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.
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