Wednesday Watch

Night Trading 

• Asian equity indices are +.5%  to +1.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 79.25 -1.0 basis point.

• China Sovereign CDS 44.25 -1.5 basis points.

• Bloomberg Emerging Markets Currency Index 60.83 +.12%.

• FTSE 100 futures +1.08%.

• S&P 500 futures +.82%.

• NASDAQ 100 futures +.64%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (ASML)/2.06

• (BK)/.92

• (GS)/3.91

• (OMC)/.80

• (PNC)/.75

• (PGR)/1.36

• (USB)/.38

• (UNH)/4.04

After the Close:

• (ADTN)/.01

• (AA)/-.26

• (CNS)/.52

• (SNBR)/-.75

Economic Releases

8:30 am EST

• Empire Manufacturing for July is estimated to rise to 10.0 versus -.2 in June.

• The Import Price Index MoM for June is estimated to rise +1.0% versus a +1.0% gain in May.

• The Import Price Index ex Petro for June is estimated to rise +.1% versus a +.1% gain in May. 

• The Export Price Index MoM for June is estimated to rise +.8% versus a +.5% gain in May.
  

9:15 am EST

• Industrial Production MoM for June is estimated to rise +4.4% versus a +1.4% gain in May.

• Capacity Utilization for June is estimated to rise to 67.8% versus 64.8% in May.

• Manufacturing Production for June is estimated to rise +5.6% versus a +3.8% gain in May.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -88,090 barrels versus a +5,654,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -1,080,090 barrels versus a -4,839,000 barrel decline the prior week. Distillate inventories are estimated to rise by +1,384,360 barrels versus a +3,135,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.45% versus a +2.0% gain prior.

2:00 pm EST

• US Fed Beige Book release.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Harker speaking, the China CPI report and the weekly MBA Mortgage Applications report could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are higher, boosted by financial and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.