Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 66.75 +1.0 basis point.

• China Sovereign CDS 33.25 unch.
  

• Bloomberg Emerging Markets Currency Index 60.26 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 3,010.0 +3.0 points.
• Volatility Index(VIX) futures 20.8 -.18%.
• FTSE 100 futures +.16%.

• S&P 500 futures +.07%

• NASDAQ 100 futures +.03%. 

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

• Initial Jobless Claims for last week are estimated to rise to 323K versus 310K the prior week.
• Continuing Claims are estimated to fall to 2740K versus 2783K prior.
• The Philly Fed Business Outlook Index for Sept. is estimated to fall to 19.0 versus 19.4 in Aug.  
• Retail Sales Advance MoM for Aug. is estimated to fall -.7% versus a -1.1% decline in July.
• Retail Sales Ex Autos MoM for Aug. is estimated to fall -.1% versus a -.4% decline in July.
• Retail Sales Ex Autos and Gas MoM for Aug. is estimated unch. versus a -1.0% decline in July.
  

10:00 am EST

• Business Inventories for July is estimated to rise +.5% versus a +.8% gain in June.
  

4:00 pm EST

• Net Long-Term TIC Flows for July.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Eurozone Trade Balance report, weekly Langer Consumer Comfort Index, weekly EIA natural gas inventory report and the Life Sciences Investor Forum could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by commodity and financial shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.