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What You missed LAST Week     

                                                                                                               EYES OVERSEAS THIS WEEK

July 09—13, 2018 Donchya hate when there’s a Friday the 13th, just as US banks start reporting Q2 Eps? Most on them on the 13th? Just doesn’t feel especially promising. And to make matters worse, Pres. Trump, who has offended those nations that are supposed to be our closest allies, with tariffs on products they exports to the US, and will have the opportunity, thanks to a NATO Summit, to offend those leaders, again, face to face. Just what markets need, right ? (Being Facetious, here, folks!!!) Wanna know if consumers have been impacted by rude behavior towards supposed allies? Watch Consumer Credit (really the growth in consumer debt), just not as soon as the May data coming on Monday. But small businesses may voice their concern in Tuesday’s NFIB Optimism Index. Then, prepare for Wednesday’s PPI & Thursday’s CPI, to reflect higher crude oil prices, even if price gains at the pump have lagged gains in crude, itself.

The Bank of Canada is meeting and expected to announce a rate increase on Wednesday. Quite quaintly, the Chief, Gov. Poloz is almost always accompanied by his deputy governor, Wilkins, every time he hosts a post-meeting press conference. Then, don’t be surprised if BoE chief Carney discusses a desire to start tightening rates, soon, when he speaks on Wednesday. Do US tariffs mix up the best of plans? Sure do, if the minutes from the FOMC’s last meeting, released last Thursday are any indication. They haven’t, yet stopped the FOMC but still could by the time they next meet at the very end of the month—depending on how far along tit-for-tat tariffs rise, by then. Wednesday afternoon, John Williams will debut at his first regional meeting with government, business leaders and residents, when he comes out as the new Pres of the NY Federal Reserve, in Brooklyn, at 4:30pm. Because the NY Fed has a permanent vote on the FOMC Monetary Policy Committee, the Pres of the NY Fed is one of the most important members of the FOMC, always. PLUS, since he followed Janet Yellen in San Francisco, when she left the presidency of that Fed Bank to lead the entire MPC, he’s probably not all that dramatically positioned compared to Yellen. He’s gotta know the ridiculous home prices in San Francisco, Marin County, San Jose, etc, are not indicative of what’s happening in the rest of the country—just indicative of the influence the big tech companies and their employees have on pricing there. And it’s always been the same—even back when Intel and Hewlett-Packard were the biggest kahuna in tech. It may be worse now but even in the early 80’s, hovels in San Francisco sold for a minimum of $600k, even in the Mission District, besotted by drunks and homeless.

A little curious about Neal Kashkari’s speech on Immigration Thursday at 8pm. He is not afraid to speak out and criticize higher ups, when he feels it’s justified. And no matter where you stand on illegals entering the country, separating 2 year olds from a parent can’t possibly sit well with anyone. For the record, I’m not concentrating on the 10th Rocky Mountain Economic Summit on the 12th & 13th, despite Street luminaries like David Kotok of Cumberland Advisors moderating a few sessions because the entire event is operated under Chatham House Rules. That means no speaker can be identified with what he/she said; nothing is for attribution. Still, there are luminaries a keynotes from Dallas Fed President Patrick Harker. On the one hand, he must be thrilled to see higher crude prices clearing up a lot of weak oil company balance sheets but on the other, Texas is ground zero for illegal immigrant entry, which has to be a strain on his state’s budget. Then, since he can’t be quoted verbatim, he might very well discuss how he sees tariffs impacting the job of the Fed.

Earnings Season starts this week, with PepsiCo on Tuesday, Delta Airlines on Wednesday, and a crop of banks Friday, including Citi, JPMorgan, PNC Financial, & Wells Fargo. Like many, I was surprised that the Fed didn’t use either the stress tests of C-Car to penalize Wells in any way, after Yellen’s parting slap last February. Maybe the Fed, FDIC & OCC think Wells has finally learned its lesson about short cuts and pressure to get its employees to open new accounts. I will say that after the Stress Tests & C-Car results failed to boost financials, I’m not at all sure, now, that even stupendous earnings will do that trick.

