Indices
- S&P 500 1,428.59 -2.21%
- DJIA 13,328.80 -2.07%
- NASDAQ 3,044.11 -2.94%
- Russell 2000 823.09 -2.35%
- Value Line Geometric(broad market) 355.53 -2.22%
- Russell 1000 Growth 661.42 -2.46%
- Russell 1000 Value 708.43 -1.94%
- Morgan Stanley Consumer 840.06 -1.46%
- Morgan Stanley Cyclical 969.39 -2.15%
- Morgan Stanley Technology 661.63 -3.36%
- Transports 5,044.63 -.04%
- Utilities 475.48 -.93%
- Bloomberg European Bank/Financial Services 82.99 -1.74%
- MSCI Emerging Markets 41.29 -1.06%
- Lyxor L/S Equity Long Bias 1,060.46 +.35%
- Lyxor L/S Equity Variable Bias 804.68 -.15%
Sentiment/Internals
- NYSE Cumulative A/D Line 156,915 -1.81%
- Bloomberg New Highs-Lows Index -1 -288
- Bloomberg Crude Oil % Bulls 25.7 -24.9%
- CFTC Oil Net Speculative Position 213,598 -1.06%
- CFTC Oil Total Open Interest 1,542,886 -.90%
- Total Put/Call 1.03 +13.19%
- OEX Put/Call .95 -30.15%
- ISE Sentiment 87.0 +1.16%
- NYSE Arms 1.74 +163.63%
- Volatility(VIX) 16.14 +10.93%
- S&P 500 Implied Correlation 48.54 +5.94%
- G7 Currency Volatility (VXY) 7.55 -.07%
- Smart Money Flow Index 11,425.68 -2.10%
- Money Mkt Mutual Fund Assets $2.562 Trillion -.10%
- AAII % Bulls 30.6 -9.7%
- AAII % Bears 38.9 +16.9%
Futures Spot Prices
- CRB Index 306.55 -1.26%
- Crude Oil 91.86 +2.16%
- Reformulated Gasoline 289.28 -2.06%
- Natural Gas 3.61 +6.30%
- Heating Oil 322.39 +2.17%
- Gold 1,759.70 -1.31%
- Bloomberg Base Metals Index 211.81 -3.47%
- Copper 370.30 -1.65%
- US No. 1 Heavy Melt Scrap Steel 347.67 USD/Ton unch.
- China Iron Ore Spot 114.50 USD/Ton +9.88%
- Lumber 297.10 +2.94%
- UBS-Bloomberg Agriculture 1,648.70 -1.98%
Economy
- ECRI Weekly Leading Economic Index Growth Rate +5.7% +100 basis points
- Philly Fed ADS Real-Time Business Conditions Index -.2542 +11.71%
- S&P 500 Blended Forward 12 Months Mean EPS Estimate 112.28 +.27%
- Citi US Economic Surprise Index 49.4 +5.9 points
- Fed Fund Futures imply 58.0% chance of no change, 42.0% chance of 25 basis point cut on 10/24
- US Dollar Index 79.67 +.42%
- Yield Curve 139.0 -9 basis points
- 10-Year US Treasury Yield 1.66% -8 basis points
- Federal Reserve's Balance Sheet $2.794 Trillion +.10%
- U.S. Sovereign Debt Credit Default Swap 37.6 -8.63%
- Illinois Municipal Debt Credit Default Swap 196.0 -.15%
- Western Europe Sovereign Debt Credit Default Swap Index 136.29 -2.94%
- Emerging Markets Sovereign Debt CDS Index 196.98 -1.44%
- Saudi Sovereign Debt Credit Default Swap 85.16 -2.03%
- Iraq Sovereign Debt Credit Default Swap 437.50 -9.48%
- China Blended Corporate Spread Index 396.0 -9 basis points
- 10-Year TIPS Spread 2.47% -10 basis points
- TED Spread 23.75 -1.75 basis points
- 2-Year Swap Spread 11.25 -2.75 basis points
- 3-Month EUR/USD Cross-Currency Basis Swap -25.0 -3.0 basis points
- N. America Investment Grade Credit Default Swap Index 96.68 +2.90%
- European Financial Sector Credit Default Swap Index 178.33 -.17%
- Emerging Markets Credit Default Swap Index 220.83 +3.0%
- CMBS Super Senior AAA 10-Year Treasury Spread 97.0 unch.
