Friday Watch

Night Trading 

• Asian equity indices are -1.75% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 113.25 +1.75 basis points. 

• China Sovereign CDS  72.5 +2.75 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.18 unch. 
• Bloomberg Global Risk-On/Risk Off Index 4,607.0 -87.0 points.
• Volatility Index(VIX) futures 25.0 +1.3%.
• Euro Stoxx 50 futures -2.2%.

• S&P 500 futures -.38%.

• NASDAQ 100 futures -.5%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (AXP)/2.47
• (ALV)/1.07
• (AZZ)/.71
• (CLF)/1.49
• (GNTX)/.33
• (HCA)/4.24
• (KMB)/1.23
• (NEM)/.73
• (RF)/.47
• (SAP)/1.13
• (SLB)/.33
• (VZ)/1.35
  

After the Close:

• None of note
  

Economic Releases

9:45 am EST

• S&P Global US Manufacturing PMI for April is estimated to fall to 58.0 versus 58.8 in March.
• S&P Global US Services PMI for April is estimated at 58.0 versus 58.0 in March.
• S&P Global US Composite PMI for April is estimated to rise to 57.9 versus 57.7 in March.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone PMI report 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 commodity and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.