Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 151.0 +1.5 basis points. 

• China Sovereign CDS 78.0 -2.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 49.22 +.01%.  
• Bloomberg Global Risk-On/Risk Off Index 3,383.0 +4.0 points.
• Volatility Index(VIX) futures 25.3 +.3%
• Euro Stoxx 50 futures n/a.

• S&P 500 futures +.08%.

• NASDAQ 100 futures +.09%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ACMR)/.03
• (AXL)/.10
• (DKNG)/-.85
• (FLR)/.30
• (GT)/.35
• (SRCL)/.44
• (LESL)/.74
• (WDC)/1.74
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST:

• The Change in Non-Farm Payrolls for July is estimated at 250K versus 372K in June.
• The Unemployment Rate for July is estimated at 3.6% versus 3.6% in June.
• Average Hourly Earnings MoM for July is estimated to rise +.3% versus a +.3% gain in June.
• Labor Force Participation rate for July is estimated at 62.2% versus 62.2% in June.  

3:00 pm EST

• Consumer Credit for June is estimated to rise to $26.0B versus $22.347B in May.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Japan Economic Indicators 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 industrial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.