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.