- Asian equity indices are -.25% to +.25% on average.
- Asia Ex-Japan Investment Grade CDS Index 95.25 -2.75 basis points.
- Asia Pacific Sovereign CDS Index 25.5 -.75 basis point.
- Bloomberg Emerging Markets Currency Index 71.60 -.03%.
- S&P 500 futures -.05%.
- NASDAQ 100 futures -.04%.
Morning Preview Links
Earnings of Note
Earnings of Note
8:30 am EST
- The Chicago Fed National Activity Index for January is estimated to fall to 0.0 versus .14 in December.
- Initial Jobless Claims for last week are estimated to rise to 240K versus 239K prior.
- Continuing Claims are estimated to fall to 2068K versus 2076K the prior week.
9:00 am EST
- The FHFA House Price Index MoM for December is estimated to rise +.5% versus a +.5% gain in November.
11:00 am EST
- The Kansas City Fed Manufacturing Activity Index for February is estimated at 9.0 versus 9.0 in January.
- Bloomberg consensus estimates call for a weekly crude oil inventory build of +3,438,890 barrels versus a +9,527,000 barrel build the prior week. Gasoline supplies are estimated to fall by -1,533,330 barrels versus a +2,846,000 barrel gain the prior week. Distillate inventories are estimated to fall by -1,033,330 barrels versus a -689,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.01% versus a -2.3% decline prior.
- None of note
Other Potential Market Movers
- The Fed's Lockhart speaking, German GDP report, $28B 7Y T-Note auction, weekly EIA natural gas inventory report and the weekly Bloomberg Consumer Comfort Index could also impact trading today.
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity and industrial shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.