Wednesday, December 15, 2021

Thursday Watch

Evening Headlines

Wall Street Journal:
Fox News:
Zero Hedge:  
Night Trading 
  • Asian equity indices are -.5% to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 84.5 -1.25 basis points. 
  • China Sovereign CDS 43.75 -.5 basis point.
  • Bloomberg Emerging Markets Currency Index 52.53 -.02%. 
  • Bloomberg Global Risk-On/Risk Off Index 2,705.0 +17.0 points.
  • Volatility Index(VIX) futures 22.1 +.6%.
  • Euro Stoxx 50 futures +1.21%.
  • S&P 500 futures -.04%.
  • NASDAQ 100 futures -.01%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (ACN)/2.63
  • (ADBE)/3.20
  • (CCL)/-1.46
  • (JBL)/1.80
  • (WOR)/1.86
After the Close:
  • (FDX)/4.29
  • (NX)/.53
  • (RIVN)/-6.84
  • (SCS)/.09
Economic Releases
8:30 am EST
  • Initial Jobless Claims for last week are estimated to rise to 200K versus 184K the prior week.
  • Continuing Claims are estimated to fall to 1943K versus 1992K prior.
  • Housing Starts for Nov. is estimated to rise to 1567K versus 1520K in Oct.
  • Building Permits for Nov. is estimated to rise to 1663K versus 1650K in Oct.
  • The Philly Fed Business Outlook for Dec. is estimated to fall to 29.1 versus 39.0 in Nov.
9:15 am EST
  • Industrial Production MoM for Nov. is estimated to rise +.6% versus a +1.6% gain in Oct.
  • Capacity Utilization for Nov. is estimated to rise to 76.8% versus 76.4% in Oct.
  • Manufacturing Production for Nov. is estimated to rise +.7% versus a +1.2% gain in Oct.
9:45 am EST
  • The Markit US Manufacturing PMI for Dec. is estimated to rise to 58.5 versus 58.3 in Nov.
11:00 am EST
  • The Kansas City Fed Manufacturing Activity Index for Dec. is estimated to rise to 25.0 versus 24.0 in Nov.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The BofE rate decision, ECB meeting, weekly EIA natural gas inventory report, weekly Langer Consumer Comfort Index, (ADBE) 4Q financial analyst meeting, (BABA) investor day and the (DAL) capital markets day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 1:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and consumer 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.

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