Tuesday, October 05, 2021

Wednesday Watch

Evening Headlines

Wall Street Journal: 
Fox News: 
Zero Hedge:
  • Singapore has administered at least 9,486,020 doses of COVID vaccines so far. Assuming every person needs 2 doses, that's enough to have vaccinated about 83.2% of the country's population(4th best rate in world). Singapore is reporting 2,300 new infections on average each day(294 infections per 100K people reported last 7 days), 100% of the peak - the highest daily average reported on Oct. 5.
Night Trading 
  • Asian equity indices are -.25% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 89.25 +5.0 basis points.
  • China Sovereign CDS 51.25 +3.75 basis points.
  • Bloomberg Emerging Markets Currency Index 58.78 -.01%. 
  • Bloomberg Global Risk-On/Risk Off Index 2,978.0 +29.0 points.
  • Volatility Index(VIX) futures 23.10 +.3%.
  • FTSE 100 futures -.27%.
  • S&P 500 futures -.1%
  • NASDAQ 100 futures -.1%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (AYI)/2.87
  • (STZ)/2.79
After the Close:
  • (LEVI)/.38
  • (RGP)/.31
Economic Releases
8:15 am EST
  • ADP Employment Change for Sept. is estimated to rise to 430K versus 374K in Aug.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +710,400 barrels versus a +4,578,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -68,900 barrels versus a +193,000 barrel gain the prior week. Distillate inventories are estimated to fall by -844,100 barrels versus a +384,000 barrel gain prior. Finally, Refinery Utilization is estimated to rise by +.23% versus a +.6% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The German Factory Orders report, weekly MBA Mortgage Applications report, (MRVL) investor day, (DOW) investor day and the (GM) 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 technology and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

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