Thursday, June 21, 2018

Friday Watch

Evening Headlines
  • Asia Stocks Extend Week's Drop; Dollar Steadies. Asian stocks fell, extending the worst week for regional equities since late March, amid concern global trade restrictions will curb growth. The dollar steadied and Treasuries pared gains. Japan’s Topix index brought this week’s decline to more than 3 percent, while equities also dropped in South Korea and Australia. The S&P 500 Index fell and the Dow Jones Industrial Average posted its eighth straight drop after the Supreme Court ruled states can collect sales tax from online retailers, rattling and EBay. The pound held gains triggered by the BOE’s chief economist vote for an immediate rate hike. Japan’s Topix index fell 0.9 percent as of 9:05 a.m. in Tokyo. Australia’s S&P/ASX 200 index lost 0.1 percent. South Korea’s Kospi dropped 0.5 percent. Futures on the Hang Seng were down about 1 percent
Night Trading 
  • Asian equity indices are -.75% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 80.25 +1.0 basis point. 
  • Asia Pacific Sovereign CDS Index 14.0 +.75 basis point.
  • Bloomberg Emerging Markets Currency Index 69.53 -.03%.
  • FTSE 100 futures +.09%.
  • S&P 500 futures +.17%.
  • NASDAQ 100 futures +.02%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (BB)/.00
  • (KMX)/1.24
  • (SFUN)/.04
After the Close:
  • None of note
Economic Releases
9:45 am EST
  • The Preliminary Markit US Manufacturing PMI for June is estimated to fall to 56.1 versus 56.4 in May.
  • The Preliminary Markit US Services PMI for June is estimated to fall to 56.5 versus 56.8 in May.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PMI report, OPEC meeting and the Deutsche Bank Auto Tech Conference could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 50% net long heading into the day.

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