Monday Watch

Today's Headlines

Bloomberg:  

• China to Maintain Prudent Monetary Policy, PBOC’s Chen Says.

• Betting on a Soft Landing: the Takeaways From the IMF Meetings.

• French President Macron to Address the Nation on Monday.

• Asia Stocks Gain as Profits, China Data Ease Worry. Asian stocks began the week on a mostly positive note after earnings and Chinese economic data eased concerns about a slowdown in global growth Friday, lifting U.S. shares and Treasury yields. Japanese shares posted the largest gain early Monday, with equities in South Korea also higher and Aus
  tralia opening flat. The S&P 500 Index on Friday climbed to within 1 percent of reaching a new all-time high. Australian bonds fell, tracking the drop in Treasuries prior to the weekend. The dollar steadied with Treasuries and oil started the week with a modest decline.
  Japan’s Topix index rose 1.5 percent as of 9:03 a.m. in Tokyo. South Korea’s Kospi index advanced 0.5 percent. Australia’s S&P/ASX 200 Index rose 0.1 percent. S&P 500 futures were little changed. The index increased 0.7 percent Friday.  

• Global Soft Landing, Trump Attacks Fed, Goldman on 2020: Eco Day.  

• Five Things You Need to Know to Start Your Day.

• President Trump Slams Fed Again, Says Stocks Should Be 5,000-10,000 Higher .

• Goldman Economists Say Trump Re-Election More Likely Than Not. 

• Kamala Harris Shows Income Topping $2 Million on Tax Return   

• Tiger Woods Wins Masters, Reclaims Title of Golf's Biggest Star.

Wall Street Journal:

• The Establishment Coup Against Brexit.

• Global Markets Rally Defies Dimming Economic Outlook.

• Publicis Expands Access to Consumer Data With $4.4 Billion Deal.

• Congestion Pricing Could Turn Manhattan Into Pedestrian Paradise. 

• In New Ebola Outbreak, Health-Care Workers Come Under Attack.

• White House Fully Reviewing ‘Sanctuary Cities’ Idea.

• Students, Grads May Be Next Targets of Admissions Scandal.

• Trump’s Fed Attacks Cast a Chill at Global Finance Gathering.

• White House Weighs Broader Immigration Curbs.

• Contract Drug Manufacturer Catalent to Buy Paragon Bioservices in $1.2 Billion Deal.

MarketWatch.com:

• Spring is here — and that probably means a reinvigorated U.S. economy.

Fox News:

• Sanders rips liberal think tank after YouTube video he says is ‘smearing’ him, other 2020 hopefuls.

• Politicians are pushing to have this city become the 51st state.

CNBC:

• The Disney(DIS)+ launch kicks off Game of Thrones for streaming services.

• American Airlines cancels all 737 Max flights through the summer.

• Huawei is ‘open’ to selling 5G chips to Apple for iPhones, marking a big shift in strategy.

Zero Hedge:        

• Cory Booker Admits Releasing Migrants In Sanctuary Cities Would "Make Us Less Safe".

• Harvard Test-Taking Whiz At Center Of College Admission Scandal Pleads Guilty.

• Lumber & Copper Prices Are Diverging – Which Is Signal & Which Is Noise?

• Conservative Journalist Ejected From Bernie Sanders Rally With No Explanation.

• College (As We Knew It) Is Broken In The USA.

• Kim Jong Un Appoints More Generals In Military Shakeup While Extending Hand To Trump.

• An Interview With The Most Powerful Man On Wall Street.

• Google's(GOOG) Wing Launches Commerical Drone Delivery Service In Australia.

Business Insider:

• Morgan Stanley, Goldman Sachs, and all 27 other banks working on Uber's mega-IPO.

• Italy's economy is one of the biggest downside risks to the global financial system and could spell disaster for Europe. 

• Cory Booker's half-full kickoff rally could be miserable news for the future of his campaign.

• Saudi women abandon their babies on the street if they give birth while unmarried.

Night Trading

• Asian indices are +.25% to +1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 64.5 -1.0 basis point.

• China Sovereign CDS 41.25 -2.25 basis points.

• Bloomberg Emerging Markets Currency Index 67.56 -.03%.

• FTSE 100 futures +.16%.

• S&P 500 futures -.06%.

• NASDAQ 100 futures -.06%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (C)/1.79

• (GS)/5.02

• (MTB)/3.29

After the Close:

• (JBHT)/1.25

• (PNFP)/1.21

Economic Releases
8:30 am EST

• Empire Manufacturing for April is estimated to rise to 8.0 versus 3.7 in March.
  

4:00 pm EST

• Net Long-Term TIC Flows for Feb.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The World Vaccine Congress could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to strengthen into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the week.