Overnight in Asia, China released its June trade balance, which
narrowed to $17.82 billion from $27.12 billion, particularly due to
a large jump in imports. The rise in imports was largely due to a
substantial increase in iron ore and copper products, as well as
other basic materials. The Japanese
(INDEXNIKKEI:NI225) continued to trade in a volatile range,
finishing in negative territory, following comments from the Bank
of Japan's Kuroda stating that the central bank would defend its
commitment to achieve 2% inflation over the next two years.
(INDEXSP:.INX) closed the day up 0.4% following a steady afternoon
rally. Equity markets opened up, but quickly faded back to negative
territory in the opening minutes. The 10-year yield closed the day
down 1 bps to 2.59% after the subpar auction of $16 billion in
30-year Treasuries this afternoon that were priced at a high yield
) reported earnings that crushed analysts' estimates. Shares soared
15% in today's trading. The stock is currently up 500% year to
date. Shares of
) rose 25% after releasing an earnings beat.
JC Penney Company
) closed 7% higher on the day after activist investor Bill Ackman
publically called for a quick selection of a new CEO.
Both silver and gold rallied today after the Bank of Japan
statement and strong Chinese data. Gold closed up 1.7% to $1,308
per ounce. Silver climbed 3.5%. Crude oil fell 0.8% to $103.5 per
barrel after touching $102.27 per barrel intraday. Natural gas
inventories rose an astounding 96 Bcf last week, according to EIA,
well above the 75-80 Bcf that had been expected. Natural gas
futures plunged shortly following the report, but finished up on
the day more than 1.5%.
) released earnings after the close, beating handily on revenues
and causing a 3% surge in the stock in post-market trading.
Tomorrow's Financial Outlook
There is no major US economic news due out tomorrow. Overnight,
China will release its consumer price index, producer price index,
retail sales, and industrial production figures from July.
Additionally, the UK will release its trade balance from July.
There will be no major earnings reports in the US tomorrow.