Thursday Watch

Night Trading 

• Asian equity indices are -.5% to +.25% on average.

• Asia Ex-Japan Investment Grade CDS Index 124.5 -.5 basis point. 

• China Sovereign CDS 70.0 +1.0 basis point. 
• China Iron Ore Spot 109.1 USD/Metric Tonne +.4%.

• Bloomberg Emerging Markets Currency Index 47.9 -.04%.
• Bloomberg Global Risk-On/Risk Off Index  49.4 +.7%. 
• Bloomberg US Financial Conditions Index -.49 +3.0 basis point.
  
• Volatility Index(VIX) futures 23.2 -.2%.
• Euro Stoxx 50 futures -.43%.

• S&P 500 futures +.15%.

• NASDAQ 100 futures +.08%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (JBL)/2.24
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• Empire Manufacturing for Dec. is estimated to fall to -.9 versus 4.5 in Nov.
• Retail Sales Advance MoM for Nov. is estimated to fall -.2% versus a +1.3% gain in Oct.
• Retail Sales Ex Autos MoM for Nov. is estimated to rise +.2% versus a +1.3% gain in Oct.
• Retail Sales Ex Auto and Gas for Nov. is estimated to rise +.1% versus a +.9% gain in Oct.
• Initial Jobless Claims for last week are estimated to rise to 232K versus 230K the prior week.
• Continuing Claims are estimated to fall to 1668K versus 1671K prior.
• The Philly Fed Business Outlook for Dec. is estimated to rise to -10.0 versus -19.4 in Nov.
  

9:15 am EST

• Industrial Production MoM for Nov. is estimated to rise +.1% versus a -.1% decline in Oct.
• Capacity Utilization for Nov. is estimated to fall to 79.8% versus 79.9% in Oct.
• Manufacturing Production for Nov. is estimated to fall -.1% versus a +.1% gain in Oct.
  

10:00 am EST

• Business Inventories for Oct. is estimated to rise +.4% versus a +.4% gain in Sept.

4:00 pm EST

• Net Long-Term TIC Flows for Oct.
  

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The ECB rate decision, BofE decision, Australia unemployment rate, weekly EIA natural gas inventory report, the (DNUT) investor day and the (CDE) investor day could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are mostly 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 50% net long heading into the day.