Bloomberg:
- China joined the US, Japan, South Korea and Australia in telling North Korea to refrain from testing a long-range missile, saying it may damage six-nation talks on ending North Koreas nuclear program.
- Optimism among Japan’s largest manufacturers slipped in the second quarter as a rising yen and falling stock prices created uncertainty over the outlook for the world’s second-largest economy.
- Australia’s government will spend $87 million over three years to provide families with free software to block access to pornography Web sites.
Late Buy/Sell Recommendations
- Deutsche Bank
- Raised (PKX) to Buy.
Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated +.02%.
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- Bloomberg consensus estimates call for a 500,000 barrel crude oil drawdown. Gasoline supplies are expected to rise 1,500,000 barrels. Distillate supplies are estimated to rise 1,500,000 barrels. Finally, refinery utilization is expected to rise .13%.
BOTTOM LINE: Asian indices are mixed, as gains by commodities stocks in the region are being offset by losses in exporting shares. I expect US equities to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
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