Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 128.5 -9.0 basis points. 

• China Sovereign CDS 48.75 -5.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 48.81 -.03%.  
• Bloomberg Global Risk-On/Risk Off Index 43.90 +1.6%. 
• Bloomberg US Financial Conditions Index -.19 -1.0 basis point
  
• Volatility Index(VIX) futures 23.7 +.22%
• Euro Stoxx 50 futures +.6%.

• S&P 500 futures -.05%.

• NASDAQ 100 futures -.09%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (JKS)/.73
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Advance Goods Trade Balance for July is estimated at -$98.5B versus -$98.6B in June.
• Wholesale Inventories MoM for July is estimated to rise +1.4% versus a +1.8% gain in June.
• Retail Inventories MoM for July is estimated to rise +1.2% versus a +2.0% gain in June.
• Personal Income for July is estimated to rise +.6% versus a +.6% gain in June.
• Personal Spending for July is estimated to rise +.4% versus a +1.1% gain in June.
• The PCE Core MoM for July is estimated to rise +.2% versus a +.6% gain in June.
• The PCE Core YoY for July is estimated to rise +4.7% versus a +4.8% gain in June.
  

10:00 am EST

• Univ. of Mich. Consumer Confidence revisions.

Upcoming Splits

• (NDAQ) 3-for-1
  

Other Potential Market Movers

• The Fed's Powell speaking and the GFK Consumer Confidence 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 weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.