Wednesday, March 18, 2020

Thursday Watch

Evening Headlines
Bloomberg:    
  • Stocks Climb With Euro on Massive ECB Support Move. Stocks and U.S. equity futures climbed after the European Central Bank announced a huge boost in its efforts to stabilize the economy and capital markets, adding to global efforts that have largely underwhelmed investors so far. The euro rose, Japanese shares gained about 2%, and S&P 500 futures reversed losses following news of the ECB’s temporary program of asset purchases worth 750 billion euros ($820 billion) to fight the impact of the coronavirus pandemic. U.S. shares earlier suffered another plunge as investor focus turned to assessing the length of the economic downturn. Oil rose to take back some of Wednesday’s 24% plunge that left prices at an 18-year low. Japan’s Topix index gained 2.3% as of 9:05 a.m. in Tokyo. Futures on the S&P 500 Index rose 1.9%. The underlying index fell 5.2% on Wednesday. Australia’s S&P/ASX 200 Index added 0.4%. South Korea’s Kospi index gained 0.6%.
Wall Street Journal:
CNBC.com:   
Zero Hedge:
Night Trading 
  • Asian equity indices are -2.0% to -1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 154.5 +14.5 basis points.
  • China Sovereign CDS 69.25 -2.0 basis points.
  • Bloomberg Emerging Markets Currency Index  58.41 -.22%.
  • Euro Stoxx 50 futures +1.0%.
  • S&P 500 futures +.35%.
  • NASDAQ 100 futures +.79%.
Morning Preview Links

Earnings of Note 
Company/Estimate
Before the Open:
  • (ACN)/1.73
  • (CMC)/.49
  • (DRI)/1.89
  • (GIII)/.67
  • (LEN)/.84
  • (LK)/-.13
After the Close:
  • (CTAS)/2.03
  • (OLLI)/.76
  • (SCHL)/-.64
Economic Releases
8:30 am EST
  • The Current Account Balance for 4Q is estimated at -$108.6B versus -$124.1B in 3Q.
  • Philly Fed Business Outlook Index for March is estimated to fall to 8.0 versus 36.7 in Feb.
  • Initial Jobless Claims for last week are estimated to rise to 220K versus 211K the prior week.
  • Continuing Claims are estimated to rise to 1738K versus 1722K prior.
10:00 am EST
  • The Leading Index for Feb. is estimated to rise +.1% versus a +.8% gain in Jan.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Swiss Central Bank decision, Bloomberg Economic Expectations Index for March, weekly Bloomberg Consumer Comfort Index and the (HSY) investor day could also impact trading today.
Market Hours
Normal:
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and financial shares in the region. The Portfolio is 25% net long heading into the day.

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