Bloomberg:
- President Bush, capping a day of ceremonies marking the anniversary of the Sept. 11 terrorist attacks, said the war against terrorists that began that day must be won in Iraq and elsewhere to ensure that future generations will live in freedom.
- Oil may extend its two-month slide after OPEC kept its production at current levels amid waning demand. “If OPEC doesn’t do anything, oil will continue to fall,” said Fadel Gheit, an analyst at Oppenheimer. “If we cross $55 a barrel, OPEC will panic and they will reduce supply. They aren’t afraid of $55 oil per se, but what’s below that.”
- Royal Dutch Shell Plc. and other companies independent of Petroleo Brasileiro SA, Brazil’s state-controlled oil company, plan to spend $8 billion hunting for oil in Brazil by 2011, Shell Brasil’s exploration chief said.
- Asian-American women have the top life expectancy in the US of 86.7 years.
- NYSE Group(NYX) said its share of trading in the stocks it lists had the biggest monthly drop since 2004 after the exchange raised some transaction fees.
- China, whose record trade surplus has fueled tension with trading partners including the US, may cut tax rebates for exporters to rein in overseas sales, Commerce Minister Bo Xilai said.
- China reported the slowest growth in government and corporate spending this year, the strongest indication so far that a government clampdown on investment is starting to bite.
Wall Street Journal:
- Most Americans want electronic health-care services, such as scheduling doctor visits online, which a majority say aren’t available to them.
Australian Broadcasting Corp.:
- A former commander in the Southeast Asian terrorist group Jemaah Islamiyah warned that one of the alleged masterminds of the 2005 Bali suicide bombings is planning more attacks this year. Noordin Mohammad Top has ordered supporters to carry out attacks every year since the 2002 bombings on Bali, which killed more than 200 people, 88 of them Australians.
Dong-a Ilbo:
- The US suggested holding multi-nation talks on North Korea’s nuclear weapons program at a UN meeting in New York as soon as this month.
Xinhua:
- China’s money supply slowed “significantly” last month after the central bank took measures to reduce liquidity, citing Deputy Central Bank Governor Su Ning.
Wall Street Journal Asia:
- Zhang Guobao, vice chairman of the National Development & Reform Commission, said China and the US should jointly develop oil fields to minimize risks of supply disruptions and rising costs of production.
Late Buy/Sell Recommendations
Citigroup:
- The Softline retail sector is due for a rally given our belief that sales trends continue to strengthen against a backdrop of negative investor sentiment and peak short interest. We recommend broad ownership of the stocks. Buy ARO, CHS, PLCE, GPS, HOTT, JCG, LTD, ROST, TJX and URBN.
- Reiterated Buy on (MNST), target $48.
CSFB:
- Reiterated Buy on (TXN), target $42.
Morgan Stanley:
- Reiterated Overweight on (AAPL), target $90. Top pick into year-end.
Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 indicated unch.
NASDAQ 100 indicated +.03%.
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- (BBY)/.44
- (CBRL)/.78
- (ENER)/-.15
- (GS)/2.97
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- (KR)/.29
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Economic Releases
8:30 am EST
- The Trade Deficit for July is estimated to widen to -$65.5 billion versus -$64.8 billion in June.
BOTTOM LINE: Asian indices are mixed as losses in commodity stocks are offsetting gains in technology shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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