Bloomberg:
- Abu Bakar Bashir, the Idonesian Muslim cleric convicted of being involved in the 2002 Bali bombings that killed 202 people, was released from prison after serving only two years in jail.
- Crude oil is falling for a third day in NY on speculation that demand for the fuel is slowing.
- Copper futures in Shanghai plunged by the daily maximum allowable limit for a fourth day amid concerns that rising interest rates may slow demand for the metal used in pipes and wires. Copper has plunged 32% from May 15 highs.
- Steel-product output in China, the world’s biggest maker and user of the alloy, rose 27% to a record last month.
- iSuppli raised its LCD-TV panel shipment forecast for 06 to 46.7M from 42M.
- Japan’s Nikkei 225, on course for its biggest quarterly drop in almost five years, may decline further because of a slowdown in economic and earnings growth, according to JPMorgan’s Hajime Kitano.
Commerical Times:
- AU Optronics(AUO) won orders from Sony(SNE) to make liquid-crystal displays for televisions.
Beijing Times :
- China’s capital lifted a 20-month ban on live poultry sales and downgraded its bird flu alert.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -.25% to +1.25% on average.
S&P 500 indicated +.25%.
NASDAQ 100 indicated +.44%.
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
- (KV/A)/.20
- (ROLL)/.33
Upcoming Splits
- (KMG) 2-for-1
- (LUK) 2-for-1
- (AIT) 3-for-2
- (BMI) 2-for-1
- (CLDN) 3-for-2
- (DDE) 3-for-2
Economic Releases
8:30 pm EST
- The Consumer Price Index for May is estimated to rise .4% versus a .6% gain in April.
- The CPI Ex Food & Energy for May is estimated to rise .2% versus a .3% gain in April.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude drawdown of 700,000 barrels. Gasoline supplies are expected to rise 1,400,000 barrels. Distillate inventories are estimated to rise 1,250,000 barrels. Finally, refinery utilization is expected to rise 0.40%.
2:00 pm EST
- Fed’s Beige Book
BOTTOM LINE: Asian indices are higher, boosted by exporting and financial stocks in the region. I expect US equities to open modestly higher and to build on gains into the afternoon, finishing higher. The Portfolio is 50% net long heading into the day.
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