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OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.14%) this morning are up +0.16% and European stocks are up +0.24% at a 2-year high. Gains in European stocks are leading U.S. stocks higher after Eurozone Q3 GDP rose at a stronger-than-expected +2.5% y/y pace, the most in 5-1/2 years. Also, the Eurozone Sep unemployment rate fell to a 7-1/2 year low of 8.9% and after Eurozone Oct inflation unexpectedly slowed as the Oct core CPI fell below 1.0% for the first time in 5-months. Gains in equities were limited on Chinese growth concerns after the China Oct manufacturing PMI fell more than expected. Asian stocks settled mixed: Japan unch, Hong Kong -0.32%, China +0.09%, Taiwan +0.34%, Australia -0.17%, Singapore -0.06%, South Korea +0.97%, India -0.16%. Japanese stocks settled little changed after the BOJ maintained its benchmark rate and asset purchase target but raised its Japan 2017 GDP forecast and lowered its core inflation estimate.

The dollar index (DXY00 +0.06%) is up +0.09%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is up +0.19%.

Dec 10-year T-note prices (ZNZ17 -0.07%) are down -3 ticks.

The Eurozone Oct CPI estimate rose +1.4% y/y, weaker than expectations of +1.5% y/y. The Oct core CPI rose +0.9% y/y, weaker than expectations of +1.1% y/y and the smallest pace of increase in 5-months.

The Eurozone Sep unemployment rate fell -0.1 to 8.9% from a downward revised 9.0% in Aug, better than expectations of -0.1 to 9.0% and a 7-1/2 year low.

Eurozone Q3 GDP rose +0.6% q/q and +2.5% y/y, stronger than expectations of +0.5% q/q and +2.4% y/y with the +2.5% y/y gain the fastest pace of growth in 5-1/2 years.

The China Oct manufacturing PMI fell -0.8 to 51.6, weaker than expectations of -0.4 to 52.0.

The BOJ with an 8-1 vote kept its benchmark rate at -0.1% and its 10-year bond yield target at 0.0% with no change to its bond buying pace in Nov from Oct. The BOJ also raised their Japan 20178 GDP forecast to 1.9% from a previous forecast of 1.8% and lowered its Japan 2017 core inflation estimate to 0.8% from an earlier estimate of 1.1%.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Q3 employment index (expected +0.7%, Q2 +0.5%), (2) Aug S&P CoreLogic composite-20 home prices (expected +0.40% m/m and +5.9% y/y, Jul +0.35% m/m and +5.81% y/y), (3) Oct Chicago PMI (expected -5.2 to 60.0, Sep +6.3 to 65.2), (4) Oct Conference Board U.S. consumer confidence (expected +1.2 to 121.0, Sep -0.6 to 119.8), (5) FOMC begins 2-day policy meeting.

Notable S&P 500 earnings reports today include: Mastercard (consensus $1.23), Cummins (2.46), Aetna (2.08), Kellogg (0.94), Pfizer (0.65), ADM (0.56), Electronic Arts (0.55), Under Armour (0.19), Mosaic (0.18).

U.S. IPO's scheduled to price today: none.

Equity conferences this week: Gabelli & Company Automotive Aftermarket Symposium on Mon-Tue, VancAnalysts Association of Boston Conference on Thu-Fri, American College of Rheumatology Meeting on Fri, North American Cystic Fibrosis Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Burlington Stores (BURL -2.06%) climbed over 3% in after-hours trading after it said it sees Q3 comparable sales up +3.1%, higher than a prior view of up 2%-3%.

Cray (CRAY +4.71%) rose 3% in after-hours trading after it reported Q3 revenue of $79.7 million, well above consensus of $59.5 million.

Exact Sciences (EXAS -2.07%) jumped nearly 7% in after-hours trading after it reported Q3 revenue of $72.6 million, higher than consensus of $65.1 million, and then raised guidance on full-year revenue to $254 million-$257 million from a prior view of $230 million-$240 million, above consensus of $244.6 million.

Tyson Foods (TSN +0.61%) was initiated with a recommendation of 'Overweight' at KeyBanc Capital Markets with a 12-month target price of $82.

Allison Transmission Holdings (ALSN -1.49%) jumped over 5% in after-hours trading after it reported Q3 net sales of $595 million, well above consensus of $533.6 million.

