Thursday, December 01, 2022

Friday Watch

Night Trading 

  • Asian equity indices are -1.25% to -.25% on average.
  • Asia Ex-Japan Investment Grade CDS Index 132.25 +2.5 basis points. 
  • China Sovereign CDS 78.25 +7.5 basis points. 
  • China Iron Ore Spot 103.6 USD/Metric Tonne +1.7%
  • Bloomberg Emerging Markets Currency Index 47.9 +.07%.
  • Bloomberg Global Risk-On/Risk Off Index  48.2 -1.2%. 
  • Bloomberg US Financial Conditions Index -.52 +3.0 basis points.
  • Volatility Index(VIX) futures 24.6 +.9%.
  • Euro Stoxx 50 futures -.1%.
  • S&P 500 futures -.24%.
  • NASDAQ 100 futures -.37%  
Morning Preview Links

Earnings of Note 
Company/Estimate 
 
Before the Open: 
  • (CBRL)/1,22
  • (GCO)/1.57
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • The Change in Non-Farm Payrolls for Nov. is 200K versus 261K the prior week.
  • The Unemployment Rate for Nov. is estimated at 3.7% versus 3.7% in Oct.
  • Average Hourly Earnings MoM for Nov. is estimated to rise +.3% versus a +.4% gain in Oct.
  • Labor Force Participation for Nov. is estimated to rise to 62.3% versus 62.2% in Oct.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone PPI report and the (NAT) conference call could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are modestly lower, weighed down by financial and technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.

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