- M1 Money Supply $2.359 Trillion +.06%
- Commercial Paper Outstanding 964.90 -1.0%
- 4-Week Moving Average of Jobless Claims 364,00 -11,000
- Continuing Claims Unemployment Rate 2.6% unch.
- Average 30-Year Mortgage Rate 3.39% +3 basis points
- Weekly Mortgage Applications 1,008.10 -1.21%
- Bloomberg Consumer Comfort -38.5 -1.6 points
- Weekly Retail Sales +1.60% -80.0 basis points
- Nationwide Gas $3.81/gallon +.02/gallon
- U.S. Heating Demand Next 7 Days 31.0% below normal
- Baltic Dry Index 926.0 +5.82%
- China (Export) Containerized Freight Index 1,187.72 -2.21%
- Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 22.50 unch.
- Rail Freight Carloads 251,113 -2.38%
Best Performing Style
Worst Performing Style
Leading Sectors
- Coal +13.36%
- Steel +2.14%
- Restaurants +.92%
- Oil Service +.71%
- Education +.22%
Lagging Sectors
- Medical Equipment -4.20%
- Homebuilders -4.98%
- Computer Hardware -5.92%
- Oil Tankers -6.67%
- Disk Drives -7.69%
Weekly High-Volume Stock Gainers (6)
- TRLG, EOPN, SPB, TPCG, CEVA and YUM
Weekly High-Volume Stock Losers (7)
- CTXS, EPHC, HPY, ANGO, EZPW, PRGS and EW
Weekly Charts
ETFs
Stocks
*5-Day Change
Today's Market Take:
Broad Market Tone:
- Advance/Decline Line: Lower
- Sector Performance: Almost Every Sector Declining
- Volume: Light
- Market Leading Stocks: Underperforming
Equity Investor Angst:
- VIX 15.91 +2.05%
- ISE Sentiment Index 87.0 -30.40%
- Total Put/Call 1.04 +19.54%
- NYSE Arms 1.88 +130.22%
Credit Investor Angst:
- North American Investment Grade CDS Index 97.66 bps +.39%
- European Financial Sector CDS Index 178.29 bps -1.27%
- Western Europe Sovereign Debt CDS Index 133.93 bps -5.14%
- Emerging Market CDS Index 220.76 bps -.96%
- 2-Year Swap Spread 11.25 -.5 basis point
- TED Spread 23.75 -.75 basis point
- 3-Month EUR/USD Cross-Currency Basis Swap -25.0 +.5 basis point
Economic Gauges:
- 3-Month T-Bill Yield .10% unch.
- Yield Curve 140.0 unch.
- China Import Iron Ore Spot $114.50/Metric Tonne -1.12%
- Citi US Economic Surprise Index 49.40 +3.7 points
- 10-Year TIPS Spread 2.47 unch.
Overseas Futures:
- Nikkei Futures: Indicating +23 open in Japan
- DAX Futures: Indicating +9 open in Germany
Portfolio:
- Slightly Higher: On gains in my index hedges and emerging markets shorts
- Disclosed Trades: None
- Market Exposure: 25% Net Long
Bloomberg:
- Merkel’s Southern Flank Wobbles as Adenauer Grandson Ditches CDU. German
Chancellor Angela Merkel’s bid to find a middle ground in navigating
Europe’s financial crisis is stoking dissent among traditional allies.
Stephan Werhahn, 59, whose grandfather Konrad Adenauer was Germany’s
first post-World War II chancellor and a founder of Merkel’s Christian
Democratic Union party, has quit her bloc after 40 years and defected to
Bavaria’s Free Voters party. He intends to run as its chancellor
candidate in 2013 elections. For Werhahn, a partner at Munich-based
investment adviser General Capital Group, the Free Voters are the only
alternative to Merkel’s backing for euro-area bailouts that he says
violate European Union treaties. The
party’s increasing popularity may push Merkel’s Christian Social Union
allies in Bavaria to harden their line against helping Greece. “Once
you abandon treaties and if the EU adopts policies triggering social
unrest, pitting northern Europe against the south, with Europeans or
people on the street hurling insults at each other, then Europe is back
in the very condition that it emerged from after the war,” Werhahn said
in an interview in Munich.
- European Stocks Fall on Lagarde Warning. European
stocks declined for the
fourth time in five days as International Monetary Fund Managing
Director Christine Lagarde said global growth is not fast enough to curb
unemployment, and Chinese new lending missed estimates, outweighing
better-than-expected U.S. consumer confidence data. Akzo Nobel NV
(AKZA) slid 6.1 percent as Chief Executive Officer Ton Buechner extended
his leave from the company. MAN SE (MAN) fell 3.3 percent after it said
2013 will be tougher than this year. Standard Chartered Plc and Axa SA
(CS) climbed as Deutsche Bank AG raised its rating for the banking and
insurance sectors. The Stoxx Europe 600 Index fell 0.5 percent to 269.43 at
the close of trading. The measure lost 1.7 percent this week as
the International Monetary Fund cut its global growth forecasts
and European Union leaders met to discuss the region’s debt
crisis.
- Egypt Islamists, Secularists Clash at Tahrir Square Protests. Islamist supporters of President
Mohamed Mursi clashed with secular activists in Cairo’s Tahrir Square, in a showdown highlighting the tensions that have built
up since he took office in June. Mursi’s Muslim Brotherhood organized protests to demand the
retrial of those acquitted this week of responsibility for the
deaths of demonstrators in last year’s uprising. Secular groups,
who also denounced that verdict, had earlier called for a rally
today to criticize Mursi’s presidency and the growing influence
of Islamism. Scuffles broke out during today’s demonstrations after
secularists chanted slogans against Mursi, with the two sides
lobbing stones at each other. Mursi’s supporters carried banners
that read “No to a prosecutor who took part in shedding the
blood of martyrs.” Shopkeepers rolled down their shutters and
fled as tensions mounted in the area, and at least 30 people
were injured in the clashes.
- Copper Futures Drop as Scrap Demand Ebbs, China Concerns Mount.
Copper fell, capping the biggest weekly drop in three months, as signs
of slowing scrap-metal purchases and bank lending in China fueled
concern that demand will weaken as the global economy sputters. Scrap
discounts to new metal widened 25 percent in the past three months as
demand slumped in China, the world’s biggest user, according to Metalsco
Inc., a St. Louis-based recycler. In China, banks extended 623.2 billion yuan ($99.5 billion) of
loans last month, below the 700 billion yuan median estimate of
analysts in a Bloomberg survey. In September, copper rose the
most since January as central banks expanded stimulus measures.
- Finance Chiefs Appeal for U.S. to Avoid From Fiscal Cliff. The U.S. is facing pressure to avoid
running off its fiscal cliff amid warnings that failure to
change course would trigger another global recession. “People are concerned,” U.K. Chancellor of the Exchequer
George Osborne told reporters yesterday at the International
Monetary Fund’s annual meeting in Tokyo. “There was quite a lot
of discussion.”
Wall Street Journal:
- EU Wins Nobel Peace Prize.
The European Union has been awarded the 2012 Nobel Peace Prize in a nod
to the 27-member bloc's "advancement of peace and reconciliation," and
to applaud its solidarity as it continues to work to contain the debt
crisis hanging over the euro zone.
