Monday, June 18, 2018

Tuesday Watch

Evening Headlines
  • Asian Stocks Head for Mixed Start; Oil Rebounds: Markets Wrap. Asian stocks were poised for a mixed start to trading that sees Chinese markets reopen for the first time since trade tensions with the U.S. escalated. Oil rose before this week’s OPEC meeting and the dollar steadied. Futures signal losses for Hong Kong shares as traders return from a holiday, while Japanese stocks point to a more muted start. The S&P 500 Index posted a small retreat and Treasury yields were little changed after trading near the lowest this month. Emerging-market equities extended a drop after their worst weekly performance in a month, while commodity currencies weakened amid renewed concern over trade protectionism. The S&P 500 fell 0.2 percent. Futures on Japan’s Nikkei 225 were flat in Singapore trading. Hang Seng futures were about 0.6 percent lower
Business Insider:
Night Trading 
  • Asian equity indices are -.75% to -.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 78.0 +.5 basis point 
  • Asia Pacific Sovereign CDS Index 13.25 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 69.78 -.02%.
  • FTSE 100 futures -.22%.
  • S&P 500 futures -.45%.
  • NASDAQ 100 futures -.45%.
Morning Preview Links

Earnings of Note

Before the Open:
  • None of note
After the Close:
  • (FDX)/5.69
  • (LZB)/.64
  • (ORCL)/.94
Economic Releases
8:30 am EST
  • Housing Starts for May are estimated to rise to 1311K versus 1287K in April.
  • Building Permits for May are estimated to fall to 1350K versus 1352K in April.
Upcoming Splits
  • (ACGL) 3-for-1
  • (TMSR) 2-for-1
Other Potential Market Movers
  • The RBA Minutes, US weekly retail sales reports, Oppenheimer Consumer Growth Conference, Jefferies Consumer Conference, JMP Securities Financial Services Conference and the (MKSI) analyst day could also impact trading today.
BOTTOM LINE:  Asian indices are lower, weighed down by financial and industrial shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon.  The Portfolio is 75% net long heading into the day.

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