Thursday Watch

Night Trading 

• Asian equity indices are -1.25% to -.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 131.5 +.25 basis point. 

• China Sovereign CDS 78.25 unch. 
• China Iron Ore Spot 113.9 USD/Metric Tonne +.68%.

• Bloomberg Emerging Markets Currency Index 47.55 -.01%.
• Bloomberg Global Risk-On/Risk Off Index  55.7 -.32%. 
• Bloomberg US Financial Conditions Index -.24 +2.0 basis points.
  
• Volatility Index(VIX) futures 23.53 -.08%.
• Euro Stoxx 50 futures -.42%.

• S&P 500 futures +.02%.

• NASDAQ 100 futures +.10%.  

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

• Initial Jobless Claims for last week are estimated to rise to 225K versus 216K the prior week.
• Continuing Claims are estimated to rise to 1706K versus 1672K prior.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -940,000 barrels versus a -5,895,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -320,000 barrels versus a +2,530,000 barrel gain the prior week. Distillate inventories are estimated to fall by -2,180,000 barrels versus a -242,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -1.16% versus a -1.3% decline prior. 

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Money Supply report, 7Y T-Note auction and the weekly EIA natural gas inventory report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by consumer and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.