Tuesday, November 13, 2018

Wednesday Watch

Evening Headlines
  • Asia Stocks Set for Mixed Start; Crude Slumps. Asian stocks headed for a mixed start ahead of key data on China’s economy, following a topsy-turvy session for U.S. equities that saw tech shares rally and energy shares slide. Oil’s unprecedented slump deepened. Futures pointed to a dip in Japanese stocks, while shares in Hong Kong were indicated higher. Australia shares opened flat. The S&P 500 Index finished Tuesday lower as a surge in optimism over trade talks with China was offset by the plunging crude price, with U.S. oil sliding more than 7 percent. Treasuries climbed and the dollar fell from an 18-month high. The pound extended gains amid optimism the U.K. and the European Union have agreed on a draft Brexit divorce deal. Futures on Japan’s Nikkei 225 Stock Average fell 0.2 percent in Singapore. FTSE China A50 futures slid 0.2 percent. Hang Seng Index futures climbed 0.5 percent. Australia’s S&P/ASX 200 Index opened flat. The S&P 500 Index fell 0.2 percent. Futures on the S&P 500 were little changed.  
Wall St. Journal:
Zero Hedge:
Business Insider:
Night Trading 
  • Asian equity indices are -% to -% on average.
  • Asia Ex-Japan Investment Grade CDS Index 88.25 -.25 basis point. 
  • Asia Pacific Sovereign CDS Index 9.75 unch.
  • Bloomberg Emerging Markets Currency Index 66.41 +.07%.
  • FTSE 100 futures -.07%.
  • S&P 500 futures +.38%.
  • NASDAQ 100 futures +.51%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (GOOS)/.26
  • (M)/.14
  • (SINA)/.73
  • (WB)/.72
After the Close:
  • (CSCO)/.72
  • (NTAP)/.99
  • (NTES)/2.48
Economic Releases
8:30 am EST
  • The CPI MoM for October is estimated to rise +.3% versus a +.1% gain in September.
  • The CPI Ex Food and Energy MoM for October is estimated to rise +.2% versus a +.1% gain in September.
  • Real Avg. Hourly Earnings YoY for October.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell speaking, Fed's Quarles speaking, China Retail Sales/Industrial Production reports, Eurozone Industrial Production report, weekly MBA Mortgage Applications report, Jefferies Healthcare Conference, Barclays Automotive Conference, BofA Merrill Energy Conference, Scotiabank Energy Infrastructure Conference, JPMorgan TMT Conference, Morgan Stanley TMT Conference, (AVID) Investor Day, (OI) Investor Day, (WEX) Investor Day and the (MMM) Investor Day could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by financial and industrial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 25% net long heading into the day.

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