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9/18/18
Thomas Thornton
Top Overnight News

  • Global markets kept calm after the latest escalation of the U.S.-China trade dispute, S&P futures up 0.2% after the major US equity indexes ended lower on Monday with the focus on weakness in tech and consumer discretionary. Asian markets higher overnight with China up 1.8%. European markets posting solid gains. Treasuries little changed. 10-year yields trading right around 3% after hitting five-month highs in prior session. Dollar a bit firmer on the major crosses. Gold off 0.2%. WTI crude up over 1%.
  • No surprise as Trump announced US would impose 10% tariffs on another $200B of Chinese imports. Tariffs take effect next week and will go to 25% in 2019. China vowed to retaliate, but did not offer anything specific (which may be helping sentiment). More speculation that Beijing may decide to opt out of fresh trade talks that were scheduled for later this month. Press discussed how latest tariffs could adversely impact consumer, though Street have largely downplayed EPS and economic impact.
  • Not much going on elsewhere in macro and politics. Saudis said to be comfortable with oil going above $80. China Securities Journal noted PBoC seen cutting RRR again in October. Italian Deputy Prime Minister Di Maio reportedly renewed threat to oust Finance Minister Tria over budget. Brexit headlines mixed. SCOTUS nominee Kavanaugh and his sexual assault accuser set to testify in the Senate next Monday. Trump ordered Justice Department to declassify Russia material.
  • Quiet in terms of corporate news. ORCL a post-earnings laggard following disappointing revenue growth and guidance. FDX also down on the back of an EPS miss driven by higher expenses (accelerated wage increases)

Market Snapshot
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