Tuesday, April 06, 2021

Wednesday Watch

Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 64.5 +1.25 basis points.
  • China Sovereign CDS 33.5 +.75 basis point.
  • Bloomberg Emerging Markets Currency Index 60.63 +.32%.
  • Bloomberg Global Risk-On/Risk Off Index 3,157.0 -18.0 points.
  • Volatility Index(VIX) futures 21.55 +.27%.
  • FTSE 100 futures +.36%.
  • S&P 500 futures +.1%.
  • NASDAQ 100 futures +.13%.
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (MSM)/1.03
  • (SMPL)/.23
  • (RPM)/.30
After the Close:
  • (RGP)/.03
  • (JEF)/.95
Economic Releases
8:30 am EST
  • The Trade Deficit for Feb. is estimated to widen to -$70.5B versus -$68.2B in Jan.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,638,000 barrels versus a -876,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -747,910 barrels versus a -1,735,000 barrel decline the prior week. Distillate inventories are estimated to rise by +645,910 barrels versus a +2,542,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.85% versus a +2.3% gain prior.
2:00 pm EST
  • March 17 FOMC Meeting Minutes.
3:00 pm EST
  • Consumer Credit for Feb. is estimated to rise to $2.8B versus -$1.315B in Jan.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China trade balance report, UK trade balance report, weekly MBA Mortgage Applications report, Wells Fargo Future Mobility Conference, (COST) March sales results, (CCL) 1Q update and the (LUMN) analyst day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by commodity and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.

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