Sunday, September 22, 2019

Monday Watch

Today's Headlines
Bloomberg:
  • Yuan Gains With U.S. Stock Futures on Trade Talks. The yuan climbed along with U.S. equity futures as investors monitored signs of progress in trade discussions between America and China. The yen edged lower and stock futures pointed to a mixed start in Asia. China’s Ministry of Commerce said trade groups from the two nations held “constructive”    talks on relevant economic and trade issues of mutual concern in Washington last week. Also helping sentiment: China Business News reported that Vice Agriculture Minister Han Jun said his nation’s withdrawal from a planned visit to U.S. farm states had nothing to do with trade talks. Futures on the S&P 500 Index rose 0.4% as of 8:03 a.m. in Sydney. The underlying gauge fell 0.5% on Friday. Hang Seng Index futures slid 0.4%. Futures on Australia’s S&P/ASX 200 Index were little changed.
MarketWatch.com:
Zero Hedge:      
Night Trading
  • Asian indices are -.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 71.5 +1.5 basis pionts.
  • China Sovereign CDS 44.5 +4.5 basis points.
  • Bloomberg Emerging Markets Currency Index 65.63 +.02%.
  • FTSE 100 futures +.11%.
  • S&P 500 futures +.49%.
  • NASDAQ 100 futures +.64%.

Earnings of Note
Company/Estimate

Before the Open:
  • (CMD)/.61
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The Chicago Fed National Activity Index for August is estimated to rise to .13 versus -.36 in July.
9:45 am EST
  • Preliminary Markit US Manufacturing PMI for Sept. is estimated at 50.3 versus 50.3 in August.
  • Preliminary Markit US Services PMI for Sept. is estimated to rise to 51.4 versu s50.7 in August.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PMI report, Ladenburg Thalmann Healthcare Conference, Oppenheimer Specialty Pharma Conference, Johnson Rice Energy Conference, Stephens Bank Forum and the (BABA) investor day could also impact trading today.
BOTTOM LINE: Asian indices are mostly higher, boosted by consumer and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the week.

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