Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.50% on average.

• Asia Ex-Japan Investment Grade CDS Index 85.25 -1.0 basis point. 

• Asia Pacific Sovereign CDS Index 21.75 -.25 basis point.

• Bloomberg Emerging Markets Currency Index 73.02 +.01%.

• S&P 500 futures -.02%.

• NASDAQ 100 futures -.07%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (C)/1.21

• (FHN)/.26

• (INFY)/14.90

• (JPM)/1.59

• (PNC)/2.02

• (WFC)/1.01

Economic Releases 
8:30 am EST

• The CPI MoM for June is estimated to rise +.1% versus a -.1% decline in May. 

• The CPI Ex Food and Energy MoM for June is estimated to rise +.2% versus a +.1% gain in May.

• Real Avg. Weekly/Hourly Earnings YoY for June.

• Retail Sales Advance MoM for June is estimated to rise +.1% versus a -.3% decline in May.

• Retail Sales Ex Autos for June is estimated to rise +.2% versus a -.3% decline in May.

• Retail Sales Ex Autos and Gas for June is estimated to rise +.4% versus unch. in May.
  

9:15 am EST

• Industrial Production MoM for June is estimated to rise +.3% versus unch. in May.

• Capacity Utilization for June is estimated to rise to 76.8% versus 76.6% in May. 

• Manufacturing Production for June is estimated to rise +.2% versus a -.4% decline in May.

10:00 am EST

• Preliminary Univ. of Mich. Consumer Sentiment for July is estimated to fall to 95.0 versus 95.1 in June. 

• Business Inventories for May is estimated to rise +.3% versus a -.2% decline in April.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Kaplan speaking, President Trump's visit to France and the Japan Industrial Production report could also impact trading today.

BOTTOM LINE:  Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher.  The Portfolio is 100% net long heading into the day.