Monday, May 27, 2019

Tuesday Watch

Today's Headlines
Bloomberg: 
  • Asia Stocks Set for Muted Open; Dollar Edges Up. Asia stocks were set for a muted open as investors mulled comments from President Donald Trump that the U.S. was “not ready” to reach a trade deal with China. The dollar edged higher. Futures on Japanese and Australian equities were steady, with those in Hong Kong modestly lower. U.S. contracts were little changed in early Asian trading with markets shut Monday for Memorial Day. Earlier, European stocks advanced with bonds after EU elections. A holiday in the U.K. kept volumes low. Futures on the Nikkei 225 were little changed in Singapore. Contracts on Australia’s S&P/ASX 200 Index were flat. Hong Kong’s Hang Seng Index futures fell 0.3% earlier.
Zero Hedge:      
Night Trading
  • Asian indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 74.25 -.25 basis point.
  • China Sovereign CDS 52.5 unch.
  • Bloomberg Emerging Markets Currency Index 65.81 unch.
  • FTSE 100 futures unch.
  • S&P 500 futures +.05%.
  • NASDAQ 100 futures +.12%.

Earnings of Note
Company/Estimate

Before the Open:
  • (AMWD)/1.89
  • (BAH)/.62
  • (MOMO)/.54
After the Close:
  • (WDAY)/.41
  • (YY)/.36
Economic Releases
9:00 am EST
  • The House Price Purchase Index for 1Q.
  • The S&P CoreLogic CS 20-City MoM for March is estimated to rise +.2% versus a +.3% gain in February.
10:00 am EST
  • The Conference Board Consumer Confidence report for May is estimated to rise to 130.0 versus 129.2 in April.
10:30 am EST
  • The Dallas Fed Manufacturing Activity Index for May is estimated to rise to 6.6 versus a reading of 2.0 in April.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China Industrial Profits report, Eurozone Industrial Production report, Eurozone Consumer Confidence report, Deutsche Bank Financial Services Conference and the KeyBanc Industrials/Basic Materials Conference could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the week.

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