Wednesday, December 21, 2022

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.

No comments: