Thursday, August 09, 2018

Friday Watch

Evening Headlines
  • Asian Stocks Edge Lower; Dollar Holds Advance: Markets Wrap. Stocks slipped in Asia after the dollar climbed and Treasuries rose, with investors assessing the impact of the latest tit-for-tat in the trade war as well as sanctions on Russia that hit the ruble. Equities declined in Japan and South Korea, while Australian shares were little changed. Futures signaled modest gains for stocks when trading begins in China and Hong Kong. The dollar kept its advance against its G-10 counterparts and Treasury yields held losses as investors sought safe haven assets following American economic data that were generally on the soft side. Japan’s Topix index fell 0.4 percent as of 9:10 a.m. in Tokyo. Futures on the FTSE China A50 Index rose 0.3 percent. Futures on Hong Kong’s Hang Seng Index climbed 0.2 percent. Australia’s S&P/ASX 200 Index advanced 0.1 percent.    
Business Insider:
Night Trading 
  • Asian equity indices are -.75% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 80.0 +.75 basis point. 
  • Asia Pacific Sovereign CDS Index 10.25 unch.
  • Bloomberg Emerging Markets Currency Index 68.21 -.07%.
  • FTSE 100 futures -.09%
  • S&P 500 futures -.17%.
  • NASDAQ 100 futures -.22%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (AIT)/1.00
  • (MDP)/.73
  • (RUTH)/.30
After the Close:
  • None of note
Economic Releases 
8:30 am EST
  • The CPI MoM for July is estimated to rise +.2% versus a +.1% gain in June.
  • The CPI Ex Food and Energy MoM for July is estimated to rise +.2% versus a +.2% gain in June.
  • Real Avg Hourly Earnings YoY for July.
2:00 pm EST
  • The Monthly Budget Statement for July is estimated at -$76.0B versus -$42.9B in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK Industrial Production report and the WasDe Crop report could also impact trading today.
BOTTOM LINE:  Asian indices are mostly lower, weighed down by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower.  The Portfolio is 75% net long heading into the day.

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