Salesforce.com (CRM unch) was initiated with a 'Buy' recommendation at Guggenheim Securities with a 12-month target price of $125.

Texas Roadhouse (TXRH -1.49%) slid over 1% in after-hours trading after it said it sees 2017 labor inflation rising 7%-8%, higher than previous guidance of mid-single digit inflation.

Olin (OLN +0.93%) fell almost 3% in after-hours trading it reported Q3 adjusted Ebitda of $265.5 million, less than consensus of $266.4 million, and then said it sees Q4 adjusted Ebitda of $280 million, weaker than consensus of

Luminex (LMNX +0.15%) gained nearly 2% in after-hours trading after it reported Q3 adjusted EPS of 25 cents, higher than consensus of 19 cents.

Omega Healthcare (OHI -2.46%) lost 2% in after-hours trading after it reported Q3 operating revenue of $219.6 million, below consensus of $237 million.

Nautilus (NLS +1.56%) dropped 8% in after-hours trading after it said it sees full-year operating income of $44 million-$46 million, a 13% to 18% decline y/y, lower than a previous estimate of 5% to 7% growth.

Voyager Therapeutics (VYGR +0.71%) sank 12% in after-hours trading after Sanofi Enzyme opted against exercising its exclusive option for ex-U.S. development and commercial rights to Voyager's VY-AADEC drug for the treatment of advanced Parkinson's disease.

MDC Partners (MDCA +3.24%) climbed over 4% in after-hours trading after it reported Q3 adjusted Ebitda of $53.8 million, better than consensus of $52 million.

Unisys (UNS) jumped over 10% in after-hours trading after it reported Q3 revenue of $666.3 million, better than consensus of $635.3 million.

Rent-A-Center (RCII +5.78%) tumbled 9% in after-hours trading after it reported a Q3 adjusted loss per share of -15 cents, wider than consensus of -3 cents a share.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.14%) this morning are up +4.00 points (+0.16%). Monday's closes: S&P 500 -0.32%, Dow Jones -0.36%, Nasdaq +0.23%. The S&P 500 on Monday closed lower on negative carry-over from a slide in China's Shanghai Composite to a 1-month low after China's 10-year bond yield jumped to a near 3-year high amid mounting deleveraging concerns. Stocks were also undercut by a Bloomberg report that House Republicans are considering a 5-year phased reduction of the corporate tax, which would mean that only a fifth of the benefits would be seen in 2018.

Dec 10-year T-note prices (ZNZ17 -0.07%) this morning are down -3 ticks. Monday's closes: TYZ7 +13.50, FVZ7 +7.25. The Dec 10-year T-note on Monday rose to a 1-week high and closed higher on carry-over support from a rally in 10-year German bunds to a 1-week high after German Oct CPI unexpectedly fell -0.1% m/m, weaker than expectations of +0.1% m/m, which was dovish for ECB policy. T-note prices were also supported by optimism that President Trump will appoint Jerome Powell as next Fed Chair, which would signal a continuation of Fed Chair Yellen's monetary policy direction.

The dollar index (DXY00 +0.06%) this morning is up +0.083 (+0.09%). EUR/USD (^EURUSD) is down -0.0022 (-0.19%) and USD/JPY (^USDJPY) is up +0.22 (+0.19%). Monday's closes: Dollar Index -0.356 (-0.38%), EUR/USD +0.0043 (+0.37%), USD/JPY -0.49 (-0.43%). The dollar index on Monday closed lower on strength in EUR/USD after Eurozone Oct economic confidence rose +0.9 to a 16-1/2 year high of 114.0, and on the decline in the 10-year T-note yield, which weakened the dollar's interest rate differentials.

Dec crude oil (CLZ17 -0.26%) this morning is down -10 cents (-0.18%) and Dec gasoline (RBZ17 -0.19%) is -0.0033 (-0.19%). Monday's closes: Dec WTI crude +0.25 (+0.46%), Dec gasoline -0.0042 (-0.24%). Dec crude oil and gasoline on Monday settled mixed with Dec crude at an 8-month high. Crude oil prices were boosted by a weaker dollar, and by optimism that OPEC and Russia will agree to an extension of crude production cuts. Crude oil prices were undercut by the slide in the crack spread to a 4-session low, which may undercut crude demand from refineries to refine crude into gasoline.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.29%) -3.7 (-0.29%), Dec silver (SIZ17 -0.07%) -0.017 (-0.10%) and Dec copper +0.008 (+0.24%). Monday's closes: Dec gold +5.9 (+0.46%), Dec silver +0.095 (+0.57%), Dec copper (HGZ17 -0.02%) +0.0085 (+0.27%). Metals on Monday closed higher on a weaker dollar and on weakness in stocks, which boosted the safe-haven demand for precious metals.

