Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 64.5 -.75 basis point.

• China Sovereign CDS 32.25 +.25 basis point.
  

• Bloomberg Emerging Markets Currency Index 60.57 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 2,873.0 -84.0 points.
• Volatility Index(VIX) futures 20.5 +.18%.
• FTSE 100 futures -.17%.

• S&P 500 futures +.06%

• NASDAQ 100 futures +.01%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for Aug. is estimated to fall to 725K versus 943K in July.
• The Unemployment Rate for August is estimated to fall to 5.2% versus 5.4% in July.
• Average Hourly Earnings MoM for Aug. is estimated to rise +.3% versus a +.4% gain in July.
  

10:00 am EST

• The ISM Services Index for Aug. is estimated to fall to 61.8 versus 64.1 in July.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Services PMI report 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 commodity and healthcare 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.