Tuesday, September 17, 2019

Wednesday Watch

Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 54.5 -1.5 basis points.
  • China Sovereign CDS 39.25 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index  65.88 +.02%.
  • FTSE 100 futures n/a.
  • S&P 500 futures -.02%.
  • NASDAQ 100 futures -.01%.

Earnings of Note 
Company/Estimate

Before the Open:
  • (GIS)/.77
After the Close:
  • (MLHR)/.78
Economic Releases
8:30 am EST
  • Housing Starts for August are estimated to rise to 1250K versus 1191K in July.
  • Building Permits for August are estimated to fall to 1300K versus 1336K in July.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,534,750 barrels versus a -6,912,000 barrels the prior week. Gasoline supplies are estimated to fall by -569,330 barrels versus a -682,000 barrel decline the prior week. Distillate inventories are estimated to rise by +370,170 barrels versus a 2,704,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.34% versus a +.3% gain the prior week.
2:00 pm EST
  • The FOMC is expected to lower the benchmark Fed Funds Rate 25.0 basis points to 1.75-2.0%.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The FOMC's press conference, UK PPI report, Eurozone CPI report, weekly MBA Mortgage Applications report, DA Davidson Industrials/Services Conference, (PPC) analyst day and the (CRM) investor meeting could also impact trading today.
BOTTOM LINE: Asian indices are modestly higher, boosted by industrial and technology 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.

No comments: