- Investment in China’s real estate, factories and utilities slowed in July, suggesting government curbs on expansion are taking effect.
- The UN plans to deploy a 3,500-member force in southern Lebanon within 15 days as Israel began withdrawing its soldiers after a cease-fire halted more than a month of fighting with the Hezbollah group.
- Jones Apparel Group(JNY) abandoned an attempt to sell itself after failing to find a buyer.
- Australian consumer confidence plunged by the most in 17 years to a five-year low after the central bank raised interest rates a second time this year to stem inflation.
- Hedge funds and banks will spend almost $500 million on technology this year to improve their credit derivatives system.
- China’s government will issue rules this month or in September to bar Internet Web sites from airing short films without government permission.
Late Buy/Sell Recommendations
- Reiterated Buy on (DKS), target $48.
- Reiterated Buy on (HAR), target $110.
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated unch.
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
8:30 am EST
- The Consumer Price Index for July is estimated to rise .4% versus a .2% gain in June.
- The CPI Ex Food & Energy for July is estimated to rise .2% versus a .3% gain in June.
- Housing Starts for July are estimated to fall to 1808K versus 1850K in June.
- Building Permits for July are estimated to fall to 1840K versus 1860K in June.
9:15 am EST
- Industrial Production for July is estimated to rise .6% versus a .8% gain in June.
- Capacity Utilization for July is estimated to rise to 82.7% versus 82.4% in June.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude drawdown of 1,300,000 barrels. Gasoline supplies are expected to fall 1,800,000 barrels. Distillate inventories are estimated to rise by 500,000 barrels. Finally, Refinery Utilization is estimated to rise .25%.
BOTTOM LINE: Asian indices are higher, boosted by technology and automaker stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.