Friday Watch

Night Trading 

• Asian equity indices are -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 67.25 +.5 basis point.

• China Sovereign CDS 41.0 +1.5 basis points.

• Bloomberg Emerging Markets Currency Index  66.18 unch.
• FTSE 100 futures n/a.

• S&P 500 futures -.07%.

• NASDAQ 100 futures -.05%.

Morning Preview Links

Earnings of Note 

Company/Estimate

Before the Open:

• (ABBV)/2.30
• (BABA)/10.68
• (AIG)/1.01
• (BAH)/.71
• (BGG)/-.72
• (CBOE)/1.15
• (CVX)/1.46
• (CL)/.70
• (D)/1.14
• (XOM)/.66
• (ITT)/.90
• (LYB)/2.76 
• (NWL)/.55
• (RUTH)/.10
• (STX)/1.00

After the Close:

• None of note

Economic Releases

8:30 am EST

• The Change in Non-Farm Payrolls for Oct. is estimated to fall to 85K versus 136K in Sept.
• The Unemployment Rate for Oct. is estimated to rise to 3.6% versus 3.5% in Sept.
• Average Hourly Earnings MoM for Oct. is estimated to rise +.3% versus unch. in Sept.

10:00 am EST

• The ISM Manufacturing Index for Oct. is estimated to rise to 49.0 versus 47.8 in Sept.
• The ISM Prices Paid Index for Oct. is estimated to rise to 50.0 versus 49.7 in Sept.
• Construction Spending MoM for Sept. is estimated to rise +.2% versus a +.1% gain in Aug.

Afternoon:

• Wards Total Vehicle Sales for Oct. is estimated to fall to 17.0M versus 17.19M in Sept.
  

Upcoming Splits

• None of note

Other Potential Market Movers

• The Fed's Vice Chair Clarida speaking, Fed's Quarles speaking, China Manufacturing PMI report could also impact trading today.

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