Day Traders Diary


U.S. equity futures trade just above their flat lines amid subdued action overseas. The S&P 500 futures hover two points above fair value.

Reviewing overnight developments:
"Asian markets ended lower. China's Shanghai Composite -0.2%, Hong Kong's Hang Seng -0.4%, and Japan's Nikkei -0.6%. "In economic data: "China's M2 Money Stock rose 13.4% year-over-year (expected 13.1%, previous 13.2%), while New Loans came in at CNY871 billion (expected CNY750 billion, prior CNY775 billion).
"Japan's Core Machinery Orders fell 9.1% month-over-month (consensus -11.9%, prior 19.1%), while the year-over-year reading jumped 17.6% (expected 13.2%, previous 16.1%).
"Australia's Claimant Count increased 4,800 (-10,000 expected, -10,300 prior), while the participation rate slipped to 64.6% from 64.7% (consensus 64.7%). The Unemployment Rate held steady at 5.8% (expected 5.9%).
"The Reserve Bank of New Zealand hiked its official cash rate 25 basis points to 3.25%, as expected.
"Bank of Korea held its key interest rate at 2.5%, as expected.
"Bank Indonesia left its key interest rate unchanged at 7.5%, as expected.

"In news: "According to Nikkei, the Bank of Japan may raise its outlook on foreign economies while reiterating its own economic assessment. The central bank will release its latest policy decision overnight.

"Major European indices hover near their flat lines. Germany's DAX +0.1%, Great Britain's FTSE +0.2%, and France's CAC +0.3%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX +0.3%. "Economic data was limited: "Eurozone Industrial Production rose 0.8% month-over-month (consensus 0.4%, previous -0.4%), while the year-over-year reading increased 1.4% (expected 0.9%, prior 0.2%).
"Germany's Wholesale Price Index slipped 0.1% month-over-month (expected -0.3%, prior 0.2%).
"French Current Account deficit widened to EUR1.60 billion from EUR1.50 billion. Separately, CPI was unchanged month-over-month (consensus 0.1%, previous 0.0%).

"Among news of note: "The ECB Monthly Report discussed the current situation, suggesting that present conditions do not indicate an imminent deflationary episode.

In U.S. corporate news:
"CONSOL Energy (CNX 49.00, +2.00): +4.3% after announcing plans to form a Midstream Master Limited Partnership with Noble Energy (NBL 76.16, +0.78).
"Restoration Hardware (RH 81.74, +10.39): +14.6% after beating earnings and revenue estimates while boosting its guidance.
"Lululemon (LULU 39.35, -4.95): -11.2% after its cautious guidance overshadowed its two-cent beat.
Weekly initial claims ( consensus 315K), May Retail Sales (consensus 0.7%), and May Import/Export Prices will be released at 8:30 ET, while the Business Inventories report for April (expected 0.4%) will cross the wires at 10:00 ET.

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