Day Traders Diary


U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.5%.

Reviewing overseas developments:

Asian markets ended on a mixed note. China's Shanghai Composite shed 0.1% while Hong Kong's Hang Seng added 0.5%, and Japan's Nikkei jumped 3.0%.

In regional economic data:

Japan continued to be a net seller of foreign bonds for the sixth consecutive week after the latest weekly report indicated net sales of JPY1.19 trillion (JPY405.10 billion prior outflow). In addition, the All Industries Activity Index rose 0.4% (0.5% expected, 0.2% prior).

South Korea reported a current account surplus of $7.82 billion ($4.76 billion previous).

New Zealand reported a trade surplus of $71 million ($400 million expected, $174 million prior). In addition, the Business Confidence Index rose to 50.1 from 41.8.

Looking at news:

The People's Bank of China refrained from injecting liquidity into the banking system, but said funds will be provided to large lenders. The one week Shanghai Interbank Offered Rate (SHIBOR) eased 52 basis points to 6.68%.

Major European indices display little change at midsession. Great Britain's FTSE is higher by 0.3%, Germany's DAX trades flat, and France's CAC is off by 0.1%.

Economic data was plentiful:

Eurozone Consumer Confidence ticked up to -19.0 from -21.9, as expected. Meanwhile, Industrial Sentiment rose to -11.0 from -13.0 (-12.0 forecast) and retail PMI climbed to 49.1 from 46.8. Also of note, Business and Consumer Survey rose to 91.3 from 89.5 (90.3 expected) while Business Climate ticked up to -0.7 from -0.8 (-0.6 expected). Lastly, private loans decreased 1.1% year-over-year (-0.9% expected, -0.9% prior).

Germany's unemployment remained at 6.8% (6.9% consensus) after the number of unemployed declined by 12,000 (8,000 expected, 17,000 prior). In addition, the Import Price Index decreased 0.4% month-over-month (-0.2% expected, -1.4% prior).

Spanish retail sales fell 4.6% year-over-year (-5.0% expected, -4.8% previous).

The United Kingdom's final first quarter GDP reading indicated growth of 0.3% quarter-over-quarter, as expected. In addition, business investment declined 1.9% quarter-over-quarter (-0.4% expected, -0.4% prior). Lastly, the country's current account deficit was reported at GBP14.50 billion (-GBP11.80 billion expected, -GBP13.60 billion prior).

In news:

Eurozone leaders have agreed to set up a 'bail-in' framework to be used in the event of future bank failures.

In U.S. corporate news:

ConAgra (CAG 34.00, +0.65) is higher by 2.0% following its bottom-line beat on in line revenue.

Progress Software (PRGS 24.00, +1.95) trades up 8.8% after beating on earnings and revenue.

Weekly initial claims, May personal income, personal spending, and core PCE prices will all be reported at 10:00 ET while the May pending home sales report will cross the wires at 10:00 ET.

The U.S. Treasury will auction $29 billion in 7-yr notes. All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.