Day Traders Diary

6/18/14

U.S. equity futures trade little changed amid quiet action overseas. The S&P 500 futures hover in line with fair value.
Reviewing overnight developments:
Asian markets ended mixed. Japan's Nikkei +0.9%, Hong Kong's Hang Seng -0.1%, and China's Shanghai Composite -0.5%.
In economic data:
China's Housing Prices grew at 5.6% year-over-year, representing a slowdown from the prior rate of 6.7%
Japan's trade deficit narrowed to JPY860 billion from JPY880 billion (expected deficit of JPY1.01 trillion) as exports contracted 2.7% year-over-year (expected -1.2%, previous 5.1%) and imports fell 3.6% year-over-year (consensus 1.7%, prior 3.4%)
New Zealand's current account swung to a surplus of NZD1.41 billion from a deficit of NZD1.51 billion (expected surplus of NZD1.30 billion)
Australia's CB Leading Index ticked down 0.1% month-over-month (prior 0.0%), while MI Leading Index ticked up 0.1% month-over-month (previous -0.5%)
In news:
The Bank of Japan released the minutes from its latest policy meeting, which revealed unanimous agreement that the impact of the recent sales tax hike has been within expectations.
Major European indices hover near their flat lines. Great Britain's FTSE +0.3%, Germany's DAX +0.2%, and France's CAC is unchanged. Elsewhere, Italy's MIB +0.1% and Spain's IBEX +0.3%.
Economic data was limited:
Spain's Industrial New Orders rose 6.9% year-over-year (expected 3.6%, previous 8.7%)
Swiss ZEW Expectations fell to 4.8 from 7.4 (expected 10)
Among news of note:
The IMF commented on Italy, saying the country's economy is struggling to emerge from the recession and that banks should write off bad loans at a faster pace.
In U.S. corporate news:

Adobe (ADBE 73.90, +6.36): +9.4% after beating on earnings and revenue and showing better than expected Creative Cloud subscriptions.
FedEx (FDX 146.00, +5.69): +4.1% following its above-consensus earnings and revenue.
The weekly MBA Mortgage index fell 9.2% to follow last week's 10.3% increase.

Q1 Current Account Balance (Briefing.com consensus -$97.80 billion) will cross the wires at 8:30 ET and the FOMC will release its latest policy directive at 14:00 ET.

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