Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 71.0 -.25 basis point.

• China Sovereign CDS 34.75 +.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 59.69 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 2,584.0 -82.0 points.
• Volatility Index(VIX) futures 20.0 -.9%.
• FTSE 100 futures +.11%.

• S&P 500 futures +.20%.

• NASDAQ 100 futures +.27%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BIG)/1.12
• (HIBB)/1.38
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Advance Goods Trade Balance for July is estimated at -$90.9B versus -$91.2B in June.
• Wholesale Inventories MoM for July is estimated to rise +1.0% versus a +1.1% gain in June.
• Retail Inventories MoM for July is estimated to rise +.2% versus a +.3% gain in June.
• Personal Income for July is estimated to rise +.2% versus a +.3% gain in June.
• Personal Spending for July is estimated to rise +.4% versus a +1.0% gain in June.
• The PCE Core MoM for July is estimated to rise +.3% versus a +.4% gain in June.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Powell speaking at Jackson Hole 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 rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.