Evening Headlines
Bloomberg:
- North Korean ICBM Technology Still Falls Short, Top General Says. (video) While North Korea is maintaining its torrid pace of weapons tests, there are at least three key hurdles Kim Jong Un’s regime still needs to overcome before it can field a nuclear-tipped intercontinental ballistic missile capable of threatening the U.S. mainland. The threat from Pyongyang is growing, but it isn’t yet imminent, according to General Paul Selva, the No. 2 U.S. military official. Selva, vice chairman of the Joint Chiefs of Staff, offered his thoughts in a statement to Bloomberg before North Korea launched an intermediate-range missile early Tuesday local time over Japan.
- As Harvey Raged, Workers Slept on Cots to Keep Nuclear Power On. As Hurricane Harvey bore down on them, workers remained at the controls of Texas’s biggest nuclear power plant, keeping the lights on for 2 million customers even while some of their own homes were flooded. Teams of employees have been stationed at the South Texas Project power plant since early Friday. While the site is 90 miles (145 kilometers) southwest of Houston and avoided the worst of the deadly storm, it had to cope with heavy rain and flooding on nearby roads that made it difficult for people to get around.
- China Factory Gauge Signals Economic Output Resilient in August. The manufacturing purchasing managers index increased to 51.7 in August, compared with the 51.3 forecast in a Bloomberg survey of economists, and the 51.4 reading in July.
- Japan Post Bank Waits to Plow 100 Billion Yen Into Stocks. Japan Post Bank Co. plans to spend an initial 100 billion yen ($916 million) directly buying stocks -- when it finds the right opportunities. The nation’s second-largest bank by deposits, which currently invests in equities only through passive investments in funds, is eventually aiming to boost active stock holdings to several hundred billion yen in the next five to 10 years, said Katsunori Sago, executive vice president at the Tokyo-based company.
- Asia Stocks Set to Open Mixed on U.S. Data, Korea. Futures on equity indexes in Japan were flat with those in Australia. Contracts on South Korea’s Kospi index were slightly lower after a Twitter post on North Korea from U.S. President Donald Trump that caused a brief dip in U.S shares. U.S. stocks rose for a fourth day, with the S&P 500 Index pushing above its average price for the past 50 days. The dollar strengthened from the lowest in more than two years against most major peers, while gasoline advanced as Harvey continued to pound the energy-rich Gulf coast. Futures on the Nikkei 225 Stock Average were slightly higher as of 7:17 a.m. Tokyo time as were those in Australia. They dipped 0.1 percent on the Kospi index.
- Oil Traders Grab Gasoline Tankers to Replenish Harvey-Hit U.S. (video) Oil traders are rushing to book tankers to haul European gasoline across the Atlantic Ocean as Hurricane Harvey transforms the global market for refined fuels. Traders booked 20 tankers to load European fuels to the U.S. since Harvey made landfall on Aug. 26, according to charter lists compiled by Bloomberg. The rate of bookings is about double the average for August. Most cargoes are 37,000 metric tons each. Shipbrokers said cargo flows to New York will be the highest since November, when a pipeline blast curbed inflows from the Gulf of Mexico.
Wall Street Journal:
- Trump Urges Bipartisan Support for Corporate Tax Cut, Code Simplification. President says moves will help middle-class workers; GOP hopes to pass bill before midterms while Democrats decry policies.
CNBC:
Zero Hedge:
Zero Hedge:
Business Insider:
Night Trading
Earnings of Note
Company/Estimate
7:30 am EST
- Asian equity indices are .unch to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 76.75 -2.5 basis points.
- Asia Pacific Sovereign CDS Index 18.25 -.75 basis point.
- Bloomberg Emerging Markets Currency Index 74.38 -.01%.
- S&P 500 futures +.12%.
- NASDAQ 100 futures +.22%.
Earnings of Note
Company/Estimate
- (CPB)/.55
- (CIEN)/.49
- (DG)/1.09
- (GCO)/-.08
- (LE)/-.09
- (TITN)/-.01
- (TD)/1.36
- (COO)/2.58
- (LULU)/.35
- (OXM)/1.43
- (PANW)/.79
- (RH)/.47
- (TECD)/2.05
7:30 am EST
- Challenger Job Cuts YoY for August.
- Initial Jobless Claims for last week are estimated to rise to 238K versus 234K the prior week.
- Continuing Claims are estimated to fall to 1951K versus 1954K prior.
- Personal Income for July is estimated to rise +.3% versus unch. in June.
- Personal Spending for July is estimated to rise +.4% versus a +.1% gain in June.
- The PCE Core MoM for July is estimated to rise +.1% versus a +.1% gain in June.
- Chicago Purchasing Manager for August is estimated to fall to 58.5 versus 58.9 in July.
- Pending Home Sales MoM for July is estimated to rise +.4% versus a +1.5% gain in June.
- None of note
Other Potential Market Movers
- The China Manufacturing PMI report, Eurozone CPI report, weekly EIA natural gas inventory report, weekly Bloomberg Consumer Comfort Index and the (LB)/(FRED)/(CATO)/(BKE) monthly sales releases could also impact trading today.
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