Monday, September 12, 2022

Tuesday Watch

Evening Headlines

Bloomberg:    
Wall Street Journal:
Fox News:
Zero Hedge:
SKirsch.com:
Night Trading 
  • Asian equity indices are +.5% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 124.75 -3.5 basis points. 
  • China Sovereign CDS 67.0 +.25 basis point.
  • Bloomberg Emerging Markets Currency Index 48.9 +.07%.  
  • Bloomberg Global Risk-On/Risk Off Index 46.3 +.6%. 
  • Bloomberg US Financial Conditions Index -.22 unch.
  • Volatility Index(VIX) futures 25.3 -.4%
  • Euro Stoxx 50 futures n/a.
  • S&P 500 futures +.13%.
  • NASDAQ 100 futures +.19%  
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • None of note
After the Close:
  • None of note
Economic Releases
6:00 am EST
  • The NFIB Small Business Optimism Index for Aug. is estimated to rise to 90.8 versus 89.9 in July.
8:30 am EST
  • The CPI MoM for August is estimated to fall -.1% versus unch. in July.
  • The CPI Ex Food and Energy MoM for Aug. is estimated to rise +.3% versus a +.3% gain in July.
  • The CPI YoY for August is estimated to rise +8.0% versus an +8.5% gain in July.
  • Real Avg. Weekly Earnings YoY for August.
2:00 pm EST
  • The Monthly Budget Deficit for August is estimated at -$216.0B versus -$211.1B in July.
Upcoming Splits
  • (PANW) 3-for-1
Other Potential Market Movers
  • The German ZEW Index, 30Y T-Bond auction, weekly retail sales reports, BofA Real Estate Conference, Baird Healthcare Conference, (SBUX) investor day, RBC Industrials Conference, (TWTR) shareholder meeting, Piper Growth Frontiers Conference and the CSFB Specialties/Basics Conference 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 industrial and commodity shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

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