Thursday, January 12, 2023

Friday Watch

Twitter: 

Night Trading 
  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 107.5 -3.25 basis points. 
  • China Sovereign CDS 53.75 -.75 basis point. 
  • China Iron Ore Spot 124.4 USD/Metric Tonne +1.9%.
  • Bloomberg Emerging Markets Currency Index 48.55 +.07%.
  • Bloomberg Global Risk-On/Risk Off Index  57.1 +.4%. 
  • Bloomberg US Financial Conditions Index .11 +2.0 basis points.
  • Volatility Index(VIX) futures 21.3 +.23%.
  • Euro Stoxx 50 futures +.05%.
  • S&P 500 futures -.19%.
  • NASDAQ 100 futures -.39%.  
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (ALLY)/1.01
  • (ERIC)/2.40
  • (HBAN)/.40
  • (RF)/.65
  • (SLB)/.68
  • (STT)/1.95
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The Import Price Index MoM for Dec. is estimated to fall -.9% versus a -.6% decline in Nov.
  • The Import Price Index ex Petrol MoM for Dec. is estimated to fall -.3% versus a -.3% decline in Nov.
  • The Import Price Index YoY for Dec. is estimated to rise +2.2% versus a +2.7% gain in Nov.
  • The Export Price Index MoM for Dec. is estimated to fall -.7% versus a -.3% decline in Nov.
  • The Export Price Index YoY for Dec. is estimated to rise +7.3% versus a +6.3% gain in Nov.
10:00 am EST
  • The Univ. of Mich. Consumer Sentiment for January is estimated to rise to 60.5 versus 59.7 in Dec.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Harker speaking and the UK Industrial Production report 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 commodity and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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