Tuesday Watch

Evening Headlines

Bloomberg:   

• China Likely Suffered Another Economic Slowdown Last Month.  
• Debt Load Threatens Latin America Jobs Recovery, World Bank Says
• Indonesia Eases Restrictions; Philippines Perks: Virus Update.   
• Asia Stocks Set for Steady Start as CPI Awaited: Markets Wrap.
• Oil Rises to Six-Week High as Another Storm Heads for U.S. Gulf.
• House Democrats Float 26.5% Top Corporate Rate in Tax Plan.
• Durbin Says $3.5 Trillion is Starting Point for Economic Plan.
• Apple Rushes to Block Spyware That Doesn’t Need User’s Click.  
• Blinken Defends Afghan Pullout as He Faces Angry Lawmakers.  
• Tankers Flee Deeper Into Gulf as Nicholas Heads for Texas Ports

Wall Street Journal:  

• Energy Prices in Europe Hit Records After Wind Stops Blowing.
• Democrats Release Details of Proposed Tax Increase.  
• Gavin Newsom’s White Privilege.
• Here Comes the Biden Tax Bill.  
• Iran’s Dangerous Nuclear Dance.  
• Where the Covid Origin Inquiry Goes Now.
• NYC’s Covid-19 Vaccination Proof Mandate for Restaurants and Dining: What to Know.

Fox News:  

• Afghan war vet scolds Blinken in heated exchange for deceiving nation over withdrawal screw up.
• FLASHBACK: Biden’s prediction on herd immunity falls short.
• FB responds to bombshell report that they do more than play favorites.

CNBC.com:

• House Democrats propose new tax hikes to pay for their $3.5 trillion bill: Here are the details.
• Data shows Covid booster shots ‘not appropriate’ at this time, U.S. and international scientists say.
• Tuesday’s CPI report likely to show inflation continuing to run hot, putting the Fed in tough spot.
• Apple to announce new iPhones, Apple Watch and AirPods on Tuesday.
• Europe’s gas shortage could make the whole world pay more to get warm this winter.

MarketWatch.com:               

• Here are two large tech stocks to avoid, according to Goldman Sachs.  
• Buyback tax proposal could blunt a major driver of stock market returns, experts warn.  
• Vehicle thefts are way up — here’s where the most cars are getting stolen.

Zero Hedge:

• Trump Slams Bush's 9/11 Speech: Man "Responsible For Death Of Perhaps Millions Of People" Shouldn't Lecture Anybody.
• California Republicans Shocked To Discover They've 'Already Voted' In Recall Election.
• Counterfeit Capitalism: Why A Monopolized Economy Leads To Inflation And Shortages.
• Kolanovic Says Time To "Reduce Tech" Just As Hedge Funds Finally Cover Their Nasdaq Puts.
• Aluminum Tops $3,000 For First Time Since 2008 On Supply Woes.
• High School Barred Students From Commemorating 9/11 Over 'Racial Insensitivity'.
• Capitol Fencing To Go Back Up Ahead Of Sept. 18 "Justice For J6" Rally.
• Fox Agrees To Buy TMZ In Latest Major Media Deal.
• Goldman Sounds Red Alert Over The Debt Ceiling: "Upcoming Deadline Looks As Risky As The 2011 Debt Limit Fight".
• Over 2/3rds Of Investors See At Least 5% Correction By Year-End, Blame Vaccine-Beating Variants.
• Uranium Stocks Explode As WallStreetBets Goes Nuclear.
• Top UPS Exec Warns Supply Chain Disarray Will Leave Permanent Scar.
• Bubble-Wrapping History: The National Archives Moves To "Reimagine" The Founding.
• Last-Minute Panic-Bid Saves Stocks From Longest Losing Streak In 19 Months.

Reuters:

• South Africa loosens COVID curbs as third wave eases. Authorities reported 3,961 new cases on Sunday, compared with a peak of about 26,500 per day in early July.
• South Africa has administered at least 14,670,161 doses of COVID vaccines so far. Assuming every person needs 2 doses, that’s enough to have vaccinated about 12.5% of the country’s population.

TheGatewayPundit.com:

• ‘Violates Florida Law’ – Gov. DeSantis Announces Cities, Counties That Require Employees to Get Vaxxed will Be Fined $5,000 Per Infraction (VIDEO).
• Secretary Blinken Admits to Ongoing Hostage Situation in Afghanistan — Americans STILL Blocked from Leaving Mazar-i-Sharif Airport.
• EXCLUSIVE VIDEO: Federally Contracted Workers Destroy Building Materials From Trump’s Border Wall in Arizona for Scrap as Holes in the Wall Remain.
• Secretary of State Blinken Says Only “Some” of the 60,000 Afghans Brought to US Meet the Qualifications For SIV (VIDEO).
• Teenage Boys 6X More Likely to Suffer Heart Problems From COVID Vax Than Be Hospitalized From Coronavirus.
• WAYNE ROOT: Why Larry Elder Will Win the California Recall Election…But He Will Lose a Rigged Election Just Like Trump.
• Pelosi Masks Up for the Official Photos at Ground Zero — Then Drops the Mask When She Thinks the Cameras are Off.

The Epoch Times:

• China Vehicle Sales Fall Amid Chip Shortages as Companies Drive up Prices.
• China Evergrande Debt Woes Raise Financing Pressure on Peers.

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 equity indices are -.25% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 65.75 unch.

• China Sovereign CDS 33.0 +.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 60.23 unch.
• Bloomberg Global Risk-On/Risk Off Index 2,985.0 -15.0 points.
• Volatility Index(VIX) futures 21.3 -.24%.
• FTSE 100 futures +.01%.

• S&P 500 futures +.13%

• NASDAQ 100 futures +.08%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (FCEL)/-.05
  

After the Close:

• None of note
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for Aug. is estimated to fall to 99.0 versus 99.7 in July.
  

8:30 am EST

• The CPI MoM for Aug. is estimated to rise +.4% versus a +.5% gain in July.
• The CPI Ex Food and Energy MoM for Aug. is estimated to rise +.3% versus a +.3% gain in July.
• Real Avg. Weekly Earnings YoY for Aug. 
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China industrial production report, Cali Governor recall election, weekly US retail sales reports, Jefferies Software Conference, Baird Healthcare Conference, Raymond James Consumer Conference and the (CROX) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and consumer shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.