Thursday, October 06, 2016

Friday Watch

Night Trading 
  • Asian equity indices are -.5% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 116.0 unch. 
  • Asia Pacific Sovereign CDS Index 32.75 unch.
  • Bloomberg Emerging Markets Currency Index 72.68 -.12%
  • S&P 500 futures -.17%
  • NASDAQ 100 futures -.15%.
Morning Preview Links

Earnings of Note
Company/Estimate 

  • None of note
Economic Releases
8:30 am EST
  • The Change in Non-farm Payrolls for September is estimated to rise to 172K versus 151K in August.
  • The Unemployment Rate for September is estimated at 4.9% versus 4.9% in August.   
  • Average Hourly Earnings MoM for September is estimated to rise +.3% versus a +.1% gain in August. 
10:00 am EST
  • Wholesale Inventories MoM for August are estimated to fall -.1% versus a prior estimate of a -.1% decline.
  • Wholesale Trade Sales MoM for August are estimated to rise +.1% versus a -.4% decline in July.
3:00 pm EST
  • Consumer Credit for August is estimated to fall to $16.45B versus $17.713B in July. 
Upcoming Splits 
  • None of note
Other Potential Market Movers
  • The Fed's Fischer speaking, Fed's Mester speaking, Fed's George speaking, Fed's Brainard speaking, China Services PMI report and the German Industrial Production report could also impact trading today.
BOTTOM LINE:  Asian indices are lower, weighed down by industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.

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