Wednesday Watch

Night Trading 

• Asian equity indices are unch. to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 74.75 +.25 basis point.

• China Sovereign CDS 45.25 +.25 basis point.

• Bloomberg Emerging Markets Currency Index 59.80 +.01%.
• Bloomberg Global Risk-On/Risk Off Index 95.0 -46.0 points.
• Volatility Index(VIX) futures 31.25 -.40%
• FTSE 100 futures +.8%.

• S&P 500 futures +.09%.

• NASDAQ 100 futures -.28%.

Morning Preview Links

Earnings of Note 
Company/Estimate

Before the Open:

• (CTAS)/2.12
• (GIS)/.82
• (JKS)/.75
• (WB)/.46
• (WOR)/.44
  

After the Close:

• (CMTL)/.06
• (FUL)/.70
  

Economic Releases

9:00 am EST

• The FHFA House Price Index MoM for July is estimated to rise +.5% versus a +.9% gain in June.
  

9:45 am EST

• The Markit US Manufacturing PMI report for Sept. is estimated to rise to 53.5 versus 53.1 in Aug.
• The Markit US Services PMI report for Sept. is estimated to fall to 54.5 versus 55.0 in Aug.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -2,471,910 barrels versus a -4,389,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -749,800 barrels versus a -381,000 barrel decline the prior week. Distillate inventories are estimated to rise by +1,081,110 barrels versus a +3,461,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.18% versus a +4.0% gain prior.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Powell testimony to House, Fed's Evans speaking, Fed's Rosengren speaking, Fed's Bostic speaking, FEd's Quarles speaking, Fed's Mester speaking, Spain GDP report, Eurozone PMI report, weekly MBA Mortgage Applications report, $53B 5Y T-Note auction and the (INTU) investor day could also impact trading today.

Market Hours
Normal:

• 9:30 am - 4:00 pm EST
  

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