- Shanghai built more skyscrapers in 15 years than New York did in a century, Beijing has the equivalent of three Manhattans under construction, and China’s government says it’s concerned about a property bubble.
- China, the world’s largest iron ore importer, needs to clear the backlogs at ports that handle commodities used for steelmaking to reduce vessel delays and help sustain the nation’s economic growth, according to analysts attending this week’s World Shipping Summit in Shanghai.
South China Morning Post:
- Sinochem Corp., a state-owned petroleum company, was among 85 Chinese companies named in a United Nations investigative report as illegally paying $6 million to Saddam Hussein’s Iraqi government.
Late Buy/Sell Recommendations
- Reiterated Outperform on EBAY.
- Reiterated Underperform on PFG and WPT.
Asian Indices are unch. to +1.0% on average.
S&P 500 indicated -.36%.
NASDAQ 100 indicated -.47%.
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Before the Bell CNBC Video(bottom right)
Top 20 Business Stories
Daily Stock Events
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
- None of note
10:00 am EST
- Construction Spending for September is estimated to rise .5% versus a .4% gain in August.
- ISM Manufacturing for October is estimated to fall to 57.1 from a reading of 59.4 in September.
- ISM Prices Paid for October is estimated to fall to 75.0 versus a reading of 78.0 in September.
2:15 am EST
- The FOMC is expected to raise the Fed Funds rate by 25 basis points to 4.0%.
- Total Vehicle Sales for October are estimated to fall to 15.5M versus 16.4M in September.
- Domestic Vehicle Sales for October are estimated to fall to 12.5M versus 13.0M in September.
BOTTOM LINE: Asian indices are mostly higher on strength in exporting shares in the region after US economic reports boosted optimism. I expect US equities to open modestly lower and to rise later in the day. The Portfolio is 100% net long heading into the day.