after post earnings
  • EBay beat and and said will explore sale of Stub hub
  • Morgan Stanley reported a 14% drop in Equities trading revenue 18% drop in fixed income trading, PS $1.23 vs $1.15 stock little changed on day
  • Union  pacific earnings better than expected ,stock +1%  Recall yesterday transports were the worst performing sector
  • Out of Europe SAP earnings missed badly stock down ~7%

Markets:

NKY closed down 1.97%, All European markets trading in the red Spoos little changed Nasdaq -12 handles. Overnight ranges a bit wider then yesterday but still have a summer feel to them. Bunds continue to trend higher +40 tick’s today yields -2bps, UK Retail sales better the expected but Gilts +20 ticks. Treasuries small bid similar to yesterday following Europe higher a 33 % chance of 50Bps rate cut at July meeting up from 25% yesterday. Per Bloomberg U.S. china deal” seems increasingly remote” Dax -.6%, Stoxx 600 tech sector -1.85%. Risk getting a bit of lift as Philly fed Business outlook handily beat expectations:

*Philadelphia Fed Jul Price Received 9.5 Vs Jun 0.6 *Philadelphia Fed Jul Price Paid 16.1 Vs Jun 12.9 *Philadelphia Fed Jul Shipments 24.9 Vs Jun 16.6 *Philadelphia Fed Jul Inventories 8.1 Vs Jun 2.4 *Philadelphia Fed Jul Business Index 21.8 Vs Jun 0.3 *Philadelphia Fed Jul Business Index Expected 3.9

 Crude +.5%, Nickel +2% +39% YTD, grains heavy

Calendar

8:30 Feds Bostic

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