GLOBAL EVENT CALENDAR10/31/2017
Tuesday, Oct 31
US 0830 ET Q3 employment index expected +0.7%, Q2 +0.5%.
0900 ET Aug S&P CoreLogic composite-20 home prices expected +0.40% m/m and +5.95% y/y, Jul +0.35% m/m and +5.81% y/y.
0945 ET Oct Chicago PMI expected -5.2 to 60.0, Sep +6.3 to 65.2.
1000 ET Oct consumer confidence (Conference Board) expected +1.2 to 121.0, Sep -0.6 to 119.8.
1030 ET FOMC begins 2-day policy meeting.
Wednesday, Nov 1
US 0700 ET Weekly MBA mortgage applications, previous -4.6% with purchase sub-index -6.1% and refi sub-index -3.0%.
0815 ET Oct ADP employment change expected +200,000, Sep +135,000.
0830 ET Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Nov 7-9 in the Nov quarterly refunding.
0945 ET Revised Oct Markit U.S. manufacturing PMI expected unch at 54.5, prelim-Oct +1.4 to 54.5.
1000 ET Oct ISM manufacturing index expected -1.4 to 59.4, Sep +2.0 to 60.8. Oct ISM new orders, Sep +4.3 to 64.6. Oct ISM employment, Sep +0.4 to 60.3. Oct ISM prices paid expected -4.2 to 67.3, Sep +9.5 to 71.5.
1000 ET Sep construction spending expected -0.2%, Aug +0.5% m/m.
1030 ET EIA weekly Petroleum Status Report.
1400 ET FOMC announces interest rate decision; 1.00%-1.25% fed funds rate target expected unchanged.
n/a Oct total vehicle sales expected 17.50 million, Sep 18.47 million. Oct domestic vehicle sales expected 13.70 million, Sep 14.33 million.
U.S. STOCK CALENDAR10/31/2017
NameTickerTimeDescriptionPeriodEstimate
ONEOK Inc OKE US 04:20 Q3 2017 Earnings Release Q3 17 0.481
Aetna Inc AET US 06:00 Q3 2017 Earnings Release Q3 17 2.078
GGP Inc GGP US 06:00 Q3 2017 Earnings Release Q3 17 0.372
Fidelity National Information Services Inc FIS US Bef-mkt Q3 2017 Earnings Release Q3 17 1.068
Eaton Corp PLC ETN US Bef-mkt Q3 2017 Earnings Release Q3 17 1.251
Harris Corp HRS US 06:30 Q1 2018 Earnings Release Q1 18 1.346
Pfizer Inc PFE US 06:45 Q3 2017 Earnings Release Q3 17 0.646
Under Armour Inc UAA US 06:55 Q3 2017 Earnings Release Q3 17 0.186
Xylem Inc/NY XYL US 06:55 Q3 2017 Earnings Release Q3 17 0.631
American Tower Corp AMT US 07:00 Q3 2017 Earnings Release Q3 17 1.64
Incyte Corp INCY US 07:00 Q3 2017 Earnings Release Q3 17 0.058
IDEXX Laboratories Inc IDXX US 07:00 Q3 2017 Earnings Release Q3 17 0.744
Archer-Daniels-Midland Co ADM US 07:00 Q3 2017 Earnings Release Q3 17 0.555
Mosaic Co/The MOS US 07:00 Q3 2017 Earnings Release Q3 17 0.18
Public Service Enterprise Group Inc PEG US 07:30 Q3 2017 Earnings Release Q3 17 0.836
Cummins Inc CMI US 07:30 Q3 2017 Earnings Release Q3 17 2.456
Mastercard Inc MA US 08:00 Q3 2017 Earnings Release Q3 17 1.232
Kellogg Co K US 08:00 Q3 2017 Earnings Release Q3 17 0.941
Ecolab Inc ECL US 08:15 Q3 2017 Earnings Release Q3 17 1.355
Under Armour Inc UAA US 08:30 Q3 2017 Earnings Call Q3 17
American Tower Corp AMT US 08:30 Q3 2017 Earnings Call Q3 17
IDEXX Laboratories Inc IDXX US 08:30 Q3 2017 Earnings Call Q3 17
