Wednesday, December 12, 2018

Thursday Watch

Evening Headlines
  • Asia Stocks Edge Higher on Trade Hopes, U.S. Gains. Asian equities ticked higher alongside U.S. equity futures Thursday after a series of positive developments in U.S.-China trade talks buoyed global stocks. The British pound held its advance after U.K. Prime Minister Theresa May survived an attempt to oust her. Benchmarks were higher in Japan, Australia and South Korea, and futures on the S&P 500 rose as news broke that Chinese importers have bought U.S. soybeans. Earlier, the S&P 500 Index added to rallies in Europe and Asia, though the gains were pared in afternoon trading. Futures indicated a stronger open in Hong Kong. The dollar and Treasuries were steady after overnight declines as data showed a key measure of U.S. inflation picked up as expected in November. Japan’s Topix index rose 0.4 percent as of 9:12 a.m. in Tokyo. Australia’s S&P/ASX 200 Index was little changed. South Korea’s Kospi index added 0.3 percent. FTSE China A50 Index futures gained 0.4 percent. Hang Seng Index futures were up 0.9 percent. Futures on the S&P 500 gained 0.1 percent.  
Wall St. Journal:
Zero Hedge: 
Night Trading 
  • Asian equity indices are +.25% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 92.5 -2.5 basis points. 
  • Asia Pacific Sovereign CDS Index 9.5 -.25 basis point.
  • Bloomberg Emerging Markets Currency Index 67.07 +.01%.
  • FTSE 100 futures -.22%.
  • S&P 500 futures +.21%.
  • NASDAQ 100 futures +.29%.
Morning Preview Links

Earnings of Note

Before the Open:
  • (CIEN)/.48
After the Close:
  • (ADBE)/1.88
  • (COST)/1.62
Economic Releases
8:30 am EST
  • The Import Price Index MoM for November is estimated to fall -1.0% versus a +.5% gain in October.
  • The Import Price Index Ex Petro MoM for November is estimated to fall -.1% versus a +.2% gain in October.
  • The Export Price Index MoM for November is estimated to fall -.3% versus a +.4% gain in October.
  • Initial Jobless Claims for last week are estimated to fall to 226K versus 231K the prior week.
  • Continuing Claims are estimated to rise to 1649K versus 1631K prior.
Upcoming Splits
  • (EBIX) 5-for-1
Other Potential Market Movers
  • The ECB rate decision/press conference, $16B 30Y T-Bond auction, Bloomberg Dec. US Economic Survey, weekly Bloomberg Consumer Comfort Index, weekly EIA natural gas inventory report, (DAL) investor day, (DHR) analyst meeting, (EZPW) investor day, (HIIQ) analyst day, (SBUX) investor day and the (FLS) analyst day could also impact trading today.
BOTTOM LINE:  Asian indices are modestly higher, boosted by technology and healthcare 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.

No comments: