Tuesday, November 03, 2009
Stocks Slightly Higher into Final Hour on Less Economic Pessimism, Buyout Speculation, Short-Covering
BOTTOM LINE: The Portfolio is slightly higher into the final hour on gains in my Biotech longs and Medical longs. I covered all of my (IWM)/(QQQQ) hedges and some of my (EEM) short this morning, thus leaving the Portfolio 100% net long. The tone of the market is slightly positive as the advance/decline line is about even, sector performance is mostly positive and volume is about average. Investor anxiety is very high. Today’s overall market action is mildly bullish. The VIX is falling -1.75% and is very high at 29.30. The ISE Sentiment Index is about average at 155.0 and the total put/call is above average at .96. Finally, the NYSE Arms has been running above average most of the day, hitting 1.53 at its intraday peak, and is currently .87. The Euro Financial Sector Credit Default Swap Index is rising +.09% today to 68.83 basis points. This index is down from its record March 10th high of 208.75. The North American Investment Grade Credit Default Swap Index is rising +2.06% to 108.09 basis points. This index is also well below its Dec. 5th record high of 285.99. The TED spread is down -1 basis point to 23 basis points. The TED spread is now down 441 basis points since its all-time high of 463 basis points on October 10th. The 2-year swap spread is rising +7.69% to 36.75 basis points. The Libor-OIS spread is unch. at 13 basis points. The 10-year TIPS spread, a good gauge of inflation expectations, is up +1 basis point to 2.05%, which is down 60 basis points since July 7th. The 3-month T-Bill is yielding .04%, which is unch. today. Cyclicals are outperforming substantially today, rising +1.32%. The Transports are surging 4.81% on the (BNI) news. Road & Rail, Gaming, Gold, Oil Service and Coal shares are especially strong, rising 1.75%+. Given the weakness overseas last night/this morning and relative weakness in (XLF) this morning, today’s broad market rebound from morning lows is more impressive. As well, despite weakness in the Semis today on a downgrade, the MS Tech Index is near session highs, rising .1%. A number of key stocks seem to be finding support around their 50-day moving-averages. I have heard several predictions of a 10%+ unemployment rate, which is released on Friday. I will be surprised if it comes in above estimates of 9.9%. I wouldn’t be surprised to see it come in slightly better than estimates. I sense the bears are probably getting a bit impatient with their inability to gain meaningful downside traction over the last couple of days. Nikkei futures indicate a -17 open in Japan and DAX futures indicate an +23 open in Germany tomorrow. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering, bargain-hunting, buyout speculation and less economic pessimism.
Today's Headlines
Bloomberg:
- India, the world’s biggest gold consumer, bought 200 metric tons from the International Monetary Fund for $6.7 billion as central banks show increased interest in diversifying their holdings to protect against a slumping dollar. The transaction, equivalent to 8 percent of world annual mine production, was the IMF’s first such sale in nine years and propels India to the ninth-biggest government owner globally, according to figures from London-based research company GFMS Ltd.
- Russian stocks entered a correction, with the benchmark Micex Index slumping more than 10 percent from its high in October, as oil declined and concern deepened the withdrawal of stimulus measures will slow the global economic recovery. OAO Rosneft, Russia’s biggest oil company, lender OAO Sberbank and OAO Novolipetsk Steel lost more than 4 percent. The Micex sank 3.8 percent to 1,218.42, with all 30 stocks declining. The gauge has retreated 11.3 percent from its high on Oct. 21, exceeding the 10 percent threshold that defines a so-called correction.
- David Friehling, the accountant for con artist Bernard Madoff, will plead guilty on Nov. 3 for his role in the largest U.S. Ponzi scheme, prosecutors said.
Wall Street Journal:
- In a very early test of President Barack Obama's political influence, two states are choosing whether to continue Democratic rule while voters elsewhere elect a handful of congressmen and big-city mayors. Elected just a year ago, the president has spent a considerable amount of time and energy trying to ensure that Democrats win governor's races in Virginia and New Jersey and pick up a GOP-held congressional seat in upstate New York. In doing so, Mr. Obama raised the stakes of a low-enthusiasm off-year election season -- and risked political embarrassment if any lost. All three could.
