Thursday, July 12, 2018

Friday Watch

Evening Headlines
  • Asian Stocks to Follow U.S. Gains; Dollar Slips. Asian stocks looked set to track gains in U.S. equities as China refrained from hitting back at the Trump administration on trade and investors awaited the start of earnings season and Chinese export data. The dollar slipped. Futures signaled higher starts for stocks in Japan, Australia and Hong Kong. Technology shares led gains in the U.S. as the Nasdaq 100 Index hit a fresh high and the S&P 500 climbed to within 3 percent of its record. The dollar dropped against most peers after U.S. consumer prices rose less than forecast in June, while 10-year Treasury yields were little changed. West Texas crude remained close to $70 a barrel. Futures on Japan’s Nikkei 225 advanced 0.5 percent in Singapore. Futures on Australia’s S&P/ASX 200 Index rose 0.4 percent. Hang Seng futures climbed 0.5 percent.  
Night Trading 
  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 91.75 -2.25 basis points. 
  • Asia Pacific Sovereign CDS Index 14.25 -.5 basis point.
  • Bloomberg Emerging Markets Currency Index 69.62 -.03%.
  • FTSE 100 futures +.41%.
  • S&P 500 futures +.14%.
  • NASDAQ 100 futures +.20%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (C)/1.56
  • (JPM)/2.22
  • (PNC)/2.58
  • (WFC)/1.12
After the Close:
  • None of note
Economic Releases 
8:30 am EST
  • The Import Price Index MoM for June is estimated to rise +.1% versus a +.6% gain in May.
  • The Export Price Index MoM for June is estimated to rise +.2% versus a +.6% gain in May.
10:00 am EST
  • The Preliminary Univ. of Mich. Consumer Sentiment Index for July is estimated to fall to 98.0 versus 98.2 in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bostic Speaking and the China Trade Data report could also impact trading today.
BOTTOM LINE:  Asian indices are higher, boosted by technology and healthcare shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.

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