Sunday, August 14, 2016

Monday Watch

Today's Headlines
Wall Street Journal:
Fox News:
  • Milwaukee officials plead for calm after police shooting sparks violence. (video) Wisconsin Gov. Scott Walker activated the National Guard on Sunday afternoon, hours after a gas station was set on fire and other businesses were torched by demonstrators protesting a controversial shooting by police. Walker said he took the step after receiving a request from Milwaukee County Sheriff David Clarke and talking with Mayor Tom Barrett and the Guard's leader. The Guard will be in position to help "upon request," according to Walker's announcement. Walker also praised citizens who showed up Sunday to clean up the north-side neighborhood where the violence took place. He called for "continued peace and prayer." The clashes and rioting erupted after a Milwaukee police officer shot and killed an armed suspect Saturday night during a foot chase on the city’s north side.
  • Pence urges federal probe into whether Clinton granted political favors to foundation donors. (video) Republican vice-presidential nominee Gov. Mike Pence on Sunday suggested a federal investigation into whether Hillary Clinton, during her tenure as secretary of state, provided political favors to foreign donors to her family’s Clinton Foundation, saying “the American people have a right to know.” The Indiana governor argued that emails made public last week suggested such a connection between State Department officials and major foreign donors to the foundation but acknowledged that Clinton’s involvement remains unclear.
  • Congress could get record of FBI's Clinton interview over emails by this week. (videoSome of the FBI files on the agency’s investigation into Hillary Clinton’s use of a private server system while secretary of state could be given to a House oversight committee as early as this week, a congressional source confirmed with Fox News on Sunday.
Zero Hedge: 
Night Trading
  • Asian indices are -.25% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 115.0 +.25 basis point.
  • Asia Pacific Sovereign CDS Index 43.75 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index 73.37 -.05%.
  • S&P 500 futures +.08%.
  • NASDAQ 100 futures +.05%.

Earnings of Note
  • (SYY)/.61 
Economic Releases
8:30 am EST
  • Empire Manufacturing for August is estimated to rise to 2.0 versus .55 in July.
10:00 am EST
  • The NAHB Housing Market Index for August is estimated to rise to 60 versus 59 in July.
4:00 pm EST
  • Net Long-Term TIC Flows for June.   
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Reserve Bank of Australia minutes could also impact trading today.
BOTTOM LINE: Asian indices are slightly lower, weighed down by industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the week.

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