- Romney Takes Aim at Biden Over Libya.
Mitt Romney accused Vice President Joe Biden of "doubling down on
denial" as the GOP hopeful escalated his criticism of the Obama
administration's actions after the consulate attack in Benghazi, Libya. "There were more questions that came out of last night," Mr. Romney
told the crowd, referring to Thursday night's vice-presidential debate
in Danville, Ky. "The vice president directly contradicted the sworn
testimony of State Department officials. He's doubling down on denial."
- OECD Chief: ECB Credibility at Risk. The delay in actually deploying the European Central Bank's new
backstop offer for troubled euro-zone nations is eroding confidence that
the so-called "bazooka" will work, the head of the Organization for
Economic Cooperation and Development warned Friday. Spain, the
lead candidate to tap the new European bailout scheme, is being
subjected to "schizophrenic" political pressures, simultaneously being
urged to apply for help and being told such a move would be unwelcome,
Angel GurrÃa said in an interview.
- Wells Fargo(WFC) Profit Jumps, but Low Interest Rates Pinch.
- Turkey Dispatches Fighter Jets to Syria Border. Turkey scrambled two fighter jets to the border with Syria for the first
time since July after a Syrian military helicopter bombed the Syrian
border town of Azmarin, eyewitnesses said, underlining heightened
tensions along the neighbors' long border.
CNBC:
Zero Hedge:
Business Insider:
Reuters:
Style Underperformer:
Sector Underperformer:
- 1) Banks -3.01% 2) I-Banks -2.01% 3) Disk Drives -1.70%
Stocks Faling on Unusual Volume:
- WFC,
KRE, TCBI, TCB, CLMT, BK, GNW, WBS, DLTR, LNC, TZOO, SWC, INFY, COST,
KMI, HAIN, LQDT, WMC, THC, EXAS, LXU, OZRK, EZPW, AMTG, HRS, WLT, CBSH,
ESL, FITB, VMW and SWC
Stocks With Unusual Put Option Activity:
- 1) TJX 2) EWA 3) CXO 4) XRT 5) CTSH
Stocks With Most Negative News Mentions:
- 1) STX 2) AMD 3) WDC 4) MA 5) SHLD
Charts:
Style Outperformer:
Sector Outperformers:
- 1) Airlines +.97% 2) Tobacco +.95% 3) Drugs +.46%
Stocks Rising on Unusual Volume:
Stocks With Unusual Call Option Activity:
- 1) CLWR 2) INFY 3) AMD 4) DLTR 5) EXPR
Stocks With Most Positive News Mentions:
- 1) DVN 2) PGR 3) YUM 4) CELG 5) IBM
Charts:
Evening Headlines
Bloomberg:
- Ryan: What Kind of Country Are We Going to Be? (video) Vice Presidential Candidate Paul Ryan speaks at the Vice Presidential Debate.
- Hollande Robbed of Growth Driver as Companies Curb Investments. French
companies aren’t investing
much at home these days. A no-growth economy had already damped spending
when
President Francois Hollande’s government late last month unveiled a
budget that slaps companies with 10 billion euros ($13.1 billion) of tax
increases for next year. Executives are returning the favor by
suspending investments. “On investment, the word right now is
caution,” Stanislas de Bentzmann, co-chief executive officer of Devoteam
SA (DVT), a telecommunications services company based on the outskirts
of
Paris, said in an interview. “September was a terrible month,
growth came to a halt. Now the government is pouring oil on the
fire. The tax increases aren’t encouraging for business.”
