Friday Watch

Night Trading

• Asian equity indices are unch. to +2.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 137.50 -5.0 basis points.

• Asia Pacific Sovereign CDS Index 113.25 -5.75 basis points.

• FTSE-100 futures +.39%.

• S&P 500 futures -.28%.

• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (SFD)/.42

Economic Releases
8:30 am EST

• The Producer Price Index for May is estimated to rise +.1% versus a -.7% decline in April.

• The PPI Ex Food & Energy for May is estimated to rise +.1% versus a +.1% gain in April.

• The 1Q Current Account Deficit is estimated to widen to -$111.3B versus -$110.4B in 4Q.
  

9:15 am EST

• Industrial Production for May is estimated to rise +.2% versus a -.5% decline in April.

• Capacity Utilization for May is estimated at 77.8% versus 77.8% in April.

• Manufacturing Production for May is estimated to rise +.1% versus a -.4% decline in April.

9:55 am EST

•  Preliminary Univ. of Mich. Consumer Confidence for June is estimated at 84.5 versus 84.5 in May.

Upcoming Splits

• None of note

Other Potential Market Movers

• The Eurozone Inflation data and Net Long-Term TIC Flows for April could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.