Thursday, December 08, 2022

Friday Watch

Evening Headlines


Fox News:
Zero Hedge:
Night Trading 
  • Asian equity indices are -.25% to +.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 133.0 -1.0 basis point. 
  • China Sovereign CDS 75.25 -1.0 basis point. 
  • China Iron Ore Spot 109.5 USD/Metric Tonne +.4%.
  • Bloomberg Emerging Markets Currency Index 47.89 +.12%.
  • Bloomberg Global Risk-On/Risk Off Index  46.2 -.3%. 
  • Bloomberg US Financial Conditions Index -.66 +2.0 basis points.
  • Volatility Index(VIX) futures 24.7 unch.
  • Euro Stoxx 50 futures +.08%.
  • S&P 500 futures -.08%.
  • NASDAQ 100 futures -.10%  
Morning Preview Links

Earnings of Note 
Before the Open: 
  • None of note
After the Close:
  • None of note
Economic Releases
8:30 am EST
  • PPI Final Demand MoM for Nov. is estimated to rise +.2% versus a +.2% gain in Oct.
  • PPI Ex Food and Energy MoM for Nov. is estimated to rise +.2% versus unch. in Oct.
  • PPI Final Demand YoY for Nov. is estimated to rise +7.2% versus an +8.0% gain in Oct.
10:00 am EST
  • Wholesale Trade Sales MoM for Oct. is estimated to rise +.3% versus a +.4% gain in Sept.
  • Univ. of Mich. Consumer Sentiment for Dec. is estimated to rise to 56.9 versus 56.8 in Nov.
  • Univ. of Mich. 1Y Inflation Expectations for Dec. is estimated at +4.9% versus +4.9% in Nov.
12:00 pm EST
  • 3Q Household Change in Net Worth.
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The China inflation data  could also impact global trading today.
US Equity Market Hours
  • 9:30 am - 4:00 pm EST
BOTTOM LINE: Asian indices are mostly higher, boosted by healthcare 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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