Thursday Watch

Night Trading 

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

• Asia Ex-Japan Investment Grade CDS Index 131.75 -3.25 basis points. 

• China Sovereign CDS 76.0 -1.75 basis points. 
• China Iron Ore Spot 112.5 USD/Metric Tonne +.24%.

• Bloomberg Emerging Markets Currency Index 47.7 +.06%.
• Bloomberg Global Risk-On/Risk Off Index  55.2 +.07%. 
• Bloomberg US Financial Conditions Index -.44 +1.0 basis point.
  
• Volatility Index(VIX) futures 23.0 -.06%.
• Euro Stoxx 50 futures -.03%.

• S&P 500 futures +.12%.

• NASDAQ 100 futures +.11%.  

Morning Preview Links

Earnings of Note 
Company/Estimate 

 

Before the Open: 

• (APOG)/.97
• (KMX)/.67
• (PAYX)/.96
  

After the Close:

• None of note
  

Economic Releases

8:30 am EST

• 3Q GDP revisions.
• Initial Jobless Claims for last week are estimated to rise to 222K versus 211K the prior week.
• Continuing Claims are estimated to rise to 1678K versus 1671K prior.
  

10:00 am EST

• The Leading Index for Nov. is estimated to fall -.5% versus a -.8% decline in Oct.
  

11:00 am EST

• The Kansas City Fed Manufacturing Activity Index for Dec. is estimated to fall to -7.0 versus -6.0 in Nov.

Upcoming Splits

• None of note
  

Other Potential Market Movers

• The UK GDP report and the weekly EIA natural gas inventory report could also impact global trading today.

US Equity Market Hours

• 9:30 am - 4:00 pm EST
  

BOTTOM LINE: Asian indices are modestly higher, boosted by consumer and commodity shares in the region. I expect US stocks to open mixed and to strengthen into the afternoon, finishing modestly higher. The Portfolio is 50% net long heading into the day.