Bloomberg:
- The US dollar, euro, yen and South Korean won are the main currencies in a basket referenced against the yuan in China’s new exchange rate regime, the central bank said.
- China will delay the purchase of crude oil for its stockpile after prices surged, a government official said.
- Asian contract prices for coal used in power generation may fall about 8% next year on slowing growth in demand and increased production, said Goldman Sachs.
Financial Times:
- China may have surplus generating capacity next year as new power stations start production.
Guardian:
- London’s popularity as a tourist destination has not been harmed by last month’s terrorist attacks.
United Daily News:
- Yahoo! may use shares in its China unit to pay for a 35% stake in Chinese online commerce company Alibaba.com.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on DDR, DISH, GILD, AIG, CBB and FDC.
- Reiterated Underperform on IHR and PPS.
Night Trading
Asian Indices are unch. to +1.0% on average.
S&P 500 indicated +.05%.
NASDAQ 100 indicated -.06%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
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Earnings of Note
Company/EPS Estimate
FD/.84
TOM/.29
RMK/.37
AVT/.36
Upcoming Splits
None of note
Economic Releases
10:30 am EST
- Platt's is estimating crude inventories to fall 1.3 million barrels, gasoline inventories to fall 1.95 million barrels and distillate inventories to rise 1.5 million barrels. They are also expecting refinery utilization to drop 1%.
2:00 pm EST
- The Monthly Budget Deficit for July is estimated to shrink to -$57.0B from -$69.2B in June.
BOTTOM LINE: Asian indices are mostly higher as exporters in the region gain after the US Fed did not increase hawkish rhetoric as expected. I expect US equities to open modestly higher and to strengthen throughout the day as oil and interest rates stabilize. The Portfolio is 75% net long heading into the day.
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