Thursday, March 23, 2017

Friday Watch

Evening Headlines
  • Caution Abates in Asia as Yen Drops, Stocks Rise: Markets Wrap. Japan’s Topix index climbed, recovering some of this week’s slide, as the yen dropped for the first time in nine days. South Korean equities rose with Australian shares, while the MSCI Emerging Markets Index extended this week’s gains. The S&P 500 Index had a turbulent Thursday after a delay on a vote on U.S. health care raised speculation President Donald Trump may struggle with other policies. The yen lost 0.2 percent to 111.16 per dollar as of 9:25 a.m. in Tokyo after eight days of gains. The Bloomberg Dollar Spot Index rose less than 0.1 percent. The Topix index rose 0.4 percent, paring this week’s loss to 1.9 percent. Australia’s S&P/ASX 200 Index climbed 1 percent and South Korea’s Kospi index advanced 0.1 percent. Hang Seng futures rose 0.3 percent.
Wall Street Journal:
Zero Hedge:
Business Insider:
Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 95.75 -1.75 basis points. 
  • Asia Pacific Sovereign CDS Index 21.25 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 72.16 -.07%. 
  • S&P 500 futures +.33%. 
  • NASDAQ 100 futures +.33%.
Morning Preview Links

Earnings of Note

  • (FINL)/.70
Economic Releases
8:30 am EST 
  • Preliminary Durable Goods Orders for February are estimated to rise +1.3% versus a +2.0% gain in January.  
  • Preliminary Durables Ex Transports for February are estimated to  rise +.6% versus unch. in January.
  • Preliminary Cap Goods Orders Non-Defense Ex-Air for February are estimated to rise +.5% versus a -.1% decline in January. 
9:45 am EST
  • Preliminary Markit US Manufacturing PMI for March is estimated to rise to 54.7 versus 54.2 in February.
  • Preliminary Markiet US Services PMI for March is estimated to rise to 54.0 versus 53.8 in February.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bullard speaking, Fed's Evans speaking, Fed's Williams speaking and the Eurozone Manufacturing PMI report 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 mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 50% net long heading into the day.

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