Wednesday, June 22, 2005

Wednesday Watch

Late-Night Headlines
Bloomberg:
- Japan's export growth slowed more than expected in May and the trade surplus shrank for a second month, signaling overseas demand won't support a recovery in the world's second-biggest economy.
- Investment in financial products linked to commodities surged tenfold to $50 billion since 1999 as China's economic growth drove oil, copper and coal prices to records, Barclays Capital said.
- South Korea and North Korea began formal sessions of bilateral discussions today, vowing to make the talks successful, amid increasing international pressure on North Korea to abandon its nuclear weapons program.

Wall Street Journal:
- Swiss Bank UBS AG is negotiating to buy a stake for as much as $1 billion in the Bank of China prior to the Chinese bank's listing in Hong Kong next year.

Financial Express:
- Proctor & Gamble's local unit in India may start selling Crest toothpaste in the country.

China Daily:
- A Chinese mobile-phone standard for high-speed data transmissions performed poorly in a test held by the government.

Late Buy/Sell Recommendations
Goldman Sachs:
- None of note

Night Trading
Asian Indices are -.50% to +1.0% on average.
S&P 500 indicated +.01%.
NASDAQ 100 indicated -.03%.

Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
BBBY/.32
GTK/.41
MWD/.92

Upcoming Splits
None of note

Economic Releases
None of note

BOTTOM LINE: Asian indices are mostly higher on gains in exporting shares after oil fell from a record. I expect US equities to open modestly higher on strength in Asia. The Portfolio is 100% net long heading into the day.

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