Valuation Update and a new “Fair Value” trading range, futures are extending the late Thursday gains, today investors will see if the year-end bounce can continue, there are a few economic reports including International Trade in Goods (E: -$75.7B), Chicago PMI (E: 62.4) and Pending Home Sales Index (E: 1.5%) but none of those should move markets materially and more.
Dow Theory: first bearish signal since July 2015, futures are enjoying a bounce this morning, there is only one economic report: PPI (E: 0.0%) however inflation has been an important topic recently and a material “miss” or “beat” could move markets and more.
Today, trader focus is going to primarily be on the mid-term elections although results will not come in until after the close, a realtime trade-war indicator to watch, futures are slightly lower with EU markets this morning on renewed political tensions despite upbeat economic data o/n while US focus turns ahead to the mid-terms and more
Today focus will be, of course, on any trade headlines, especially pertaining to next week’s U.S./China trade summit, futures are very slightly higher following a quiet night of news, British Retail Sales was the only notable economic report and more.
Today focus will be on whether the new tariffs are formally announced, futures are modestly lower, the WSJ had two important trade articles over the weekend. The first stated the Trump administration will implement 10% (vs. (E) 25%) tariffs on Chinese exports, while the second said if that happened, China would cancel the next round of trade talks. Asian markets dropped 1% on the combined stories, but European and U.S. markets are taking a “wait and see” approach and are down only marginally, and more.
Inflation Update: Futures are slightly lower, Chinese August Manufacturing PMI increased, regarding inflation. EU Core HICP slightly missed estimates, there was no new trade news overnight and more.
“In March, we had four areas of trade uncertainty: Mexico, China, Europe and Canada. I think Canada will be resolved and Europe and Canada are already resolved,” said Tom Essaye, founder of Sevens Report, on CNBC.
Tom Essaye, Founder, Sevens Report, joined Bryan Curtis and David Ingles on Daybreak Asia to discuss the deal on trade.
US futures are flat this morning, the German GfK Consumer Climate edged down, oil prices are slightly higher this morning, today, trade will continue to dominate the headlines and much more.
Futures are slightly higher this morning, trade concerns continue to ease after yesterday’s favorable developments, progress on trade and the subsequent decline in the dollar index and more.