Evening Headlines
Bloomberg:
- Asia Stocks to Slip With Attention Back on Yellen. Attention in financial markets reverts to central bank policy after a brief flurry of activity spurred by reports about Donald Trump’s election campaign’s possible involvement with Russia last year. Stocks in Japan look set to open with small declines as the yen nudged higher, with futures on equity gauges in Australia and Hong Kong also retreating after the S&P 500 Index rebounded to end the day flat. Oil surged amid reports of a decline in stockpiles. Treasury 10-year yields lost one basis point to 2.36 percent. Japan’s Topix Index lost 0.3 percent. Australia’s S&P/ASX 200 Index declined 0.5 percent and South Korea’s Kospi Index was little changed. WTI crude climbed 1.4 percent to $45.68 a barrel. Gold was up 0.1 percent at $1,218.38 an ounce.
- Oil Majors Face Ratings Cuts Amid Weak Recovery, S&P Global Says. Exxon Mobil Corp., Chevron Corp. and other oil majors could see their credit ratings slashed again if they fail to cut costs and reduce their growing debt loads in the next year, according to an S&P Global Ratings report. The world’s largest drillers failed to take advantage of high prices during the boom years before 2014 to repay debt, according to the report published on Tuesday. Instead they embarked on costly investments in new projects and dividends, leaving them unprepared for the painful downturn that ensued.
- Five Things You Need to Know to Start Your Day.
- Fidelity Dismisses Hundreds of Workers, Axios Reports. Mutual-fund giant Fidelity Investments let hundreds of employees go Tuesday, according to a report by website Axios, which didn’t say where it got the information. Adam Banker, a spokesman for the Boston-based firm, responded in an e-mailed statement that the company doesn’t comment about hiring or reductions.
Wall Street Journal:
- Email to Trump Jr. Says Clinton Info Was Part of Moscow’s Trump Support. President’s son was told information would incriminate Hillary Clinton.
- Republicans Largely Defer to Investigators After Trump Jr.’s Email Release. GOP lawmakers focus on other topics like health care; Democrats say emails show collusion.
- U.S. Military Plane That Crashed Carried Specialized Personnel, Equipment. Material on board could have contributed to post-crash explosions, officials say.
Fox News:
- Donald Trump Jr. tells Sean Hannity: 'In retrospect I probably would have done things a little differently'. (video)
- FBI document dump reveals secrets of Clinton probe as new director nominee faces Senate. (video)
CNBC:
- Why stock market bulls should actually cheer the drop in oil, according to one fund manager. (video)
- McConnell says revised version of health-care bill expected on Thursday. President Donald Trump is increasingly unlikely to nominate Federal Reserve Chair Janet Yellen next year for a second term, and National Economic Council Director Gary Cohn is the leading candidate to succeed her, Politico reported on Tuesday, citing four people close to the process.
- Trump could reportedly nominate Gary Cohn as Janet Yellen's successor.
Zero Hedge:
- Death Of The Middle Class: The Suburbs Have Absorbed Half Of America's Poverty Growth.
- "We Are Forced To Strike Back": Russia Set To Expel 30 US Diplomats, Seize US Assets.
- Connecticut Capital Hartford Downgraded To Junk By S&P.
- WTI Pops After Huge Crude Inventory Drawdown. (graph)
- 'Junior' Jangles Stock Market's Nerves; Gold Gains As Dollar Slumps.
Night Trading
Earnings of Note
Company/Estimate
10:30 am EST
- Asian equity indices are -.5% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 87.25 -.75 basis points.
- Asia Pacific Sovereign CDS Index 22.0 -.25 basis point.
- Bloomberg Emerging Markets Currency Index 72.55 +.09%.
- S&P 500 futures -.05%.
- NASDAQ 100 futures -.09%.
Earnings of Note
Company/Estimate
- (OZRK)/.73
- (FAST)/.49
- (MSM)/1.09
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,305,220 barrels versus a -6,299,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -813,110 barrels versus a -3,669,000 barrel decline the prior week. Distillate inventories are estimated to rise by +720,440 barrels versus a -1,850,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.32% versus a +1.1% gain the prior week.
- The Fed's Beige Book report.
- None of note
- The Fed's Yellen testifying to House, Fed's George speaking, WASDE crop report, $20B 10Y T-Note auction, Eurozone industrial production report, UK employment change, weekly MBA mortgage applications report, (GIS) investor day and the (FAST) June sales report could also impact trading today.
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