Wednesday, March 23, 2022

Thursday Watch

Night Trading 

  • Asian equity indices are -1.25% to -.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 107.5 -1.25 basis points. 
  • China Sovereign CDS 61.75 +2.25 basis points.
  • Bloomberg Emerging Markets Currency Index 52.47 -.04%. 
  • Bloomberg Global Risk-On/Risk Off Index 3,951.0 -1.0 point.
  • Volatility Index(VIX) futures 25.0 +.4%.
  • Euro Stoxx 50 futures +.%.
  • S&P 500 futures +.10%.
  • NASDAQ 100 futures +.15%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (DRI)/2.1
  • (FDS)/2.97
  • (TITN)/.54
After the Close:
  • (NIO)/-1.08
Economic Releases
8:30 am EST
  • The 4Q Current Account Balance is estimated to widen to -$218.0B versus -$214.8B in 3Q.
  • Initial Jobless Claims for last week are estimated to fall to 210K versus 214K the prior week.
  • Continuing Claims are estimated to fall to 1400K versus 1419K prior.
  • Durable Goods Orders for Feb. is estimated to fall -.6% versus a +1.6% gain in Jan.
  • Durables Ex Transports for Feb. is estimated to rise +.6% versus a +.7% gain in Jan.
  • Cap Goods Orders Non-Defense Ex-Air for Feb. is estimated to rise +.5% versus a +1.0% gain in Jan.
9:45 am EST
  • S&P Global US Manufacturing PMI for March is estimated to fall to 56.6 versus 57.3 in Feb.
  • S&P Global US Services PMI for March is estimated to fall to 56.0 versus 56.5 in Feb.
  • S&P Global US Composite PMI for March is estimated to fall to 54.4 versus 55.9 in Feb.
11:00 am EST
  • The Kansas City Fed Manufacturing Activity Index for March is estimated to fall to 27.0 versus 29.0 in Feb.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Waller speaking, Eurozone PMI report, NATO Summit, weekly EIA natural gas inventory report, (CLS) investor day and the Goldman Digital Economy Conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are lower, weighed down by financial and consumer shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50  % net long heading into the day.

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