Tuesday Watch

Evening Headlines

Bloomberg:      

• Why China’s Developers Have So Much Dollar Debt.  
• The Chinese Companies Polluting the World More Than Entire Nations.  
• Korea’s Economic Growth Slows on Supply Snags, Virus Curbs.
  
• Stocks Set to Rise as Earnings, Inflation Weighed: Markets Wrap.
• Tesla-Hertz Blockbuster Deal Paves Way to Take EVs Mainstream.
  
• Elon Musk’s Fortune Soars $36 Billion in a Day on Hertz Order.
  
• U.S. Issues New Pandemic Travel Rules for Vaccination, Testing.
  
• Exxon CEO Floats Pay Hikes to Combat ‘Major’ Employee Attrition.  
• Bitcoin Is Still Concentrated in Few Hands, Study Finds.  
• Democrats Want Immigration Deportation Shields in Economic Plan.

Wall Street Journal:

• Shoppers Find Discounts Are in Short Supply for Holidays.
• Co-Head of Blackstone Hedge-Fund Business to Leave.
• Does Taiwan’s Military Stand a Chance Against China? Few Think So.
• Democrats Negotiate Tax, Healthcare Provisions as Biden Seeks Deal This Week.
• China Evergrande Says Work on Some Residential Projects Has Resumed.
  

Fox News:    

• Maskless Biden’s move before shaking hands with public ignites fury.
  

CNBC.com: 

• Economists expect shipping problems to linger well into 2022.
• Democrats trim Biden’s social spending plan as they rush to strike a deal this week.
• Facebook shares rise as investors focus on earnings beat and look past whistleblower document dump.
•   Private equity, hedge funds accounted for over $625 million in 2020 political spending, study says.
• Salad chain Sweetgreen files to go public, hopes to double footprint within 5 years.
• Zuckerberg slams recent negative press before painting rosy, futuristic vision for Facebook.
• Business groups ask White House to delay Biden Covid vaccine mandate until after the holidays.

MarketWatch.com:           

• Tesla’s market cap tops $1 trillion after Hertz’s plan to buy 100,000 Tesla EVs.
  
• Apple 'very likely' to face Justice Department antitrust suit: report.
  
• Why the S&P 500 could continue climbing into year’s end, eclipsing its 21% rally so far in 2021.

Zero Hedge:  

• 'Fed-Protected' Man Identified As Mystery Instigator Of J6 Capitol Breach.
• California Decriminalized Shoplifting For Amounts Under $950, Guess What Happened Next.
• One Bank's "Persistent Inflation" Meter Just Hit A Record 96 Out Of 100.
• Biden Plays Chicken With Semitruck Drivers.
• "Ample Scientific Data": Congresswoman Introduces 'Natural Immunity Is Real Act'.
• Walking The Path Of Self Destruction.
• Greenwald: Pierre Omidyar's Financing Of The Facebook "Whistleblower" Campaign Reveals A Great Deal.
• Stocks, Bonds, Bitcoin, & Bullion All Bid As Billionaire Tax Threat Builds.

Newsmax:

• Biden FEMA Denies Texas Appeal for Border Crisis Emergency Funds.
• Rep. Mace: Fauci Must Answer to 'Gruesome' Dog Experiments.

TheGatewayPundit.com:

• Fauci’s House of Horrors: NIH Spent 16+ Million in Taxpayer Funds on Disturbing ‘Toxic Brain Injection’ Experiments on Monkeys; “Drilled Holes in Their Skulls and Implanted Devices into the Brain”.
• Gov. DeSantis Calls For “Mad Scientist” Fauci to be Fired and Investigated for Funding Illegal Gain-of-Function Research and Beagle Torture (VIDEO).
• Pure Marxism: McAuliffe Supporters Are Posting Signs Promising to “Keep Parents Out of Classrooms” as Campaign Winds Down.
• VIDEO: Chants Break Out of “Let’s Go Brandon!” at Massive Municipal Workers March and Rally in New York City.
• Juvenile Court Judge Finds Sufficient Evidence Teen Sexually Assaulted Girl in Loudoun County High School Bathroom.
• Update: NBA Player Enes Kanter Cuts Another Video: “Dear Brutal Dictator Xi Jinping and the Chinese Government – Free Tibet!” – Releases Free Tibet Freedom Shoes.
• “Tell Biden We Are Coming” – Massive Illegal Caravan Continues to March Through Mexico En Route to Open US Border – Now 20 Miles North of Tapachula (VIDEO).
• WSJ Report Reveals Facebook Employees Eager to Shut Down Conservative Content — As Gateway Pundit Has Been Reporting for Years.
• Democrat Dingell Admits the Inflation Rate Did Not Even Come Up in Discussions at the White House over Their Mammoth Spending Bill.

