Evening Headlines
Bloomberg:
- May Faces Questions on Economic Crime Review as SFO Awaits Fate. U.K. Prime Minister Theresa May is facing questions on the progress of a wide-ranging review of Britain’s economic crime agencies that could result in the dismantling of the Serious Fraud Office. Nicky Morgan, the chair of Parliament’s Treasury Committee, wrote to May in July for an update on the review after the prime minister failed to respond to inquiries from another lawmaker earlier this year. The letter, published Friday, follows a proposal in the Conservative manifesto to wrap the SFO into the National Crime Agency.
- Asian Stocks Set to Advance on Growth Optimism. Asian stocks are poised to advance after American and Chinese economic data lifted equities on Wall Street and before U.S. jobs numbers ahead of a long weekend. The dollar slumped after Steven Mnuchin said a weaker currency is “somewhat better” for trade. Futures suggested higher opens for equity markets in Japan, Australia and South Korea after the MSCI Asia Pacific Index completed its eighth straight month of gains. The dollar declined on weak inflation data, while 10-year Treasury yields slipped to 2.12 percent. Gasoline continued its march upwards to its highest level in more than two years amid the impact of Harvey. Futures on the Nikkei 225 Stock Average advanced less than 0.1 percent as of 7:21 a.m. Tokyo time and they were up 0.2 percent on the Kospi index in South Korea and 0.1 percent higher on Australia’s main gauge.
- Five Things You Need to Know to Start Your Day.
- Lululemon(LULU) Soars After Shrugging Off Athletic-Industry Woes.
Wall Street Journal:
- 5 Things to Watch in the August Jobs Report.
- Trump’s Winning Tax Argument. The President’s critics will need to raise their game to stop reform.
CNBC:
- Mnuchin: We have a 'very detailed' tax plan ready. (video)
- Bitcoin's nearly five-fold climb in 2017 looks very similar to tech bubble surge. (video)
- Here are 4 top semiconductor stock ideas for the next year: Jefferies. (video)
- Thursday Humor? How The Media Controls Your Mind.
- New Evidence Reveals Comey Exonerated Hillary Before Key Witness Interviews.
- Harvey's Destruction "May Have Solved The Auto Industry's Inventory Problem".
- Bitcoin Surges To New Record High, Overtakes Paypal & Netflix, Nears Morgan Stanley's Market Cap. (graph)
- Did China's Bronze Swan Just Arrive? Copper Inventories Crash Most In History. (graph)
- Peso Tumbles After Mexico Hints May Balk On NAFTA, "Preparing Alternatives".
- Gold Pops, S&P Stops, And Bonds Have Best Month Since Brexit. (graph)
Business Insider:
Night Trading
Earnings of Note
Company/Estimate
8:30 am EST
- Asian equity indices are unch. to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 76.0 -.75 basis point.
- Asia Pacific Sovereign CDS Index 18.25 unch.
- Bloomberg Emerging Markets Currency Index 74.48 -.02%.
- S&P 500 futures +.08%.
- NASDAQ 100 futures +.14%.
Earnings of Note
Company/Estimate
- None of note
8:30 am EST
- The Change in Non-Farm Payrolls for August is estimated at 180K versus 209K in July.
- The Unemployment Rate for August is estimated at 4.3% versus 4.3% in July.
- Average Hourly Earnings MoM for August is estimated to rise +.2% versus a +.3% gain in July.
- ISM Manufacturing for August is estimated to rise to 56.5 versus 56.3 in July.
- ISM Prices Paid for August is estimated at 62.0 versus 62.0 in July.
- Final Univ. of Mich. Consumer Confidence for August is estimated to fall to 97.5 versus a prior estimate of 97.6.
- Construction Spending MoM for July is estimated to rise +.5% versus a -1.3% decline in June.
- Total Vehicle Sales for August is estimated to fall to 16.6M versus 16.7M in July.
- None of note
Other Potential Market Movers
- The Japan Auto Sales report could also impact trading today.
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