Friday Watch

Night Trading 

• Asian equity indices are -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 217.75 -2.5 basis points. 

• China Sovereign CDS 116.50 -1.0 basis point.
  

• Bloomberg Emerging Markets Currency Index 46.6 -.07%.  
• Bloomberg Global Risk-On/Risk Off Index 44.3 +.1%. 
• Bloomberg US Financial Conditions Index -1.12 +4.0 basis point.
  
• Volatility Index(VIX) futures 27.4 +1.8%
• Euro Stoxx 50 futures -.78%.

• S&P 500 futures -.67%.

• NASDAQ 100 futures -.92%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ABBV)/3.56
• (AB)/.58
• (AON)/1.99
• (B)/.49
• (BLMN)/.34
• (BAH)/1.13
• (CRI)/1.71
• (CHTR)/8.39
• (CVX)/4.85
• (CHD)/.65
• (CL)/.73
• (XOM)/3.80
• (GNTX)/.38
• (JKS)/.71
• (LYB)/2.95
• (NWL)/.47
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The 3Q Employment Cost Index is estimated to rise +1.2% versus a +1.3% gain in 2Q. 
• Personal Income for Sept. is estimated to rise +.4% versus a +.3% gain in Aug.
• Personal Spending for Sept. is estimated to rise +.4% versus a +.4% gain in Aug.
• Real Personal Spending for Sept. is estimated to rise +.2% versus a +.1% gain in Aug.
• The PCE Core MoM for Sept. is estimated to rise +.5% versus a +.6% gain in Aug.
  

10:00 am EST

• Pending Home Sales MoM for Sept. is estimated to fall -4.0% versus a -2.0% decline in Aug.
• Final Univ. of Mich. Consumer Sentiment readings.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German GDP 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 technology and transport shares in the region. I expect US stocks to open modestly lower and to maintain losses into the afternoon. The Portfolio is 25% Net Long heading into the day.