Thursday, June 30, 2022

Friday Watch

Evening Headlines

Fox News:
Zero Hedge:
Night Trading 
  • Asian equity indices are unch. to +.5% on average.
  • Asia Ex-Japan Investment Grade CDS Index 143.75 +7.0 basis points. 
  • China Sovereign CDS 85.25 +2.75 basis points.
  • Bloomberg Emerging Markets Currency Index 50.66 -.08%.  
  • Bloomberg Global Risk-On/Risk Off Index 4,509.0 +310.0 points.
  • Volatility Index(VIX) futures 29.3 +.4%.
  • Euro Stoxx 50 futures +.41%.
  • S&P 500 futures -.05%.
  • NASDAQ 100 futures +.02%. 
Morning Preview Links

Earnings of Note 
Before the Open: 
  • None of note
After the Close:
  • None of note
Economic Releases
10:00 am EST
  • Construction Spending MoM for May is estimated to rise +.4% versus a +.2% gain in April.
  • ISM Manufacturing for June is estimated to fall to 54.5 versus 56.1 in May.
  • ISM Prices Paid for June is estimated to fall to 79.9 versus 82.2 in May.
  • Wards Total Vehicle Sales for June is estimated to rise to 13.3M versus 12.68M in May.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China Manufacturing PMI report and the Eurozone PMI report could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly higher, boosted by commodity and industrial 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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