Bloomberg:
- Japan’s consumer prices fell in July for a second month, suggesting deflation lingers and that the central bank isn’t likely to abandon its policy of pumping money into the world’s second-largest economy.
- The yen fell against the dollar for a third day in four after a Financial Times report said al-Qaeda may be planning a terror attack on an Asian financial center.
- Goldman Sachs was hired to prepare an IPO for Bank of China, the nation’s second-biggest lender.
- Hurricane Katrina hit land in southeastern Florida and caused two fatalitites.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on JCI.
- Reiterated Underperform on CMOS.
Business Week:
- AtheroGenics(AGIX), which develops treatments for inflammatory diseases, may be bought by a bigger pharmaceutical company, citing Medical Technology Stock Letter editor John McCamant.
- Tarragon Corp.(TARR), a US homebuilder and property investment company, is expected to see its shares climb even if housing demand slows.
Night Trading
Asian Indices are -.25% to +.50% on average.
S&P 500 indicated unch.
NASDAQ 100 indicated +.06%.
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Economic Releases
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- Final Univ. of Mich. Consumer Confidence for August is estimated to fall to 92.5 versus a prior estimate of 92.7.
BOTTOM LINE: Asian indices are mostly higher on gains in energy shares in the region. I expect US equities to open mixed and to move higher later in the day. The Portfolio is 50% net long heading into the day.
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