Morning Call: Markets Dip On Output Drop




●      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

●      EMU

○      GDP Flash - 5:00 a.m. ET

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

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , ETFs

Referenced Stocks: BNO , GLD , SLV , USO , VGK

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