Monday Watch

Today's Headlines

Bloomberg:                       

• Xi Jinping’s Capitalist Smackdown Sparks a $1 Trillion Reckoning.
  
• Macau Gaming Revenue Recovery Slows Amid Travel Restrictions.
• China’s Top Steel Body Expects Wider Output Cuts as Demand Slows.  
• U.S. Blames Iran for Ship Attack, Plans ‘Appropriate Response’.
• Inflation Angst Spreads to India Bonds as RBI Downplays Risk.
• U.K. Companies Step Up Hiring and Wages Amid Reopening.
• Pfizer, Moderna Increase EU Vaccine Pricing in Latest Deals: FT.  
  
• Global Copper Supply at Risk As Workers Vote to Strike.   
• French Car Sales Drop 35% in July as Chip Shortage Crimps Supply.
  
• Thailand Expands Quasi-Lockdown to Cover 40% of Population.   
• Asia Stocks Rise as China-Sparked Dip Draws Buyers: Markets Wrap.
• Saudi Banks, Abu Dhabi Stocks Gain Amid Earnings: Inside EM.   
• Oil Opens Week Steady as Traders Weigh Demand, Iranian Tensions.
• Five Things You Need to Know to Start Your Day.
• U.S. Debt Ceiling Suspension Ends, Congress Unclear on Next Step.
• Treasury Traders Eye Supply-Demand Risks With Yields Near Lows.   
• Japan, U.K. Plan Booster Jabs; India at Risk Again: Virus Update.
  
• Brainard Differs With Powell Ahead of Biden Fed Chair Choice.
• World’s Biggest Pension Fund Cuts U.S. Bond Weighting by Record.   
• Fed’s Kashkari Warns Delta Variant Could Slow Jobs Recovery.

Wall Street Journal:

• Investors Bet Price Pressures Will Ease.
• A Cash-Strapped Corner of China Finds a Financial Tonic—Hard Liquor.
• Higher Pay for New Workers Ripples Through the Ranks.
• Tech Startup Financing Hits Records as Giant Funds Dwarf Venture Capitalists.
• Two U.S. Companies Seek Continued Tariffs on Imported Solar Panels.
• FDA Pressured to Grant Full Approval to Covid Shots.
• Heavyweight Companies Enjoy Outsize Rewards as Economy Rebounds.
• Bye-Bye Bikinis? Athletes at the Olympics and Beyond Fight "Sexist" Uniforms.
• The Rental Evictions Fiasco.

Fox News: 

• Controversial Olympian who protested national anthem says she's 'earned' right to wear US colors.
• HANSON: Americans are sick of being called racists — and ratings prove that.
• Pandemic gun demand leaves law enforcement, instructors short on ammo.

CNBC:

• Senator Manchin says the infrastructure bill text is going to be done today.
• One leading S&P 500 sector just posted its best win streak in more than a year.
• Top Wall Street analysts are betting on more gains for these stocks as earnings continue. 
• Square to buy Australian giant Afterpay for $29 billion as buy now, pay later booms.
• Fauci says he expects no new U.S. lockdowns despite surging delta cases.
• July jobs report could be what gives the market its next big jolt in the week ahead.
• Why Apple shareholders shouldn’t be too worried after the earnings selloff.

Zero Hedge: 

