Apr 162019

Optimism over perceived US/China trade negotiation progress has the ES up overnight.  Larry Kudlow reinforced Mnuchin’s weekend comments by telling the Associated Press that theirs been good progress “pretty much across the board” including China’s technology policies, currency reform, and enforcement.  He said steady talks continue since the meeting in DC.

Disney’s acquisition of Fox’s entertainment business upped their stake in Hulu to 60%.  AT&T has agreed to sell their Hulu stake for $1.43 billion which will be split between Disney and Comcast’s NBCUniversal who currently has a 30% stake.  Disney’s CEO Bob Iger said Disney may be interested in acquiring the rest of Hulu.

First quarter earnings are in focus, JPMorgan and Citigroup earnings started the ES on a bearish move yesterday.  Some heavy hitters report today: BAC, UNH, NFLX, IBM, JNJ, BLK, CSX, and UAL.

The economic calendar is light: Industrial Production @ 9:15am EST and NAHB Housing Market Index @ 10:00am EST.  Volatility should remain restrained to the upside with greater potential to expand to the downside once the morning earnings numbers are absorbed.  Size bias is an interesting divergent short into the US session open; they’ve been net sellers into the Globex rally.


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