Evening Headlines
Bloomberg:
Bloomberg:
- Who is Most Dependent on China? (graph) If (or when) China sneezes -- ranging from a sharp devaluation of its currency or protectionist measures to defend local industries -- Singapore, Taiwan, Vietnam, South Korea and Malaysia would be first to feel the chill, according to analysis from Natixis SA. By contrast, Indonesia, India and the Philippines are rather more immune, based on trade, tourism and investment links that were collated by the French Bank's Hong Kong-based economists Alicia Garcia Herrero and Trinh Nguyen.
- U.S. Derivatives Regulator Again Delays Curbs on Overseas Trades. Wall Street banks got a one-year reprieve from rules that would subject derivatives trades held overseas to tough U.S. oversight. The delay announced Thursday by the Commodity Futures Trading Commission exempts some transactions set up in the U.S. to Dodd-Frank Act regulations until Sept. 30, 2017, as long as the trades are held in foreign affiliates.
- Asian Stocks Rise After BOE Cut as Investors Await U.S. Payrolls. Asian stocks rose, paring their first drop in four weeks, after the Bank of England eased policy and as investors looked to Friday’s U.S. jobs report for hints as to the Federal Reserve’s next steps. The MSCI Asia Pacific Index edged up 0.1 percent to 135.46 as of 9:01 a.m. in Tokyo, heading for a 0.7 percent decline this week. Japan’s Topix index added 0.2 percent after the Bank of Japan boosted daily exchange-traded fund purchases.
- Priceline(PCLN) Beats Profit Estimates as Room Night Bookings Grow. Priceline Group Inc. topped profit estimates as the number of hotel rooms booked through its websites increased and the impact of terrorism on tourism to Europe was muted. Shares jumped as much as 6.2 percent in extended trading after the results were released.
Wall Street Journal:
- Bank of England’s Juggling Act Gets Ever Riskier. The length of time monetary policy is spending at emergency settings raises concern. No disappointment. Unlike other central banks, the Bank of England on Thursday overwhelmed markets by pulling every stimulus lever available to counteract the shock of Brexit—and making clear they could yet be pulled harder. This effort, while prudent for now, is further exposing the risks of aggressive monetary policy.
- Hillary Clinton’s Lead Over Donald Trump Widens to 9 Points, Poll Shows. Support for Republican nominee falling after series of missteps since convention.
- Terrorist Suspects in Europe Got Welfare Benefits While Plotting Attacks. Some of those involved in Paris and Brussels attacks were collecting unemployment in Belgium.
Fox News:
- Report: Hillary Clinton would hike taxes by $1.3 trillion. (video) Hillary Clinton comes up $2.2 trillion short in paying for her policy agenda, despite hiking taxes by $1.3 trillion, according to a new analysis of the Democratic nominee’s campaign platform.
- Rep for federal prosecutors blasts Obama over mass commutations. The head of the association representing career federal prosecutors unloaded Thursday on President Obama's decision to cut short the sentences of 214 prisoners, accusing the administration of violating its own clemency guidelines. Obama's was the most commutations ever issued on a single day, according to political scientist P.S. Ruckman Jr., who tracks presidential commutations. His total now stands at 562, more than the previous nine presidents combined. "These aren't little, nonviolent offenders."
CNBC:
- Brazil's politics, economy are huge messes as Olympics begin. (video) A president impeached. Another former president facing trial. An economy in shambles. These are tough times for Brazil.
Zero Hedge:
- As Obama Slams Iran "Ransom" Allegations, He Refuses To Answer One Simple Question.
- Behind the scenes of the monetary agency that is just as powerful as the military and CIA.
- Why Wall Street Loved What The Bank of England Announced Today.
- "Fab 5" US Tech Firms Now Rule Global Stocks. (graph)
- MetLife(MET) Misses Big, Blames Fed Policy For Massive Job Cuts.
- Dr. Tim Ball: How The World Was Deceived About Global Warming & Climate Change. (graph)
- Europe's 10-Step Terrorist Attack Emergency Response Plan.
- The Stock Market's Big Lie: "I'll Take The Under". (graph)
- Why Is High-Yield Energy Debt Decoupling From Oil? (graph)
- Commuter-In-Chief: Obama Cuts Sentences Of Most Federal Inmates In History (Then Brags About It On Twitter). (graph)
- Stocks Shrug At Carney Chaos; Bonds, Gold, & Oil Surge. (graph)
- Real estate prices could drop by 5%.
- Some American voting machines might be vulnerable to hacking.
- POLL: Hillary Clinton soars to 15-point lead over Donald Trump.
- Hampton Creek reportedly hired people to secretly buy jars of its eggless mayo from stores.
- Vancouver might have just burst it's own housing bubble.
- Besieged Syrians in Aleppo are burning tires in a desperate attempt to blind Russian and Syrian bombers.
Night Trading
Earnings of Note
Company/Estimate
8:30 am EST
- Asian equity indices are unch. to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 119.5 -2.0 basis points.
- Asia Pacific Sovereign CDS Index 46.5 -1.25 basis points.
- Bloomberg Emerging Markets Currency Index 72.59 +.04%.
- S&P 500 futures +.10%.
- NASDAQ 100 futures +.09%.
Earnings of Note
Company/Estimate
- (CTSH)/.82
- (MGA)/1.34
- (BRK/B)/2910.79
8:30 am EST
- The Trade Deficit for June is estimated to widen to -$43.0B versus -$41.1B in May.
- The Change in Non-Farm Payrolls for July is estimated to fall to 180K versus 287K in June.
- The Unemployment Rate for July is estimated to fall to 4.8% versus 4.9% in June.
- Average Hourly Earnings MoM for July is estimated to rise +.2% versus a +.1% gain in June.
- Consumer Credit for June is estimated to fall to $16.0B versus $18.558B in May.
- None of note
- The German Factory Orders report could also impact trading today.
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