Friday Watch

Night Trading 

• Asian equity indices are -.5% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 80.25 -1.25 basis point.

• China Sovereign CDS 37.25 -.75 basis point.

• Bloomberg Emerging Markets Currency Index 61.17 +.02%.
• Bloomberg Global Risk-On/Risk Off Index 3,252.0 -66.0 points.
• Volatility Index(VIX) futures 19.7 +.7%.
• FTSE 100 futures -.02%.

• S&P 500 futures -.14%.

• NASDAQ 100 futures -.30%.

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ABBV)/2.85
• (ALXN)/3.29
• (AON)/4.05
• (AZN)/1.33
• (B)/.31
• (CBOE)/1.32
• (CHTR)/4.44
• (CVX)/.85
• (CLX)/1.45
• (CL)/.79
• (XOM)/.53
• (GT)/.11
• (ITW)/1.87
• (JCI)/.48
• (LHX)/2.99
• (LYB)/2.60
• (NWL)/.13
• (PSX)/-.28
• (PBI)/.05 
• (WY)/.84
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The 1Q Employment Cost Index is estimated to rise +.7% versus a +.7% gain in 4Q.
• Personal Income for March is estimated to rise +20.0% versus a -7.1% decline in Feb.
• Personal Spending for March is estimated to rise +4.2% versus a -1.0% decline in Feb.
• The PCE Core MoM for March is estimated to rise +.3% versus a +.1% gain in Feb.
  

9:45 am EST

• The MNI Chicago PMI for April is estimated to fall to 65.0 versus 66.3 in March.
  

10:00 am EST

• Final Univ. of Mich. Consumer Sentiment for April is estimated to rise to 87.5 versus 86.5 in March.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China Manufacturing PMI report 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 commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.