First Call - Hedge Fund Telemetry

Have a great weekend and please watch me on Yahoo Finance TV near the close today.
S&P futures down 0.1%, though US equities still on track for good gains this week. Asian markets weaker overnight. European markets under pressure. Treasuries slightly firmer. Dollar narrowly mixed. Turkish lira bouncing. Gold up 0.6%. WTI crude down 0.6%.
Trade still a big story. Despite NAFTA optimism ahead of today’s soft deadline for a deal with Canada, US reportedly ready to implement next phase of China tariffs as early as next week and Trump said recent EU offer to scrap tariffs on auto does not go far enough and he said the US may pull out of the WTO if it doesn’t "shape up", and is considering a capital gains tax cut indexed to inflation
A few other macro developments. Slight pickup in China official manufacturing PMI for August. Eurozone inflation a little light. German Retail Sales miss. Japanese headline data slowed. ECB’s Nowotny called for rate hike. Italian budget reportedly to remain within EU rules. Turkey made tax changes to stem lira decline.
KO to acquire coffee-shop chain Costa for $5.1B. LULU posted a big Q2 EPS beat on the back of a 19% comp increase and GM expansion. ULTA hit by comp miss and disappointing guidance. AMBA down big on weaker guidance. Tencent down on China regulatory proposal.
Fitch is reviewing Italy’s rating/outlook today; its possible their outlook goes "negative" but a ratings downgrade is unlikely per Bloomberg.
Emerging Market contagion fears remain; the Turkish Lira’s flat after yesterday approaching the record lows made earlier this month. And the Argentinian Peso is again weaker and at new all-time lows.
Tech and Consumer Discretionary continue to lead; not only are they the best performing subsectors YTD (Tech +19.8%, Cons. Disc. +17.9%), they’re also the top performers over the last week (+3% and +2% respectively.

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