Night Trading
- Asian equity indices are -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 58.0 unch.
- China Sovereign CDS 40.0 +.75 basis point.
- Bloomberg Emerging Markets Currency Index 65.76 -.01%.
- FTSE 100 futures +.13%.
- S&P 500 futures -.07%.
- NASDAQ 100 futures -.11%.
Earnings of Note
Company/Estimate
Before the Open:
- None of note
After the Close:
- (OXM)/1.86
- (TLRD)/.79
Economic Releases
8:30 am EST
- PPI Final Demand MoM for August is estimated unch. versus a +.2% gain in July.
- PPI Ex Food and Energy MoM for August is estimated to rise +.2% versus a -.1% decline in July.
10:00 am EST
- Wholesale Trade Sales MoM for July is estimated to rise +.5% versus a -.3% decline in June.
10:30 am EST
- Bloomberg
consensus estimates call for a weekly crude oil inventory decline of
-2,655,170 barrels versus a -4,771,000 barrel decline the prior week.
Gasoline supplies are estimated to fall by -857,090 barrels versus a
-2,538,000 barrel decline the prior week. Distillate inventories are
estimated to fall by -509,360 barrels versus a -2,538,000 barrel decline
the prior week. Finally, Refinery Utilization is estimated to fall by
-.55% versus a -.4% decline prior.
Upcoming Splits
- None of note
Other Potential Market Movers
- The $24B 10Y T-Note auction, Japan Machine Orders report, weekly MBA Mortgage Applications report and the BofA Merrill Media/Communications/Entertainment Conference could also impact trading today.
BOTTOM LINE:
Asian indices are mostly higher, boosted by technology and financial
shares in the region. I expect US stocks to open mixed and to rally into
the afternoon, finishing modestly higher. The Portfolio is 75% net long
heading into the day.
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