Tuesday, July 13, 2021

Wednesday Watch

Evening Headlines

Bloomberg:                 
Wall Street Journal:
Fox News:
CNBC.com:
 MarketWatch.com:    
Zero Hedge:
Night Trading 
  • Asian equity indices are -.25% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 88.0 unch.
  • China Sovereign CDS 38.0 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 59.83 -.03%.
  • Bloomberg Global Risk-On/Risk Off Index 3,084.0 -8.0 points.
  • Volatility Index(VIX) futures 20.0 -.08%.
  • FTSE 100 futures +.07%.
  • S&P 500 futures -.02%.
  • NASDAQ 100 futures -.04%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BAC)/.76
  • (BLK)/9.38
  • (C)/1.91
  • (DAL)/-1.40
  • (PNC)/2.38
  • (WFC)/.92
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • PPI Final Demand MoM for June is estimated to rise +.6% versus a +.8% gain in May.
  • PPI Ex Food & Energy MoM for June is estimated to rise +.5% versus a +.7% gain in May.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -4,357,000 barrels versus a -6,866,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -2,092,360 barrels versus a -6,075,000 barrel decline the prior week. Distillate inventories are estimated to rise by +864,550 barrels versus a +1,616,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.28% versus a -.7% decline prior.
2:00 pm EST
  • US Fed Beige Book release.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Powell testifying to House and the weekly MBA Mortgage Applications report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are slightly lower, weighed down by financial and transportation shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

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