Bloomberg:
- Crude oil is falling a fourth day in NY on signs lower-than-usual demand and increased gasoline output will slow the drawdown of US fuel stockpiles that are still near 7-year highs.
- Japan’s retail sales rose less than expected in November, signaling that consumer spending may struggle to rebound after falling at the fastest pace in almost a decade last quarter.
- All the variables are in place for US acquisitions in 2007 to surpass this year’s record $3.6 trillion. US stocks are trading close to the cheapest price-to-earnings levels in a decade, Bloomberg data show.
- The yen confounded forecasters by falling this year and may do the same in 2007 as money managers take advantage of Japan’s near-zero percent interest rates to finance investments in bonds from the UK to New Zealand.
- Pakistan plans to construct fences and lay minefields along parts of its border with Afghanistan to stem the flow of insurgents between the two countries, Foreign Secretary Riaz Mohammad Khan said.
- Toyota Motor(TM) Chairman Fujio Cho and Ford Motor(F) CEO Mulally met, the two carmakers said, declining to comment on reports they may increase cooperation on technology.
Financial Times:
- Texas Pacific Group has beaten Blackstone Group LP and Kohlberg Kravis Roberts to become the world’s most prolific buyout firm in 2006, completing 17 deals worth a total of $101 billion.
China Daily:
- TCL Corp., Skyworth Digital Holdings and other Chinese television makers are protesting the Advanced Television System Committee’s request for a royalty fee of $23 for every TV set sold in the US. The committee, representing patent holders such as Thomson SA and Sony Corp., is charging the fee for the right to use digital TV technology, mandatory in the US market by March 2007.
Xinhua News Agency:
- China’s exchange rate will play a “more positive role” in the country’s economic overhaul and in adjusting the trade imbalance, citing central bank governor Zhou Xiaochuan.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian indices are +.25% to +.75% on average.
S&P 500 indicated +.03%.
NASDAQ 100 indicated +.04%.
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
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Top 20 Business Stories
In Play
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Rasmussen Consumer/Investor Daily Indices
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Earnings of Note
Company/EPS Estimate
- (DLP)/-.26
Upcoming Splits
- (LFC) 2.66-for-1
Economic Releases
10:00 am EST
- New Home Sales for November are estimated to rise to 1015K versus 1004K in October.
BOTTOM LINE: Asian indices are higher, boosted by technology and automaker shares in the region. I expect US equities to open mixed and to rise into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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