Thursday, November 29, 2018

Friday Watch

Evening Headlines
  • Asia Stocks Signal Mixed Trading Before G-20 Meets. Asian stocks looked set to round out the month in mixed fashion as investors await a crucial meeting between the U.S. and Chinese presidents with the course of the trade war at stake. Treasuries rose and the dollar declined overnight, when U.S. equities dipped. Futures indicated a higher start for shares in Tokyo, Hong Kong and Shanghai, though a late-in-the-day fizzling of the S&P 500’s rally and a dip in U.S. equity futures may restrain sentiment. Australian shares slipped. Doubts remain about prospects for Presidents Donald Trump and Xi Jinping to agree to a thaw in bilateral relations. Tech stocks dropped in the U.S., as did banks, as the 10-year Treasury yield held near its lowest since September. Minutes from the Federal Reserve’s November policy meeting showed the central bank preparing for a more flexible path in 2019. Australia’s S&P/ASX 200 Index fell 0.6 percent. Futures on Japan’s Nikkei 225 rose 0.4 percent in Singapore. FTSE China A50 Index futures added 0.5 percent. Futures on Hong Kong’s Hang Seng added 0.4 percent. Futures on the S&P 500 Index dropped 0.1 percent after the underlying gauge closed down 0.2 percent on Thursday.
Wall St. Journal:
Zero Hedge:  
Night Trading 
  • Asian equity indices are -.5% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 93.75 -1.0 basis point. 
  • Asia Pacific Sovereign CDS Index 10.25 unch.
  • Bloomberg Emerging Markets Currency Index 67.54 +.01%.
  • FTSE 100 futures +.71%.
  • S&P 500 futures -.17%.
  • NASDAQ 100 futures -.18%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (CTRN)/.00
  • (SFUN)/.06
After the Close:
  • None of note
Economic Releases
9:45 am EST
  • The Chicago Purchasing Manager for November is estimated to rise to 58.5 versus 58.4 in October.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Williams speaking, China PMI report and the (MTU) analyst day could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and healthcare shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 100% net long heading into the day.

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