Bloomberg:
- Gasoline futures are falling for the first day in five as some fuel pipelines shut by Katrina were reopened and as refiners prepared to restart plants along the Gulf coast.
- The US Senate approved $10.5 billion in Hurricane disaster aid tonight after returning early from an August recess at President Bush’s request.
- The US dollar is rising against the euro in Asia on speculation its two-day drop to the lowest in three months was excessive.
- Boeing’s machinists authorized a strike after rejecting the company’s wage and benefit offer, a move that will shut down commercial production at the world’s biggest aircraft maker.
AP:
- Hurricane Katrina damage may cost insurance companies $50 billion, including repairs to roads and bridges, citing Standard & Poor’s report.
- Katrina may reduce US GDP by .5 percent in the third quarter, S&P said.
- Louisiana Governor Kathleen Blanco said Arkansas National Guardsmen were prepared to use deadly force as they try to restore order in New Orleans.
Financial Times:
- European countries are preparing to send emergency petrol stockpiles to the US amid concerns that some oil refineries hit by Hurricane Katrina may remain shut for several months, citing the IEA.
- Massachusetts wants state employees to start using open-source software to create documents rather than Microsoft Word, Excel and other programs.
Maeil Business Newspaper:
- Samsung Electronics and Avaya Inc. may team up to make telecommunications network equipment.
Guardian:
- Microsoft and HMV Group Plc, the UK operator of music stores and bookshops, will jointly offer digital music downloads to compete with Apple Computer.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Underperform on HRB.
Business Week:
- Shares of Illinois Tool Works(ITW) could benefit from the expanding economy, citing analysts.
- Target Corp.(TGT) is expected to attract investors and its shares may rise at a time when demand for retail stocks is waning.
Night Trading
Asian Indices are unch. to +1.0% on average.
S&P 500 indicated -.08%.
NASDAQ 100 indicated -.16%.
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/EPS Estimate
- None of note
Upcoming Splits
VIVO 3-for-2
Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for August is estimated at 190K versus 207K in July.
- The Unemployment Rate for August is estimated at 5.0% versus 5.0% in July.
- The Change in Manufacturing Payrolls for August is estimated at 0K versus -4K in July.
BOTTOM LINE: Asian indices are higher as falling energy prices and increased expectations that the US Fed will “pause” boosted exporters in the region. I expect US equities to open modestly higher and to move lower later in the day ahead of the holiday weekend. The Portfolio is 50% net long heading into the day.
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