Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 110.75 -3.25 basis points. 

• China Sovereign CDS 54.5 -4.5 basis points. 
• China Iron Ore Spot 121.4 USD/Metric Tonne -.48%.

• Bloomberg Emerging Markets Currency Index 48.2 -.09%.
• Bloomberg Global Risk-On/Risk Off Index  56.7 +.4%. 
• Bloomberg US Financial Conditions Index .12 +2.0 basis points.
  
• Volatility Index(VIX) futures 22.4 +.01%.
• Euro Stoxx 50 futures +.44%.

• S&P 500 futures -.03%.

• NASDAQ 100 futures -.08%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (TSM)/11.12
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• The CPI MoM for Dec. is estimated to fall -.1% versus a +.1% gain in Nov.
• The CPI Ex Food and Energy MoM for Dec. is estimated to rise +.3% versus a +.2% gain in Nov.
• The CPI YoY for Dec. is estimated to rise +6.5% versus a +7.1% gain in Nov.
• Real Avg. Weekly Earnings YoY for Dec.
• Initial Jobless Claims for last week are estimated to rise to 215K versus 204K the prior week.
• Continuing Claims are estimated to rise to 1709K versus 1694K prior.
  

2:00 pm EST

• The Monthly Budget Statement for Dec. is estimated at -$60.0B versus -$21.3B in Nov.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Australia Import/Export Conference, 30Y T-Note auction, weekly EIA natural gas inventory report and the Evercore Utility Conference 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 consumer 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.