Sunday, July 28, 2019

Monday Watch

Today's Headlines
  • Stocks Look Mixed With Trade Talks, Fed in Focus. Asian stocks looked set to start the week on a mixed note as U.S.-China trade talks resume and the Federal Reserve is expected to deliver its first interest-rate cut in a decade. Futures pointed to modest gains in Japan and Australia, while Hong Kong contracts inched lower. U.S. futures were flat in early Asian trading after the S&P 500 and Nasdaq Composite indexes hit fresh records Friday as technology shares rallied. Treasuries were little changed and the dollar advanced against its major peers after White House adviser Larry Kudlow said the U.S. has ruled out plans to intervene in foreign-exchange markets. Futures on the Nikkei 225 rose 0.3% earlier. Australia’s S&P/ASX 200 Index contracts rose 0.3%. Hong Kong’s Hang Seng Index futures dipped 0.1%. S&P 500 futures were little changed.
Zero Hedge:     
Night Trading
  • Asian indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 57.50 unch.
  • China Sovereign CDS 39.50 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 67.33 unch.
  • FTSE 100 futures +.09%.
  • S&P 500 futures -.05%.
  • NASDAQ 100 futures -.04%.

Earnings of Note

Before the Open:
  • (AMG)/3.18
  • (BAH)/.72
  • (CTB)/.50
After the Close:
  • (AKS)/.06
  • (BYND)/-.08
  • (CGNX)/.23
  • (ILMN)/1.34
  • (NXPI)/1.78
  • (SBAC)/1.73
  • (TEX)/1.34
  • (RIG)/-.34
  • (TREX)/.64
  • (VNO)/.86
Economic Releases
10:30 am EST
  • The Dallas Fed Manufacturing Activity Index for July is estimated to rise to -5.0 versus -12.1 in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China trade talks with Lightheizer and Japan industrial production report could also impact trading today.
BOTTOM LINE: Asian indices are modestly higher, boosted by industrial and financial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 100% net long heading into the week.

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