Friday Watch

Night Trading 

• Asian equity indices are -1.5% to -1.0% on average.

• Asia Ex-Japan Investment Grade CDS Index 132.75 +1.0 basis point. 

• China Sovereign CDS 76.0 unch. 
• China Iron Ore Spot 109.5 USD/Metric Tonne -1.2%.

• Bloomberg Emerging Markets Currency Index 47.8 -.07%.
• Bloomberg Global Risk-On/Risk Off Index  52.5 -1.2%. 
• Bloomberg US Financial Conditions Index -.57 -8.0 basis points.
  
• Volatility Index(VIX) futures 24.4 +.6%.
• Euro Stoxx 50 futures +.16%.

• S&P 500 futures -.18%.

• NASDAQ 100 futures -.24%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• None of note
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Personal Income for Nov. is estimated to rise +.3% versus a +.7% gain in Oct.
• Personal Spending for Nov. is estimated to rise +.2% versus a +.8% gain in Oct.
• The PCE Core MoM for Nov. is estimated to rise +.1% versus a +.5% gain in Oct.
• The PCE Core YoY for Nov. is estimated to rise +4.6% versus a +5.0% gain in Oct.
• Durable Goods Orders for Nov. is estimated to fall -1.0% versus a +1.1% gain in Oct. 
• Durables Ex Transports for Nov. is estimated unch. versus a +.5% gain in Oct.
• Cap Goods Orders Non-Defense Ex-Air for Nov. is estimated unch. versus a +.6% gain in Oct.
  

10:00 am EST

• New Home Sales for Nov. is estimated to fall to 600K versus 632K .
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The Italian Business Confidence 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 consumer 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 25% net long heading into the day.