Thursday, April 02, 2020

Friday Watch

Evening Headlines
Bloomberg:               
Wall Street Journal:
CNBC.com: 
Zero Hedge:
Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 148.5 -5.5 basis points.
  • China Sovereign CDS 58.0 -1.75 basis points.
  • Bloomberg Emerging Markets Currency Index 57.98 -.12%.
  • Euro Stoxx 50 futures +.11%.
  • S&P 500 futures -.81%.
  • NASDAQ 100 futures -.65%.
Morning Preview Links

Earnings of Note 
Company/Estimate
Before the Open:
  • (STZ)/1.66
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • Two-Month Payroll Net Revisions for March. 
  • The Change in Non-Farm Payrolls for March is estimated to fall to -100K versus 273K in Feb.
  • The Unemployment Rate for March is estimated to rise to 3.8% versus 3.5% in Feb.
  • Average Hourly Earnings MoM for March is estimated to fall to +.2% versus a +.3% gain in Feb.
10:00 am EST
  • The ISM Non-Manufacturing Index for March is estimated to fall to 43.0 versus 57.3 in Feb. 
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone Services PMI could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by consumer discretionary and transport shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

No comments: