Friday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 92.25 -1.75 basis points.

• China Sovereign CDS 54.0 -1.25 basis points.
  

• Bloomberg Emerging Markets Currency Index 58.71 -.02%. 
• Bloomberg Global Risk-On/Risk Off Index 3,174.0 -74.0 points.
• Volatility Index(VIX) futures 20.1 +.5%.
• FTSE 100 futures +.08%.

• S&P 500 futures +.10%

• NASDAQ 100 futures +.12%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (BMI)/.50
• (SCHW)/.81
• (GS)/9.94
• (JBHT)/1.78
• (PNC)/3.64
• (PLD)/1.03
• (SXT)/.81
• (TFC)/1.20
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Empire Manufacturing for Oct. is estimated to fall to 25.0 versus 34.3 in Sept.
• Retail Sales Advance MoM for Sept. is estimated to fall -.2% versus a +.7% gain in Aug.
• Retail Sales Ex Autos MoM for Sept. is estimated to rise +.5% versus a +1.8% gain in Aug.
• Retail Sales Ex Autos and Gas for Sept. is estimated to rise +.4% versus a +2.0% gain in Aug.
• The Import Price Index MoM for Sept. is estimated to rise +.6% versus a -.3% decline in Aug.
• The Import Price Index  ex Petrol for Sept. is estimated to rise +.2% versus a -.1% decline in Aug.
• The Export Price Index MoM for Sept. is estimated to rise +.7% versus a +.4% gain in Aug.
  

10:00 am EST

• Business Inventories for Aug. is estimated to rise +.6% versus a +.5% gain in July.
• Univ. of Mich. Consumer Sentiment for Oct. is estimated to rise to 73.0 versus 72.8 in Sept.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China retail sales report and the (RIO) 3Q operations review 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 technology and industrial 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.