Tuesday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 107.75 +5.0 basis points. 

• China Sovereign CDS 69.0 +4.75 basis points.
  

• Bloomberg Emerging Markets Currency Index 53.29 -.04%. 
• Bloomberg Global Risk-On/Risk Off Index 4,270.0 +6.0 points.
• Volatility Index(VIX) futures 26.0 +.11%.
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.11%.

• NASDAQ 100 futures -.14%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (ACI)/.65
• (KMX)/1.30
  

After the Close:

• None of note
  

Economic Releases

6:00 am EST

• The NFIB Small Business Optimism Index for March is estimated to fall to 95.0 versus 95.7 in Feb.
  

8:30 am EST

• The CPI MoM for March is estimated to rise +1.2% versus a +.8% gain in Feb.
• The CPI Ex Food and Energy MoM for March is estimated to rise +.5% versus a +.5% gain in Feb.
• Real Avg. Weekly Earnings YoY for March.
  

2:00 pm EST

• The Monthly Budget Statement for March is estimated at -$190.0B versus -$659.6B in Feb.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Fed's Brainard speaking, German CPI report, German ZEW Index, China Trade Balance report, 10Y T-Note auction, weekly US retail sales reports, BofA Automotive Summit, Wells Fargo Biotech Forum, (ABEV) investor day, (EPD) analyst meeting and the (RGP) 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 lower, weighed down by technology and healthcare shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.