Evening Headlines
Bloomberg:
- Global Boom Swells the Ranks of the Ultra-Wealthy. Stronger global growth and booming stock markets have been great for the super rich. The number of people with more than $50 million of net assets rose 10 percent last year, the fastest pace in at least five years in 2017, according to a report published Wednesday by broker Knight Frank LLP. The increase, to a total of almost 130,000, came as each of the world’s major economies began to grow at the same time. Asia leapfrogged Europe as the region with the second highest number of ultra wealthy, while North America retained top spot, according to the data compiled by Wealth-X. New York was ranked top in the broker’s city wealth index, followed by London, San Francisco and Los Angeles.
- Australia Economy Slows as Exports Cool, Mining Hangover Lingers. Australia’s economy grew at a slower pace in the final three months of 2017 as exports and construction fell, a temporary slowdown the central bank predicts will reverse this year.
- China's Shiniest Tech Stars May Ignite a Feeding Frenzy. China’s push to get its fastest-growing companies to list shares at home could trigger a feeding frenzy from investors chasing the flashiest securities in a market dominated by old-economy stalwarts. Beijing is trying to stem an exodus to American markets -- and that’s good news for U.S. investors as it may bring a valuation boost. From Alibaba Group Holding Ltd. to Baidu Inc., the country’s brightest tech stars have for years chosen to debut in New York despite once-richer valuations at home, drawn to abundant capital and the prestige of a marquee international listing. But executives say Beijing is now pondering regulatory changes to catch the next wave of debutantes like Xiaomi Corp., while helping U.S.-listed companies create Chinese Depositary Receipts to tap trillions of dollars in domestic savings.
- U.S. Futures Drop as Cohn Resigns; Yen, Bonds Gain. (video) Benchmarks reversed initial declines in Japan and South Korea, while stocks advanced in Hong Kong and China. Australian stocks dropped and S&P 500 Index futures fell over 1 percent before paring losses. The yen climbed against the greenback and bond yields fell. The won rallied after North Korea indicated -- according to South Korea -- that it was open to giving up its nuclear weapons. The Australian dollar maintained a decline as economic growth data missed estimates. The Topix index rose 0.4 percent as of 11:04 a.m. in Tokyo and the Nikkei 225 Stock Average gained 0.3 percent. Australia’s S&P/ASX 200 Index fell 0.7 percent. Kospi index gained 0.7 percent. The S&P 500 Index futures dropped 0.7 percent. The S&P 500 rose 0.3 percent. The MSCI Asia Pacific Index added 0.4 percent.
Wall Street Journal:
- Fight Heats Up to Stop Tariff Plan. Trump says he hopes to ‘straighten out’ trade imbalance in ‘loving way’; critics sound off.
CNBC:
- Trump tariff that excludes Canada and Mexico would create 'wave of jubilation' in the market. (video)
Zero Hedge:
Night Trading
Earnings of Note
Company/Estimate
- Asian equity indices are -.75% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 69.0 unch.
- Asia Pacific Sovereign CDS Index 11.75 -.25 basis point.
- Bloomberg Emerging Markets Currency Index 75.60 -.02%.
- FTSE 100 futures -.56%.
- S&P 500 futures -1.04%.
- NASDAQ 100 futures -.97%.
Earnings of Note
Company/Estimate
- (ANF)/1.10
- (BF/B)/.41
- (CASY)/.64
- (DLTR)/1.90
- (CZR)/.00
- (COST)/1.45
- (THO)/1.81
- (ZAGG)/.68
8:15 am EST
- The ADP Employment Change for February is estimated to fall to 200K versus 234K in January.
- The Trade Deficit for January is estimated to widen to -$55.0B versus -$53.1B in December.
- Bloomberg consensus estimates call for a weekly crude oil inventory gain of +2,029,300 barrels versus a +3,019,000 barrel gain the prior week. Gasoline supplies are estimated to rise by +730,300 barrels versus a +2,483,000 barrel gain the prior week. Distillate inventories are estimated to fall by -652,800 barrels versus a -960,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.04% versus a -.3% decline prior.
- US Fed releases Beige Book.
- Consumer Credit for January is estimated at $17.65B versus $18.447B in December.
- None of note
Other Potential Market Movers
- The Fed's Dudley speaking, Fed's Bostic speaking, Japan GDP report, Eurozone GDP report, weekly MBA Mortgage Applications report, UBS Consumer /Retail Conference, (PSMT) monthly sale report, (AXP) investor day, (CERN) investment meeting, (PH) investor day and the (XOM) analyst meeting could also impact trading today.
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