Wednesday, November 30, 2022

Thursday Watch

Evening Headlines


Fox News:
Zero Hedge:
The Blaze:
  • Collapsed cryptocurrency exchange FTX had ties to Ukrainian government, WEF, and top Biden adviser. Curiously, the Ukrainian government launched a cryptocurrency donation website in March that was backed by FTX. CoinDesk reported in March, "'Aid for Ukraine,' which has the backing of crypto exchange FTX, staking platform Everstake, and Ukraine’s Kuna exchange, will route donated crypto to the National Bank of Ukraine, Everstake’s Head of Growth Vlad Likhuta told CoinDesk. Ukraine’s crypto-savvy Ministry of Digital Transformation is also involved."
  • Bankman-Fried spent millions on Dem campaigns. It's unclear where Bankman-Fried's money came from. Forensic accountants and bankruptcy courts are on the case, but it could take months to untangle FTX's web of comingled funds. Bankman-Fried spent around $37 million during the last election cycle, almost all of which went to boosting Democratic candidates and causes. That made him the party's second-largest donor, according to OpenSecrets, and the sixth largest overall.
The Epoch Times:
Night Trading 
  • Asian equity indices are +.5% to +1.0% on average.
  • Asia Ex-Japan Investment Grade CDS Index 129.75 -9.0 basis points. 
  • China Sovereign CDS 70.75 -7.0 basis points. 
  • China Iron Ore Spot 102.4 USD/Metric Tonne +2.6%
  • Bloomberg Emerging Markets Currency Index 47.8 +.2%.
  • Bloomberg Global Risk-On/Risk Off Index  49.1 +1.1%. 
  • Bloomberg US Financial Conditions Index -.46 +4.0 basis points.
  • Volatility Index(VIX) futures 24.6 -.3%.
  • Euro Stoxx 50 futures +1.3%.
  • S&P 500 futures +.15%.
  • NASDAQ 100 futures +.19%  
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (BMO)/3.07
  • (BIG)/-2.94
  • (DG)/2.55
  • (GIII)/1.84
  • (KR)/.82
  • (PDCO)/.57
  • (TD)/2.06
After the Close:
  • (AMBA)/.20
  • (AOUT)/.18
  • (MRVL)/.59
  • (ULTA)/4.13
  • (ZS)/.26
  • (ZUMZ)/.17
Economic Releases
7:30 am EST
  • Challenger Job Cuts YoY for Nov.
8:30 am EST
  • Personal Income for Oct. is estimated to rise +.4% versus a +.4% gain in Sept.
  • Personal Spending for Oct. is estimated to rise +.8% versus a +.6% gain in Sept. 
  • The PCE Core MoM for Oct. is estimated to rise +.3% versus a +.5% gain in Sept.
  • The PCE Core YoY for Oct. is estimated to rise +5.0% versus a +5.1% gain in Sept.
  • Initial Jobless Claims for last week are estimated to fall to 235K versus 240K the prior week.
  • Continuing Claims are estimated to rise to 1570K versus 1551K prior.
 10:00 am EST
  • Construction Spending MoM for Oct. is estimated to fall -.2% versus a +.2% gain in Sept.
  • ISM Manufacturing for Nov. is estimated to fall to 49.7 versus 50.2 in Oct.
  • ISM Prices Paid for Nov. is estimated to fall to 45.9 versus 46.6 in Oct.
  • ISM Employment is estimated at 50.0 versus 50.0 in Oct.
  • Wards Total Vehicles Sales for Nov. is estimated to fall to 14.6M versus 14.9M in Oct.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Bowman speaking, Fed's Barr speaking, Eurozone PMI report, weekly EIA natural gas inventory report and (NTGR) analyst day 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 technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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