- Some of the biggest companies backing the Blu-ray format for high-definition movies are hedging their bets by introducing players that can also show Internet video, which is making surprising inroads in the home-entertainment market. Electronics retailers and manufacturers including Best Buy Co., Samsung Electronics America Inc. and LG Electronics USA Inc. are selling Blu-ray disc players that tap into movies from online rental companies. The devices provide an alternative to pay-per-view cable services.
CNBC:
- Former Vice President Al Gore thought he had spotted a winner last year when a small California firm sought financing for an energy-saving technology from the venture capital firm where Mr. Gore is a partner. The company, Silver Spring Networks, produces hardware and software to make the electricity grid more efficient. It came to Mr. Gore’s firm, Kleiner Perkins Caufield & Byers, one of Silicon Valley’s top venture capital providers, looking for $75 million to expand its partnerships with utilities seeking to install millions of so-called smart meters in homes and businesses. Mr. Gore and his partners decided to back the company, and in gratitude Silver Spring retained him and John Doerr, another Kleiner Perkins partner, as unpaid corporate advisers. The deal appeared to pay off in a big way last week, when the Energy Department announced $3.4 billion in smart grid grants. Of the total, more than $560 million went to utilities with which Silver Spring has contracts. Kleiner Perkins and its partners, including Mr. Gore, could recoup their investment many times over in coming years. Silver Spring Networks is a foot soldier in the global green energy revolution Mr. Gore hopes to lead. Few people have been as vocal about the urgency of global warming and the need to reinvent the way the world produces and consumes energy. And few have put as much money behind their advocacy as Mr. Gore and are as well positioned to profit from this green transformation, if and when it comes. Critics, mostly on the political right and among global warming skeptics, say Mr. Gore is poised to become the world’s first “carbon billionaire,” profiteering from government policies he supports that would direct billions of dollars to the business ventures he has invested in.
NY Times:
- A government report released Monday concludes that taxpayers will probably never recoup all — or even close to all — of the $67 billion that the Treasury Department lent to General Motors and Chrysler in the last year to prevent their collapse, Nick Bunkley of The New York Times reports from Detroit. The report, by the Government Accountability Office, estimates that G.M. and Chrysler would need to be worth a combined $121.7 billion, or roughly 30 percent more than their values about a decade ago, for the Treasury to break even on its investments. The report said it already was assuming that $6.4 billion of the money lent to the carmakers before their bankruptcies would not be repaid. “Treasury is unlikely to recover the entirety of its investment in Chrysler or G.M., given that the companies’ values would have to grow substantially above what they have been in the past,” the report said. The companies’ current value and recent financial performance are unknown because neither one is publicly traded. The Treasury hopes to have an initial public offering of G.M. shares as soon as 2010, and a sale of its share in Chrysler would occur after that. It owns 60.8 percent of G.M. and 9.85 percent of Chrysler, whose majority owner is the United Automobile Workers union’s retiree health care trust. But the report expressed concern that a plan to wind down the automotive task force created by President Obama to oversee the carmakers’ rescue would leave the government with insufficient expertise to protect its interests in the companies and to determine how and when to divest its stakes.
Washington Times
- Want to dine with five U.S. senators? Then just drop by Wednesday night and, oh, by the way, bring $30,400. That's what it costs to be a "co-chair" of the Democratic Senatorial Campaign Committee's Women's Senate Network party, thrown by power lobbyist Heather Podesta. "What do you get when you put the minds of key Democratic Women Senators, the brush strokes of Women Artists, the recipes of Women Chefs, and the design of a Woman Architect together in the same house?" Mrs. Podesta said in an e-mail addressed "Dear friends." Who knows? But it will cost you to find out, according to the e-mail, which lays out contributions required for access to the event. "Those people who gave $30,000 have a seat at the table, the dining table with you, and they sit down and they explain to you what they want, what they're concerned about and perhaps even specific legislation they care about," said Craig Holman, a government affairs lobbyist for Public Citizen, a Washington watchdog group.
FINalternatives:
- Having all but liquidated its fund of hedge funds portfolio in the wake of a pay-to-play scandal, New York’s state pension fund plans to pour more than $1 billion into single-manager hedge funds by the end of the year. The $116 billion New York State Common Retirement Fund is in talks with several potential managers, already awarding a $50 million mandate to Stamford, Conn.-based Diamondback Capital, Crain’s New York Business reports.
