Friday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 87.5 -1.5 basis points. 

• China Sovereign CDS 45.5 -2.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.52 -.06%. 
• Bloomberg Global Risk-On/Risk Off Index 2,570.0 -10.0 points.
• Volatility Index(VIX) futures 23.7 +.4%.
• Euro Stoxx 50 futures -.48%.

• S&P 500 futures unch.

• NASDAQ 100 futures +.02%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ASO)/1.11

After the Close:

• None of note
  

Economic Releases 

8:30 am EST

• The CPI MoM for Nov. is estimated to rise +.7% versus a +.9% gain in Oct.
• The CPI Ex Food and Energy MoM for Nov. is estimated to rise +.5% versus a +.6% gain in Oct.
• Real Avg. Weekly Earnings YoY for Nov.
  

10:00 am EST

• Univ. of Mich. Consumer Sentiment for Dec. is estimated to rise to 68.0 versus 67.4 in Nov.

2:00 pm EST

• The Monthly Budget Deficit for Nov. is estimated at -$193.0B versus -$143.3B in Oct.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK Manufacturing Report, (HPE) fireside chat, (CNC) investor day and the (ADM) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 1:00 pm EST
  

BOTTOM LINE: Asian indices are modestly lower, weighed down by energy and consumer shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.