Thursday Watch

Night Trading 

• Asian equity indices are -.75% to +.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 82.25 -2.25 basis points. 
• Asia Pacific Sovereign CDS Index 16.75 -.75 basis point.
• Bloomberg Emerging Markets Currency Index 73.56 +.02%.
• S&P 500 futures -.24%.
• NASDAQ 100 futures -.49%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (BOBE)/.52
• (KR)/.58
• (FNSR)/.50

Economic Releases 

8:30 am EST

• Import Price Index MoM for May is estimated to fall -.1% versus a +.5% gain in April.
• Empire Manufacturing for June is estimated to rise to 5.0 versus -1.0 in May.
• Export Price Index MoM for May is estimated to rise +.2% versus a +.2% gain in April.
• Initial Jobless Claims for last week are estimated to fall to 241K versus 245K the prior week.
• Continuing Claims are estimated to rise to 1920K versus 1917K prior. 
• Philly Fed Business Outlook Index for June is estimated to fall to 25.0 versus 38.8 in May.

9:15 am EST

• Industrial Production MoM for May is estimated to rise +.2% versus a +1.0% gain in April.
• Capacity Utilization is estimated to rise to 76.8% versus 76.7% in April.

10:00 am EST

• The NAHB Housing Market Index for June is estimated at 70.0 versus 70.0 in May.

4:00 pm EST

• Net Long-Term TIC Flows for April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The UK Retail Sales report, Australia Unemployment report, Eurogroup Meeting, Stifel Industrials Conference, weekly EIA natural gas inventory report, (WFT) annual meeting and the (ANF) annual meeting could also impact trading today.

BOTTOM LINE:  Asian indices are mostly lower, weighed down by industrial and commodity shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed.  The Portfolio is 75% net long heading into the day.