Friday Watch

Night Trading 

• Asian equity indices are +.75% to +1.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 133.0 +3.25 basis points. 

• China Sovereign CDS  85.75 +2.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 51.7 unch. 
• Bloomberg Global Risk-On/Risk Off Index 3,643.0 +85.0  points.
• Volatility Index(VIX) futures 30.9 -1.3%.
• Euro Stoxx 50 futures +.92%.

• S&P 500 futures +.71%.

• NASDAQ 100 futures +1.03%. 

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 Import Price Index MoM for April is estimated to rise +.6% versus a +2.6% gain in March.
• The Import Price Index Ex-Petrol MoM for April is estimated to rise +.8% versus a +1.1% gain in March.
• The Export Price Index MoM for April is estimated to rise +.7% versus a +4.5% gain in March.
  

9:00 am EST

• Bloomberg May US Economic Survey.

10:00 am EST

• The Univ. of Mich. Consumer Sentiment for May is estimated to fall to 64.0 versus 65.2 in April.
• The Univ. of Mich. 1Y Inflation Expectations Index is estimated to rise to +5.5% versus expectations of a +5.4% gain in April.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Kashkari speaking and the Eurozone Industrial Production report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by technology and consumer shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.