From Between the Hedges:
- Kohlberg Kravis Roberts, the world’s biggest buyout firm, raised $5 billion in an IPO of a private equity fund, luring three times more money than originally planned from a wider range of investors.
- Toyota Motor(TM) ranked third in US auto sales for the first time in April, outselling DaimlerChrysler AG and helping Asian companies capture a near-record share of the market.
- Australia’s central bank unexpectedly raised its official interest rate a quarter percentage point to the highest in more than five years.
- The US, UK and France will move as early as tomorrow for adoption of a UN resolution demanding that Iran halt its nuclear program, US Ambassador John Bolton said.
- Bank of China, planning to raise as much as $8 billion in an IPO, may post a $537 million exchange rate loss this year due to a rising yuan, according to UBS AG, one of the sale’s arrangers.
- German Chancellor Angela Merkel will use a visit to the US starting today to stress that her government stands united with President Bush in efforts to halt Iran’s suspected nuclear-weapons program.
- The Trump Organization plans to build a $600 million tower on Dubai’s Palm, the world’s biggest man-made island.
- The five permanent members of the UN Security Council have said Iran’s nuclear program “isn’t compatible” with international community demands.
Korea Economic Daily:
- South Korea is seeking to import 5 million barrels of ethanol a year from Brazil to mix with gasoline.
Late Buy/Sell Recommendations
- Raised AMED to Strong Buy, target $45.
Asian Indices are unch. to +1.0% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated -.01%.
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
Earnings of Note
- None of note
10:00 am EST
- Factory Orders for March are estimated to rise 3.7% versus a .2% rise in February.
- ISM Non-Manufacturing for April is estimated to fall to 59.4 versus a reading of 60.5 in March.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude drawdown of 150,000 barrels. Gasoline inventories are estimated to fall 650,000 barrels, and distillate supplies are expected to decrease by 100,000 barrels. Refinery utilization is expected to rise .78%. I expect crude prices to trade lower on this report.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity stocks in the region. I expect US equities to open mixed and to trade modestly higher into the afternoon.