Bloomberg:
- China said it opposes anti-dumping investigations by the European Union into increased Chinese show imports, accusing its trading partner of distorting trade figures and misleading the public.
- China's central bank Governor Zhou Ziaochuan said it's too soon to drop the decade-old yuan peg and that he has no plans to discuss the currency's link to the US dollar at a weekend meeting of the world's central bankers in Basel, Switzerland.
- Russian President Putin urged US executives from companies including Citigroup and Intel to invest more in Russian, after the breakup of OAO Yukos undermined investor confidence.
- Finance ministers from the European Union and Asia called on OPEC to boost oil production, saying "high and volatile" crude costs pose a threat to global economic growth.
- The US dollar is headed for its biggest quarterly advance since Sept. 2000 and may extend its rally, according to a Bloomberg News survey.
- International Paper may sell its $900 million stake in New Zealand forester Carter Holt Harvey, ending a 14-year investment as it seeks better returns in markets such as China.
- Crude oil is rising to another record in NY after Iran, OPEC's second-largest producer, elected a president who promised to pursue the country's nuclear power program, increasing tension with the US.
Wall Street Journal:
- US Congress members signed a letter asking President Bush to review CNOOC's $18.5 billion unsolicited bid for Unocal.
Barron's:
- A global economic slowdown will help counter inflationary pressures and increase the possibility of a prolonged expansion, said Nancy Lazar, an economist at International Strategy & Investment Group.
- The US Fed may raise the fed-funds rate another two or three times, to 3.75% or 4%, by year-end, citing economists.
New York Times:
- Morgan Stanley former President John Mack has told the board of the company he wants two former executives, Vikram Pandit and Joseph Perella, to return with him if he takes up the post of CEO.
- The city of Philadelphia's public schools will require all students entering high school this year to take a course in African-American history to graduate, making it the first major US city with such a requirement.
- Chevron Vice Chairman Robertson called CNOOC's $18.5 billion offer for Unocal unfair because Chevron was competing with the Chinese government, not another commercial company, for oil producer Unocal.
- Chinese bids for US companies may benefit the US economy by keeping domestic workers employed longer than they might have been otherwise.
Crain's New York Business:
- NY companies are increasingly offering insurance and other benefits to their gay and lesbian employees' live-in partners.
Crain's Chicago Business:
- Chicago's downtown has more than 26 million square feet of vacant office space, making it one of the weakest markets in the nation.
Washington Post:
- US colleges are competing to become more energy efficient and cut carbon dioxide emissions amid rising natural gas costs and student environmental activism.
- The internet has become more vulnerable to hackers and other problems, and those who repair glitches say the situation is getting worse.
Folha de S. Paulo:
- Google plans to open a Brazilian unit this year, according to Sergey Brin, a company founder and its technology chief.
Financial Times:
- Demand for shares in PartyGaming Plc's IPO is triple the amount available in the online poker operator.
- The victory of Mahmoud Ahmadinejad in Iran's presidential election on June 24 may jeopardize the country's relations with the European Union.
- Wal-Mart Stores plans to expand in central and eastern Europe, with particular emphasis on Poland, Hungary and Russia.
- Merrill Lynch says the growth of demand in the US for spirits may be a short-lived fashion rather than a structural change.
AFP:
- OPEC ministers have started talks to discuss ways of lowering oil prices that climbed to $60 a barrel this week, citing OPEC's president.
Nihon Keizai:
- Nissan Motor and Toyota Motor, Japan's two biggest automakers, will spend billions of dollars revamping their US dealerships.
China Daily:
- China may remove taxes on vehicles that emit low levels or zero exhaust emissions to cut pollution and oil consumption.
Weekend Recommendations
Bulls and Bears:
- Had guests that were positive on BAC, MMC, AMR, mixed on UNH, NFG, AIG, VZ, IGT and negative on DIS, AA.
Forbes on Fox:
- Had guests that were positive on PSUN and mixed on DNA, AGN, EXEL, ISSX.
Cashin' In:
- Had guests that were positive on IGR, THO, RNT, SO and negative on VLCCF, NAT.
Cavuto on Business:
- Had guests that were positive on EFX, SYMC, KRB and C.
Barron's:
- Had positive comments on DOW, MNCP and HEW.
- Had negative comments on AAPL.
Goldman Sachs:
- Reiterated Outperform on MO.
Night Trading
Asian indices are -1.0% to unch. on average.
S&P 500 indicated -.05%.
NASDAQ 100 indicated -.07%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/Estimate
CYBX/-.32
NKE/1.27
PAYX/.24
SONC/.36
WAG/.38
Upcoming Splits
CTR 3-for-2
Economic Releases
None of note
BOTTOM LINE: Asian Indices are mostly lower on worries over slowing growth in the region. I expect US stocks to open modestly lower on another rise in energy prices. However, stocks may rise later in the day on short-covering and quarter-end window dressing. The Portfolio is 75% net long heading into the week.
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