- China's Credit Surges to Record High. (video)
- Asia Extends Global Gain as Yellen Buoys Stocks. A global equity rally built momentum in Asia after Janet Yellen said the Federal Reserve doesn’t need to wait for the Trump’s administration’s plans on fiscal stimulus to hike rates. Bonds fell and the dollar rose. Stocks in Sydney and Tokyo rose after four major American equity benchmarks closed at unprecedented levels for a second day. The yield on the 10-year Treasury note is up for a fifth day and the dollar is strengthening against most major currencies after the Federal Reserve chair said waiting too long to raise rates could disrupt financial markets. The Topix index rose 1.1 percent and Australia’s S&P/ASX 200 Index added 0.9 percent. South Korea’s Kospi was flat. New Zealand’s S&P/NZX 50 Index added 0.4 percent.
Wall Street Journal:
- It’s Boom Time Again for America’s Largest Banks. Goldman Sachs(GS) shares hit all-time high.
Earnings of Note
8:30 am EST
- Asian equity indices are +.25 to +1.0% on average.
- Asia Ex-Japan Investment Grade CDS Index 100.25 -4.0 basis points.
- Asia Pacific Sovereign CDS Index 27.25 -2.0 basis points.
- Bloomberg Emerging Markets Currency Index 71.50 unch.
- S&P 500 futures -.05%.
- NASDAQ 100 futures +.01%.
Earnings of Note
8:30 am EST
- Empire Manufacturing for February is estimated to rise to 7.0 versus 6.5 in January.
- The CPI MoM for January is estimated to rise +.3% versus a +.3% gain in December.
- The CPI Ex Food and Energy MoM for January is estimated to rise +.2% versus a +.2% gain in December.
- Real Avg Weekly Earnings YoY for January.
- Advance Retail Sales MoM for January are estimated to rise +.1% versus a +.6% gain in December.
- Retail Sales Ex Autos MoM for January are estimated to rise +.4% versus a +.2% gain in December.
- Retail Sales Ex Autos and Gas for January are estimated to rise +.3% versus unch. in December.
- Industrial Production MoM for January is estimated unch. versus a +.8% gain in December.
- Capacity Utilization for January is estimated to fall to 75.4% versus 75/5% in December.
- Manufacturing Production for January is estimated to rise +.2% versus a +.2% gain in December.
- The NAHB Housing Market Index for February is estimated at 67.0 versus 67.0 in January.
- Business Inventories for December are estimated to rise +.4% versus a +.7% gain in November.
- Bloomberg consensus estimates call for a weekly crude oil inventory build of +3,491,200 barrels versus a +1,383,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +1,699,100 barrels versus a -869,000 barrel decline the prior week. Distillate inventories are estimated to fall by -432,800 barrels versus a +29,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.14% versus a -.5% decline prior.
- Net Long-Term TIC Flows for December.
- (CMCSA) 2-for-1
- The Fed's Yellen speaking, Fed's Harker speaking, Fed's Rosengren speaking, Eurozone Trade Balance report, Australia Employment Change report, weekly MBA mortgage applications report, Leerink Healthcare Conference and the BofA Merrill Insurance Conference could also impact trading today.