Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 84.0 +.75 basis point.

• China Sovereign CDS 36.5 unch.
  

• Bloomberg Emerging Markets Currency Index 61.75 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 3,282.0 +4.0 points.
• Volatility Index(VIX) futures 20.37 -.62%.
• FTSE 100 futures +.13%.

• S&P 500 futures +.12%.

• NASDAQ 100 futures +.12%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (JW/A)/.61
• (FIZZ)/.41
• (SIG)/1.27
  

After the Close:

• (CHWY)/-.02
• (PLAY)/-.18
  

Economic Releases

8:30 am EST

• The CPI MoM for May is estimated to rise +.4% versus a +.8% gain in April.
• The CPI Ex Food and Energy MoM for May is estimated to rise +.5% versus a +.9% gain in April.
• Real Avg. Weekly Earnings YoY for May. 
• Initial Jobless Claims for last week is estimated to fall to 370K versus 385K the prior week.
• Continuing Claims are estimated to fall to 3650K versus 3771K prior.
  

12:00 pm EST

• 1Q Household Change in Net Worth.

2:00 pm EST

• The Monthly Budget Deficit for May is estimated at -$250.0B versus -$225.6B in April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The ECB meeting, China New Loan data report, $24B 30Y T-Bond auction, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report and the (FEYE) June briefing could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.