Wednesday, November 16, 2022

Thursday Watch

Evening Headlines

Fox News:
Zero Hedge:
Night Trading 
  • Asian equity indices are -1.0% to unch. on average.
  • Asia Ex-Japan Investment Grade CDS Index 146.25 +5.5 basis points. 
  • China Sovereign CDS 78.5 +2.25 basis points.
  • Bloomberg Emerging Markets Currency Index 47.4 -.06%.
  • Bloomberg Global Risk-On/Risk Off Index 47.2 -.4%. 
  • Bloomberg US Financial Conditions Index -.81 +4.0 basis points.
  • Volatility Index(VIX) futures 25.1 +.2%.
  • Euro Stoxx 50 futures unch.
  • S&P 500 futures +.17%.
  • NASDAQ 100 futures +.27%  
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (BABA)/11.60
  • (BJ)/.84
  • (DOLE)/.10
  • (KSS)/.75
  • (M)/.19
  • (NTES)/7.46
  • (PLCE)/3.79
  • (WB)/.52
After the Close:
  • (AMAT)/1.75
  • (DLB)/.71
  • (GPS)/.00
  • (PANW)/.69
  • (POST)/.70
  • (ROST)/.81
  • (WSM)/3.74
Economic Releases
8:30 am EST
  • Housing Starts for Oct. is estimated to fall to 1410K versus 1439K in Sept.
  • Building Permits for Oct. is estimated to fall to 1514K versus 1564K in Sept.
  • Philly Fed Business Outlook for Nov. is estimated to rise to -6.7 versus -8.7 in Oct.
  • Initial Jobless Claims are estimated to rise to 228K versus 225K the prior week.
  • Continuing Claims is estimated to rise to 1510K versus 1493K prior.
11:00 am EST
  • Kansas City Fed Manufacturing Activity for Nov. is estimated to fall to -8 versus -7 in Oct.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bowman speaking, Fed's Jeffereson speaking, Australia Unemployment Rate, weekly EIA natural gas inventory report, JMP Securities Financial Services/Real Estate Conference, JPMorgan Services Conference, Goldman Metals & Mining Conference, (PG) investor day, (GM) investor day and the Canaccord Genuity MedTech Forum 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 financial 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.

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