Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 109.75 +2.0 basis points. 

• China Sovereign CDS 67.0 -2.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.30 -.04%. 
• Bloomberg Global Risk-On/Risk Off Index 4,335.0 -7.0 points.
• Volatility Index(VIX) futures 25.9 -1.4%.
• Euro Stoxx 50 futures -.24%.

• S&P 500 futures +.36%.

• NASDAQ 100 futures +.46%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BBBY)/.04
• (BLK)/9.01
• (DAL)/-1.27
• (FAST)/.45
• (JPM)/2.71
• (SJR)/.41
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The PPI Final Demand MoM for March is estimated to rise +1.1% versus a +.8% gain in Feb.
• The PPI Ex Food and Energy MoM for March is estimated to rise +1.1% versus a +.2% gain in Feb.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory gain of +256,333 barrels versus a +2,421,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -136,440 barrels versus a -2,041,000 barrel decline the prior week. Distillate inventories are estimated to fall by -379,560 barrels versus a +771,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.22% versus a +.4% gain prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK CPI report, 30Y T-Bond auction, weekly MBA Mortgage Applications report and the (PVH) investor day 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 technology 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 25% net long heading into the day.