Thursday Watch

Evening Headlines

Bloomberg:            

• Xi to Deliver Party Doctrine to Change Course of China.  
• How Wealth Products Helped Inflate China Real Estate.
• Evergrande Set to Avoid Default After Paying Overdue Interest.
• U.S. Won’t Open Solar-Trade Probe Into Asian Manufacturers.  
• All ECB Bond Purchases Could End Next Fall, Holzmann Says.
  
• Australian Unemployment Jumps to 5.2% in Lockdown Hangover.  
• Asia Stocks Mixed, Bonds Fall Amid Inflation Worry: Markets Wrap.
  
• Inflation Threatens to Return to U.S. Politics in Replay of 1980.
  
• U.S. Inflation Likely to Get Worse, Dealing Challenge to Fed and Biden.
  
• Republicans Blast Food Inflation, Blame Biden #ThanksgivingTax.

Wall Street Journal:

• Inflation Hits 30-Year High.
• Price Jumps Awaken Caution in Markets.
• China’s Plan to Manage Evergrande: Take It Apart, Slowly
• Travis Scott’s Actions During Deadly Show Are Questioned. 
• Inflation and Building Back Worse. Joe Manchin has ample reason to kill spending that is harming workers.
• Family Health Insurance Cost More Than $22,000 in 2021.
• Russia Sends Warplanes to Belarus Amid Fight With EU Over Migrants.

Fox News:   

• Rehab effort to make Kamala Harris more likeable just crashed and burned in Paris.
• Joe says you're too stupid to understand how supply chains work, again.
  

CNBC.com:

• U.S. consumer prices jump 6.2% in October, the biggest inflation surge in more than 30 years.
• Beyond Meat shares crater as losses mount, company expects weak U.S. sales growth ahead.
• Disney makes the trend clear: Growth is slowing for streaming services.
• Affirm shares soar after company announces expanded Amazon deal, fiscal Q1 revenues beat estimates.
• Inflation has taken away all the wage gains for workers and then some.
• EV start-up Rivian is valued at $86 billion after market debut, higher than Ford.
• Mastercard CEO bullish on travel trends: ‘Tourists are arriving, and they’re spending’.

MarketWatch         

• IRS releases new standard deductions and tax brackets as inflation soars.
  
• AMC CEO Adam Aron to sell about $53 million in shares.
  
• Beyond Meat shares drop 17% on poor quarter, weak outlook.

Zero Hedge:

• Surgeon General Rebuts Matthew McConaughey Over Vaccinating Kids; Warns Americans Not To Share 'Misleading Memes' About COVID.
• Biden's 'Unhinged Socialist' Banking Nominee Wants Oil, Coal, & Gas Industries To 'Go Bankrupt'.
• China Blinks: As Contagion From Property Sector Crash Spreads, Regulators Set To Ease Bond Rules.
• Do Antiviral Pills Negate The Need For Vaccine Mandates?
• Something Really Strange Is Happening At Hospitals All Over America. Emergency rooms are filled to overflowing all over America, and nobody can seem to explain why this is happening. With less people catching the virus, you would think that would mean that our emergency rooms should be emptying out, but the opposite is actually happening. If the number of COVID cases was starting to spike again, it would make sense for emergency rooms to be overflowing. But at this particular hospital in Michigan, we are being told that some of the main things that are being treated include “abdominal pain”, “respiratory problems”, “blood clots” and “heart conditions”…
• GM Says It’s Getting A “Better Flow” Of Semis and That All Plants In North America Are Operating Regularly.
• The Two Real Reasons Democrats Lost Virginia: A Woke Post-Mortem.
• Shipping's Extreme Consolidation Could Prolong Supply Chain Pain.
• Elon Musk Confirms His Tax-Related-Selling Sparked This Week's Big TSLA Tumble.
• Personal ATMs Are Back: Homeowners Tapping Into Equity In Biggest Drawdown Since 2007.
• Evergrande Makes Another Last Minute Interest Payment After Selling Private Jets, Pledging Chairman's Mansions.
• Insular Elites Are Completely Detached From Reality.
• The Contrarian Trade Of The Decade: The Dollar Refuses To Die.
• Gold & The Dollar Soar As CPI Surge Sparks Fed Faux-Pas Fears.

Newsmax: 

• VA: Faith-Based Requests for Vaccine Exemptions Will Not Be Challenged.
• States Challenge Biden's Vaccine Mandate for Health Workers.
• Kansas Legislators Push to Protect Workers Who Refuse Vaccine.  
• Rep. Crawford: Piles of Cash Won't Fix Supply Chain Woes.

TheGatewayPundit.com:

• ”Is This a Plan that the Biden Administration is Putting into Place to Bring America to its Knees?” – Former Trump Secretary of Energy and Texas Governor Rick Perry on Biden/Obama’s Energy Policy.
• China’s Evergrande, the World’s Most Indebted Corporation, Officially Goes Insolvent Today.
• President Trump Asks Why Georgia’s Leaders Allow and Do Nothing About News that 74 Counties in Georgia Are Missing Legally Required Images from 2020 Election.
• Joe Biden to Americans: “Did You Ever Think You’d Pay This Much for a Gallon of Gas?”.
• MUST WATCH: 2nd Grader Suspended 38 Times for Not Wearing Masks Tells School Board That She Hope’s They Go to Jail.
• Oscar Winning Actor Matthew McConaughey Says He Opposes Vaccine Mandate For Children, Surgeon General Immediately Pushes Back On CNN.
• New Jersey Senate President Sweeney Finally Concedes to Republican Truck Driver Edward Durr.
• Boris Epshteyn: “Big Name” Petitioners in Georgia Are Refiling Lawsuit against Fulton County over Suspected Fraud in 2020 Election (VIDEO).
• Australia’s Tyrannical Department of Health Raids Anti-Lockdown Doctor’s Clinic and Seizes Patient’s Confidential Files.
• It’s Like Déjà Vu… FLASHBACK VIDEO: Fauci Says Kids can Get AIDS From Casual Contact – Withheld Life-Saving Drugs from Gays with AIDS.

The Epoch Times:

• CCP Aims to Take Advantage of Climate Agenda, Experts Say.

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 -.75% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 90.25 -3.75 basis points.

• China Sovereign CDS 54.0 -2.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 57.82 -.07%. 
• Bloomberg Global Risk-On/Risk Off Index 2,827.0 +23.0 points.
• Volatility Index(VIX) futures 20.95 -.96%.
• Euro Stoxx 50 futures -.47%.

• S&P 500 futures +.05%

• NASDAQ 100 futures +.17%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (MT)/4.03
• (GRWG)/.09
• (J)/1.56
• (TPR)/.70
• (WB)/.85
• (YETI)/.60
  

After the Close:

• (BLNK)/-.35
• (FLO)/.25
• (RIDE)/-.59
• (RMAX)/.62
  

Economic Releases

• None of note 

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Australia Unemployment Report, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report, (APPS) analyst day, (NXPI) investor day and the (MU) analyst event could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by financial and consumer shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.