Monday, January 21, 2019

Tuesday Watch

Today's Headlines
  • Asian Stocks See a Muted Start; U.S. Futures Drop. Asian stocks saw muted trading early Tuesday as investors weighed the latest batch of headlines on global growth and trade, without any direction offered from American markets that were shut for a holiday Monday. Shares were flat in Japan and dipped in Australia after stocks in Europe slipped on Monday. Contracts on the S&P 500 Index declined. The dollar steadied and bonds in Europe were mixed. News that the IMF was cutting its global growth forecast to the weakest in three years merely cemented an already downbeat mood. The offshore yuan was steady after President Xi Jinping stressed the need to maintain political stability in an unusual meeting that suggested fresh concerns about the implications of the slowing economy. Japan’s Topix Index was little changed at 9:19 a.m. in Tokyo. S&P/ASX 200 fell 0.2 percent. Futures on the S&P 500 Index sank 0.4 percent.
Zero Hedge: 
Night Trading
  • Asian indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 85.75 -1.25 basis points.
  • China Sovereign CDS 58.75 -1.25 basis points.
  • Bloomberg Emerging Markets Currency Index 67.89 -.03%.
  • FTSE 100 futures +.15%.
  • S&P 500 futures -.41%.
  • NASDAQ 100 futures -.50%.

Earnings of Note
Before the Open:
  • (ATI)/.34
  • (FITB)/.67
  • (HAL)/.37
  • (JNJ)/1.95
  • (LOGI)/.54
  • (PETS)/.48
  • (SWK)/2.10
  • (STLD)/1.24
  • (TRV)/2.40
After the Close:
  • (COF)/2.39
  • (IBM)/4.83
  • (LRN)/.56
  • (AMTD)/1.01
  • (WYNN)/1.29
  • (ZION)/1.06
Economic Releases
10:00 am EST
  • Existing Home Sales MoM for Dec. is estimated to fall -.9% versus a +1.9% gain in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The German ZEW Index and Davos 2019 could also impact trading today.
BOTTOM LINE: Asian indices are slightly lower, weighed down by financial and consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the week.

No comments: