Wednesday, February 09, 2022

Thursday Watch

Night Trading 

  • Asian equity indices are +.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 94.0 -2.5 basis points. 
  • China Sovereign CDS 50.75 -1.5 basis points.
  • Bloomberg Emerging Markets Currency Index 54.66 -.05%. 
  • Bloomberg Global Risk-On/Risk Off Index 3,987.0 +40.0 points.
  • Volatility Index(VIX) futures 22.9 +1.0%.
  • Euro Stoxx 50 futures +.37%.
  • S&P 500 futures -.11%.
  • NASDAQ 100 futures -.19%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (MT)/3.22
  • (AZN)/1.54
  • (GOOS)/1.46
  • (KO)/.41
  • (DDOG)/.11
  • (DBD)/.57
  • (DUK)/.97
  • (GPN)/2.12
  • (GPI)/9.05
  • (HRI)/2.42
  • (K)/.79
  • (LH)/6.00
  • (MLM)/2.94
  • (PTEN)/-.35
  •  (BTU)/1.34
  • (PEP)/1.52
  • (PM)/1.33
  • (TPR)/1.19
  • (TWTR)/.34
  • (WEX)/2.46
After the Close:
  • (AFRM)/-.22
  • (CSL)/2.67
  • (NET)/.00
  • (EXPE)/.65
  • (FLO)/.22
  • (HUBS)/.53
  • (ILMN)/.49
  • (MHK)/2.86
  • (TEX)/.55
  • (YELP)/.52
  • (ZEN)/.18
  • (ZG)/-1.0
Economic Releases
8:30 am EST
  • Initial Jobless Claims for last week are estimated to fall to 230K versus 238K the prior week.
  • Continuing Claims are estimated to fall to 1615K versus 1628K prior.
  • The CPI MoM for Jan. is estimated to rise +.4% versus a +.5% gain in Dec.
  • The CPI Ex Food and Energy MoM for Jan. is estimated  to rise +.5% versus a +.6% gain in Dec.
  • Real Avg. Weekly Earnings YoY for Jan.
2:00 pm EST
  • The Monthly Budget Statement for Jan. is estimated at $23.0B versus -$21.3B in Dec.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Barkin speaking, UK GDP report, 30Y T-Bond auction, weekly EIA natural gas inventory report and the (UBER) investor day could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are 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 modestly higher. The Portfolio is 75% net long heading into the day.

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