Wednesday, February 06, 2019

Thursday Watch

Evening Headlines
  • Asia Stocks Mixed Amid Earnings; Dollar Holds Gain. Stocks in Asia traded mixed Thursday after U.S. shares slipped amid disappointing earnings in the technology sector. The dollar built on its recent rally and Treasuries ticked higher. Japanese shares fell amid a raft of corporate earnings, while Australian shares rose for a fourth day, pushing the benchmark index further into technically overbought territory. U.S. futures were little changed. The New Zealand dollar extended a decline after weaker-than-expected jobs data, while its Australian counterpart remained lower following Wednesday’s central bank shift to a neutral policy stance. Crude oil steadied just below $54 a barrel. Japan’s Topix index slid 0.5 percent as of 9:08 a.m. in Tokyo. Australia’s S&P/ASX 200 Index added 0.9 percent. S&P 500 Index futures were flat.   
Wall St. Journal:
Zero Hedge:
Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 76.5 -1.0 basis point
  • China Sovereign CDS 54.0 unch.
  • Bloomberg Emerging Markets Currency Index 68.50 -.36%.
  • FTSE 100 futures -.15%.
  • S&P 500 futures -.19%.
  • NASDAQ 100 futures -.23%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (ADS)/6.95
  • (CAH)/1.11
  • (FCAU)/.79
  • (HAIN)/.26
  • (ICE)/.92
  • (K)/.89
  • (LH)/2.49
  • (ODFL)/1.75
  • (PENN)/-.41
  • (PM)/1.16
  • (SEE)/.67
  • (SNA)/3.01
  • (TWTR)/.24
  • (TSN)/1.55
  • (YUM)/.97
After the Close:
  • (MT)/.70
  • (CSL)/1.27
  • (EXPE)/1.06
  • (IAC)/1.88
  • (LGND)/1.22
  • (MAT)/-.18
  • (MHK)/2.49
  • (NCR)/.82
  • (NWSA)/.12
  • (SYNA)/1.35
Economic Releases
8:30 am EST
  • Initial Jobless Claims for last week are estimated to fall to 221K versus 253K the prior week.
  • Continuing Claims are estimated to fall to 1733K versus 1782K prior.
3:00 pm EST
  • Consumer Credit for Dec. is estimated at $17.0B versus $22.149B in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China reserves report, BoE meeting, $19B 30Y T-Note auction, Bloomberg Jan. US Economic Survey, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report and the (LB)/(BKE)/(CATO) preliminary Q4 sales releases could also impact trading today.
BOTTOM LINE:  Asian indices are mostly higher, boosted by consumer and technology shares in the region. I expect US stocks to open modestly lower and to strengthen into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.

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