Friday Watch

Night Trading 

• Asian equity indices are unch. to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 57.75 +.75 basis point.

• China Sovereign CDS 37.75 +2.25 basis point.

• Bloomberg Emerging Markets Currency Index 60.84 +.05%.
• Bloomberg Global Risk-On/Risk Off Index 218.0 -16.0 points.
• Volatility Index(VIX) futures 29.95 +.42%
• FTSE 100 futures +.01%.

• S&P 500 futures -.10%.

• NASDAQ 100 futures +.07%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST:

• The Current Account Deficit for  2Q is estimated at -$160.0B versus -$104.2B in 1Q.
  

10:00 am EST

• The Leading Index for August is estimated to rise +1.3% versus a +1.4% gain in July.
• Preliminary Univ. of Mich. Consumer Sentiment for Sept. is estimated to rise to 75.0 versus 74.1 in Aug.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Wholesale Price report and the (MOS) analyst presentation could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are slightly higher, boosted by commodity and industrial shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.