Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 220.0 -4.5 basis points. 

• China Sovereign CDS 117.50 -3.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 46.6 +.02%.  
• Bloomberg Global Risk-On/Risk Off Index 48.1 +1.6%. 
• Bloomberg US Financial Conditions Index -1.14 +1.0 basis point.
  
• Volatility Index(VIX) futures 27.3 -.61%
• Euro Stoxx 50 futures -.39%.

• S&P 500 futures +.47%.

• NASDAQ 100 futures +.47%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (MO)/1.30
• (AMT)/2.59
• (BUD)/.74
• (ARCH)/9.10
• (AN)/6.27
• (BAX)/.62
• (BWA)/1.03
• (BC)/2.65
• (CAT)/3.16
• (CBRE)/1.30
• (CMCSA)/.90
• (FCN)/2.04
• (HTZ)/1.08
• (HON)/2.15
• (IP)/1.20
• (KDP)/.46
• (LH)/4.68
• (MA)/2.58
• (MCD)/2.58
• (MDC)/2.24
• (MRK)/1.71
• (NOC)/6.11
• (OSK)1.18
• (BTU)/1.80
• (RS)/6.19
• (SHOP)/-.07
• (LUV)/.42
• (SWK)/.70
• (WDC)/.39
• (XEL)/1.22
  

After the Close:

• (AMZN)/.21
• (AAPL)/1.27
• (COF)/5.04
• (CUZ)/.66
• (DECK)/3.70
• (EW)/.62
• (FSLR)/-.26
• (GILD)/1.43
• (INTC)/.33
• (LHX)/3.40
• (MHK)/3.34
• (PXD)/7.26
• (SKYW)/.75
• (X)/1.99
• (WY)/.37
• (ZEN)/.21
  

Economic Releases

8:30 am EST

• 3Q GDP Annualized QoQ is estimated to rise +2.4% versus a -.6% decline in 2Q. 
• 3Q Personal Consumption is estimated to rise +1.0% versus a +2.0% gain in 2Q.
• 3Q GDP Price Index is estimated to rise +5.3% versus a +9.0% gain in 2Q.
• Durable Goods Orders for Sept. is estimated to rise +.6% versus a -.2% decline in Aug.
• Durables Ex Transports for Sept. is estimated to rise +.2% versus a +.3% gain in Aug.
• Cap Goods Orders Non-Defense Ex-Air for Sept. is estimated to rise +.3% versus a +1.4% gain in Aug.
• Initial Jobless Claims for last week is estimated to rise to 220K versus 214K the prior week. 
• Continuing Claims is estimated to rise to 1390 versus 1385K prior.
  

11:00 am EST

• Kansas City Fed Manufacturing Activity for Oct. is estimated to fall to -2 versus 1 in Sept.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The ECB rate decision, 7Y T-Note auction, (CS) investor day and the (SCHW) business update 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 technology and commodity 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.