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Sep E-mini stock futures this morning are little changed, up +0.25 points (+0.01%), as strength in energy stocks leads the overall market higher. A +2.13% surge in Oct WTI crude oil to a 1-3/4 month high is pushing energy stocks higher on concern about a disruption to U.S. crude supplies as Tropical Storm Gordon moves toward oil fields along the U.S. Gulf Coast. A -0.88% decline in European stocks to a 2-week low is limiting the advance in U.S. stock indexes as a -2.43% plunge in Dec COMEX copper prices to a 2-week low undercuts mining stocks and raw-material producers. Asian markets settled mixed as China’s Shanghai Stock Index closed up +1.10% and Japan’s Nikkei Stock Index closed down -0.05% at a 1-week low. M&A speculation pushed Chinese telecommunication stocks higher on reports the Chinese government is exploring a merger of China Unicom Hong Kong Ltd. and China Telecom Corp. Japanese stocks retreated as trade tensions weighed on stocks with the U.S. in difficult negotiations with Canada over revisions to NAFTA, along with the possibility President Trump will announce tariffs on an additional $200 billion of Chinese goods as soon as Thursday. The dollar index is up +0.43% at a 1-week high. EUR/USD is down -0.55% at a 1-week low. USD/JPY is up +0.24%. Dec 10-year T-notes are down -4.5 ticks.

UK Aug Markit/CIPS construction PMI fell -2.9 to 52.9, weaker than expectations of -0.9 to 54.9.

The UK Aug Markit manufacturing PMI fell -1.0 to 52.8, weaker than expectations of -0.1 to 53.9 and the slowest pace of expansion in 2-years.

Eurozone Jul PPI rose +0.4% m/m and +4.0% y/y, stronger than expectations of +0.3% m/m and +3.9% y/y with the +4.0% y/y gain the largest year-on-year increase in 15-months.

Morning Markets Last Chg %chg
E-mini S&P 500 (U8) 2902.25 0.25 0.01%
Europe Euro Stoxx 50 3365.02 -29.97 -0.88%
Japan Nikkei Index 22697 -10 -0.05%
China Shanghai Comp. 2751 30 1.10%
10yr T-notes (CBT)(Z8) 120.040 -0.045 -0.12%
U.S. Dollar Index 95.546 0.406 0.43%
Euro FX (EUR/USD) 1.1555 -0.0064 -0.55%
Dollar-yen (USD/JPY) 111.34 0.27 0.24%
Sterling (GBP/USD) 1.2820 -0.0050 -0.39%
WTI Crude Oil (V8) 71.29 1.49 2.13%
Brent Crude Oil (V8) 77.42 -0.35 -0.45%
Gasoline (Nymex) (V8) 2.0587 0.0617 3.09%
Gold (Comex) (Z8) 1199.7 -7.0 -0.58%
Silver (Comex) (Z8) 14.270 -0.287 -1.97%
Copper (Comex) (Z8) 2.606 -0.065 -2.43%

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