The Events Calendar promises Semicon West, and presumably, the Allen & Co Annual billionaires outing. At one time a media hotspot, convergence long ago dissolved the perimeter around media. NOW, though, with Comcast & Disney dueling for Foxa & Sky TV, being a fly on the wall of the Allen & Co meeting should be prime viewing. Of some passing interest, the AGA (American Gas Association) presentation to the Philadelphia Securities Association Luncheon. If you find yourself in Brooklyn, perhaps to hear NY Fed Pres. Williams’ speech, be aware that The Forumla E ePrix takes place in that borough, the 12th through 15th. A lot more fun than watching Trump elbow his way to the front of the photo, pushing aside other world leaders who, for the moment, may have no use for him, at all. As for the rally, I expect one more big push towards a high around August 5th, I’m not sure this is the week to expect that swoosh. Keep reminding yourself its summer, with volumes low, and futures able to push stocks around more than usual.

ECONOMIC: (Highlights, only, below. Full International Calendar here)
SUNDAY, 07/08
    OVERNIGHT into US Mon. a.m. et:
        ECB’s Coeure
participates in Session 31: "Which Leadership for Tomorrow?" @ Recontres Economiques from Le Cercle des Economistes (Aix-on-Provence FR)
        ECB’s Draghi addresses European Parliament ECON Cmte
        BoJ Kuroda speaks at Qtrly Regional Bank Branch Managers Meet

MONDAY, 07/9
Fed’s Kashkari
welcome remarks @"Homeownership in Indian Country: Creating the Opportunity for Choice" (Prior Lake MN)
US Treasury Auctions $48B 3-month & $42B 6-month Bills (11:30am et)
TD Ameritrade IMX (12:30pm et)
US May Consumer Credit (Debt, really—3pm et)
Pres. Trump to announce is Supreme Court Pick to replace retiring Kennedy (9pm et)
    OVERNIGHT into Tues. a.m. et:
        China June New Yuan Loans, Aggregate Financing
, Money Supply
        China Jun PPI + CPI
        BoE Conference on Economics & Psychology:
New ways of thinking about economic policy (thru 10th, London)
        ECB’s Lautenschlager speaks @ 9th ECB Statistics Conference "20 years of ESCB Statistics: What’s Next?" (Frankfurt Germany)
        German ZEW Jul Survey, Expectations, Sentiment

TUESDAY, 07/10
NFIB July Small Business Optimism Index
(6am et)
UK NIESR Jun GDP Estimate
Jun Canada Housing Starts, May Building Permits
JOLTS (Job Turnover & Quits)
IRS Nationwide Tax Forum
(Atlanta GA thru 12th)
US Treasury Auctions 4-week Bills & $33B 3-year Notes
     OVERNIGHT into US Wed. a.m. et:
        Japan Jun Corporate Goods Price Index, PPI, May Core Machinery Orders
        ECB’s Praet, Mersch, & Nouy speak at ECB Statistics Conference (Frankfurt)
        NATO Heads of State Summit (Brussels Belgium thru 12th)

MBA Mortgage/Refinance Applications (rates backed up last week)
OPEC Monthly Report
US PPI-Final Demand

BoE Gov Carney speaks @ Global Financial Crisis Conference hosted by US Nat’l Bureau of Economic Research (Massachussetts)
Bk of Canada MPC Meets, issues Monetary Policy Report, Rate Decision
US May Wholesale Inventories + Trade
EIA weekly Petroleum/Gasoline/Distillates Report (10:30am et Typically, July 4th holiday draw)
BoC post-Meeting press conference with Gov Poloz & Dpty Gov Wilkins
US Treasury Auctions $22B reopened 10-year Notes (1pm et can’t imagine there’ll be much demand)
NY Fed’s (new) Pres Williams regional economic discussion (Brooklyn NY 4:30pm et)
    OVERNIGHT into US Thurs. a.m. et:
        China Foreign Direct Investment
        UK RICS Jun House Prices
        ECB Survey of Professional Forecasters
        Eurozone, French, German, Italian Jun CPI, HICP
        BoE Credit Conditions & Bank Liabilities Survey
        IEA Monthly Report
        Eurogroup Meetings
        26th Arab Economic Forum (Beirut Lebanon to 13th)
        ECB Publishes Account of MPC Meeting

