Friday Watch

Night Trading 

• Asian equity indices are -1.25% to -.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 92.5 unch. 

• Asia Pacific Sovereign CDS Index 9.5 unch.

• Bloomberg Emerging Markets Currency Index 66.90 -.12%.

• FTSE 100 futures -.75%.

• S&P 500 futures -.59%.

• NASDAQ 100 futures -.78%.

Morning Preview Links

Earnings of Note
Company/Estimate
Before the Open:

• None of note

After the Close:

• None of note

Economic Releases

8:30 am EST

• Retail Sales Advance MoM for November are estimated to rise +.1% versus a +.8% gain in October.

• Retail Sales Ex Autos MoM for November are estimated to rise +.2% versus a +.7% gain in October. 

• Retail Sales Ex Autos and Gas for November are estimated to rise +.4% versus a +.3% gain in October.

9:15 am EST

• Industrial Production MoM for November is estimated to rise +.3% versus a +.1% gain in October.

• Manufacturing Production for November is estimated to rise +.3% versus a +.3% gain in October.

• Capacity Utilization is estimated to rise to 78.6% versus 78.4% in October.
  

9:45 am EST

• Preliminary Markit US Manufacturing PMI for Dec. is estimated to fall to 55.0 versus 55.3 in November.

• Preliminary Markit US Services PMI for Dec. is estimated to fall to 54.6 versus 54.7 in September.

10:00 am EST

• Business Inventories for October are estimated to rise +.6% versus a +.3% gain in September.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The China Retail Sales report, Bloomberg Dec. US Economic Survey, (STWD) investor day, (CNC) investor day and the (MET) investor outlook could also impact trading today.

BOTTOM LINE:  Asian indices are lower, weighed down by technology and financial shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon.  The Portfolio is 25% net long heading into the day.