Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 119.75 +.5 basis point. 

• China Sovereign CDS 65.5 -3.0 basis points. 
• China Iron Ore Spot 114.7 USD/Metric Tonne -.41%.

• Bloomberg Emerging Markets Currency Index 47.5 +.02%.
• Bloomberg Global Risk-On/Risk Off Index  55.78 +1.2%. 
• Bloomberg US Financial Conditions Index -.25 -2.0 basis points.
  
• Volatility Index(VIX) futures 23.5 -.28%.
• Euro Stoxx 50 futures +.25%.

• S&P 500 futures +.24%.

• NASDAQ 100 futures +.27%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (GBX)/.49

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for Dec. is estimated at 203K versus 263K in Nov.
• The Unemployment Rate for Dec. is estimated at 3.7% versus 3.7% in Nov.
• Average Hourly Earnings MoM for Dec. is estimated to rise +.4% versus a +.6% gain in Nov.
• The Labor Force Participation Rate for Dec. is estimated to fall to 62.2% versus 62.1% in Nov.

10:00 am EST

• The ISM Services Index for Dec. is estimated to fall to 55.0 versus 56.5 in Nov.
• Factory Orders for Nov. is estimated to fall -1.0% versus a +1.0% gain in Oct.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Cook speaking and the German Factory Orders report 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 energy 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 25% net long heading into the day.