The Epoch Times:

• China Starts Vaccinating Children as Young as 3 Amid New Surge of COVID-19 Cases.

Covid-19(Data, Maps, Graphs):

• Our World in Data:  New Global Covid-19 Cases(7-day rolling average graphs). New US Covid Hospital Admissions/ICU Admissions/Deaths
  
• FT.com:  Fully Vaccinated by Country(graph). Global Lockdown Stringency Index(map).
• Bloomberg.com:  International Travel Restrictions.  Case Graphs by State.
  
• NYTimes.com:  County Trends and Clusters. Local ICU Occupancy.
  
• Brown School of Public Health:  Covid Severity by State/County(map).  US Hospital Capacity(region).
  
• CovidActNow:  Covid Severity/Infection Rate by Metro Area.
  
• KFF:  US Vaccinations by Race/Ethnicity.
  
• Carnegie Mellon: Covid-Like Symptoms in Community. Covid Symptom Searches on Google. Covid-Related Dr.Visits.  Restaurant Visits. Wearing Masks. (graphs)
  
• Safegraph.com:  Commerce Patterns(graphs).

Night Trading 

• Asian equity indices are +.25% to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 83.25 -.25 basis point.

• China Sovereign CDS 46.5 -.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 58.42 -.02%. 
• Bloomberg Global Risk-On/Risk Off Index 3,619.0 -31.0 points.
• Volatility Index(VIX) futures 18.45 -.54%.
• FTSE 100 futures +.17%.

• S&P 500 futures +.24%

• NASDAQ 100 futures +.37%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (MMM)/2.23
• (ARCH)/5.64
• (ADM)/.89
• (AWI)/1.28
• (CIT)/1.17
• (GLW)/.58
• (LLY)/1.96
• (GE)/.44
• (HAS)/1.70
• (JNLU)/-.18
• (LMT)/6.80
• (NVS)/1.64
• (PCAR)/1.20
• (PII)/1.96
• (PHM)/1.79
• (RTX)/1.09
• (SHW)/2.05
• (UBS)/.45
• (UPS)/2.55
  

After the Close:

• (AMD)/.66
• (GOOG)/23.37
• (BXP)/1.70
• (BYD)/1.26
• (CHRW)/1.41
• (COF)/5.16
• (CB)/2.30
• (IEX)/1.59
• (JNPR)/.46
• (MANH)/.54
• (MSFT)/2.08
• (NCR)/.64
• (HOOD)/-.20
• (TER)/1.43
• (TXN)/2.08
• (TWTR)/.18
• (V)/1.54
  

Economic Releases

9:00 am EST

• The FHFA House Price Index MoM for Aug. is estimated to rise +1.5% versus a +1.4% gain in July.
• The S&P CoreLogic CS 20-City MoM for Aug. is estimated to rise +1.5% versus a +1.55% gain in July.
  

10:00 am EST

• New Home Sales for Sept. is estimated to rise to 757K versus 740K the prior week.
• The Conference Board Consumer Confidence Index for Oct. is estimated to fall to 108.5 versus 109.3 in Sept.
• The Richmond Fed Manufacturing Index for Oct. is estimated to rise to 5.0 versus -3.0 in Sept.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The ECB Bank Lending Survey, $60B 2Y T-Note auction, weekly US retail sales reports and the (NVS) investor event could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are higher, boosted by industrial and technology shares in the region. I expect US stocks to open modestly higher and to maintain gains into the afternoon. The Portfolio is 100% net long heading into the day.