Wednesday Watch

Evening Headlines

Bloomberg:                   

• Sunak to Urge G-7 Counterparts to Coordinate Over Supply Issues.
• LVMH Growth Slows as Post-Lockdown Comparisons Get Tougher.
• Stocks Set for Steady Start as Earnings, CPI Loom: Markets Wrap.
• Oil Edges Higher With Energy Shortages Boosting Winter Demand.
  
• Banks Analysts Warn That 60/40 Portfolios Could Be Battered by Inflation.
  
• Cathie Wood’s ARK Funds Snapped Up Crispr Shares Ahead of Plunge.
  
• Progressives Say They Won’t Give Up Priorities in Spending Plan.  
• Warren Buffett’s Son Granted Colombian Citizenship.
• Online Boutique Lulu’s Files for IPO Disclosing Sales Growth.
• Mastercard-Backed AvidXchange Upsizes IPO to Raise $660 Million.

Wall Street Journal: 

• The Nets Ban Kyrie Irving Until He Gets Vaccinated.
• L.O.L. Dolls Are Stuck in the Supply Chain. John Baker Must Free Them Before Christmas.
• Southwest Pilots Warn Fatigue, Frustration Could Fuel More Outages.
• GM to Recover $1.9 Billion in Bolt-Recall Costs in Deal With LG.
• Vaccine Mandate Madness.  
• Wait, We Still Want Fossil Fuels?  
• Covid on Campus: Are the Restrictions Overkill?  
• Boom Times in the Beltway.
• Home Sales Are Falling Sharply in China.
• North Korea Puts on Show of Missile Might as Kim Jong Un Snubs U.S.
• Taliban Allow Teenage Girls Back in Some Schools—but Not in Kabul.
  

Fox News:

• Dad cuffed at school board meeting: Sex attack covered up to shield trans agenda.
• Dozens of illegal migrants arrested after agents make stunning discovery on train.

CNBC.com:  

• Boeing says employees must show proof of Covid vaccination by Dec. 8 under federal contractor rules.
• A record 4.3 million workers quit their jobs in August, led by food and retail industries.
• House approves debt limit increase that will last through part of December, sends bill to Biden.
• FDA approves Vuse vaping products for sale, marking a first for the e-cigarette industry.
• Health insurance options if you’re fired for refusing to get a Covid vaccine.
• FDA staff doesn’t take stance on Moderna Covid boosters, says two doses protect against severe disease.
• Sharp surge in energy prices threatens economic recovery and is already slowing growth.
• Fed’s Bullard says bond purchases should be tapered quickly in case rate hikes are needed.
• Hasbro CEO Brian Goldner dies, days after stepping down for health reasons.

MarketWatch.com:           

• Why a majority of Silicon Valley residents want to move.

Zero Hedge:

• California Bans Small Off-Road Gas Engines, Including Lawnmowers And Chainsaws.
• NYC’s Unvaccinated Teachers Must Waive Right To Sue If They Want To Keep Health Benefits.
• Oregon Senators Call For Investigation Into Alleged COVID-19 Statistical Manipulation.
• Third Quarter Earnings Season Begins Tomorrow: It Could Be Ugly.
• It's All Fake: Kamala Harris Used Child Actors Who Had To Audition For Weird NASA Promo.
• Fed's Quarles To No Longer Chair Committee On Supervision, Setting Stage For Brainard Ascent.
• Southwest To Comply With Biden Vaccine Order, Ignore Texas Ban.
• Vaccine Effectiveness In New York Dropped As Delta Variant Surged During Summer, Study Shows.
• Judge Overrules NY Governor - Says Employers Must Grant Religious Exemptions To Healthcare Workers.
• Apple Tumbles After iPhone Production Goal Slashed On Chip Shortage.
• Stocks Stink As Curve Pancakes On Stagflation Fears.

Newsmax:

• Lump of Coal for Christmas: 'There Will Be Things That People Can't Get,' WH Warns.  
• Ric Grenell: WH Unprepared for China, Other Scenarios.

TheGatewayPundit.com:

• Psaki Says the Quiet Part Out Loud: ‘Biden Wants to Make Fundamental Change in Our Economy and He Feels Coming out Of the Pandemic is the Time to do That’ (VIDEO).
• “F**k the USA!” – Dominion’s Eric Coomer Admits Under Oath to Being former Skinhead, Heroin Addict – Lied in Denver Post Screed (VIDEO).
• Ohio Man’s Kidney Transplant Canceled Days Away From Scheduled Surgery Because Donor Wasn’t Vaxxed.
• Massachusetts Governor Activates National Guard to Test School Children For Covid.
• UPDATE: Evergrande Crisis Continues – 1.5 Million Chinese Worry About Their Deposits on Apartments Not Yet Built.
• REPORT: Indiana Walgreens “Accidentally” Gives Pfizer COVID Jabs To 4 and 5 Yr Old Siblings…Pediatric Cardiologist Is Reportedly Treating Both Kids For Heart Issues [VIDEO].

The Epoch Times:

• Nearly a Quarter of Coal Mines in China’s Shanxi Province Suspend Operations Due to Safety Concerns.

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 -.5% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 93.5 -4.25 basis points.

• China Sovereign CDS 55.5 -5.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 58.57 +.02%. 
• Bloomberg Global Risk-On/Risk Off Index 3,241.0 -29.0 points.
• Volatility Index(VIX) futures 21.6 +.84%.
• FTSE 100 futures -.15%.

• S&P 500 futures -.16%

• NASDAQ 100 futures -.19%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BLK)/9.55
• (DAL)/.17
• (JPM)/3.00
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The CPI MoM for Sept. is estimated to rise +.3% versus a +.3% gain in Aug.
• The CPI Ex Food and Energy MoM for Sept. is estimated to rise +.2% versus a +.1% gain in Aug.
• Real Avg. Weekly Earnings YoY for Sept.
  

2:00 pm EST

• The Sept. 22 FOMC Meeting Minutes.
  

Upcoming Splits

• (MCHP) 2-for-1
  

Other Potential Market Movers

• The Fed's Bowman speaking, Fed's Brainard speaking, China's Trade Data report, weekly MBA Mortgage Applications report,  30Y T-Bond auction and the Eurozone Industrial Production report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and consumer cyclical shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.