Morning Call: Markets Dip On Output Drop

August 15, 2012




? Asian stock indexes dropped due to weak earnings from steel-making and mining companies after China’s demand for them weakened.

? The Nikkei slipped 0.05 percent; Shanghai Composite fell 1.1 percent; Hang Seng tumbled 1.18 percent; S&P/ASX 200 dipped 0.26 percent; KOSPI was closed for a holiday.


? European stock indexes fell ahead of U.S. industry report data. Check for movements in the Vanguard MSCI Europe ETF (NYSEArca: VGK).

? U.K. jobless claims in July unexpectedly dropped 5,900 instead of rising 6,000 as anticipated by analysts due to the creation of jobs for the Olympics.

? Greece is seeking a two-year extension on its austerity measures as it plans to find another €11.5 billion of spending cuts to ensure it can reduce its budget deficit by 1.5 percentage points over the next four years.



? U.S. stock futures indicated a lower opening, as investors awaited industrial production and other economic data.



All commodities news is as of 7:15 a.m. ET.

Gold and Silver Fell

? Gold slipped 0.28 percent, or $4.50, to $1,594.55. Expect drops in the SPDR Gold Shares physical bullion ETF (NYSEArca: GLD).

? Silver decreased 0.47 percent, or $0.13, to $27.69. Look for lowering in the iShares Silver Trust (NYSEArca: SLV).

WTI and Brent Oil Slid

? The September contract for WTI crude oil fell 0.26 percent, or $0.24, to $93.19 per barrel.

? The September contract for Brent crude oil weakened 0.16 percent, or $0.18, to $113.85 per barrel.

? Expect contraction in both the United States Oil Fund (NYSEArca: USO) and the United States Brent Oil Fund (NYSEArca: BNO).



Fund Flows
None as of yet today


ETF Launches

None as of yet today


ETF Filings

None as of yet today


Economic Calendar


? NFIB Small Business Optimism Index - 7:30 a.m. ET

? ICSC-Goldman Store Sales - 7:45 a.m. ET

? Producer Price Index - 8:30 a.m. ET

? Retail Sales - 8:30 a.m. ET

? Redbook - 8:55 a.m. ET

? Business Inventories - 10:00 a.m. ET


? France

? CPI - 1:30 a.m. ET

? GDP Flash - 1:30 a.m. ET

? Germany

? GDP Flash - 2:00 a.m. ET

? ZEW Survey - 5:00 a.m. ET

? Switzerland

? Producer and Import Price Index - 3:15 a.m. ET

? U.K.

? CPI - 4:30 a.m. ET


? GDP Flash - 5:00 a.m. ET

? Industrial Production - 5:00 a.m. ET


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