Sunday, May 19, 2019

Monday Watch

Today's Headlines
Bloomberg:   
  • Asian Stocks Set for Mixed Open; Aussie Jumps. Asian equities looked poised for a mixed start as U.S.-China trade tensions simmered with little in the way of weekend catalysts. The Australian dollar climbed after a surprise election victory for Prime Minister Scott Morrison. Futures pointed lower in Tokyo, with a flat start seen in Hong Kong. Late Friday, the S&P 500 Index fell to round out a second straight weekly loss, while the dollar ended the week stronger. China’s offshore yuan remained near a five-month low. Crude gained after Saudi Arabia and other key producers in OPEC signaled their intention to keep oil supplies constrained for the rest of the year, while pledging to prevent any genuine shortages. Japan’s Topix index rose 0.4% as of 9:05 a.m. in Tokyo. South Korea’s Kospi index advanced 0.8%. Australia’s S&P/ASX 200 Index gained 1.4%. Futures on the S&P 500 Index rose 0.3%.
MarketWatch.com:
Zero Hedge:      
Night Trading
  • Asian indices are unch. to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 71.0 +1.0 basis point.
  • China Sovereign CDS 49.25 +1.75 basis points.
  • Bloomberg Emerging Markets Currency Index 65.70 +.01%.
  • FTSE 100 futures +.28%.
  • S&P 500 futures +.38%.
  • NASDAQ 100 futures +.48%.

Earnings of Note
Company/Estimate

Before the Open:
  • (AZZ)/.46
  • (IGT)/.22
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The Chicago Fed National Activity Index for April.
Upcoming Splits
  • (FAST) 2-for-1
Other Potential Market Movers
  • The Eurozone PPI report, UBS Global Healthcare Conference, UBS Oil/Gas Conference and the (LSCC) investor day could also impact trading today.
BOTTOM LINE: Asian indices are higher, boosted by technology and commodity shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon.  The Portfolio is 75% net long heading into the week.

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