Wednesday, August 11, 2021

Thursday Watch

Night Trading 

  • Asian equity indices are -.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 87.0 -1.0 basis point.
  • China Sovereign CDS 38.0 unch.
  • Bloomberg Emerging Markets Currency Index 59.56 +.01%.
  • Bloomberg Global Risk-On/Risk Off Index 2,951.0 -12.0 points.
  • Volatility Index(VIX) futures 19.9 +.85%.
  • FTSE 100 futures +.22%.
  • S&P 500 futures -.03%.
  • NASDAQ 100 futures -.13%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BIDU)/13.36
  • (DDS)/1.69
After the Close:
  • (ABNB)/-.23
  • (COHR)/1.65
  • (DASH)/.04
  • (DIS)/.55
Economic Releases
8:30 am EST
  • Initial Jobless Claims for last week are estimated to fall to 375K versus 385K the prior week.
  • Continuing Claims are estimated to fall to 2900K versus 2930K prior.
  • PPI Final Demand MoM for July is estimated to rise +.6% versus a +1.0% gain in June.
  • PPI Ex Food and Energy MoM for July is estimated to rise +.5% versus a +1.0% gain in June.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK GDP report, Eurozone Industrial Production report, $27B 30Y T-Bond auction, weekly Langer Consumer Comfort Index, (IDXX) investor day and the (FEYE) August investor 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 industrial and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.

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