#PreMarket Primer: Monday, September 15: Cameron Vows To Destroy ISIS
Over the weekend, British Prime Minister David Cameron promised to do whatever it takes to dismantle the extremist Islamic State militants in Iraq and Syria after the group released another beheading video, this time a British aid worker. Though Cameron pledged his full support in combating the group, he hasn’t given any indication that he plans to call a parliamentary vote to implement a new military offensive. He has said he won’t send ground troops into the Middle East to fight, but is currently working with advisors to figure out what kind of support the UK can provide the U.S. as it carries out further air strikes in Iraq and Syria.Top News In other news around the markets: After several U.S. companies were investigated under Chinese antimonopoly laws, many began to complain that the probes were unfairly directed at foreign companies and serve to protect the interests of Chinese corporations. U.S. Treasury Secretary Jacob Lew sent a letter to Chinese Vice Premier Wang Yang last week, saying that the probes could strain the relationship between the U.S. and China if they continue in the same manner. So far, China’s policy makers have not responded, but said on Thursday that only 10 percent of their antimonopoly probes are aimed at foreign firms.Heineken turned down a takeover offer from SABMiller over the weekend, saying that the company wants to preserve its heritage and identity. Many believe that SABMiller’s offer was an attempt to avoid a rumored takeover from Anheuser-Busch Inbev (NYSE: BUD). Data out over the weekend showed that China’s factory production increased by 6.9 percent annually in August, a massive drop from July’s 9 percent rise and a far cry from the 8.8 percent increase that was expected. The figure marks China’s weakest factory output growth in almost six years, something investors have taken as confirmation that the nation’s economy slowed in the third quarter. On Monday, the organization for Economic Cooperation and Development trimmed its growth forecast for the U.S. saying that there was a global need for policy reformation. The group warned that geopolitical tension in the Middle East and Ukraine coupled with monetary policy changes from the Fed have the potential to drag the U.S. as well as other developed economies down further in 2014 and 2015. The OECD decreased its 2014 growth forecast for the U.S. to 2.1 percent, down from the 2.6 percent that was projected in May.Asian Markets Asian markets were mixed, the NIKKEI was up 0.25 percent, the Shanghai composite gained 0.30 percent and the Shenzhen composite was up 0.57 percent. However, the Hang Seng index fell 0.97 percent and the KOSPI was down 0.30 percent.European Markets Europe’s markets were mostly lower with the exception of Germany’s DAX, which rose 0.10 percent. The STOXX 600 lost 0.11 percent, the FTSE fell 0.24 percent, the CAC 40 lost 0.24 percent and the MIB was down 0.85 percent.Commodities Energy futures were lower; Brent futures lost 0.35 percent and WTI futures were down 0.99 percent. Gold and silver were up 0.33 percent and 0.21 percent respectively, while industrial metals were mixed. Copper lost 0.90 percent and aluminum was down 0.54 percent, but zinc gained 0.49 percent and tin was up 0.95 percent.Currencies The euro continued to decline on Monday, losing 0.34 percent against the dollar, 0.15 percent against the pound and 0.38 percent against the yen. The dollar was also mostly lower, losing 0.07 percent against the yen and 0.14 percent against the pound. However the greenback made some gains against the Australian dollar, up 0.18 percent.Earnings Notable earnings released on Friday included:Darden Restaurants, Inc. (NYSE: DRI) reported first quarter EPS of $0.32 on revenue of $1.60 billion, compared to last year’s EPS of $0.53 on revenue of $2.16 billion.PreMarket Movers Stocks moving in the Premarket included:Yahoo! Inc. (NASDAQ: YHOO) was up 2.61 percent in premarket trade after rising 8.31 percent last week.eBay Inc. (NASDAQ: EBAY) was up 0.59 percent in premarket trade after gaining 2.98 percent on Friday.Symantec Corp (NASDAQ: SYMC) fell 1.88 percent in premarket trade after choppy trading took the stock up 0.57 percent last week.Gilead Sciences Inc. (NASDAQ: GILD) was down 0.60 percent in premarket trade after losing 2.57 percent on Friday.Earnings Notable earnings expected on Monday include:Analogic Corporation (NASDAQ: ALOG) is expected to report fourth quarter EPS of $1.24 on revenue of $150.37 million, compared to last year’s EPS of $1.53 on revenue of $166.18 million. Student Transportation Inc. (NASDAQ: STB) is expected to report fourth quarter EPS of $0.07 on revenue of $137.63 million, compared to last year’s EPS of $0.08 on revenue of $122.28 million.Economics Though it will be a busy week for economic releases, Monday’s economic calendar will be relatively thin. Notable releases will include U.S. industrial production and U.S. manufacturing production.For a recap of last week’s market action, click here.Tune into ’s premarket info show with Dennis Dick and Joel Elconin http://optionshouse.benzinga.com/pre-market-show/">here.