- Asian equity indices are -.25% to +.5% on average.
- Asia Ex-Japan Investment Grade CDS Index 57.0 -1.0 basis point.
- China Sovereign CDS 36.25 unch.
- Bloomberg Emerging Markets Currency Index 60.73 -.03%.
- Bloomberg Global Risk-On/Risk Off Index 410.0 +22.0 points.
- Volatility Index(VIX) futures 30.6 +.58%
- FTSE 100 futures -.70%.
- S&P 500 futures -.11%.
- NASDAQ 100 futures -.30%.
Morning Preview Links
Earnings of Note
Before the Open:
After the Close:
- Retail Sales Advance MoM for Aug. is estimated to rise +1.0% versus a +1.2% gain in July.
- Retail Sales Ex Autos MoM for Aug. is estimated to rise +1.0% versus a +1.9% gain in July.
- Retail Sales Ex Autos and Gas for Aug. is estimated to rise +.9% versus a +1.5% gain in July.
- Business Inventories for July is estimated to rise +.1% versus a -1.1% decline in June.
- The NAHB Housing Market Index for Sept. is estimated at 78.0 versus 78.0 in Aug.
- Bloomberg consensus estimates call for a weekly crude oil inventory gain of +1,453,2000 barrels versus a +2,033,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,059,400 barrels versus a -2,954,000 barrel decline the prior week. Distillate inventories are estimated to fall by -227,700 barrels versus a -1,675,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise +1.46% versus a -4.9% decline prior.
- The FOMC is expected to leave the benchmark Fed Funds Rate at 0.0-.25%.
- Net Long-Term TIC Flows for July.
- None of note
Other Potential Market Movers
- The FOMC press conference, UK inflation data report, weekly MBA Mortgage Applications report, Wells Fargo Consumer Conference, Morgan Stanley Autos/Industrials Conference and the (NTAP) analyst day could also impact trading today.
- 9:30 am – 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity 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.
SOURCE: BETWEEN THE HEDGES – Read entire story here.