Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 144.0 +1.25 basis points. 

• China Sovereign CDS 74.0 -.75 basis point.
  

• Bloomberg Emerging Markets Currency Index 48.5 -.01%.  
• Bloomberg Global Risk-On/Risk Off Index 42.1 +2.0%. 
• Bloomberg US Financial Conditions Index -.38 +2.0 basis points
  
• Volatility Index(VIX) futures 26.8 +.3%
• Euro Stoxx 50 futures +.87%.

• S&P 500 futures -.20%.

• NASDAQ 100 futures -.17%  

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 Change in Non-Farm Payrolls for Aug. is estimated at 298K versus 528K in July.
• The Unemployment Rate for Aug. is estimated to rise +3.5% versus a +3.5% gain in July.
• Average Hourly Earnings MoM for Aug. is estimated to rise +.4% versus a +.5% gain in July.  Average Hourly Earnings YoY for Aug. is estimated to rise +5.3% versus a +5.2% gain in July.
• Labor Force Participation Rate for Aug. is estimated to rise to 62.2% versus 62.1% in July.

10:00 am EST

• Factory Orders for July is estimated to rise +.2%versus a +2.0% gain in June.
• Factory Orders Ex Transports for July is estimated to rise +.4% versus a +1.4% gain in June.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Bostic speaking and the Eurozone PPI report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by industrial and technology 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.