Wednesday Watch

Night Trading 

• Asian equity indices are -.25% to +.75% on average.

• Asia Ex-Japan Investment Grade CDS Index 97.25 -9.25 basis points. 

• China Sovereign CDS 57.25 -4.5 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.32 -.29%. 
• Bloomberg Global Risk-On/Risk Off Index 4,512.0 -84.0 points.
• Volatility Index(VIX) futures 21.7 +.67%.
• Euro Stoxx 50 futures +.15%.

• S&P 500 futures -.13%.

• NASDAQ 100 futures -.08%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (FIVE)/2.48
• (PAYX)/1.05
• (MSM)/1.23
• (BNTX)/7.15
  

After the Close:

• (PATH)/.03

Economic Releases

8:15 am EST

• The ADP Employment Change for March is estimated to fall to 450K versus 475K in Feb.
  

10:30 am EST

• Bloomberg consensus estimates call for a weekly crude oil inventory decline of -1,530,560 barrels versus a -2,508,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -1,216,440 barrels versus a -2,948,000 barrel decline the prior week. Distillate inventories are estimated to fall by -1,348,560 barrels versus a -2,071,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to rise by +.36% versus a +.7% gain prior.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The German Import Price report, weekly MBA Mortgage Applications report, HC Wainwright Gene Editing/Therapy Conference, (CR) investor conference and the (FIVE) investor day 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 technology 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.