Wednesday Watch

Night Trading 

• Asian equity indices are unch. to +.50% on average.
• Asia Ex-Japan Investment Grade CDS Index 124.0 -5.75 basis points.
• Asia Pacific Sovereign CDS Index 48.50 -2.0 basis points.
• Bloomberg Emerging Markets Currency Index 72.55 -.13%. 
• S&P 500 futures -.10%. 
• NASDAQ 100 futures -.14%.

Morning Preview Links

Earnings of Note
Company/Estimate 

• (ANGO)/.16
• (CBSH)/.68
• (CSX)/.44
• (YUM)/.73

Economic Releases  
8:30 am EST

• The Import Price Index MoM for June is estimated to rise +.5% versus a +1.4% gain in May. 

10:30 am EST:

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,250,090 barrels versus a -2,223,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,046,550 barrels versus a -122,000 barrel decline the prior week. Distillate supplies are estimated to fall by -118,180 barrels versus a -1,574,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.27% versus a -.5% decline prior.

2:00 pm EST

• The Monthly Budget Statement for June is estimated at $23.0B.
• US Fed Beige Book report. 

Upcoming Splits 

• None of note

Other Potential Market Movers

• The Fed's Kaplan speaking, Fed's Harker speaking, Eurozone Industrial Production report, Australia Unemployment report, $12B 30Y T-Bond auction and the weekly MBA mortgage applications report 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 mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.