Friday Watch

Night Trading 

• Asian equity indices are -1.0% to -.5% on average.

• Asia Ex-Japan Investment Grade CDS Index 123.0 -2.75 basis points. 

• China Sovereign CDS 72.0 +.75 basis point.
  

• Bloomberg Emerging Markets Currency Index 48.2 -.18%.  
• Bloomberg Global Risk-On/Risk Off Index 45.0 +1.2%. 
• Bloomberg US Financial Conditions Index -.55 -1.0 basis point
  
• Volatility Index(VIX) futures 27.7 +1.1%
• Euro Stoxx 50 futures n/a.

• S&P 500 futures -.63%.

• NASDAQ 100 futures -.74%  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

10:00 am EST

• Univ. of Mich. Consumer Sentiment for Sept. is estimated to rise to 60.0 versus 58.2 in Aug.
• Univ. of Mich. 1 Yr Inflation Expectation is estimated to fall to +4.6% versus +4.8% in Aug.
  

4:00 pm EST

• Net Long-Term TIC Flows for July.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The China retail sales report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are lower, weighed down by commodity and technology shares in the region. I expect US stocks to open modestly modestly lower and to maintain losses into the afternoon. The Portfolio is 25% net long heading into the day.