Monday, April 23, 2018

Tuesday Watch

Evening Headlines
  • Yen Drop Buoys Japan Stocks as Dollar Holds Gain: Markets Wrap. The greenback held on to gains, with the 10-year Treasury yield remaining just below its highest level since 2014. As the yen retreated, equities in Japan climbed. Stocks nudged higher in Australia and in South Korea, despite SK Hynix Inc. continuing a pattern seen from a string of semiconductor makers where earnings disappointed investors. Aluminum prices plunged after the U.S. softened its position on sanctions against Russia’s United Co. Rusal. Japan’s Topix index added 0.8 percent as of 9:01 a.m. in Tokyo. Australia’s S&P/ASX 200 Index advanced 0.1 percent. South Korea’s Kospi rose 0.2 percent. Futures on Hong Kong’s Hang Seng Index climbed 0.1 percent. Futures on the S&P 500 Index rose 0.2 percent after the underlying gauge closed little changed on Monday.
Business Insider:
Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 77.25 +1.75 basis points. 
  • Asia Pacific Sovereign CDS Index 12.25 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 73.61 -.97%.
  • FTSE 100 futures +.60%.
  • S&P 500 futures +.08%.
  • NASDAQ 100 futures unch.
Morning Preview Links

Earnings of Note

  • (MMM)/2.48
  • (ATI)/.24
  • (BIIB)/5.94
  • (CAT)/2.10
  • (CIT)/.94
  • (KO)/.46
  • (GLW)/.29
  • (LLY)/1.13
  • (FITB)/.48
  • (FCX)/.56
  • (HOG)/1.08
  • (JBLU)/.22
  • (LMT)/3.36
  • (MDR)/.16
  • (PCAR)/1.31
  • (PII)/.87
  • (PHM)/.45
  • (R)/.87
  • (SAP)/.73
  • (SHW)/3.16
  • (TRV)/2.69
  • (UTX)/1.51
  • (VZ)/1.11
  • (AMGN)/3.25
  • (COF)/2.34
  • (CB)/2.26
  • (ILMN)/1.02
  • (RHI)/.74
  • (TER)/.42
  • (TXN)/1.16
  • (WYNN)/2.00
Economic Releases
9:00 am EST
  • The FHFA House Price Index MoM for February is estimated to rise +.6% versus a +.8% gain in January.
  • S&P CoreLogic CS 20-City  MoM SA for February is estimated to rise +.68% versus a +.75% gain in January.
10:00 am EST
  • New Home Sales for March is estimated to rise to 630K versus 618K in February. 
  • The Richmond Fed Manufacturing Index for April is estimated to rise to 16.0 versus 15.0 in March.
  • The Conference Board Consumer Confidence Index for April is estimated to fall to 126.0 versus 127.7 in March.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Australia CPI report, German IFO Expectations Index, $32B 2Y T-Note auction, weekly US retail sales report and the Arizona House Special Election could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by consumer and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.

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