US CREDIT OPEN-StanChart, SocGen on deck in US primary market

By John Balassi

NEW YORK, Aug 16 (IFR) - Summary of overnight events and Tuesday's main headlines:

Dow Futures: -26, S&P Futures: -2.75, Nasdaq Futures: -5.25

CDX IG.26: +0.4375 wider, CDX HY.26: -0.125 point lower

10-yr UST yield: 1.529% -2.3bp, 30-yr UST yield: 2.256% -2.1bp

EUR/USD: 1.1296 +1.01%

USD/JPY: 99.88 -1.34%

WTI Oil: $45.93 +0.42%

HEADLINES

Futures lower after record Wall St close

U.S (Other OTC: UBGXF - news) . stock index futures were slightly lower on Tuesday, a day after Wall Street closed at record highs and ahead of a raft of economic data.

World stocks edge away from one-year peak

World stocks markets edged away from one-year peaks on Tuesday as a stellar rally stalled, while the dollar hit a one-month low against the yen as recent weak U.S. economic data was seen limiting the scope for a near-term rate hike.

Oil trades at fresh August high

Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market.

Dollar down across the board

The dollar fell across the board on Tuesday, falling a full yen to a one-month low against the Japanese currency and down against the commodity-linked currencies most associated with growth and greater risk-taking by investors worldwide.

Home Depot (Swiss: HD.SW - news) lifts earnings forecast

Home Depot Inc raised its full-year earnings forecast after reporting a 6.6 percent rise in quarterly sales as customers spent more in a strong housing market.

OVERNIGHT TREASURIES

* T-note futures modestly higher after correction Monday

* Modest volume around 151k as at 05:53 GMT

* Minor resistance around 132-16 the latest breakdown region

* Ten year yields trade a tight 1.524-1.556% range

* Curve largely flat, 2-30s around 2bp lower across the curve

* 10yr US/Germany down to 161bp ahead of trend at 157bp

* 10-year cash trades in 1.542% to 1.524% range

* USTs outperforming Germany by 6.9bp in the 10-year maturity compared to the previous London close

GLOBAL MACRO

* Market opens risk-off due to lower oil prices driving equities lower

* Brent Crude holds around $48 with hopes pinned on the fact that producers may tackle oversupply

* Shanghai Composite loses 0.47% as financials suffer on reduced stimulus expectations

* UK July CPI -0.1% m/m (exp -0.1%, prev 0.2%) and 0.6% y/y (exp 0.5%, prev 0.5%)

* UK July Core CPI -0.1% m/m (exp -0.1%, prev 0.2%) and 1.3% y/y (exp 1.3%, prev 1.4%)

* UK July RPI 0.1% m/m (exp -0.1%, prev 0.4%) and 1.9% y/y (exp 1.7%, prev 1.6%)

* UK July RPI-X (Retail Prices) 0.1% m/m (prev 0.4%)

* UK July RPIX 1.9% y/y (prev 1.7%)

* UK July PPI Input Prices 3.3% m/m (exp 1.0%, prev 1.7%) and 4.3% y/y (exp 2.0%, prev -0.5%)\

* UK July PPI Output Prices 0.3% m/m (exp 0.2%, prev 0.3%) and 0.3% y/y (exp 0%, prev -0.2%)

* UK July PPI Core Output Prices 0.4% m/m (exp 0.1%, prev 0.1%) and 1.0% y/y (exp 0.8%, prev 0.7%)

* German August ZEW Economic Sentiment 0.5 (exp 1.8, prev -6.8)

* German August Current Conditions 57.6 (exp 50.0, prev 49.8)

* EZ June Eurostat Trade NSA EUR29.2bn (exp EUR25.8bn, prev EUR24.6bn)

DATA

* 08:30 CPI (Jul) (mkt +0.0% m/m, +0.9% y/y; prev +0.2% m/m, +1.0% y/y)

* 08:30 CPI (Other OTC: CPICQ - news) ex-Food and Energy (mkt +0.2% m/m, +2.3% y/y; prev +0.2% m/m, +2.3% y/y)

* 08:30 Real Weekly Earnings (Jul) (prev -0.1% m/m)

* 08:30 Housing Starts (Jul) (mkt 1.180 mn, prev 1.189 mn)

* 08:30 Building Permits (Jul) (mkt 1.160 mn, prev 1.153 mn)

* 08:55 Redbook Weekly Same-Store Sales Index (prev +0.5% y/y)

* 09:15 Industrial Production (Jul) (mkt +0.3% m/m, prev +0.6% m/m)

* 09:15 Manufacturing Output (Jul) (mkt +0.3% m/m, prev +0.4% m/m)

* 09:15 Capacity Utilization (Jul) (mkt 75.6%, prev 75.4%)

* 10:00 E-Commerce Retail Sales (Q2) (prev +3.7% q/q AR)

* 11:30 Cleveland Fed Median CPI (Jul) (prev +0.2% m/m)

EVENTS

* 12:30 FRB Atlanta's Lockhart (non-voter, centrist) at Rotary Club luncheon; Knoxville, TN

USD HIGH-GRADE SUMMARY

Number of deals priced on Monday: 4

Monday's issuance: US$1.825bn

Weekly issuance: US$1.825bn

*Monthly issuance: US$88.900bn

Quarterly issuance: US$183.500bn

2016 year to date issuance: US$896.867bn

2015 year to date issuance: US$893.452bn

2015 full year issuance: US$1.269trn

*New August monthly record

LIPPER FLOWS

For the week ended August 10 Lipper US Fund Flows reported the following:

- INVESTMENT-GRADE FUNDS NET INFLOW: US$2.518bn

- IG YTD NET INFLOW: US$25.790bn

USD HIGH-GRADE ACTIVE DEALS

Standard Chartered PLC (HKSE: 2888.HK - news) , announced a US$ benchmark 144A/RegS 2-part offering that consists of a 3-year (8/19/19) fixed and/or FRN senior unsecured notes (A1/BBB+/A+) and a 10.5-year (2/19/27)fixed subordinated notes (A3/BBB-/A). The active bookrunners are BNP (Paris: FR0000131104 - news) , CS, JPM, and STCH. Pricing expected today. Settle: 8/19/16. IPTs: 3yr FXD T+155bp, 3yr FRN Libor equiv, 10.5yr T+320bp.

Societe Generale (Swiss: 519928.SW - news) , issue rating Baa3/BBB, announced a US$ benchmark 144A/RegS 10-year (8/19/26) subordinated Tier 2 notes. The active bookrunenrs are BAML, MS, RBC (Other OTC: RBCI - news) and SG. UOP: GCP. Pricing expected today. Settle: 8/19/16. IPT: T+300bp.

USD HIGH-GRADE PIPELINE

Woori Bank, A2/A-, hired Bank of America (Swiss: BAC.SW - news) /Merrill Lynch, Citigroup (NYSE: C - news) , Commerzbank (Xetra: CBK100 - news) , Credit Agricole CIB, HSBC and Nomura to arrange fixed-income investor meetings that took place in the US, Europe and Asia from July 11 to July 20. (Reporting by John Balassi; Editing by Marc Carnegie)