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Monday, March 16, 2015

Tuesday Watch

Posted by Gary .....at 11:47 PM
Evening Headlines 
Bloomberg: 
  • Greece Grabs Cash as More Than $2 Billion in Payouts Loom. Greece will begin debating measures to boost liquidity as the cash-starved country braces for more than 2 billion euros ($2.12 billion) in debt payments Friday. Unable to access bailout funding and locked out of capital markets, the government will outline emergency plans to parliament Tuesday to increase funding. Payments due March 20 include interest on a swap originally arranged by Goldman Sachs Group Inc., said a person familiar with the matter who asked not to be identified publicly discussing the derivative.  
  • Hong Kong's Decade-Long Property Boom Could Be Ending: Chart.  
  • China’s Boom-Bust Brokers Under Threat as Banks Eye Turf. China’s securities firms, which have been struggling to diversify beyond volatile revenues from margin lending and brokerage commissions, face the unwelcome prospect of competition from the nation’s biggest commercial banks. News last week that two Chinese banks may capitalize on a plan by the China Securities Regulatory Commission to open up the brokerage industry to other financial institutions sent share prices of listed securities firms tumbling.
  • Asia Stocks Rise as U.S. Factory Data Damp Rate-Rise Speculation. Asian stocks rose, after a rebound in U.S. equities, as weak economic data eased speculation the Federal Reserve will bring forward plans to raise interest rates. The MSCI Asia Pacific Index gained 0.4 percent to 144.40 as of 9:02 a.m. in Tokyo. 
  • Currency Volatility Damage to Earnings Seen Worsening in Quarter. After doubling in the fourth quarter, the negative impact of swings in foreign-exchange rates on corporate earnings is likely to worsen in the three months ending March 31. That’s the outlook of FiREapps, a Scottsdale, Arizona-based company that advises businesses on reducing the impact of currency volatility.
  • Unprecedented Sugar Glut Expanding as World Output Soars. The world has never been so awash in sugar. Just as cane harvests expand in India and Thailand, farmers in Brazil, the world’s largest producer, are ramping up exports to take advantage of a tumble in the exchange rate that has swelled their profit margins. And crops that were hurt by drought last year have been revived by rain. Global output is set to exceed demand for a fifth straight year, leaving the biggest stockpiles on record, the International Sugar Organization said.
Wall Street Journal:
  • Apple(AAPL) Plans Web TV Service in Fall. In talks with programmers to offer a slimmed-down bundle of about 25 channels. Apple Inc.’s lofty plans to build an online television service are coming into sharper focus. The technology giant is in talks with programmers to offer a slimmed-down bundle of TV networks this fall, according to people familiar with the matter. The service would have about 25 channels, anchored by broadcasters such as ABC, CBS and Fox, and would be available on Apple devices such as the Apple TV, they said.
  • How Looming Recession Is Unsettling One of Russia’s Boom Cities. Ailing economy has rattled consumers and businesses, including in the once booming city of Kaluga.
  • Hillary’s Emails and the Law. It is a crime—obstruction of justice—to destroy even one message to prevent it from being subpoenaed. The fact that Hillary Clinton exclusively used a private server in her home, rather than a secure government server, to send emails during her four years as secretary of state has raised many questions. She now says that it was a mistake but also emphasizes that she broke no law. News reports typically describe her offense as not following “policy.”
Fox News:
  • ISIS' dark mission: Destroying all signs of Christianity. (pic)
CNBC:
  • OPEC far from blinking in oil price war. (video)
Zero Hedge:
  • The Lies End Now: "Most Transparent Administration Ever" Is No More: White House To Delete Its FOIA Regulations.
  • China Becomes World's Third Largest Weapons Dealer.
  • Dismal-Data Drives Stock Buying-Frenzy; Hindenburg Omen Re-Appears. (graph)
  • A Return To Reality (In Charts).
  • Japan Ties China As America's Largest Creditor As Foreigners Dump A Record Amount Of Treasurys, (graph)
  • Goldman(GS) Underwrites (MBLY) Secondary, Sells 4.6 Million Shares One Day After Upgrade.
  • US Economic Data Is Having Its Worst Year Since At Least 2000. (graph)
  • Meet The Relentless, Mystery Buyer Of Chinese Stocks Even As China's Economy Grinds To A Crawl. (graph)
  • China Options Limited As Repo Rate Hits Record.
  • "Colossal Defeat" For Obama As Australia Joins China's Regional Bank.
Business Insider:
  • POLL: Americans think Hillary Clinton screwed up with her emails.
  • Pinterest just raised a huge round and is now worth $11 billion.
Reuters: 
  • Gilead's(GILD) hepatitis C drugs largely cost-effective in U.S.: study. New hepatitis C drugs that shorten treatment times are largely cost-effective despite their hefty U.S. price tags, according to two new analyses.
Evening Recommendations 
  • None of note
Night Trading
  • Asian equity indices are +.25% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 106.0 -1.5 basis points.
  • Asia Pacific Sovereign CDS Index 66.25 -.5 basis point.
  • S&P 500 futures -.10%.
  • NASDAQ 100 futures -.02%.
Morning Preview Links

Earnings of Note

Company/Estimate
  • (DSW)/.28
  • (FDS)/1.56
  • (ZBRA)/1.02
  • (ADBE)/.39
  • (ORCL)/.68 
Economic Releases
8:30 am EST
  • Housing Starts for February are estimated to fall to 1040K versus 1065K in January.
  • Building Permits for February are estimated to rise to 1065K versus 1053K in January.
Upcoming Splits
  • (V) 4-for-1
Other Potential Market Movers
  • The German ZEW Index, China House Price report, US weekly retails sales reports, BofA Merrill Industrials conference, BofA Merrill Smid Cap conference and the (NVDA) investor day could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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