Night Trading
- Asian equity indices are -1.5% to -.75% on average.
- Asia Ex-Japan Investment Grade CDS Index 62.0 +4.0 basis points.
- China Sovereign CDS 45.75 +5.75 basis points.
- Bloomberg Emerging Markets Currency Index 66.67 -.02%.
- S&P 500 futures -.27%.
- NASDAQ 100 futures -.41%.
Earnings of Note
Company/Estimate
Before the Open:
- (AXL)/.57
- (CVX)/1.82
- (XOM)/.73
- (HMC)/117.85
- (ITT)/.89
- (LYB)/2.84
- (NWL)/.36
- (STX)/.84
After the Close:
- None of note
Economic Releases
8:30 am EST
- The Change in Non-Farm Payrolls for July is estimated to fall to 165K versus 224K in June.
- The Unemployment Rate for July is estimated to fall to 3.6% versus 3.7% in June.
- Average Hourly Earnings MoM for July is estimated to rise +.2% versus a +.2% gain in June.
- The Trade Balance for June is estimated at -$54.6B versus -$55.5B in May.
10:00 am EST
- Factory Orders for June are estimated to rise +.7% versus a -.7% decline in May.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Eurozone PPI report could also impact trading today.
BOTTOM LINE:
Asian indices are lower, weighed down by commodity 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 day.
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