Wednesday, December 28, 2022

Thursday Watch

Night Trading 

  • Asian equity indices are -1.25% to -.75% on average.
  • Asia Ex-Japan Investment Grade CDS Index 131.5 +.25 basis point. 
  • China Sovereign CDS 78.25 unch. 
  • China Iron Ore Spot 113.9 USD/Metric Tonne +.68%.
  • Bloomberg Emerging Markets Currency Index 47.55 -.01%.
  • Bloomberg Global Risk-On/Risk Off Index  55.7 -.32%. 
  • Bloomberg US Financial Conditions Index -.24 +2.0 basis points.
  • Volatility Index(VIX) futures 23.53 -.08%.
  • Euro Stoxx 50 futures -.42%.
  • S&P 500 futures +.02%.
  • 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
  • Initial Jobless Claims for last week are estimated to rise to 225K versus 216K the prior week.
  • Continuing Claims are estimated to rise to 1706K versus 1672K prior.
10:30 am EST
  • Bloomberg consensus estimates call for a weekly crude oil inventory decline of -940,000 barrels versus a -5,895,000 barrel decline the prior week. Gasoline supplies are estimated to fall by -320,000 barrels versus a +2,530,000 barrel gain the prior week. Distillate inventories are estimated to fall by -2,180,000 barrels versus a -242,000 barrel decline the prior week. Finally, Refinery Utilization is estimated to fall by -1.16% versus a -1.3% decline prior. 
Upcoming Splits
  • None of note
Other Potential Market Movers
  • The Eurozone Money Supply report, 7Y T-Note auction 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 lower, weighed down by consumer 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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