The Business Insider:
- Beware a surprise economic crash in China. The country is expanding like crazy, and while this may look great in the short term, there are many signs that the country's economic path is unsustainable. The government itself realizes the problem, but must balance the country's bubble concerns with the zealous economic expectations of its population, and most importantly, the massive need for job creation. It's also a huge country and the government has far less control over the economy than it would like to admit.
- Shares of AIG are up almost five percent this morning, even while the broader indexes and many financial stocks are down. So what's going on? There is chatter running between trading desks that the government is preparing to announce a plan to reduce its stake in AIG on very favorable terms.
Detroit News:
- United Auto Workers President Ron Gettelfinger said "fatigue" from givebacks by Ford Motor Co. workers caused them to soundly reject proposed changes to their labor contract. Speaking on Fox Business Network on Tuesday morning, Gettelfinger conceded UAW leaders did a poor job in convincing a majority of the 41,000 Ford workers the latest concessions were a "win-win" for members and the automaker. "We just did not do a good job selling it to our membership," Gettelfinger said. "We underestimated the fatigue, if you will, or the people constantly having to make a decision on a contract," Gettelfinger said. The official results of the vote show 70 percent of production workers and 75 percent of skilled trades workers voted against the proposed changes.
Intrade:
- The odds that Chris Christie wins NJ’s race for governor have risen to 56%.
Rassmussen:
- Voters for the first time are blaming President Obama nearly as much as President Bush for the country’s continuing economic problems. A new Rasmussen Reports national telephone survey finds that 49% still blame the economic situation on the recession that began under Bush. But 45% now say the nation’s economic problems are caused more by Obama’s policies. Just a month ago, 55% pointed the finger at Bush, while only 37% said the policies Obama has put in place since taking office were at fault. These findings had remained largely unchanged since May.
Politico:
- Democrats have blown so many deadlines for getting health reform done this year that insiders are increasingly skeptical they can finish by year’s end — and some even suggest the effort might slip to a new deadline, before the State of the Union address. The discussions are an acknowledgment that with only two months left in the year, Democrats are still a long way from sending a bill to the president’s desk. The House could take up reform on the floor as early as this week, with a good shot at passing something by Veterans Day. But in the Senate, Majority Leader Harry Reid is still wrangling with his moderate members to corral 60 votes just to get the debate started. And on Monday, Reid sent a letter to Republicans acknowledging that he is waiting on the Congressional Budget Office’s cost estimates and analysis to finish drafting a bill. Democrats signaled that those estimates would not be ready this week, casting further doubt on their ability to finish reform this year.
- The tight New Jersey governor’s race, likely the most competitive of the three most closely watched contests in the nation Tuesday, is a rare test of which electoral factor is more decisive — an incumbent’s unpopularity or the structural politics of a state. Gov. Jon Corzine, the Democrat, is seeking a second term with approval ratings in the basement and at a time when the economy is deeply troubled. Yet he’s doing so in a state that has become solidly Democratic and while running against a conservative Republican, Chris Christie, who has his own challenges, not the least of which is an independent candidate whose presence makes it possible for the governor to win without capturing 50 percent of the vote. Here’s POLITICO’s list of five things that will determine if it's disapproval of Corzine or New Jersey’s deep-blue demography that wins the day:
Reuters:
- Liberia may have oil resources of over a billion barrels, with the first well expected to be drilled next year, a senior national oil company official said on Tuesday. Marie Leigh-Parker, NOCAL's senior vice president for administration and finance, said the first well would be drilled by Anadarko Petroleum (APC) next year. "We are hoping to get more than a billion barrels of oil," she told Reuters on the sidelines of an Africa oil conference.
- Governments are unlikely to agree on all the details of a new global climate change deal when they meet in Copenhagen next month, U.N. Secretary-General Ban Ki-moon said on Tuesday. While optimistic that the 192 countries will be able to reach some sort of political agreement, Ban warned it would not be the last word on a successor to the United Nations' carbon-cutting Kyoto Protocol. "We need the political will because if there is the political will I am sure that there is a political way that we can conclude a binding agreement in Copenhagen," he said after talks with British Prime Minister Gordon Brown in London. Rich and poor nations are divided over how to share cuts in greenhouse gas emissions and over the amount of money developing countries need to adapt to global warming and how to raise it. Speaking later at a conference on religion and the environment near London, Ban urged rich states to take the initiative. "First and foremost, the developed countries should lead this campaign, considering all these historic responsibilities and also considering that they are the countries that have most of the capacities -- financial and technological," he said. In a sign of the divisions to be overcome, African nations boycotted U.N. climate talks in Barcelona on Tuesday in a protest to urge rich countries to set deeper 2020 cuts in greenhouse gas emissions.
