Sunday, June 24, 2018

Monday Watch

Today's Headlines
  • Asian Stocks Open Mixed; Turkish Lira Climbs. Asian stocks were off to a muted start as investors assessed a loosening of policy in China amid ongoing trade tensions. Turkey’s lira climbed after Recep Tayyip Erdogan claimed victory in the weekend’s election. Japanese stocks fluctuated, while shares gained in Australia and fell in South Korea. In a move that was widely expected, China reduced the amount of reserves the country’s banks are required to keep on deposit at the central bank, freeing up more than $100 billion to help cushion a slowing economy. The dollar steadied while the yen and the euro nudged higher. The Topix index was little changed as of 9:08 a.m. in Tokyo. Australia’s S&P/ASX 200 Index gained 0.2 percent. South Korea’s Kospi index fell 0.4 percent. Futures on Hong Kong’s Hang Seng Index rose 0.2 percent. Futures on the S&P 500 Index slid 0.1 percent
Zero Hedge:    
Night Trading
  • Asian indices are -.50% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 81.0 +.75 basis point.
  • Asia Pacific Sovereign CDS Index 13.75 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 69.96 -.15%.
  • FTSE 100 futures -.58%
  • S&P 500 futures -.53%.
  • NASDAQ 100 futures -.53%.

Earnings of Note
Before the Open:
  • (CCL)/.59
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The Chicago Fed National Activity Index for May.
10:00 am EST
  • New Home Sales for May are estimated to rise to 669K versus 662K in April.
10:30 am EST
  • The Dallas Fed Manufacturing Activity Index for June is estimated to fall to 24.0 versus 26.8 in May.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The German IFO Expectations Index and the (AAWW) investor day could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and technology shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon.  The Portfolio is 50% net long heading into the week.

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