Friday Watch

Night Trading

• Asian equity indices are -.25% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 167.0 +5.5 basis points.
  
• Asia Pacific Sovereign CDS Index 136.50 +2.0 basis points.
  
• FTSE-100 futures +.03%.
  
• S&P 500 futures -.38%.
  
• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (AXL)/.63
• (B)/.44
• (CVX)/3.22
• (COV)/1.03
• (F)/.36
• (GT)/.09
• (IP)/.51
• (MRK)/.98
• (NWL)/.31
• (NEM)/1.14
• (PG)/.93
• (SPG)/1.67
• (SUP)/1.25
• (VFC)/1.87
• (WY)/.00
  

Economic Releases
8:30 am EST

• The 1Q Employment Cost Index is estimated to rise +.5% versus a +.4% gain in 4Q.
• Advance 1Q GDP is estimated to rise +2.5% versus a +3.0% gain in 4Q.
• Advance 1Q Personal Consumption is estimated to rise +2.3% versus a +2.1% gain in 4Q.
• Advance 1Q GDP Price Index is estimated to rise +2.1% versus a .9% gain in 4Q.
• Advance 1Q Core PCE is estimated to rise +2.1% versus a +1.3% gain in 4Q.
  

9:55 am EST

• Final Univ. of Mich. Consumer Confidence for April is estimated at 75.7 versus a prior estimate of 75.7.
  

Upcoming Splits

• (SCVL) 3-for-2
  

Other Potential Market Movers

• The Italian bond auction and the BOJ rate announcement could also impact trading today.
  

BOTTOM LINE: Asian indices are mostly higher, boosted by industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.