Friday Watch

Night Trading 

• Asian equity indices are -.5% to unch. on average.

• Asia Ex-Japan Investment Grade CDS Index 142.0 unch. 

• China Sovereign CDS 74.5 +.5 basis point.
  

• Bloomberg Emerging Markets Currency Index 49.62 -.04%.  
• Bloomberg Global Risk-On/Risk Off Index 3,828.0 +74.0 points.
• Volatility Index(VIX) futures 24.0 +.4%
• Euro Stoxx 50 futures -.19%.

• S&P 500 futures -.02%.

• NASDAQ 100 futures +.03%. 

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (SPB)/1.42

After the Close:

• None of note
  

Economic Releases

8:30 am EST:

• The Import Price Index MoM for July is estimated to fall -1.0% versus a +.2% gain in June.
• The Import Price Index Ex-Petrol MoM for July is estimated to fall -.1% versus a -.4% decline in June.
• The Import Price Index YoY for July is estimated to rise +9.4% versus a +10.7% gain in June.
• The Export Price Index MoM for July is estimated to fall -1.0% versus a +.7% gain in June.  

10:00 am EST

• Univ. of Mich. Consumer Sentiment for Aug. is estimated to rise to 52.5 versus 51.5 in July.
• Univ. of Mich. 1 Yr Inflation Expectations is estimated to fall to +5.1% versus +5.2% in July.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK GDP report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly lower, weighed down by material and technology shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the day.