- Ford Motor Co(F) said on Tuesday its U.S. sales in October rose 3 percent and it gained market share due to strong demand for cars and crossover vehicles. "Consumer demand for our new ... products is driving Ford's market share gains," Ken Czubay, Ford's U.S. sales chief, said in a statement. At the end of October, Ford officials were unsure whether October sales would finish up or down, but several analysts had forecast a decline.
- New orders received by U.S. factories rose a stronger-than-expected 0.9 percent in September, while inventories continued to shrink, the Commerce Department said on Tuesday in a report suggesting manufacturing activity is feeding the economic recovery. It was the fifth month out of six that orders rose, the department said. Inventories have now fallen for 13 months in a row, with factories paring their stocks by 1 percent in September. This is the longest streak of shrinking inventories since they fell 15 months in a row beginning in February 2001. While factories cut inventories more sharply in September than in August or July, the Commerce Department said last week inventory liquidation by all businesses slowed in the July through September period, adding nearly a percentage point to the increase in third-quarter Gross Domestic Product. In September, machinery, which makes up roughly 7 percent of factory orders, had the largest surge of 7.9 percent in its biggest increase since March 2008.
- Polo Ralph Lauren Corp (RL) posted a quarterly profit far above Wall Street estimates and strengthened its full-year revenue outlook, as demand for its fashions picked up as the quarter progressed. The maker of clothing brands such as Ralph Lauren, Chaps and Club Monaco saw its shares rise 2.6 percent as investors hoped results indicated more sustainable demand. "I am of the opinion the customer has begun to move back into a more balanced point of view," Chief Operating Officer Roger Farah said on a conference call. "Those that have money are beginning to spend it again."
- Small businesses would be granted a permanent reprieve from complying with part of the Sarbanes-Oxley corporate reform laws, under a draft U.S. House of Representatives bill discussed on Tuesday. Small companies have not had to comply fully with the rules since the Sarbanes-Oxley law was approved in 2002 in response to the Enron and WorldCom corporate scandals. Companies with a market capitalization below $75 million have argued that they faced disproportionately higher costs compared with larger companies and have convinced regulators to delay compliance at least five times. The Securities and Exchange Commission is now requiring small companies to report on the effectiveness of their internal controls as of June 15, 2010. But Republicans, hoping to thwart this SEC requirement, introduced an amendment on Tuesday to a House Financial Services Committee draft bill to do just that.
- Institutional investors are going to gang up on "arrogant" hedge funds, a pension fund chairman warned, as investors increasingly press for changes that would link lucrative fees more closely to genuine outperformance. A key complaint of investors has been that while many of them lost money during the financial crisis, hedge fund managers were still able to rake in millions of dollars in fees. Last year, average hedge fund returns were a minus 19 percent. "If they want money from us they will have to offer ... alignment of interests. If hedge funds remain arrogant and not humble, I think money will go elsewhere," Philip Read, chairman of the British Coal Staff Superannuation Scheme, said on Tuesday. "We're increasingly going to gang up against you... Institutional investors are totally disillusioned with funds not delivering what was on the tin," he told the Hedge 2009 conference in London.Bear Radar
Style Underperformer:
Large-Cap Value (-.37%)
Sector Underperformers:
Semis (-2.30%), Drugs (-.89%) and Telecom (-.78%)
Stocks Falling on Unusual Volume:
DIOD, NVLS, UBS, RBCN, TSRA, SOHU, EXPD, HEP, ENR, TNS and RCL
Stocks With Unusual Put Option Activity:
1) FRX 2) CECO 3) BNI 4) FOE 5) DO
Bull Radar
Style Outperformer:
Small-Cap Value (+.08%)
Sector Outperformers:
Road & Rail (+9.91%), Gold (+4.88%) and Construction (+.79%)
Stocks Rising on Unusual Volume:
BNI, SA, IAG, BEXP, KSU, UTR, SFY, AIG, SPN, ATLS, DLLR, CSIQ, STEC, CCI, VIV, SLF, PEET, DDRX, TXRH, EXBD, CTSH, IPHS, DLLR, SNCR, ECPG, ITMN, AIMC, IPGP, ATLS, SYKE, OFIX, GOLD, GMCR, RIMM, SWK, BDK, LNY, HLF, UNP and IYT
Stocks With Unusual Call Option Activity:
1) LIFE 2) WAC 3) RRI 4) WFR 5) UNP
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Monday, November 02, 2009
Tuesday Watch
Late-Night Headlines
Bloomberg:
- Stanley Works(SWK) agreed to buy Black & Decker Corp.(BDK) for about $3.5 billion, combining the two largest U.S. toolmakers in an all-stock transaction that would reduce costs by $350 million annually. Based on Stanley’s closing stock price, the offer values Towson, Maryland-based Black & Decker at $57.57 a share, or 22 percent above where it closed today. Fewer than 4,000 jobs, or less than 10 percent of total positions at the combined company, will be cut, Stanley Chairman and Chief Executive Officer John Lundgren, said in a telephone interview.
