Bloomberg:
- Australia’s retail sales gained less than expected in September and the trade deficit widened, signaling growth is slowing in the Asia-Pacific region’s fifth largest economy.
- China’s central bank may wait until next year to raise interest rates after lending curbs slowed investment in the country.
- Copper fell in Shanghai as a slowdown in US manufacturing and rising global inventories increased speculation of declining demand for the metal.
- World crude steelmaking overcapacity could reach 300 million tones within 3 years, with much of this in China, Sigurd Mareels, director of McKinsey & Co., told delegates at the Latin American Iron and Steel Institute conference on Tuesday.
- Chalco, China’s dominant producer of alumina, is rumored to be planning another 15% cut to its domestic alumina list price, a move that will undercut current prices and put even more pressure on an already weak market.
- Iran will maintain crude oil shipments to Asia, its biggest export market, after cutting supplies to northwest Europe and Mediterranean markets.
- Toyota Motor(TM) led Japanese and South Korean carmakers to higher US sales again last month, while a surge for General Motors(GM) and Ford Motor(F) cut Asian brands’ share of the world’s largest auto market.
Financial Times:
- Smith & Nephew Plc, Europe’s largest maker of orthopedic products, is in merger talks with its US rival Biomet Inc.(BMET).
- Microsoft(MSFT) may reconsider its business in China because of the Chinese government’s persecution of people who operate blog sites, citing a Microsoft lawyer.
London-based Times:
- Google’s(GOOG) UK advertising revenue will overtake that of Channel Four Television, Britain’s second largest commercial television company.
Late Buy/Sell Recommendations
Morgan Stanley:
- September’s total television $ growth was the strongest we’ve seen since December 2001. September year-over-year percent flat panel US retail sales growth was 74%, up from 70% in August. Our 3Q forecasts for (BBY) and (CC) assume flat panel market growth of 50%. A widening of the gap between wholesale and retail TV ASPs suggest healthy margins.
Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated -.04%.
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Earnings of Note
Company/EPS Estimate
- (AAP)/.53
- (ATK)/1.17
- (APCC)/.15
- (ABC)/.56
- (AQNT)/.16
- (BDX)/.84
- (CA)/.20
- (CBS/A)/.40
- (CEPH)/1.16
- (CTSH)/.38
- (CSC)/.71
- (ERTS)/.02
- (ENR)/.76
- (FAF)/1.14
- (HTCH)/-.06
- (ICE)/.72
- (IP)/.43
- (IRF)/.49
- (JDSUD)/.00
- (MDR)/.59
- (MGM)/.41
- (NBIX)/-.91
- (OSG)/2.65
- (QCOM)/.41
- (QSII)/.27
- (PWR)/.17
- (RGLD)/.22
- (SINA)/.18
- (RIG)/.71
- (UVN)/.28
- (WDC)/.41
- (WFMI)/.29
- (WMB)/.25
Upcoming Splits
- (CACB) 5-for-4
Economic Releases
8:30 am EST
- Preliminary 3Q Non-farm Productivity is estimated to rise 1.0% versus a 1.6% increase in 2Q.
- Preliminary 3Q Unit Labor Costs are estimated to rise 3.4% versus a 4.9% increase in 2Q.
- Initial Jobless Claims for last week are estimated to rise to 310K versus 308K the prior week.
- Continuing Claims are estimated to fall to 2441K versus 2449K prior.
10:00 am EST
- Factory Orders for September are estimated to rise 4.0% versus unch. in August.
BOTTOM LINE: Asian indices are mixed as gains in technology shares are offsetting losses in automaker shares in the region. 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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