Contrarian Opportunity in Chinese Tech (3 ETFs)
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What’s in Today’s Report:
- Can Singles’ Day and Stimulus Offset Concerns in Chinese Stocks?
Futures are lower this morning as global equity markets take a breather and digest the sizeable post-election gains.
Economically, German CPI held steady at 2.0% last month while the ZEW Survey disappointed. In the U.S., the NFIB Small Business Optimism Index rose to 93.7 vs. (E) 91.7 but the solid release is having little impact on futures in pre-market trading.
There are no further economic reports today, but the Treasury will hold 3M and 6M Bill auctions at 11:30 a.m. ET that could move yields (Treasuries were closed for Veterans Day yesterday so how bonds trade this morning could move stocks).
Turning to the Fed, the speaker circuit is picking back up in the wake of last week’s FOMC meeting with several officials scheduled to speak today including: Waller (10:00 a.m. ET), Barkin (10:15 a.m. ET), Kashkari (2:00 p.m. ET), and Harker (5:00 p.m. ET).
Finally, a few notable companies reporting earnings today include: HD ($3.65), SHOP ($0.37), and OXY ($0.81). The former two could shed light on the health of the U.S. consumer and therefore have the potential to move the broader equity markets but a continued digestion, or potentially some profit taking, in the wake of the huge post-election advance before tomorrow’s CPI release is fairly likely today.
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