- Facing criticism from Arab leaders, Secretary of State Hillary Clinton tempered praise of
- The International Monetary Fund said it is selling 200 metric tons of gold to the Reserve Bank of India for about $6.7 billion, its first sale of the precious metal in nine years. The sale accounts for almost half the 403.3 tons that the Washington-based lender in September agreed to sell as part of a plan to shore up its finances and lend at reduced rates to low- income countries.
- The Conservative Party candidate running for an open congressional seat in New York pulled 5 percentage points ahead of the Democrat after the Republican nominee dropped out of the race, a poll released today showed. Conservative Doug Hoffman led Democrat Bill Owens, 41 percent to 36 percent, with 18 percent undecided, according to the
- Steel production in
Wall Street Journal:
- For decades, a rule of thumb in Washington has said that there should be popular support and a bipartisan majority before approving an initiative that significantly affects tens of millions of Americans. Health-care reform—ObamaCare—has neither, yet Democrats want to impose it anyway. If they succeed, the consequences could be devastating for the country and probably for the president and his party. The reasoning behind the rule is simple. Forcing drastic change on an unwilling public is likely to cause national disunity, stir angry protests, increase political polarization, and deepen distrust of
- Mr. Karzai's election should put to rest the doubts about his "legitimacy" heard in America's liberal media and in whispers from the Administration, even if it won't. He won that legitimacy by agreeing to a second round, once the official electoral commission invalidated enough of his votes to deprive him of a majority, in accordance with Afghan law.
- Pleading with Iran will get the West nowhere.
CNBC.com:
- An interesting report today from the Mortgage Bankers Association shows business may be better than we think for their people.
Business Week:
- One of the most anticipated books of the global financial meltdown just got a bit of public relations problem. The book, The Greatest Trade Ever, written by Wall Street Journal writer Gregory Zuckerman, due to hit bookshelves tomorrow, details the story of hedge fund operator John Paulson’s now legendary trade against the housing market and how he made billions in the process betting against subprime mortgages. Although the book is based on extensive interviews with Paulson, Paulson is releasing a statement that disses the book, calling it a disappointment. The statement goes on: “It contains numerous inaccuracies and fails to capture the essence of the credit bubble. The writing style is indicative of a gossip tabloid rather than respected financial journalism. Unfortunately, the opportunity to create a meaningful documentation of an important time in financial history was lost.”
CNNMoney.com:
- IT departments are finally starting to buy Apple's smartphone, says a Deutsche Bank report. "There is growing evidence that the iPhone is making inroads into the
- The bankruptcy of CIT means a $2.3 billion wipeout for Treasury. More losses are likely as other TARP recipients have missed dividend payments. CIT Group is the first big bailout loss for taxpayers, but it won't be the last.
- Stimulus may have created or saved 640,000 jobs so far, but many of those positions were never intended to last. The American Recovery and Reinvestment Act was designed to put millions of people to work, mainly for "shovel-ready" projects. By their very nature, most of those projects last only until the work is completed or the funding runs out. That means millions of workers hired with stimulus funding are left looking for a job after the stimulus-funded program is completed.
