Monday, November 11, 2019

Tuesday Watch

Evening Headlines
  • Asian Stocks Trade Mixed; Treasury Yields Decline. Asian stocks were mixed Tuesday as investors awaited further developments on the U.S.-China trade front and kept an eye on the situation in Hong Kong. Treasuries recouped some of their recent losses. Hong Kong shares opened higher, taking back some of their sharp losses from Monday, when escalating violence in the strife-torn city unnerved investors. Stocks dipped in Tokyo and Sydney, and ticked up in Seoul. U.S. futures slipped after the S&P 500 Index fell for the first time in four sessions in holiday-thinned trading on Monday. Oil was above $56 a barrel in New York. Japan’s Topix index were down 0.2% as of 10:24 a.m. in Tokyo. Australia’s S&P/ASX 200 Index fell 0.5%. South Korea’s Kospi index rose 0.1%. Hong Kong’s Hang Seng Index climbed 0.5%. S&P 500 futures were down 0.1%. The S&P 500 Index fell 0.2%.  
Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.0 +.75 basis point.
  • China Sovereign CDS 37.25 +1.0 basis point.
  • Bloomberg Emerging Markets Currency Index  65.82 -.01%.
  • FTSE 100 futures +.07%.
  • S&P 500 futures -.15%.
  • NASDAQ 100 futures -.18%.
Morning Preview Links

Earnings of Note 

Before the Open:
  • (AAP)/2.05
  • (CBS)/.93
  • (DHI)/1.25
  • (DF)/-.20
  • (EBIX)/1.08
  • (OSTK)/-.58
  • (ROK)/1.93
  • (SAGE)/-3.38
  • (TSN)/1.27
After the Close:
  • (ADT)/.21
  • (DOX)/1.08
  • (SWKS)/1.50
  • (TLRY)/-.30
Economic Releases
6:00 am EST
  • The NFIB Small Business Optimism report for Oct. is estimated to rise to 102.0 versus 101.8 in Sept.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The President speaking at Economic Club of New York, Fed's Barkin speaking, Fed's Kashkari speaking, Fed's Harker speaking, Fed's Clarida speaking, German ZEW Index, weekly US retail sales reports, Morgan Stanley Chemicals/Ag/Packaging Conference, RBC Precious Metals Conference, Citi Financial Tech Conference, Needham Networking/Communications/Security Conference and the (UIS) analyst day 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 modestly lower and rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.

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