Thursday, December 02, 2021

Friday Watch

Evening Headlines

Wall Street Journal:
Fox News:  
NY Post:
Zero Hedge:
  • Moderna exec says company could have Omicron booster ready in March. Moderna President Stephen Hoge said he believes booster shots carrying genes specifically targeting mutations in the newly-discovered Omicron variant would be the quickest way to address any anticipated reductions in vaccine efficacy it may cause. The company is also working on a multi-valent vaccine that would include up to four different coronavirus variants including Omicron. That could take several more months, he said.  
Night Trading 
  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 93.0 -2.25 basis points. 
  • China Sovereign CDS 52.75 -2.75 basis points.
  • Bloomberg Emerging Markets Currency Index 53.47 -.13%. 
  • Bloomberg Global Risk-On/Risk Off Index 1,904.0 -26.0 points.
  • Volatility Index(VIX) futures 27.3 +1.3%.
  • Euro Stoxx 50 futures -.12%.
  • S&P 500 futures -.37%
  • NASDAQ 100 futures -.42%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (BMO)/3.22
  • (BIG)/-.16
  • (GCO)/1.29
  • (HIBB)/1.61
After the Close:
  • None of note
Economic Releases 
8:30 am EST
  • The Change in Non-Farm Payrolls for Nov. is estimated to rise to 548K versus 531K the prior week.
  • The Unemployment Rate for Nov. is estimated to fall to 4.5% versus 4.6% in Oct.
  • Average Hourly Earnings MoM for Nov. is estimated to rise +.4% versus a +.4% gain in Oct.
10:00 am EST
  • The ISM Services Index for Nov. is estimated to fall to 65.0 versus 66.7 in Oct.
  • Factory Orders for Oct. is estimated to rise +.5% versus a +.2% gain in Sept.
  • Factory Orders Ex Transports for Oct. is estimated to rise +.6% versus a +.7% gain in Sept.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The US government funding deadline, Eurozone Services PMI report and the Capital One Energy Conference could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 1:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and industrial 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.

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