Friday Watch

Night Trading 

• Asian equity indices are +.75% to +1.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 106.5 +2.25 basis points. 

• China Sovereign CDS 59.75 +4.0 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.38 -.10%. 
• Bloomberg Global Risk-On/Risk Off Index 2,870.0 +47.0 points.
• Volatility Index(VIX) futures 29.4 +2.9%.
• Euro Stoxx 50 futures +1.65%.

• S&P 500 futures -.74%.

• NASDAQ 100 futures -1.1%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (CRI)/2.06
• (FL)/1.46 
• (STWD)/.52
• (STRA)/.95
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Personal Income for Jan. is estimated to fall -.3% versus a +.3% gain in Dec.
• Personal Spending for Jan. is estimated to rise +1.6% versus a -.6% decline in Dec. 
• The PCE Core MoM for Jan. is estimated to rise +.5% versus a +.5% gain in Dec.
• Durable Goods Orders for Jan. is estimated to rise +1.0% versus a -.7% gain in Dec.
• Durables Ex Transports for Jan. is estimated to rise +1.0% versus a -.7% decline in Dec.
• Cap Goods Orders Non-Defense Ex-Air for Jan. is estimated to rise +.3% versus a +.3% gain in Dec.
  

10:00 am EST

• Pending Home Sales MoM for Jan. is estimated to fall -.5% versus a -3.8% decline in Dec.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The France PPI report, BMO Metals&Mining Conference, (BIO) investor day and the (UNM) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by industrial and technology 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.