Thursday Watch

Night Trading 

• Asian equity indices are +.25% to +.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 80.0 +.5 basis point. 

• China Sovereign CDS 43.0 +.5 basis point.
  

• Bloomberg Emerging Markets Currency Index 54.65 +.06%. 
• Bloomberg Global Risk-On/Risk Off Index 3,634.0 -4.0 points.
• Volatility Index(VIX) futures 21.1 +.61%.
• Euro Stoxx 50 futures -.06%.

• S&P 500 futures -.12%.

• NASDAQ 100 futures -.12%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (DAL)/.14
• (TSM)/6.22
  

After the Close:

• (WAFD)/.70
  

Economic Releases

8:30 am EST

• PPI Final Demand MoM for Dec. is estimated to rise +.4% versus a +.8% gain in Nov.
• PPI Ex Food and Energy MoM for Dec. is estimated to rise +.5% versus a +.7% gain in Nov.
• Initial Jobless Claims for last week are estimated to fall to 200K versus 207K the prior week.
• Continuing Claims are estimated to fall to 1733K versus 1754K the prior week.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China Trade Data report, weekly EIA natural gas inventory report, 30Y T-Bond auction, (MNST) investor day and the (BIIB) analyst call 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 industrial 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.