Sunday, September 08, 2019

Monday Watch

Today's Headlines
  • Asian Stocks Set For Muted Start to the Week. Stocks in Asia looked set for a muted start to the week amid further signs of economic softening alongside moves by monetary policy makers to address them. Futures in Japan and Australia were little changed, with contracts in Hong Kong edging higher. On Friday, the People’s Bank of China said it will cut the amount of cash banks must hold as reserves to the lowest level since 2007, injecting liquidity into an economy facing both a domestic slowdown and trade-war headwinds. U.S. stocks and the 10-year Treasury yield were little changed Friday as Federal Reserve Chairman Jerome Powell’s last speech before next week’s policy meeting cemented views for another interest-rate reduction. The S&P 500 Index rose 0.1% on Friday. Futures on Japan’s Nikkei 225 rose 0.1%. Hang Seng futures added 0.2%. Futures on Australia’s S&P/ASX 200 Index slid 0.1%.  
  • Had bullish commentary on (LULU), (T), (GLU), (MCK) and (DHI).
Zero Hedge: 
Night Trading
  • Asian indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 58.75 unch.
  • China Sovereign CDS 39.75 -1.0 basis point.
  • Bloomberg Emerging Markets Currency Index 65.76 -.01%.
  • FTSE 100 futures n/a.
  • S&P 500 futures +.06%.
  • NASDAQ 100 futures +.09%.

Earnings of Note

Before the Open:
  • None of note
After the Close:
  • (CASY)/2.03
  • (CTRP)/.30
Economic Releases
3:00 pm EST
  • Consumer Credit for July is estimated at $16.35B versus $14.596B in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK Industrial Production report, UBS Business Services/Leisure/Transport Conference, CSFB Steel/Mining Conference, Morgan Stanley Healthcare Conference, Barclays Financial Services Conference, CSFB Basic Materials Conference, Janney Montgomery Healthcare Conference and the (CR) financial analyst meeting 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 rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the week.

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