- China Room to Ease Seen Fading as Inflation Lull Set to End. A U.S. drought that pushed soybean
and corn prices to records is adding to the risk of a rebound in
inflation in China, where consumer-price gains were probably
close to the slowest in two years in September. Inflation was 1.9 percent last month, according to the
median forecast in a Bloomberg News survey before a report on
Oct. 15. Credit Agricole CIB says the rate may approach 4
percent by year-end and Citigroup Inc. estimates a pace of about
3.5 percent. The prospect of faster price gains in coming months may
encourage policy makers to refrain from cutting interest rates
for a third time this year, contrasting with reductions in
Brazil, South Korea and Australia and adding to the risk
economic growth will be the weakest since 1999. Increased grain
costs are feeding into pork prices and the government is also
battling to prevent a rebound in the housing market. “Inflation will rise in the fourth quarter as pork and
other food prices are expected to climb and housing costs are
creeping up,” said Dariusz Kowalczyk, senior economist and
strategist at Credit Agricole CIB in Hong Kong. “This means
there is no room for the central bank to cut interest rates.”
- Copper
Traders Most Bearish Since June on Economies: Commodities. Copper
traders are the most bearish in four months on mounting concern that
demand for industrial metals will weaken as growth slows from China to
Europe.
- Japan and China Agree to Hold Talks on Dispute After Noda Call. Japan
and China agreed to talks aimed at reducing tensions over a territorial
dispute a day after Japanese Prime Minister Yoshihiko Noda warned that
without negotiations Asia’s two biggest economies would suffer. Officials from both countries agreed to hold vice-
ministerial level discussions at an unspecified date, Japan’s
Foreign Ministry said last night. Shinsuke Sugiyama, director-
general of the ministry’s Asia-Pacific bureau, met with Chinese
counterpart Luo Zhaohui in Tokyo yesterday and began
preparations for the talks, according to a statement.
- Japan’s Government Cuts Economic Assessment for Third Month. Japan’s government cut its
assessment of the nation’s economy for a third straight month,
the longest streak since the 2009 global recession.“The economic recovery is in a weak tone recently due to
deceleration of the world economy,” the Cabinet Office said in
its monthly report for October released in Tokyo today. The cut
in the government’s assessment marks the longest run of
downgrades since the five months through February 2009.
Wall Street Journal:
- Biden and Ryan Slug It Out, Differences on Display. If Americans wanted to know what a real debate sounds like, they got
one Thursday night, courtesy of the two men who are supposed to be
taking second billing in the presidential race.
Vice President Joe Biden and Rep. Paul
Ryan provided millions of Americans the kind of slugfest the
presidential contenders themselves didn't provide in their first debate.
It was potent and lively, and nobody could walk away wondering what the
differences were between what the two parties stood for.
- Best Buy(BBY) Plays Web Hardball. Retailer Will Match Online Prices, Shrugs off 'Showrooming'.
- Spain Says Downgrade Won't Affect Plans. Officials Will Still Try to Raise Money on Financial Markets Despite S&P Move That Leaves Rating Close to Junk Status. Spanish officials voiced defiance on Thursday after a credit
downgrade left the country's rating close to junk status at two firms,
saying the surprise move wouldn't affect their plans to raise money on
financial markets. Financial analysts said Wednesday's move by
Standard & Poor's Ratings Services is likely to increase pressure on
one of the euro zone's most-fragile economies to seek a European Union
bailout.
CNBC:
- Green Regs May Make NYers See Red Over Oil Bills. Fuel price shocks that had Californians gasping at record high pump
prices over $5 a gallon may next hit heating oil users in New York,
where depleted supplies and new green regulations could push bills up
sharply this winter.
- US Fiscal Cliff Is 'Major Concern' for World: IMF's Zhu. The U.S. needs to provide more clarity to ease fears about the “fiscal
cliff’” of tax hikes and spending cuts that are due to kick in in
January, Zhu Min, deputy managing director of the International Monetary
Fund (IMF) said on Friday. “It’s very clear that if the whole tax package moves off the table it
will immediately bring the U.S. into a recession, which will have a huge
negative impact on the whole world,” Zhu told CNBC on the sidelines of
the IMF’s semi-annual meetings in Tokyo.
