Wednesday, April 13, 2022

Thursday Watch

Night Trading 

  • Asian equity indices are unch. to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 108.5 -1.25 basis points. 
  • China Sovereign CDS 67.0 unch.
  • Bloomberg Emerging Markets Currency Index 53.53 +.03%. 
  • Bloomberg Global Risk-On/Risk Off Index 4,464.0 -47.0 points.
  • Volatility Index(VIX) futures 24.5 +.3%.
  • Euro Stoxx 50 futures +.32%.
  • S&P 500 futures -.02%.
  • NASDAQ 100 futures +.01%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ALLY)/1.93
  • (C)/1.41
  • (ERIC)/1.38
  • (GS)/8.98
  • (MS)/1.72
  • (PNC)/2.78
  • (PGR)/1.24
  • (RAD)/-.57
  • (STT)/1.48
  • (TSM)/7.16
  • (USB)/.95
  • (UNH)/5.36
  • (WFC)/.81
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • Retail Sales Advance MoM for March is estimated to rise +.6% versus a +3% gain in Feb.
  • Retail Sales Ex Autos MoM for March is estimated to rise +1.0% versus a +.2% gain in Feb.
  • Retail Sales Ex Autos and Gas for March is estimated to rise +.2% versus a -.4% decline in Feb.
  • The Import Price Index MoM for March is estimated to rise +2.3% versus a +1.4% gain in Feb.
  • The Export Price Index MoM for March is estimated to rise +2.2% versus a +3.0% gain in Feb.
  • Initial Jobless Claims for last week are estimated to rise to 170K versus 166K the prior week.
  • Continuing Claims are estimated to fall to 1500K versus 1523K prior.
10:00 am EST
  • Business Inventories for Feb. is estimated to rise +1.3% versus a +1.1% gain in Jan.
  • Univ. of Mich. Consumer Sentiment for April is estimated to fall to 59.0 versus 59.4 in March.
  • Univ. of Mich. Consumer 1Y Inflation Expectations for April is estimated to rise to +5.5% versus +5.4% in March.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The ECB rate decision and the German Wholesale Price 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 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.

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