US weekly Jobless Claims
June Chain Store Sales (few that still report)
Canada Jun Teranet/National Bank Home Price Index, New Housing Price Index
US Treas. Sec’y Mnuchin testifies at US House on State of Int’l Financial System (10am et)
EIA weekly Natural Gas Report
Fed’s Harker Keynotes GIC 10th Annual Rocky Mountain Economic Summit (Victor ID thru 13th)
US Treasury Auctions $14B reopened 30-year Bonds
US Treasury Budget & Refunding Announcement
BoE’s Cunliffe speaks @ Cumbria Chamber of Commerce (Kiendall UK)
Fed’s Kashkari on Immigration @Worthingon Int’l Festival Immigration Panel Discussion w/Q&A (8pm et)
    OVERNIGHT into US Fri. a.m. et:
        Singapore Q2 GDP
        China Jun Trade Balance (Imports Exports)
        Japan May Industrial Production/Capacity Utilization

FRIDAY, 07/13
US June Import/Export Prices
Canada Jun Existing Home Sales
U.M. Prelim July Consumer Sentiment
Fed’s Bostic
Town Hall @ Northern VA Society of CPAs + Q&A (Falls Church)
Baker-Hughes US/North American weekly Rig Count (1pm et)

         WEEKS AHEAD: 07/16 Trump + Putin Summit (Helsinki Finland)
                                    07/26   ECB MPC Meets
                                    07/31   BoJ MPC Meets
                                              US 2-day FOMC Meeting Starts
                                   08/01 FOMC post-Meeting Statement

EARNINGS: (We no longer separate pre-market from after-hours release times. We embolden those tickers we expect to attract the most attention from traders, analysts &/or media, whether we think the company is priceless or worthless and, sometimes, because we want to bring readers’ attention to an overlooked name. Sometimes it’s to point out the dominant sector reporting results, as financials are, this week.. Any company that didn’t confirm, at least, the reporting day, by noon, 07/05, is not included. On the other hand, we do rely on 3rd parties to provide a minimum amount of information, accurately, which sometimes doesn’t happen. Other times, the date is released, and then rescheduled, that last news not getting to us. We ignore "the" in a company name unless it’s integral to the ticker symbol.)






AOSSM Am. Orthopaedic Society for Sports Medicine Annual Mtg (San Diego CA)
World Congress on Animal Production (Vancouver BC Canada)
5th FinTech Week (London thru 13th)

SEMI Standards
Meeting (San Francisco CA thru 12th)
NYFW Men’s NY Fashion Week (NY thru 11th)
School Nutrition Ass’n Annual Nat’l Conference (Las Vegas NV thru12th)
PREP Process Chromatography Symposia (Baltimore MD thru 11th)
NPIC Nat’l Pork Industry Conference (Wisconsin Dells WI thru 11th)
American Society of Animal Science (Vancouver thru 12th)
Usenix ATC Annual Technical Conference (Boston MA thru 13th)
Deutsche Bank dbAccess China Consumer & Media Corporate Day (Hong Kong)

MONDAY, 07/9
CIBC World Markets 9th Unlock The Rock Stampede Conference (Calgary AB Canada thru 10th) AIAA/SAE/ASEE Joint Propulsion Energy Conference/Expo (Cincinnati OH thru 11th)
2018 National Homeland Security Conference starts at Sept 11th Memorial & Museum (NY thru 12th)
51st Annual SSR: Society for Reproductive Health (New Orleans LA thru 13th)
AACR Integrative Molecular Epidemology Workshop: Bridging Cancer Biology & Precision Medicine (Boston thru 13th)
IHRIM Talent Management Event (Cleveland OH thru 10th)
Enterprise Mobility Exchange (Braselton GA thru 10th)
Daiwa Real Estate Conference (Tokyo thru 11th)
JPMorgan Malaysia Opportunities Forum (Kuala Lumpur)
Mozcon (Seattle WA thru 11th)
Wimbledon Tennis Championship (does NOT play on 1st Sunday but will continue all week UK thru 15th) Broadcast on (DIS)’s ESPN

TUESDAY, 07/10
Allen & Co
(ESTIMATED Dates) Annual Sun Valley Conference (ID thru 13th)
Leerink Healthcare Insights Conference (Boston)
Citi Hosted Meetings @ SEMICON West (San Francisco thru 12th)
SEMICON West (San Francisco thru 12th)
Oppenheimer Boston Oncology Insight Summit (Boston thru 11th)
InterSolar North America (San Francisco thru 12th)
AI Design Forum (San Francisco)
American Banker In/Vest (NY thru 11th)
CJS Securities 18th Annual New Ideas Summer Conference (White Plains NY)
NAMAD Minority Auto Dealers (Chicago IL thru 14th)
Annual Emergency Medicine & Int’l Disaster Management ClinCon (Orlando thru 14th)
Miss Bikini US Pageant @ Swim Week (Miami Beach FL thru 14th)
Video Games’ DEVELOP: Brighton (UK thru 12th)
Daiwa-Bursa-Affin Hwang Malaysia Corporate Day (Hong Kong)
Nordstrom (JWN) Analyst Meeting (Los Angeles CA)
Open Text (OTEX) Enterprise World (Toronto Canada thru 12th)
FIFA World Cup Semifinals, FR v BEL 2pm et Fox (FOXA) + Telemundo (CMCSA)