Zero Hedge:
Business Insider:
Washington Post:
- Ryan presses Biden on Libya. (video) The
debate started with foreign policy, a topic absent from the
presidential debate last week. Rep. Paul Ryan accused Vice President
Biden tonight – and by extension President Obama – of failing to
candidly acknowledge the facts surrounding the recent deadly attack on
the U.S. diplomatic in Libya. The
Sept. 11 strike on the U.S. consulate in Benghazi, Libya, which killed
U.S. Ambassador J. Christopher Stevens and three other Americans, has
exposed the Obama administration in the campaign’s stretch run on an
issue (national security) it considers a political strength. The attack,
connected to the al Qaeda affiliate in North Africa, was bad enough.
But the administration’s changing explanation for what happened that day
– a spontaneous protest or a coordinated attack on a thinly protected
U.S. mission? – has drawn Republican accusations of a White House
cover-up to avoid a politically damaging acknowledgement of a terrorist
strike. “It took the
president two weeks to acknowledge this was a terrorist attack,” Ryan
said. “If we are hit by terrorists we’re going to call it what it is: A
terrorist attack.”
NY Times:
- Panetta Warns of Dire Threat of Cyberattack on U.S. Defense
Secretary Leon E. Panetta warned Thursday that the United States was
facing the possibility of a “cyber-Pearl Harbor” and was increasingly
vulnerable to foreign computer hackers who could dismantle the nation’s
power grid, transportation system, financial networks and government.
Reuters:
- Permanent fix of U.S. housing to take time: Home Depot(HD) CEO. The U.S. housing market is starting to thaw, but it could be two years before a full-blown recovery takes hold,
Home Depot Inc Chief Executive Frank Blake said on Thursday. The
world's largest home improvement retailer has seen the benefits of the
nascent U.S. housing recovery as professional contractors have started
buying more in recent months. "It's starting to recover, but we're a long way away from true recovery,"
Blake, 63, told Reuters in a wide-ranging interview that touched on his
views of the so-called Fiscal Cliff to why he sees the internet as Home
Depot's next frontier. The comments came less than a week after two
influential Federal Reserve officials blamed the disappointing rebound
in U.S. housing for continuing to trip up the country's overall economic
recovery. "This housing market's been very, very bad and it's going to take some time to recover," Blake said.
- Amazon(AMZN) CEO confirms Kindle sold "at cost". Amazon Chief
Executive Jeff Bezos confirmed on Thursday that the online retailer
sells its Kindle e-reader "at cost", with profit coming instead from
sales of online content.
- AMD(AMD) warns of revenue drop as PC demand crumbles. Chipmaker Advanced Micro Devices Inc said on Thursday its third-quarter revenue likely fell 10 percent from
the previous quarter as a weak global economy and growing preference for
tablets slams the PC industry. AMD's pre-announcement is the
latest warning about the PC industry. It follows Intel's warning in
September that its quarterly revenue would be much lower than expected.
- Summers says payroll tax break should be extended. President
Barack Obama's former economic aide, Larry Summers, said on Thursday
that the payroll tax break for 160 million Americans should be extended
in order to help promote economic growth. The payroll tax, which
funds the federal Social Security retirement program, is set to revert
to 6.2 percent from 4.2 percent at the end of the year. "This is not
the right moment to repeal the payroll tax cut," Summers told the Center
for American Progress think tank. "It is $120 billion that enables
cash-strapped families to spend money on what they need and provides
incentives certainly for small businesses and perhaps beyond," he said.
Summers said it was critical to spur growth and increase demand and
warned that the country was still at risk of a "lost decade" of the
"great stagnation."
- India's Infosys(INFY) Cuts Outlook as Global Clients Squeeze Costs.
- China Sept vehicle sales down 1.8 pct yr-on-yr.
