Thursday, May 13, 2021

Friday Watch

Night Trading 
  • Asian equity indices are +.25% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 84.0 unch.
  • China Sovereign CDS 39.5 +.5 basis point.
  • Bloomberg Emerging Markets Currency Index 61.0 -.02%.
  • Bloomberg Global Risk-On/Risk Off Index 2,775.0 -70.0 points.
  • Volatility Index(VIX) futures 24.0 -.5%.
  • FTSE 100 futures +.40%.
  • S&P 500 futures +.22%.
  • NASDAQ 100 futures +.21%.
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
  • Retail Sales Advance MoM for April is estimated to rise +1.0% versus a +9.8% gain in March.
  • Retail Sales Ex Autos MoM for April is estimated to rise +.7% versus a +8.4% gain in March.
  • Retail Sales Ex Auto and Gas for April is estimated to rise +.3% versus a +8.2% gain in March.
  • The Import Price Index MoM for April is estimated to rise +.6% versus a +1.2% gain in March.
  • The Import Price Index ex Petrol for April is estimated to rise +.5% versus a +.9% gain in March.
  • The Export Price Index MoM for April is estimated to rise +.8% versus a +2.1% gain in March.
9:15 am EST
  • Industrial Production MoM for April is estimated to rise +1.0% versus a +1.4% gain in March.
  • Capacity Utilization for April is estimated to rise to 75.0% versus 74.4% in March.
  • Manufacturing Production for April is estimated to rise +.2% versus a +2.7% gain in March.
10:00 am EST
  • Univ. of Mich. Consumer Sentiment for May is estimated to rise to 90.2 versus 88.3 in April.
  • Univ. of Mich. 1Y Inflation Expectations for May is estimated to rise to 3.5% versus 34% in April.
Upcoming Splits
  • (CP)/5-for-1
Other Potential Market Movers
  • The Spain CPI report, Bloomberg US Economic Survey for May and the (Y) investor meeting could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are higher, boosted by industrial and financial shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

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