Monday Watch

Today's Headlines

Bloomberg:                

• China’s Growth Forecasts Downgraded as Power Crunch Worsens.  
• China’s Recovery Is Coming Under Pressure From Weak Demand.
  
• China’s Power Crisis Moves From the Factory Floor to Homes.
  
• Evergrande’s EV Unit Plunges After Warning of Cash Shortage.
• From Nairobi to Ningbo: See the Supply Shocks Spanning Globe.
• Chinese Regulators Are Serious About Crypto Ban This Time.
• Scholz Has Edge as German Election Leaves Outcome Undecided.
• China Stocks Rise as Liquor Firms Surge to Offset Power-Cut Woes.  
• Stocks, Futures Gain; Oil Rises on Tight Supply: Markets Wrap.
• Oil Extends Surge as WTI Jumps Above $75 on Global Energy Crunch.
• Five Things You Need to Know to Start your Day.
• Pelosi Sets Thursday Vote on Infrastructure Bill in Crucial Week.
  
• Beaten-Down Airline Stocks Celebrate Easing of Travel Rules.  
• Mayorkas Says U.S. Won’t Protect Southern Border With Wall.  
• Apple’s Modest iPhone 13 Update Sets the Stage for Bigger iPhone 14 Changes Next Year.

Zero Hedge: 

• Pelosi Plays Chicken With House Progressives, Schedules Three Votes For Next Week That "Must Pass".
• NYC Fast Resembling San Fran & Vancouver 'Cities Of The Walking Dead' As Junkies, Dealers Take Over Midtown Streets With Impunity.
• As Biden Releases 12K Haitians Into US, Thousands More Arrive In Panama For Northbound Trek.
• Taliban Hangs 4 Bodies In Public Square - Says Will Resume "Cutting Off Of Hands".
• The Key Market Flows Behind "Yet Another Quick Selloff".
• Gasflation.
• As Advisory Panel Warned, CDC Director's Anti-Science Decision Makes Boosters 'Available To Anyone Who Wants One'.
• Not Again. Costco Warns Of Toilet Paper Shortage.
• CDC Not Changing Definition Of "Fully Vaccinated"...For Now: Walensky.
• At Least 3 Dead, Dozens Injured After Amtrak Train Derails In Montana.
• 30 Facts You Need To Know: A COVID Cribsheet.
• The Problem Is Not Just Xi Jinping; It Is Communism.
• Democrats In Congress Try To Abolish Space Force.
• Hedge Fund Net Leverage At All Time Highs As No Dips Are Sold.
• Texas Moves To Divest From Ben & Jerry’s Over Israeli Settlement Ban. 
• Never Say Neigh: FDA Lists 'Horse Drug' As Approved COVID Treatment. 
• Just How Many Containers Of Cargo Are Stuck Off California's Coast?

 Jerusalem Post:

• COVID-19: New 'Mu variant' from Colombia could be vaccine resistant - WHO.

NewsMax:

• Sen. Sullivan: Americans Don't Want 'Socialist, Reckless Spending Bill'.

OANN:

• Sen. Paul: Biden, Fauci Continue To Ignore ‘The Science’ Of Natural Immunity.

NY Times:

• Covid-19 cases are plunging in the South over the last two weeks despite packed college football games and campuses. Florida -46%(vaccination rate: 57%), Louisiana -43%(vaccination rate: 45%), Tennessee -36%(vaccination rate: 45%), Georgia -36%(vaccination rate: 45%), Texas -33%(vaccination rate: 51%), Mississippi -29%(vaccination rate: 43%), South Carolina -29%(vaccination rate: 47%), Arkansas -28%(vaccination rate: 45%) and Alabama -26%(vaccination rate: 42%).

TheGatewayPundit.com:

• DHS Chief Mayorkas Admits More Than 12,000 Haitian Illegals Have Been Released Into US – No Vaccine Mandate, No Covid Testing (VIDEO).
• Arizona Audit Final Report Was Watered Down: Reports from Cyber Ninjas Were Edited, Most Damning Statements Removed – What Else Was Removed?
• Biden Gang Wants Closer Ties with China While Ignoring China’s COVID Guilt and Intimidating Flights Over Taiwan.
• ROCK BOTTOM: Even Kamala’s Poll Numbers Are Now 6 Points Higher Than Joe Biden.
• “Patently False” – CNN’s Jake Tapper Calls Out Biden Admin For Lying About Mounted Border Patrol Agents in Texas (VIDEO).
• American Stasi: Chris Wray’s FBI Is Investigating Veterans’ Group that Is Saving Americans in Afghanistan that Biden Left Stranded.
• POLL: People Who Voted For Joe Biden Are Now Abandoning Him In Droves. 
• Dozens of Massachusetts State Troopers Resign Ahead of Deadline for State’s Mandatory Vaccine Mandate.
  

The Epoch Times:

• CCP Is Carrying Out ‘Cold Genocide’ Against Falun Gong, Professor Says.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• 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 -.25% to +.75% on average.
• Asia Ex-Japan Investment Grade CDS Index 86.25 +3.25 basis points.
• China Sovereign CDS 44.25 +2.0 basis points.
• Bloomberg Emerging Markets Currency Index 59.19 +.05%.
• Bloomberg Global Risk-On/Risk Off Index 3,197.0 -30.0 points.
• Volatility Index(VIX) futures 19.50 -1.6%. 
• Euro Stoxx 50 futures +.62%.
• S&P 500 futures +.42%.
• NASDAQ 100 futures +.41%.

Morning Preview Links

Earnings of Note

Company/Estimate

Before the Open:

• None of note
  

After the Close:

• (JEF)/.85
  

Economic Releases

8:30 am EST

• Durable Goods Orders for Aug. is estimated to rise +.7% versus a -.1% decline in July.
• Durables Ex Transports for Aug. is estimated to rise +.5% versus a +.8% gain in July.
• Cap Goods Orders Non-Defense Ex-Air for Aug. is estimated to rise +.3% versus a +.1% gain in July.
  

10:30 am EST

• Dallas Fed Manufacturing Activity for Sept. is estimated to rise to 11.0 versus 9.0 in Aug.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PPI report, 2/5Y T-Note auction and the Cantor Fitzgerald Healthcare Conference could also impact trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

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