Evening Headlines
Bloomberg:
- Seattle Sues Trump Administration Over Sanctuary Cities Order. The city of Seattle sued the Trump administration over the president’s executive order that calls for cutting federal funding for so-called sanctuary cities and other jurisdictions that protect undocumented immigrants. Seattle’s mayor contends Trump’s threat to withhold funding for local governments that don’t cooperate with his immigration crackdown is unconstitutional in a complaint filed Wednesday.
Wall Street Journal:
- Trump’s Rapid Rapprochement Plans With Russia Fade. Investigations into Russia’s alleged interference in U.S. presidential election complicates relationship.
- Margin Debt Hit All-Time High in February. A rise in the amount investors borrow against their brokerage accounts is a bullish indicator but can also be a warning.
- At Least 12 Dead in Texas After Church Van Collides With Pickup Truck. Church members were returning from retreat.
- Trump Administration Lays Groundwork to Keep Big Tariffs on Chinese Goods. Review is expected to be announced as early as this week
Zero Hedge:
Night Trading
Earnings of Note
Company/Estimate
8:30 am EST
- Asian equity indices are unch. to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 94.5 -.75 basis point.
- Asia Pacific Sovereign CDS Index 21.25 unch.
- Bloomberg Emerging Markets Currency Index 72.26 -.07%.
- S&P 500 futures +.14%.
- NASDAQ 100 futures +.17%.
Earnings of Note
Company/Estimate
- (LNN)/.37
- (PRGO)/1.78
- (TITN)/-.21
8:30 am EST
- 4Q GDP is estimated to rise +2.0% versus a prior estimate of a +1.9% gain.
- 4Q Personal Consumption is estimated to rise +3.0% versus a prior estimate of a +3.0% gain.
- 4Q GDP Price Index is estimated to rise +2.0% versus a prior estimate of a +2.0% gain.
- 4Q Core PCE is estimated to rise +1.2% versus a prior estimate of a +1.2% gain.
- Initial Jobless Claims are estimated to fall to 247K versus 261K the prior week.
- Continuing Claims are estimated to rise to 2031K versus 1990K prior.
- None of note
- The Fed's Williams speaking, Fed's Kaplan speaking, Eurozone Industrial Production report, Japan CPI report, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, (MTH) analyst day and the (VFC) investor day could also impact trading today.
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