Thursday Watch

Night Trading 

• Asian equity indices are +.5% to +1.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 127.5 -6.5 basis points. 

• China Sovereign CDS 78.75 -6.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 50.94 -.04%.  
• Bloomberg Global Risk-On/Risk Off Index 4,720.0 +108.0 points.
• Volatility Index(VIX) futures 29.4 -2.1%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures +.71%.

• NASDAQ 100 futures +.83%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CMC)/1.85
• (JBL)/1.62
• (KR)/1.28
  

After the Close:

• (ADBE)/3.31
  

Economic Releases

8:30 am EST

• Housing Starts for May is estimated to fall to 1696K versus 1724K in April.
• Building Permits for May is estimated to fall to 1780K versus 1819K in April.
• The Philly Fed Business Outlook Index for June is estimated to rise to 5.0 versus 2.6 in May.
• Initial Jobless Claims for last week is estimated to fall to 217K versus 229K the prior week. 
• Continuing Claims is estimated to fall to 1304K versus 1306K prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Australia Employment Change report, Bank of England Decision, weekly EIA natural gas inventory report, (ETR) analyst day and the (KLAC) investor day 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 commodity and technology 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.