• Bill Maher Rips Woke Mentality Now Driving Olympic Games: "Belongs In Stalin’s Russia".
• 10 Republicans Back Bill Calling For Audit Of The CDC.
• Higher Gas Prices Mean Higher Taxes: Illinoisans Now Pay The Nation's 2nd-Highest Gas Taxes.
• San Fran DA Chesa Boudin Stands Up For Shoplifters And Drug Dealers.
• FDA May Grant Full Approval For Pfizer Jab As Early As September.
• Goldman's Top 10 Takeaways From July.
• Illinois Unconcerned As Communication And 'Science' Behind COVID Policy Slip Toward Chaos.
• Senate Concludes Infrastructure Bill Text, Moves Toward Vote.
• Major Unions Push Back Against Biden's Vaccine Mandates.
• Orange County Records Spike In Fentanyl Deaths.
• Bill Blain Warns "Financial Asset Inflation Is Now Creeping Into The Real World".
• US Ports Face Peak-Season "Gridlock Plus" As Anchorages Fill.
• To Advance The Climate Agenda: Never Waste Bad Weather.
• Protesters Rage In Paris Against "Health Passports".
• The Latest Lie From On-High: An "Independent Federal Reserve".
• Twitter Suspends Science Writer After He Posts Results Of Pfizer Clinical Test.
• Is A Liquor Shortage Looming?
• Tax-To-GDP Ratio: Comparing Tax Systems Around The World.
• Brandon Smith: Why Are Globalists And Governments So Desperate For 100% Vaccination Rates?
• CDC's Walensky Shrugs Off Idea That Illegals Are Spreading COVID At The Border, Promises "Guidelines" Someday.
• California Parents Are Pulling Children From Public Schools.
• 3D Printed Soft Robo-Hand Can Play Nintendo Super Mario Bros. And Win.
• California Biggest Public Sector Union Opposes Newsom's Vaccine Order.

NewsMax:

• Diamond and Silk Slam Fox News for Mike Lindell TV Ban.
• Breakneck Pace of Crises Keeps National Guard Away From Home. 
• Dick Morris: Biden's Handling of COVID Led to Drop in Polls.
  

TheGatewayPundit.com:

• Australia will Use Military to Enforce Sydney Covid Lockdown – Troops will Knock on Doors to Make Sure Residents are at Home.
• BREAKING EXCLUSIVE: Uncovered Email Shows Milwaukee Elections Executive Woodall-Vogg Laughing About the Election Steal on Election Night.
• Sen. John Barrasso: Democrats’ No. 1 Goal Is Passing S1 where You Don’t Need to Have a Voter ID Anymore – Making It Easier for Democrats to Cheat (VIDEO).
• Dominion Voting Machines Arrive in Ohio County Costing $6.17 Million Up Front — Machines Include Software to “Evaluate Voter Intent”. 
• Police Beat, Pepper-Spray Anti-Lockdown Protesters in Berlin (VIDEO).
• Joe Biden Looks to Provide Free Lawyers at Border to Assist Hundreds of Thousands of Illegal Invaders as They Cross the Open US Southern Border.
• CDC to Start Using a New COVID Test that Will Better Identify Flu Cases After Seasonal Flu Numbers Disappeared in 2020.

The Epoch Times:

• Republicans on House Science Committee Urge Probe Into CCP Virus Origins.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
  
• NYTimes.com:  County Trends and Clusters.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity.
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Night Trading

• Asian indices are unch. to +1.0% on average.
• Asia Ex-Japan Investment Grade CDS Index 90.0 +1.0 basis point.
• China Sovereign CDS 39.5 +.5 basis point.
• Bloomberg Emerging Markets Currency Index 60.03 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 2,647.0 +30.0 points.
• Volatility Index(VIX) futures 21.7 -1.6%. 
• Euro Stoxx 50 futures +.43%.
• S&P 500 futures +.48%.
• NASDAQ 100 futures +.38%

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• (CNA)/1.12
• (GPN)/1.90
• (ON)/.49
• (TKR)/1.44
  

After the Close:

• (ANET)/2.55
• (BCC)/4.43
• (COLM)/-.09
• (EMN).2,33
• (FANG)/2.19
• (MOS)/.99
• (NXPI)/2.32
• (PXD)/2.54
• (SBAC)/2.40
• (SPG)/2.38
• (TTWO)/.90
• (RIG)/-.14
• (TREX)/.53
• (VNO)/.71
• (WMB)/.28
  

Economic Releases

10:00 am EST

• Construction Spending MoM for June is estimated to rise +.5% versus a -.3% decline in May.
• ISM Manufacturing for July is estimated to rise to 60.7 versus 60.6 in June.
• ISM Prices Paid for July is estimated to fall to 88.0 versus 92.1 in June.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Australia interest rate decision, Eurozone PMI report and the (F) fireside chat could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

BOTTOM LINE: Asian indices are higher, boosted by industrial and technology shares in the region. I expect US stocks to open modestly higher and to maintain gains nto the afternoon.  The Portfolio is 100% net long heading into the week.