Thursday, October 17, 2019

Friday Watch

Evening Headlines
  • Asia Stocks See a Mixed Open Ahead of China Data. Asian stocks headed for their highest close since July on Friday after U.S. shares edged closer to a record. The dollar traded near its weakest since before August’s trade-war turmoil amid diminishing demand for havens. The yuan was little changed before key economic data from China on Friday, though the indicators -- including third-quarter GDP -- may have limited significance as investors look to a potential U.S.-China trade deal between Presidents Donald Trump and Xi Jinping next month. Stocks in Tokyo and Seoul rose Friday, while Australia’s benchmark dipped. Treasuries were little changed. Futures on the S&P 500 were flat as of 9:23 a.m. in Tokyo. The underlying gauge rose 0.3% on Thursday. Japan’s Topix advanced 0.5%. Hang Seng futures earlier ended flat. Australia’s S&P/ASX 200 Index dipped 0.2%. Kospi Index gained 0.3%.
Night Trading 
  • Asian equity indices are -.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 71.5 -1.0 basis point.
  • China Sovereign CDS 41.0 -2.0 basis points.
  • Bloomberg Emerging Markets Currency Index  65.80 +.04%.
  • FTSE 100 futures -.24%.
  • S&P 500 futures -.09%.
  • NASDAQ 100 futures -.09%.
Morning Preview Links

Earnings of Note 

Before the Open:
  • (AXP)/2.02
  • (KO)/.56
  • (GNTX)/.42
  • (KSU)/1.79
  • (MAN)/1.94
  • (NVR)/51.52
  • (SLB)/.40
  • (STT)/1.40
After the Close:
  • None of note
Economic Releases
10:00 am EST
  • The Leading Index for Sept. is estimated unch. versus unch. in Aug.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China GDP report, California Canabis Policy Summit, (SLB) investor roundtable and the (SCHW) business update 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 100% net long heading into the day.

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