Wednesday, January 19, 2022

Thursday Watch

Night Trading 

  • Asian equity indices are -.5% to +.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 86.5 -2.75 basis points. 
  • China Sovereign CDS 46.5 -3.5 basis points.
  • Bloomberg Emerging Markets Currency Index 54.39 +.01%. 
  • Bloomberg Global Risk-On/Risk Off Index 3,242.0 +25.0 points.
  • Volatility Index(VIX) futures 23.83 -.99%.
  • Euro Stoxx 50 futures -.12%.
  • S&P 500 futures +.10%.
  • NASDAQ 100 futures +.17%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (AAL)/-1.48
  • (BKR)/.29
  • (BKU)/.87
  • (CTXS)/1.08
  • (FITB)/.90
  • (KEY)/.56
  • (MTB)/3.26
  • (RF)/.50
  • (SAFM)/6.97
  • (TRV)/3.86
  • (UNP)/2.62
After the Close:
  • (CSX)/.41
  • (ISRG)/1.28
  • (NFLX)/.82
  • (PPG)/1.21
  • (SIVB)/6.57
Economic Releases
8:30 am EST
  • Initial Jobless Claims for last week are estimated to fall to 225K versus 230K the prior week.
  • Continuing Claims are estimated to rise to 1563K versus 1559K prior.
  • The Philly Fed Business Outlook Index for Jan. is estimated to rise to 19.0 versus 15.4 in Dec.
10:00 am EST
  • Existing Home Sales for Dec. is estimated to fall to 6.43M versus 6.46M in Nov.
11:00 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,330.770 barrels versus a -4,553,000 barrel decline the prior week. Gasoline supplies are estimated to rise by +1,878,400 barrels versus a +7,961,000 barrel gain the prior week. Distillate inventories are estimated to fall by -826,100 barrels versus a +2,537,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to fall by -.17% versus a -1.4% decline prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China PBOC decision and the weekly EIA natural gas inventory report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and consumer shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

No comments: