Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 73.75 -4.75 basis points.

• China Sovereign CDS 35.5 unch.
  

• Bloomberg Emerging Markets Currency Index 59.18 +.02%.
• Bloomberg Global Risk-On/Risk Off Index 2,198.0 -96.0 points.
• Volatility Index(VIX) futures 22.0 -1.6%.
• FTSE 100 futures +.5%.

• S&P 500 futures +.09%.

• NASDAQ 100 futures +.17%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (DE)/4.58
• (FL)/1.02
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Chicago Fed National Activity Index for July.
  

9:45 am EST

• The Markit US Manufacturing PMI for August is estimated to fall to 62.8 versus 63.4 in July.
• The Markit US Services PMI for August is estimated to fall to 59.4 versus 59.9 in July.
  

10:00 am EST

• Existing Home Sales for July is estimated to fall to 5.84M versus 5.86M in June.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PPI report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are slightly lower, weighed down by commodity and financial 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.