Sunday, January 06, 2019

Monday Watch

Today's Headlines
Bloomberg:    
  • Stocks in Asia Rise on Fed, China Policy Boost. Stocks across Asia kicked off the week with strong gains after soothing Federal Reserve comments and an easing of monetary policy in China triggered a renewed appetite for risk assets. Treasuries steadied after Friday’s slide and oil extended its recent rebound. Shares in Japan led the charge, with advances also in Hong Kong, South Korea and Australia. U.S. futures climbed, signaling Friday’s rally in U.S. stocks could continue. Federal Reserve Chairman Jerome Powell said policy is flexible and officials are “listening carefully” to financial markets, while the People’s Bank of China cut the required reserves for banks. Australian bond yields surged after the yield on 10-year Treasuries soared back to 2.67 percent on Friday. Sentiment may also be helped as the U.S. and China reopen trade talks. Japan’s Topix index rose 3.2 percent as of 10:34 a.m. in Tokyo. Australia’s S&P/ASX 200 Index gained 1.4 percent. Hong Kong’s Hang Seng Index rose 1.5 percent. The Shanghai Composite Index advanced 0.5 percent. Futures on the S&P 500 gained 0.5 percent.  
Zero Hedge:         
Night Trading
  • Asian indices are +1.0% to +2.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 95.0 -5.0 basis points.
  • Asia Pacific Sovereign CDS Index n/a.
  • Bloomberg Emerging Markets Currency Index 66.95 +.18%.
  • FTSE 100 futures +.21%.
  • S&P 500 futures +.36%.
  • NASDAQ 100 futures +.38%.

Earnings of Note
Company/Estimate
Before the Open:
  • (CMC)/.35
After the Close:
  • None of note
Economic Releases
10:00 am EST
  • The ISM Non-Manufacturing Index for Dec. is estimated to fall to 59.5 versus 60.7 in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The US/China trade talks, China Trade Data report, Eurozone Retail Sales report, CES 2019 and the JPMorgan Healthcare Conference could also impact trading today.
BOTTOM LINE: Asian indices are higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the week.

1 comment:

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