South China Morning Post:
- ECB's Coeure says c. bank won't be bullied: paper. The European Central Bank will not cave in to market pressure and buy
bonds of euro zone governments whose borrowing costs have reached
unsustainable levels if the country does not comply to the ECB’s rules,
Executive Board member Benoit Coeure said. The ECB impressed markets last month by launching a new and
potentially unlimited bond purchase programme under which it will buy
governments’ short-term bonds once they have signed up to a European
bailout programme. In an interview to be published on Friday in German newspaper Die
Welt, Coeure doused hopes that the ECB would intervene regardless of
whether its conditions were met once a country’s borrowing costs soared. “We will not cave in, but only intervene once our conditions have
been met. We will prove it to you,” Coeure said, adding that the bank
would only buy bonds if the International Monetary Fund was involved,
even if only to monitor the programme. IMF Managing Director Christine Lagarde on Thursday said that
struggling European countries such as Greece should be given more time
to reduce their budget gaps. Coeure, however, stressed that the ECB would not help Greece beyond
providing solvent banks with liquidity in return for sufficient
collateral. “It has to be clear that the central bank will not finance
governments via the printing press, neither direct nor indirect. This
means: If further emergency loans to banks are purely for buying
government bonds, then the ECB Council should not approve it,” Coeure
said.
China Daily:
- China's
chances of meeting its 2012 foreign trade growth target of 10% are
"hopeless," citing a "well-placed" person. The newspaper cites the
European debt crisis as a reason.
China Securities Journal:
- Chinese
manufacturers based in Yiwu in the eastern province of Zhejiang
received fewer Christmas orders this year because of weak demand from
overseas clients. Fewer holiday orders may hurt China's exports in
September and 3Q, citing Zhang Lei, an analyst at Minsheng Securities Co.
China Business News:
- Chinese
banks won't likely pick up lending in 4Q as demand from companies
remains weak, citing officials at commercial banks. Banks favor loans to
state-run enterprises and their subsidiaries and have been more picky
about the sectors they lend to, the report cites officials as saying.
Economic fundamentals and poor earnings have deterred banks from
lending, the report said.
Shanghai Securities News:
- Researchers
with China's Ministry of Land and Resources called for "appropriately"
increasing land supplies to ease demand pressure and help stabilizing
home prices, citing a meeting.
Economic Information Daily:
- Chinese
large and medium-sized steelmakers had a combined loss of 4.2b yuan in
August, citing an official with the China Iron & Steel Association.
Steelmakers had a combined loss of 3.2b yuan in Jan.-Aug. period, the
report says.
Evening Recommendations
Night Trading
- Asian equity indices are -.50% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 130.0 -4.0 basis points.
- Asia Pacific Sovereign CDS Index 109.50 -1.5 basis points.
- FTSE-100 futures -.35%.
- S&P 500 futures +.14%.
- NASDAQ 100 futures +.06%.
Morning Preview Links
Earnings of Note
Company/Estimate
- (JPM)/1.20
- (WFC)/.86
- (WBS)/.46
- (IGTE)/.37
- (DRH)/.18
Economic Releases
8:30 am EST
- The Producer Price Index for September is estimated to rise +.8% versus a +1.7% gain in August.
- The PPI Ex Food & Energy for September is estimated to rise +.2% versus a +.2% gain in August.
9:55 am EST
- Preliminary Univ. of Mich. Consumer Confidence for October is estimated to fall to 78.0 versus 78.3 in September.
2:00 pm EST
- The Monthly Budget Statement for September is estimated at $75.0B versus -$62.7B in August.
Upcoming Splits
Other Potential Market Movers
- The
Eurozone Industrial Production data, IMF/World Bank Group Annual/Spring
Meetings and the (MU) Fall Analyst Conference could also impact trading
today.
BOTTOM LINE: Asian
indices are mostly lower, weighed down by technology and real estate
shares in the region. I expect US stocks to open modestly higher
and to weaken into the afternoon, finishing modestly lower. The
Portfolio is 25% net long heading into the day.
