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.