FX Week USA (NY 1-day conference)
Needham & Co Inaugural Retail & Global Brands 1x1 Conference
NATO Heads of State Meet (Brussels Belgium thru 12th)
IMAST Int’l Mtg on Advanced Spine Techniques (Los Angeles CA thru 14th)
ICAST & IFTS Sportfishing (Orlando thru 13th)
Citi HK & China (Mid-Cap & Industrials) Corporate Day (Hong Kong)
Amazon (AMZN) Summit (Seattle WA) by invitation, only
FIFA World Cup Semifinals, CRO, ENG 2pm et Fox (FOXA) + Telemundo (CMCSA)

AGA Luncheon Presentation to Philadelphia Securities Ass’n
(Philly PA)
10th Rocky Mountain Economic Summit (Victor ID thru 13th)
Semi-Annual NRG Gynecologic Oncology Group (Philadelphia PA thru 14th)
2018 Miami Swim Fashion Week (Miami Beach FL thru 17th)
Daiwa ASEAN Corporate Day (Tokyo thru 15th)
BIT’s 7th World Congress of Infectious Diseases (Bangkok Thailand thru 14th)
PGA John Deere (DE) Classic broadcast on CBS (CBS) thru 15th

FRIDAY, 07/13
Best of ASCO
(San Diego CA thru 14th)
17th Int’l Congress on the Future of Breast Cancer (San Diego thru 14th)
Citi India Corporate Forum (London)
CBS (CBS) Introduces a new true-crime series, "Whistleblower" which brings to mind SEC informants, often handsomely rewarded
Sears Holdings (SHLD) 78 Sears & Kmart Store Closures start today
Formula E NY ePrix (Brooklyn NY thru 15th)
MOVIES OPENING: Sony’s (SNE) Columbia Pictures Animation, "Hotel Transylvania 3: Summer Vacation," a sequel with voices of Mel Brooks, Adam Sandler, Selena Gomez, Andy Samberg, Fran Drescher, Steve Buscemi, David Spade, Keegan-Michael Key, Kevin James, Chrissy Teigen. "Skyscraper," with Dwayne (Rock) Johnson, Neve Campbell, Pablo Schreiber, directed & written by Rawson Marshall Thurber, for a 2nd outing with The Rock, via Universal Pictures (CMCSA). "Don’t Worry, He Won’t Get Far on Foot," with Joaquin Phoenix, Jonah Hill, Rooney Mara, Jack Black, directed by Gus van Sant, based on a true story, adapted from John Callahan’s autobiography, from Amazon (AMZN) Studios & Anonymous Content, distributed by Amazon Studios. The film version was originally pitched to Gus Van Sant by the late comic, Robin Williams. "Eighth Grade" with Josh Hamilton, Daniel Zolghadri, Elsie Fisher, via A24. "Gauguin: Voyage to Tahiti," with Vincent Cassel, who looks a lot like Nick Nolte at his wildest in the film’s promo shot. Biography of the Great French Painter Paul Gauguin, via Studio Canal. "Yellow Submarine," the 1968 Beatles Classic starring Paul McCartney, George Harrison, Ringo Starr, John Lennon, via Apple Corps & King Features Production, remastered to appeal to audiences used to high definition video & high fidelity sound.

Medical Crossfire Hematologic Malignancies (NY)
SANSFire (Washington DC thru 21st)
Winmbledon Women’s Singles Final (UK)    EARLIER 2018 OUTLOOKS Here

Sandi Lynne 2018 Nothing contained in this commentary should be construed as a recommendation to buy or sell any security. The opinions expressed are the author’s, alone, and should be just one factor in more complete due diligence.

                                                                           Enjoy last week's highlights. I'm retired, now, and prepare what I like, when I want,

  Sandi Lynne

       (c) 1998--2018 Sandi Lynne