Wednesday, November 09, 2022

Thursday Watch

Evening Headlines

Fox News:
Zero Hedge:
Night Trading 
  • Asian equity indices are -1.25% to -.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 187.5 +6.5 basis points. 
  • China Sovereign CDS 96.0 +11.75 basis points.
  • Bloomberg Emerging Markets Currency Index 47.02 unch.  
  • Bloomberg Global Risk-On/Risk Off Index 46.7 -.91%. 
  • Bloomberg US Financial Conditions Index -.93 -2.0 basis points.
  • Volatility Index(VIX) futures 27.0 -.01%.
  • Euro Stoxx 50 futures -.72%.
  • S&P 500 futures +.18%.
  • NASDAQ 100 futures +.30%  
Morning Preview Links

Earnings of Note 
Before the Open: 
  • (MT)/1.45
  • (AZN)/1.51
  • (BDX)/2.74
  • (DDS)/4.87
  • (RL)/2.08
  • (RBC)/1.66
  • (TPR)/.76
  • (WRBY)/.01
  • (WE)/-.44
  • (YETI)/.59
After the Close:
  • (BZH)/2.06
  • (FLO)/.29
  • (POSH)/-.28
Economic Releases
8:30 am EST
  • The CPI MoM for Oct. is estimated to rise +.6% versus a +.4% gain in Sept.
  • The CPI Ex Food and Energy MoM for Oct. is estimated to rise +.5% versus a +.6% gain in Sept.
  • The CPI YoY for Oct. is estimated to rise +7.9% versus an +8.2% increase in Sept.
  • Real Avg. Weekly Earnings YoY for Oct.
  • Initial Jobless Claims for last week is estimated to rise to 220K versus 217K the prior week.
  • Continuing Claims are estimated to rise to 1487K versus 1485K prior.
2:00 pm EST
  • The Monthly Budget Statement for Oct. is estimated at -$90.0B versus -$165.1B in Sept.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Fed's Williams, Fed's George speaking, Fed's Mester speaking, UK GDP report, 30Y T-Note auction and the weekly EIA natural gas inventory 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 financial and technology shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing modestly lower. The Portfolio is 25% net long heading into the day.

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