Fidelity National Information Services Inc FIS US 08:30 Q3 2017 Earnings Call Q3 17
HCA Healthcare Inc HCA US 08:30 Q3 2017 Earnings Release Q3 17 1.21
Aetna Inc AET US 08:30 Q3 2017 Earnings Call Q3 17
Harris Corp HRS US 08:30 Q1 2018 Earnings Call Q1 18
Archer-Daniels-Midland Co ADM US 09:00 Q3 2017 Earnings Call Q3 17
Noble Energy Inc NBL US 09:00 Q3 2017 Earnings Call Q3 17
Mastercard Inc MA US 09:00 Q3 2017 Earnings Call Q3 17
Xylem Inc/NY XYL US 09:00 Q3 2017 Earnings Call Q3 17
GGP Inc GGP US 09:00 Q3 2017 Earnings Call Q3 17
Mosaic Co/The MOS US 09:00 Q3 2017 Earnings Call Q3 17
Kellogg Co K US 09:30 Q3 2017 Earnings Call Q3 17
Incyte Corp INCY US 10:00 Q3 2017 Earnings Call Q3 17
Vornado Realty Trust VNO US 10:00 Q3 2017 Earnings Call Q3 17
Pfizer Inc PFE US 10:00 Q3 2017 Earnings Call Q3 17
Cummins Inc CMI US 10:00 Q3 2017 Earnings Call Q3 17
HCA Healthcare Inc HCA US 10:00 Q3 2017 Earnings Call Q3 17
Eaton Corp PLC ETN US 10:00 Q3 2017 Earnings Call Q3 17
Everest Re Group Ltd RE US 10:30 Q3 2017 Earnings Call Q3 17
Public Service Enterprise Group Inc PEG US 11:00 Q3 2017 Earnings Call Q3 17
AvalonBay Communities Inc AVB US 11:00 Q3 2017 Earnings Call Q3 17
Royal Caribbean Cruises Ltd RCL US Q3 2017 Earnings Release Q3 17 3.41
Ecolab Inc ECL US 13:00 Q3 2017 Earnings Call Q3 17
UDR Inc UDR US 13:00 Q3 2017 Earnings Call Q3 17
Macerich Co/The MAC US 14:00 Q3 2017 Earnings Call Q3 17
Alexandria Real Estate Equities Inc ARE US 15:00 Q3 2017 Earnings Call Q3 17
Fiserv Inc FISV US Aft-mkt Q3 2017 Earnings Release Q3 17 1.303
Devon Energy Corp DVN US 16:00 Q3 2017 Earnings Release Q3 17 0.387
Electronic Arts Inc EA US Aft-mkt Q2 2018 Earnings Release Q2 18 0.546
Verisk Analytics Inc VRSK US Aft-mkt Q3 2017 Earnings Release Q3 17 0.784
Envision Healthcare Corp EVHC US Aft-mkt Q3 2017 Earnings Release Q3 17 0.878
Newfield Exploration Co NFX US 16:01 Q3 2017 Earnings Release Q3 17 0.41
Anadarko Petroleum Corp APC US 16:05 Q3 2017 Earnings Release Q3 17 (0.551)
Concho Resources Inc CXO US 16:05 Q3 2017 Earnings Release Q3 17 0.271
CH Robinson Worldwide Inc CHRW US 16:15 Q3 2017 Earnings Release Q3 17 0.816
Electronic Arts Inc EA US 17:00 Q2 2018 Earnings Call Q2 18
Fiserv Inc FISV US 17:00 Q3 2017 Earnings Call Q3 17


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Barchart U.S. Morning Call is written by the experienced members of the Commodity Research Bureau and the Barchart Research Team.  Commodity Research Bureau (CRB) has been providing research to the financial and commodity community since 1934.  If you have any questions for our analysts, please contact us at support@crbtrader.com.

Sent every morning, "Morning Call" summarizes overnight global market news, along with a U.S. market forecast for the day ahead. It Includes upcoming earnings reports, a global financial calendar, and quote board overview of where the markets are standing.

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