Forbes:
TechCrunch:
- There is a perception that Google’s Chrome is a rounding error when it comes to browsers. And maybe it still is, but Google is now fighting that perception in a very public way. Today, it announced that the Chrome Team won a Founder’s Award for their achievements so far, and for the first time revealed how many people are using the Chrome browser: 30 million active users.
Intrade:
- The odds of Chris Christie winning New Jersey’s race for governor are rising 16.0 to 53%. The odds of John Corzine winning are falling 16.2 to 47%.
Rasmussen:
The Business Insider:
- Commerce Secretary Gary Locke told Bloomberg TV today that a second economic stimulus is "being hotly discussed and very seriously considered within the administration as well as members of Congress." Not surprisingly, this news triggered a spasm of backtracking: Locke's spokesman now says he was being "imprecise."
- It's still early, but the results for Windows 7 are looking positive, says Kathryn Huberty of Morgan Stanley in a note released this afternoon. According to NPD, PC unit sales rose 40% year over year for the week ending October 24th, which included the first three days of Windows 7.
Reuters:
- CIT Group Inc (CIT) is looking for a quick exit from Chapter 11 protection but its long-term survival outside of bankruptcy depends in large part on what regulators will allow it to do with its various businesses. "CIT in general isn't out of the woods yet," said Jeffrey Knopman, principal of Profit Solutions Group Inc, which helps vendors deal with retailers. The bankruptcy financing gives the company a bit of a reprieve, he said, adding, "I think the jury's still out on the longer term." CIT hopes to move some of its best businesses, including vendor financing and factoring, to its bank, where it can fund them with deposits. But regulators may balk at this move.
Financial Times:
- Hedge fund launches are growing in size and number after months of subdued activity in the wake of the collapse of Lehman Brothers last year. The revival of fund start-ups is one of the clearest signs yet that the $1,400bn (£854bn) global hedge fund industry is starting to return to better times. "Where it was common to start with $300m at the height of the boom, $50m was the case earlier this year," said Patric de Gentile Williams, chief operating officer of FRM Capital Advisors, a provider of seed capital to hedge fund ventures. Chicago-based Hedge Fund Research estimates that the number of fund launches rose to 182 in the second quarter of 2009 from a low of 148 the previous quarter. The size of launches was also diminished. Data provider Eurohedge estimated that the entire volume of assets raised by all of Europe's launches in the first half was less than the single largest new fund in 2008, Brevan Howards' $2.5bn Multi-Strategy Fund.
- Signs of recovery after a torrid year reverberated around the world on Monday as manufacturers reported rising output and improved employment prospects in the US, Europe and Asia. From
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (ESRX), target $102.
- Reiterated Buy on (AOC), target $47.
Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 futures +.19%.
NASDAQ 100 futures +.20%.
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Earnings of Note
Company/EPS Estimate
- (MHS)/.72
- (MRO)/.58
- (ICE)/1.15
- (RDC)/.51
- (DBD)/.41
- (EMR)/.60
- (ENR)/1.16
- (ABC)/.40
- (MA)/2.93
- (CVC)/.25
- (ADM)/.56
- (JOE)/-.05
- (RCL)/1.00
- (AMT)/.16
- (RL)/1.31
- (KFT)/.48
- (DISCA)/.27
- (DLB)/.34
- (PBI)/.54
- (PEGA)/.14
- (VNO)/1.16
- (PZZA)/.26
- (LPX)/-.18
- (KCP)/.03
- (OSK)/.18
- (ONXX)/.23
Economic Releases
10:00 am EST
- Factory Orders for September ate estimated to rise +.8% versus a -.8% decline in August.
Afternoon:
- Total Vehicle Sales for October are estimated to rise to 9.8M versus 9.2M in September.
Upcoming Splits
- None of Note
Other Potential Market Movers
- The weekly retail sales reports, API energy inventory data, ABC Consumer Confidence reading, Oppenheimer healthcare conference, Wedbush Morgan Clean Tech Conference, (GFI) investor day, (FFIV) analyst meeting, (FDO) analyst conference, (DD) investor meeting, (CSH) analyst day and the (PMTC) investor day could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and shipping shares in the region. I expect
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