Tuesday, April 12, 2022

Wednesday Watch

Night Trading 

  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 109.75 +2.0 basis points. 
  • China Sovereign CDS 67.0 -2.0 basis points.
  • Bloomberg Emerging Markets Currency Index 53.30 -.04%. 
  • Bloomberg Global Risk-On/Risk Off Index 4,335.0 -7.0 points.
  • Volatility Index(VIX) futures 25.9 -1.4%.
  • Euro Stoxx 50 futures -.24%.
  • S&P 500 futures +.36%.
  • NASDAQ 100 futures +.46%. 
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (BBBY)/.04
  • (BLK)/9.01
  • (DAL)/-1.27
  • (FAST)/.45
  • (JPM)/2.71
  • (SJR)/.41
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The PPI Final Demand MoM for March is estimated to rise +1.1% versus a +.8% gain in Feb.
  • The PPI Ex Food and Energy MoM for March is estimated to rise +1.1% versus a +.2% gain in Feb.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory gain of +256,333 barrels versus a +2,421,000 barrel gain the prior week. Gasoline supplies are estimated to fall by -136,440 barrels versus a -2,041,000 barrel decline the prior week. Distillate inventories are estimated to fall by -379,560 barrels versus a +771,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.22% versus a +.4% gain prior.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The UK CPI report, 30Y T-Bond auction, weekly MBA Mortgage Applications report and the (PVH) 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 mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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