Wednesday Pre-Market: Asian Markets Up

by: Between the Hedges

From Between the Hedges:

Late-Night Headlines

- US Treasuries rose, sending the 10-year notes to their biggest two-day gain since January, after reports showed housing starts in April fell more than forecast and as core wholesale prices stayed in check.
- The Senate today did not eliminate a guest-worker program from legislation overhauling US immigration policy.
- President Bush will beat his timetable to cut the US budget deficit in half by 2009 because of surging tax revenue as a result of surging economic activity, Treasury Secretary John Snow said.
- Federal Reserve Chairman Bernanke said market discipline is a better regulator of the $1.2 trillion hedge fund industry than government, embracing the free-market views of his predecessor Greenspan.
- Honda Motor will spend $400 million for a new factory in the US.

Financial Times:
- Germany’s Bundesbank wants hedge funds to be more open about their activities, including allowing their books to be assessed by ratings companies and setting up a code of conduct.

London-based Times:
- NYSE Group Inc.(NYSE:NYX) shareholder Thomas Caldwell said he is opposed to a merger with Euronext NV.

Nihon Keizai:
- The Japanese government will increase investments in oil development companies to help them expand production.

Late Buy/Sell Recommendations
- Rated (NYSE:MCD) Buy.

Night Trading
Asian Indices are +.25% to +.50% on average.
S&P 500 indicated +.04%.
NASDAQ 100 indicated +.09%.

Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- (BEAS)/.10
- (NYSE:FL)/.37
- (NASDAQ:INTU)/1.76
- (MW)/.49
- (NYSE:CRM)/.04
- (NYSE:TLB)/.51
- (NYSE:TOO)/.30
- (NYSE:ZLC)/.21

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- The Consumer Price Index for April is estimated to rise .5% versus a .4% gain in March.
- The CPI Ex Food & Energy for April is estimated to rise .2% versus a .3% increase in March.

10:30 EST
- Bloomberg consensus estimates call for a weekly crude drawdown of 1,000,000 barrels. Gasoline supplies are expected to rise 1,500,000 barrels. Distillate inventories are estimated to rise 700,000 barrels. Finally, refinery utilization is estimated to rise .80%.

BOTTOM LINE: Asian indices are higher, boosted by technology and automaker stocks in the region. I expect US equities to open mixed and to trade modestly higher into the afternoon.