Thursday, April 26, 2018

Friday Watch

Night Trading 
  • Asian equity indices are +.5% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 75.0 -1.25 basis point
  • Asia Pacific Sovereign CDS Index 12.5 -.25 basis point
  • Bloomberg Emerging Markets Currency Index 73.41 unch.
  • FTSE 100 futures +.20%.
  • S&P 500 futures -.14%.
  • NASDAQ 100 futures +.21%.
Morning Preview Links

Earnings of Note
Company/Estimate
  • (ALV)/1.83
  • (B)/.68
  • (CVX)/1.51
  • (CL)/.73
  • (D)/1.05
  • (XOM)/1.12
  • (HTLD)/.17
  • (LYB)/2.77
  • (PSX)/.89
  • (COL)/1.76
  • (SPG)/2.83
  • (TEN)/1.69
  • (VFC)/.65
  • (WY)/.34
Economic Releases
8:30 am EST
  • The 1Q Employment Cost Index is estimated to rise +.7% versus a +.6% gain in 4Q.
  • Advance 1Q GDP is estimated to rise +2.0% versus a +2.9% gain in 4Q. 
  • Advance 1Q Personal Consumption is estimated to rise +1.1% versus a +4.0% gain in 4Q. 
  • Advance 1Q GDP Price Index is estimated to rise +2.2% versus a +2.3% gain in 4Q.
  • Advance 1Q Core PCE QoQ is estimated to rise +2.6% versus a +1.9 gain in 4Q.
10:00 am EST
  • Final Univ. of Mich. Consumer Sentiment for April is estimated to rise to 98.0 versus a prior estimate of 97.8.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Australia PPI report, China Industrial Profits report, Eurozone GDP report, Eurozone Services PMI report and the North/South Korean Summit could also impact trading today.
BOTTOM LINE:  Asian indices are higher, boosted by industrial and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 75% net long heading into the day.

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