Friday Watch

Night Trading 

• Asian equity indices are -.75% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 80.5 +3.0 basis points.

• China Sovereign CDS 38.5 +1.0 basis point.

• Bloomberg Emerging Markets Currency Index 60.81 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 2,977.0 -47.0 points.
• Volatility Index(VIX) futures 21.0 -.64%.
• FTSE 100 futures -.37%.

• S&P 500 futures +.14%.

• NASDAQ 100 futures +.13%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AXP)/1.48
• (ALV)/1.47
• (AZZ)/.57
• (GNTX)/.49
• (HON)/1.79
• (KMB)/1.94
• (RF)/.47
• (SLB)/.18
  

After the Close:

• None of note
  

Economic Releases

9:45 am EST

• The Markit US Manufacturing PMI for April is estimated to rise to 61.0 versus 59.1 in March. 
• The Markit US Services PMI for April is estimated to rise to 61.5 versus 60.4 in March.
  

10:00 am EST

• New Home Sales for March is estimated to rise to 885K versus 775K in Feb.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK Services PMI report and the FDA/CDC meeting on JNJ vaccine could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by technology and financial 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.