White House
economic Advisor Kudlow sees the FOMC
moving forward with rate cut. “That is my view. It’s true in the open market,
the funds rate has traded a bit high,
but I think they’re moving toward rate cuts,” Kudlow says in interview with
Newsmax. * Kudlow also said he thinks U.S. 1Q growth “may be very close to 3%”
Comments
from China hinting at a Decrease in optimism regarding Economy. China’s
main Property index, SHPROP -0.54% today, down over 6% this week. Down almost
10% from recent highs, and breaking below the 50 day. CSI 300 Real Estate Index
-7.09% and the CSI 300 Banks index -4.96% this week (Mizuho)
Brent and Cl taking it on Chin today as
Overbought conditions coupled with a break below support creating plenty of
sellers CL -1.84%, Brent -2%, gasoline
-1.3% heating Oil -1.97%. Comments from PVM (Bloomberg) — Brent, WTI face “very worrying” technical developments
and a bout of “rally fatigue,” as they struggle
against resistance levels, PVM says
Holding pattern this morning as markets await
Q1 GDP and Spending, Also at 9:00 final look at U of Michigan sentiment for April.
Amazon Earnings better than expected Stock +1%, Intel not so good stock -8%, Ford better than expected +8 % ,American airlines lowering guidance
stock -3% and Uber said its seeking a lower
IPO valuation target between $80-$90 B Earnings commentary from
JPM:
1. Initial results point to
a positive earnings surprise in both the US and in Europe, to the tune of 5%
and 2%
2. US: 77% of S&P 500
companies beat EPS estimates. Out of the sample that has reported so far, EPS
growth is running at +5% y/y, surprising positively by 5%.
3. Europe: 48% of Stoxx
600 companies beat EPS estimates, down from last quarter. Overall EPS growth is
coming in at +4% y/y, surprising positively by 2%.
Other markets show
treasuries and Bunds little changed to higher, Nasdaq unchanged Dow -77 Dax and
stoxx 50 little changed. Dollar steady, this will be one asset I will watch
post GDP report. Yesterday lean Hogs limit down across the first 6 contacts,
live cattle flirted with limit down as the Bullishness in the Livestock complex
taking a hit.
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