See also: Wednesday Morning View From Europe
From Between the Hedges:
- Microsoft Corp.(MSFT) said it will sell 10 million Xbox 360s before Sony Corp.(SNE) releases its PlayStation 3 in November.
- The Bush administration may stop short of branding China a currency manipulator, while criticizing the country’s export-driven economic policy in a report to Congress today.
- China has abandoned plans to measure its economic output by taking into account its impact on the environment.
China Securities Journal:
- China’s consumer prices are likely to rise at a slower pace in the second quarter on lower food prices.
Late Buy/Sell Recommendations
- None of note
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated -.08%.
NASDAQ 100 indicated -.29%.
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Before the Bell CNBC Video(bottom right)
Top 20 Business Stories
Daily Stock Events
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
- None of note
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude drawdown of 575,000 barrels. Gasoline supplies are expected to rise 1,000,000 barrels. Distillate inventories are estimated to fall 300,000 barrels. Finally, refinery utilization is estimated to rise .75%.
2:00 pm EST
- The monthly budget surplus for April is estimated to rise to $115.0B versus $57.7B in March.
2:15 pm EST
- The FOMC is expected to raise the benchmark Fed Funds rate 25 basis points to 5.0%.
BOTTOM LINE: Asian indices are mostly lower, weighed down by exporting stocks in the region. I expect US equities to open mixed and to trade modestly lower into the afternoon.